The economic forecast by the finance ministry notes that the country’s ‘long run’ potential growth is around 8-10 percent
GN Bureau | February 26, 2016
The Indian economy may grow in the range of 7 to 7.75 percent, according to economic survey 2015-16. The real gross domestic product (GDP) growth rate in the first half of the fiscal grew by 7.2 percent. This was also the growth rate in 2014-15. A summary of the survey issued by the press information bureau states that the country’s macro-economy is stable, “founded on the government’s commitment to fiscal consolidation and low inflation”.
READ: Despite growth, formal sector job shrinks
It talks about 4 ‘R’s – recognition, recapitalisation, resolution, and reform – required to comprehensively resolve the twin balance sheet challenge of public sector banks (PSBs) and some corporate houses.
READ: External debt in safe limits, export slowdown to continue
The settlement of the Minimum Alternate Tax (MAT) imposed on foreign companies reflects the restoration of stability and predictability in tax decisions, the economic survey says. The survey highlights the opening of over 200 million bank accounts under Pradhan Mantri Jan-Dhan Yojana (PMJDY), direct benefit transfer programme and the use of JAM trinity (Jan-Dhan, Aadhaar and mobile) for other government programmes and subsidies.
READ: Hunger, starvation still persist: Economic survey
The economic forecast by the finance ministry notes that the country’s ‘long run’ potential growth is around 8-10 percent. Realising this potential, the survey says, requires a push on at least three fronts. “First, India has moved away from being reflexivity anti-markets and uncritically pro-state to being pro-entrepreneurship and skeptical about the state. But being pro-industry must evolve into being genuinely pro-competition. Similarly, skepticism about the state must translate into making it leaner. It emphasises that the key to creating a more captive environment will be to address the exit problem which affects the Indian economy,” the survey says.
READ: Addition of record power generation, focus on renewable energy development
Second, the survey calls for major investments in health and education of people to exploit India’s demographic dividend to optimal extent. Third, it says that India cannot afford to neglect its agriculture, the report says.
READ: Uneven distribution of subsidies, requires rectification of anomalies
The cabinet has cleared the formation of ‘National Asset Reconstruction Company Limited’ (NARCL) which will acquire “stressed assets” of about Rs. 2 Lakh crore in phases within RBI regulations in order to address the problem of humongous amounts of bad loans in public sector banks.
When consumer rights and RTI activist Mohammad Afzal was shifting to a new residence in a different area, he required changes in various documents. He decided to take the help of the Citizens Charter along with other friends who also required similar work with authorities. The Citizens Chart
Union Minister for Ports, Shipping & Waterways and AYUSH, Sarbananda Sonowal has underlined the importance of cross-border connectivity among India and developing nations of South-East Asia. Addressing the ASEAN summit on Future of India-ASEAN Connectivity Partnerships virt
The Department of Economic Affairs (DEA), Ministry of Finance and the Indian Institute of Management Bangalore has organised a virtual advance level training programme on Public-Private Partnership. Additional Secretary DEA, K Rajaraman, Joint Secretary, DEA, Baldeo Purushartha
Modernisation of the Agriculture sector will continue by infusing new technologies so that farmers can increase their income, states Agriculture Minister Narendra Singh Tomar. The Ministry of Agriculture and farmer welfare has signed MOUs for pilot projects with Cisco, Ninjacar
The Vice President, M. Venkaiah Naidu has stressed the need to create an enabling ecosystem for R&D for India to become a developed nation. He urged educational institutions to have an incr