India Positive - 03 February, 2017
- March 3, 2017
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The Economic Survey 2017 has projected India's real gross domestic product (GDP) to grow between 6.75 - 7.5 per cent in FY2017-18, signalling that growth could recover sooner than expected after cash supply is replenished, which is likely to be achieved by the end of March 2017.
Finance Minister Mr Arun Jaitley has set a target to bring the fiscal deficit to Rs 5.46 trillion (US$ 80.7 billion) or 3.2 per cent of the Gross Domestic Product (GDP) in FY 2017-18, and further reduce it to 3 per cent for the next three financial years, and signalled the government’s commitment to fiscal consolidation in order to lift the economy reeling from demonetisation and slower private sector investment.
Finance Minister Mr Arun Jaitley presented the Union Budget 2017-18 on February 1, 2017, and verified that the major thrust of his budget proposals is on stimulating growth, providing relief to the middle class, providing affordable housing, curbing black money, promoting digital economy, enhancing transparency in political funding and simplifying the tax administration in the country.
Finance Minister Mr Arun Jaitley has proposed various measures to quicken India's transition to a cashless economy, including a ban on cash transactions over Rs 300,000 (US$ 4,435), tax incentives for creation of a cashless infrastructure, promoting greater usage of non-cash modes of payments, and making Aadhaar-based payments more widespread.
The Government of India plans to merge state oil companies to create an integrated oil major that could compete globally, and utilise the synergy between various state entities for achieving efficiency and cost competitiveness in order to create more value for all shareholders.
The Government of India plans to scrap the Foreign Investment Promotion Board (FIPB), which would enable the foreign investment proposals requiring government approval to be cleared by the ministries concerned, and thereby improve the ease of doing business in the country.
The Government of India has announced a slew of labour-friendly reforms aimed at generating around 11.1 million jobs in apparel and made-ups sectors, and increasing textile exports to US$ 32.8 billion and investment of Rs 80,630 crores (US$ 11.96 billion) in the next three years.
The Ministry Of Urban Development has approved investment of Rs 2,863 crore (US$ 424.9 million) in six states under the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) scheme, for improving basic urban infrastructure over FY 2017-20.
The Government of India has reduced the income-tax rate for smaller businesses with annual turnover up to Rs 50 crore (US$ 7.4 million) to 25 per cent, from 30 per cent previously, in order to make India's micro, small and medium enterprises (MSME) sector more competitive as compared with large companies.
India's agriculture sector is expected to grow at 4.1 per cent in FY 2016-17, based on various pro-farmer measures announced in Budget 2017, including the increase in agricultural credit to Rs 10 trillion (US$ 147.83 billion) and the 60 days interest waiver announced by Prime Minister Mr Narendra Modi in respect of loans from the cooperative credit structure.
Rajiv Gandhi National Aviation University in association with US-India Aviation Cooperation Programme will launch its first Executive Development Programme on February 02, 2017, which will cover key topics such as Next Generation Transportation Systems, Airport Planning, Air Traffic Flow Management, Safety and Security and Sustainability in Aviation.
The Ministry of Rural Development has verified that the construction of 4.4 million rural houses under the Pradhan Mantri Awaas Yojana (Gramin) would likely be completed before December, 2017.
GDP growth in 2017-18 is projected at 6.75 to 7.5 per cent Post-demonetisation
The Economic Survey 2017 has projected India's real gross domestic product (GDP) to grow between 6.75 - 7.5 per cent in FY2017-18, signalling that growth could recover sooner than expected after cash supply is replenished, which is likely to be achieved by the end of March 2017.
Jaitley sticks to fiscal prudence
Finance Minister Mr Arun Jaitley has set a target to bring the fiscal deficit to Rs 5.46 trillion (US$ 80.7 billion) or 3.2 per cent of the Gross Domestic Product (GDP) in FY 2017-18, and further reduce it to 3 per cent for the next three financial years, and signalled the government’s commitment to fiscal consolidation in order to lift the economy reeling from demonetisation and slower private sector investment.
Budget’s thrust on stimulating growth, relief to Middle Class, Affordable Housing, Curbing Black Money, promoting Digital Economy, transparency of Political Funding and simplification of Tax Administration
Finance Minister Mr Arun Jaitley presented the Union Budget 2017-18 on February 1, 2017, and verified that the major thrust of his budget proposals is on stimulating growth, providing relief to the middle class, providing affordable housing, curbing black money, promoting digital economy, enhancing transparency in political funding and simplifying the tax administration in the country.
Budget 2017: Arun Jaitley pushes for a cashless economy
Finance Minister Mr Arun Jaitley has proposed various measures to quicken India's transition to a cashless economy, including a ban on cash transactions over Rs 300,000 (US$ 4,435), tax incentives for creation of a cashless infrastructure, promoting greater usage of non-cash modes of payments, and making Aadhaar-based payments more widespread.
Budget 2017: Arun Jaitley proposes plan to merge state firms to create global oil major
The Government of India plans to merge state oil companies to create an integrated oil major that could compete globally, and utilise the synergy between various state entities for achieving efficiency and cost competitiveness in order to create more value for all shareholders.
Budget 2017: Govt abolishes two decade old FIPB, to bring more FDI policy easing reforms
The Government of India plans to scrap the Foreign Investment Promotion Board (FIPB), which would enable the foreign investment proposals requiring government approval to be cleared by the ministries concerned, and thereby improve the ease of doing business in the country.
Steps taken to provide fresh impetus to Employment Generation in Textile Sector
The Government of India has announced a slew of labour-friendly reforms aimed at generating around 11.1 million jobs in apparel and made-ups sectors, and increasing textile exports to US$ 32.8 billion and investment of Rs 80,630 crores (US$ 11.96 billion) in the next three years.
UD Ministry approves Atal Mission Plans of 6 more States for next 3 financial years
The Ministry Of Urban Development has approved investment of Rs 2,863 crore (US$ 424.9 million) in six states under the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) scheme, for improving basic urban infrastructure over FY 2017-20.
In order to make MSME companies more viable, income tax for smaller companies with annual turnover up to Rs. 50 Crore is reduced to 25%
The Government of India has reduced the income-tax rate for smaller businesses with annual turnover up to Rs 50 crore (US$ 7.4 million) to 25 per cent, from 30 per cent previously, in order to make India's micro, small and medium enterprises (MSME) sector more competitive as compared with large companies.
Agriculture to grow more than 4 per cent as Government announces a slew of pro-farmer measures in General Budget 2017-18
India's agriculture sector is expected to grow at 4.1 per cent in FY 2016-17, based on various pro-farmer measures announced in Budget 2017, including the increase in agricultural credit to Rs 10 trillion (US$ 147.83 billion) and the 60 days interest waiver announced by Prime Minister Mr Narendra Modi in respect of loans from the cooperative credit structure.
Rajiv Gandhi National Aviation University to launch Executive Development Programme
Rajiv Gandhi National Aviation University in association with US-India Aviation Cooperation Programme will launch its first Executive Development Programme on February 02, 2017, which will cover key topics such as Next Generation Transportation Systems, Airport Planning, Air Traffic Flow Management, Safety and Security and Sustainability in Aviation.
Rural Housing targets in 2016-17 absolutely doable-MoRD
The Ministry of Rural Development has verified that the construction of 4.4 million rural houses under the Pradhan Mantri Awaas Yojana (Gramin) would likely be completed before December, 2017.
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