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 final ‘Report of India’s G20 Task Force on Digital Public Infrastructure’ by ‘India’s G20 Task Force on Digital Public Infrastructure for Economic Transformation, Financial Inclusion and Development’ was released in New Delhi on Monday. The Task Force was led by the
Mahabharata: A World War By Gaurang Damani Sanganak Prakashan, 317 pages, Rs 300 Gaurang Damani, a Mumbai-based el
With the return of the NDA to power in the recently concluded Lok Sabha elections, all eyes are now on finance minister Nirmala Sitharaman’s full budget for the FY 2024-25. The interim budget presented in February was a typical vote-on-accounts, allowing the outgoing government to manage expenses in
Futuristic technologies such as 5G are already here. While urban users are reaping their benefits, these technologies also have a potential to transform rural areas. How to unleash that potential is the question. That was the focus of a workshop – “Transforming Rural Landscape:
Prime minister Narendra Modi, accompanied by president Vladimir Putin, visited the All Russian Exhibition Centre, VDNKh, in Moscow Tuesday. The two leaders toured the Rosatom Pavilion at VDNKh. The Rosatom pavilion, inaugurated in November 2023, is one of the largest exhibitions on the histo
President Droupadi Murmu on Monday morning spent some time at the sea beach of the holy city of Puri, a day after participating in the annual Rath Yatra. Later she penned her thoughts about the experience of being in close commune with nature. In a message posted on X, she said:
