Status check: President’s 2016 address to parliament

President Pranab Mukherjee outlined the major policy priorities of the government in his 2016 speech

GN Bureau | February 2, 2017


#Goods and Services Tax   #GST   #Demonetisation   #Black Money   #Pranab Mukherjee   #GDP   #PRS legislative research  


President Pranab Mukherjee addressed parliament on February 23, 2016. In his address, he outlined the major policy priorities of the government across different sectors. PRS legislative research has undertaken an analysis of the address and provided the current status of the initiatives undertaken.

Efforts to tackle black money

The Taxation Laws (Second Amendment) Bill, 2016 was passed by Parliament and received the President’s assent in December, 2016.12 The Bill proposes to introduce the Pradhan Mantri Garib Kalyan Yojana, 2016. Under the scheme, taxpayers may declare undisclosed income possessed in the form of cash deposited in banks, post offices or RBI before a notified date.

On November 8, 2016, existing currency notes of Rs 500 and Rs 1,000 were demonetized to address storage of unaccounted wealth and circulation of counterfeit currency. No official estimation of black money is available.

Specified Bank Notes Cessation of Liabilities Ordinance, 2016 was issued in December, 2016. It provides that specified bank notes (old Rs 500 and Rs 1,000) will cease to be liabilities of the Reserve Bank of India from December 31, 2016 onwards.

Read: Demonetisation is a regressive and anti-poor measure: KC Chakrabarty

To put in place a simplified, progressive and non-adversarial tax regime

The Constitution (101st Amendment) Act, 2016 was enacted in September, 2016 to allow for the levy of a Goods and Services Tax (GST).

Model Central and State Goods and Services Tax Bills, 2016 were introduced in November 2016. The Model Central/ State GST Bills provide for the levy of: (i) the Central Goods and Services Tax (CGST), (ii) State Goods and Services Tax (SGST), (iii) levy of integrated Goods and Services Tax and (iv) compensation to states.

Read:  The flawed premises of GST

Committed to improve quality of governance by reforming institutions, simplifying procedures and repealing obsolete laws.

Standing Committee on Personnel, Public Grievances, Law and Justice has submitted a report on delays in appointing higher court judges. The recommendations include increased transparency, timely filling of vacancies and finalisation of Memorandum of Procedure in relation to appointments of judges.

The Appropriation Acts (Repeal) Bill, 2016, repealed 758 Appropriation Acts passed between 1950 and 2012.


The Repealing and Amending Act, 2016 repealed 295 laws while amending two laws, which were passed between 1862 and 2014.

Gross Domestic Product (GDP) growth increased

GDP: The GDP is estimated to grow at 7.1 % in the year 2016-17.  It grew at 7.1% in the first quarter (April-June) and 7.3% in the second quarter (July-September) of 2016-17. The GDP growth rate was 7.6% in the year 2015-16.

Read: Post DeMo, GDP growth in 2017-18 projected at 6.75 to 7.5 percent

Inflation, fiscal deficit and current account deficit decreased

Inflation: The average Consumer Price Index (CPI) in December 2016 was 3.4 %. CPI was 5.6% in December 2015.

Food inflation was 1.4% in December 2016 as compared to 6.4% in December 2015. Inflation target of 4% was notified by RBI for the period 2016-2021. It also set an upper limit of 6% and lower limit of 2% for the Consumer Price Index (CPI) inflation.

Fiscal Deficit: It is targeted at 3.5% of GDP in 2016-17 (compared to 3.9% in 2015- 16).

As of November 2016, the government had reached 85.8% of its fiscal deficit target, compared to 87% in November 2015.

Current Account Deficit: It decreased from $14.7 billion in 2015-16 (April-September) to $ 3.7 billion in the corresponding period in 2016-17.

Read: PRS legislative research analysis of the president’s address to parliament in 2016

 

Comments

 

Other News

Rs 52.18 lakh spent on Vande Bharat express inaugural

Indian Railways spent Rs 52.18 lakh to organise the inaugural function of the country’s first engineless semi-high speed train Vande Bharat express. The train was flagged off by prime minister Narendra Modi from New Delhi on February 15. In an RTI reply to this reporter, the northern railwa

On a personal note: Rasika Dugal

A BSc in Mathematics and an alumnus of the Film and Television Institute of India (FTII), Rasika Dugal has acted in Hindi and Malayalam films, web series and television serials besides hosting shows. She is the recipient of the Best Actor Award at Rajasthan International Film Festival for her role in the f

Making sense of India’s elections

With highly appropriate lyrics at the start of every chapter, combined with deep insights from rigorous analysis of data – Citizen Raj is an absolute delight to read.    In Citizen Raj, Surjit Bhalla, well known economist and commentator, looks at Indian elections from

GAIL expedites Jagdishpur-Haldia and Bokaro-Dhamra pipeline project work

 Stepping up the momentum for construction of the Jagdishpur-Haldia and Bokaro-Dhamra natural gas pipeline (JHBDPL) and Barauni – Guwahati Pipeline (BGPL) pipeline, GAIL (India) has winded up finalising awards for Rs 10,500 crore contracts for pipe supply and laying of the integrated 3,400 km-lo

Life without land, land without life

People stare at the barren fields. They remember how green this stretch was, what a dense jungle there was, even if it is difficult for a visitor to imagine so. This land once supported its people, providing them enough opportunity to earn from their labour. Today, the stretch lies unused, a constant rem

Mandovi and Konkankanya express trains get German LHB coaches

To ensure safety of passengers and better comfort, Konkan Railway has decided to replace the old coaches of Madgaon Junction-Mumbai CSMT Mandovi express and Madgaon Junction-Mumbai CSMT Konkankanya express with German LHB design coaches.   The LHB coaches have been designed for i

Current Issue

Current Issue

Video

CM Nitish’s convoy attacked in Buxar

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter