Indian economy to grow over 7 percent: Economic Survey 2015-16

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


#Arun Jaitely   #Budget Session   #Economic Survey  
(Photo: PIB)
(Photo: PIB)

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

 

Comments

 

Other News

The neighbour and the valley

The declaration communicated through the director general of military operations (DGMO) of Pakistan and India on May 29, 2018, to implement the ceasefire agreement of 2003 between the two countries in “letter and  spirit” has opened up an opportunity to restore peace in the disturbed Kashm

The training advantage

It’s a sultry March afternoon and students at a municipal school in Santacruz East are engrossed in their lecture. It’s 4 pm already but the training session in the mobile repairing course is in full swing. Twenty-four boys and four girls of class IX are in the last leg of their course before t

App aid for healthcare

Courier services and sales teams have soared into efficiency using smartphone apps to monitor deliveries, visits, timeliness and performance. Taking a leaf from their book, Gujarat is equipping accredited social health activists (ASHAs) and midwives with smartphones and an app to bring down infant and ma

Government divests 12% stakes in RITES; IPO opens on June 20

The railway infrastructure consulting PSU, RITES Limited is coming up with its IPO on June 20, 2018, as the government of India is selling its 24 million equity shares (12%) stake in the Mini Ratna PSU. As an initial public offering 25,200,000 equity shares are offered in which employee reservation portion

“This initiative is for future generations”

Speaking to Governance Now, Gujarat chief minister Vijay Rupani elaborates on the Sujalam Sufalam scheme to rejuvenate talavdis and desilt reservoirs and lakes. He also speaks on water, politics, and cons

Water by the pondful

It’s 10 am and in Dhandhuka town of Ahmedabad district, the sun is already scorching. A dry lake, which was desilted and deepened a few weeks back, has been turned into a venue for a fete. Shamianas have been erected, women in bright sarees and men and children in their best clothes flock the venue,

Current Issue

Current Issue

Video

CM Nitish’s convoy attacked in Buxar

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter