India under the leadership of the Prime Minister, Narendra Modi, has witnessed its best phase
of macro-economic stability, becoming the sixth largest economy in the world
from being the 11th in the World in 2013-14. Presenting the Interim Budget for
the year 2019-20 in Parliament, the Union Minister for Finance, Corporate
Affairs, Railways & Coal, Piyush Goyal said “India is the fastest growing
major economy in the world” with an average GDP growth of 7.3% per annum, the highest ever achieved
by any Government since economic reforms began in 1991.
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New India would celebrate its 75th Independence year in 2022
when every family would have a house with access to water, electricity and
toilets; farmers income would have doubled; and the country would be free from
terrorism, communalism, corruption and nepotism,Goyal added.
Goyal said the fiscal deficit has been brought down to 3.4%
in 2018-19 Revised Estimates from the high of 5.8% in 2011-12 and 4.9 % in
2012-13,outlining the broad picture of the State of the Economy. The average
inflation has been brought down to 4.6% from the high of 10.1% during
2000-2014. The inflation was only 2.19% in December 2018. The Current Account Deficit (CAD) is likely
to be only 2.5% of GDP this year, against a high of 5.6% six years ago.
Due to strong fundamentals and stable regulatory
regime, the country attracted $239 billion as Foreign Direct
Investment (FDI) during the last five years.
Goods and Services Tax (GST) as a path breaking next generation
structural tax reform undertaken by the Government.
Goyal said the Insolvency and Bankruptcy Code has
institutionalised a resolution-friendly mechanism and nearly Rs. 3 lakh crores has been recovered by Banks and
creditorswhile highlighting the Banking Reforms. He said high stressed
non-performing assets (NPAs) amounted to Rs. 5.4 lakh crore in 2014. Since 2015, numerous Asset Quality Reviews
and inspections were carried out, and the 4Rs approach of recognition,
resolution, re-capitalisation and reforms has been followed. Highlighting the restoration of the health of
the Public Sector Banks, the Finance Minister said that recapitalisation has
been done with an investment of Rs. 2.6 lakh crore.
The Finance Minister mentioned about The Real Estate
(Regulation and Development) Act, 2016 (RERA) and Benami Transaction
(Prohibition) Act. He said the Fugitive Economic Offenders Act, 2018 is helping
to confiscate and dispose off the assets of economic offenders, who escape the
jurisdiction of the country. The
Government conducted transparent auction of natural resources including coal
and spectrum.
Swachhata Mission launched by the present government led by
Narendra Modi, the country achieved nearly 98% rural sanitation coverage
with as many as 5.45 lakh villages being
declared open defecation freesaid Goyal.
To ensure 10% reservation in educational institutions and
Government jobs for economically weaker sections, the Government will provide
for 25% extra seats i.e. around 2 lacs, while maintaining the existing
reservation for SC/ST/Other Backward Classes.
The Finance Minister said about Rs 1,70,000 crore was spent
in 2018-19. Rs 60,000 crore has been allocated for Mahatma Gandhi National
Rural Employment Guarantee Act (MGNREGA) in the Budget Estimate of 2019-20 to
provide food grains at affordable prices to the poor and middle classes.
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