Highlights of Finance Minister’s remarks on the occasion of completion of one year of the present Government.

Highlights of Finance Minister’s remarks on the occasion of completion of one year of the present Government.

  • India is growing at the range of 7 to 8 %, yet there is a restlessness to grow even faster to achieve the real potential of India
  • Prime Minster has visited eighteen countries and India has been able to get a prominent place in the global arena.
  • Decisions are being taken in the direction which augment growth and promote development. There is transparency in Governance.
  • Initiatives undertaken in sectors such as power, coal and mining are noteworthy.
  • In the previous Government’s time people felt that the decision making process of Government of India was controversial and discretionary that even investors were prosecuted at that time. That air has been now cleared by bringing transparency in Governance of the present Government.
  • We are in the process of creating history by bringing about the most important Indirect tax Reform through the implementation of GST. Our priorities in the next session of Parliament will be the passage of GST and Land bills. High taxation rates are never investor or economy friendly.
  • The Government has taken measures to bring Direct taxation rates to globally competitive levels. Government is working in the direction of resolving legacy issues plaguing taxation.
  • A major highlight of this Government is to give a corruption free administration. Government was able to strengthen the federal structure of India, by focusing on cooperative and competitive federalism.
  • The Government is getting overwhelming support of regional parties clearly demonstrates the attitude of the Central Government towards the state.
  • The government has been able to contain the fiscal deficit at 4% as against the target of 4.1% for 2014-15. Management of the fiscal deficit and quality of that deficit were much better during the last one year, as there was no hidden fiscal deficit. Important parameters like fiscal and current account deficits, growth rate, revenue figures, etc have both improved and stabilised Government has a clear roadmap for the coming year.
  • Highest ever disinvestment receipts in a single financial year. The Government raised Rs. 24,277 crore through disinvestment during 2014-15.
  • Laws to squeeze black money have been introduced in Parliament. In the last quarter in March the NPAs of the banks have started reducing. In the coming years, government will increase spending in irrigation and rural infrastructure.
  • The new insurance schemes launched by the Government have been highly successful. India is an highly unpensioned society, only 11 % of the population have pension. Atal pension Yojana is a great step towards helping the unpensioned sections of our society.
  • The MUDRA Bank initiative is expected to finance to 5.77 crore small entrepreneurs in our country.
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