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INTRODUCTION
- Growth of Economy accelerated to 7.6% in 2015-16.
- India hailed as a ‘bright spot’ amidst a slowing global economy by IMF.
- Robust growth achieved despite very unfavourable global conditions and two consecutive years shortfall in monsoon by 13%
- Foreign exchange reserves touched highest ever level of about 350 billion US dollars.
- Despite increased devolution to States by 55% as a result of the 14th Finance Commission award, plan expenditure increased at RE stage in 2015-16 – in contrast to earlier years.
- Risks of further global slowdown and turbulence.
- Additional fiscal burden due to 7th Central Pay Commission recommendations and OROP.
- 'Transform India' to have a significant impact on economy and lives of people.
CHALLENGES IN 2016-17
ROADMAP & PRIORITIES
- Government to focus on –
- ensuring macro-economic stability and prudent fiscal management.
- boosting on domestic demand
- continuing with the pace of economic reforms and policy initiatives to change the lives of our people for the better.
- Focus on enhancing expenditure in priority areas of - farm and rural sector, social sector, infrastructure sector employment generation and recapitalisation of the banks.
- Focus on Vulnerable sections through:
- Pradhan Mantri Fasal Bima Yojana
- New health insurance scheme to protect against hospitalisation expenditure
- facility of cooking gas connection for BPL families Continue with the ongoing reform programme and ensure passage of the Goods and Service Tax bill and Insolvency and Bankruptcy law
- Undertake important reforms by:
- giving a statutory backing to AADHAR platform to ensure benefits reach the deserving.
- freeing the transport sector from constraints and restrictions
- incentivising gas discovery and exploration by providing calibrated marketing freedom
- enactment of a comprehensive law to deal with resolution of financial firms
- provide legal framework for dispute resolution and re-negotiations in PPP projects and public utility contracts
- undertake important banking sector reforms and public listing of general insurance companies undertake significant changes in FDI policy.
.............To Be Continue
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