Economy
India's economy haven of stability amidst global turbulence: President
New Delhi : Noting India recorded its highest foreign exchange reserves in 2015, President Pranab Mukherjee on Monday described the country as a haven of "stability" in a turbulent global economy, saying it has put in place a non-adversarial tax regime to attract investments.
 
"India is a haven of stability in an increasingly turbulent global economy. GDP growth has increased making India the world's fastest growing economy among large economies," he said in his address to the joint sitting of parliament at the opening of its Budget session.
 
"Inflation, fiscal deficit and current account deficit have all decreased. India recorded the highest ever foreign exchange reserves in 2015," he said.
 
"Innovative initiatives have helped India jump up 12 places in the latest rankings by the World Bank on ease of doing business," he added.
 
On the government's initiatives towards an investor-friendly tax regime, Mukherjee said: "The government has taken a number of measures to put in place a simplified, progressive and non-adversarial tax regime by incorporating internationally prevalent best practices in tax administration."
 
He said the government is engaged in reforming institutions, simplifying procedures and repealing obsolete laws, apart from unlocking infrastructure development opportunities and cutting subsidy leakages.
 
Besides, procedures have been simplified to improve ease of approvals, and dedicated commercial courts and commercial divisions in high courts have been established.
 
"For speedy resolution of commercial disputes, the long overdue amendments to the Arbitration Act have been made," he said.
 
Employment is being generated through initiatives like Make in India, Startup India, Mudra scheme and Skill India, he added.
 
On agriculture which has suffered two successive seasons of inadequate rainfall, the president said the government was keen to fully harness the agricultural potential of eastern states and steps had been taken to usher in a second Green Revolution.
 
An e-marketing platform was being created to connect all regulated agricultural markets.
 
The president also informed parliament that the country recorded the highest-ever software exports during 2015, while the IT modernization project involving computerization and networking of 155,000 post offices in India will be completed by 2017.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

Gupta

1 year ago

We are certainly a "haven of stability" because we are still way behind the rest of the world. Everybody else is at 30000 feet and in a bad weather, they will obviously face some turbulence. But no one is falling to Earth. However, our plane is yet to take off. Obviously, the bad weather is not impacting us. Time to stop chest thumping and laughing at others because "others are weak" and time to do something to make "ourselves stronger".

Maruti Suzuki resumes production at Haryana plants
New Delhi : Automobile major Maruti Suzuki on Tuesday announced that it has resumed production at its facilities in Gurgaon and Manesar.
 
The company had to temporarily suspend manufacturing of vehicles at its flagship facilities in Manesar and Gurgaon on Saturday, due to the transport and other disruption caused by the Jat community's quota agitation.
 
"Maruti Suzuki India has resumed production of vehicles at its facilities in Gurgaon and Manesar, starting Tuesday, February 23 (second half). The supply of components has started gradually," the company said in a regulatory filing with the BSE.
 
"The company had to suspend operations at its facilities from Saturday, February 20 (second half), as supply of certain components was disrupted due to the agitation in Haryana."
 
Currently, the combined output of Maruti Suzuki from Manesar and Gurgaon plants is about 5,000 vehicles per day.
 
Haryana's Jat community, wanting affirmative action, had started a state-wide agitation. 
 
The protests and violence accompanying them adversely impacted various companies' ability to get supplies, or ship out their merchandises.
 
The Jat community's quota agitation even crippled rail and road transport to and from the national capital to Haryana, Punjab and Rajasthan.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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GST Bill and Make in India are most positive initiatives for economy: Study
According to the SMB Sentiments 2016 study, which gives details of perception and expectations from the economy in terms of market and investor sentiments, corporates consider GST Bill and Make in India as most positive initiatives
 
Both large and small-scale companies feel that the possible implementation of Goods and Services Tax Bill (GST Bill) and 'Make in India' initiatives are most positive initiatives for domestic economy, reveals a Survey.
 
The SMB Sentiment Study 2016 was conducted by IMRB International to assess the industry outlook towards Economy and business among manufacturing, services and retail sectors. It says, "Optimism towards 'Global perception towards India' is higher than that of the 'Overall confidence in the Indian economy'; this may be because earlier the image of India as an investment market was underrated."
 
Large scale manufacturing companies in metro regions are optimistic towards the economy in year 2016 this is possibly because of the factors such as FDI and Make in India initiatives, the study says.
 
"Similarly," it said, "small scale companies experienced significantly higher competition and expect the same for year 2016 while in large scale comparatively lower percentage of respondents suggests an increase in competition. This may be influenced because of the Government support to the small and medium scale companies, and thus new small scale companies entering in the market."
 
According to the Study, positive growth in GDP seems to have positive impact on companies, which anticipates higher capacity utilisation in 2016 as compared to 2015. "However, in small scale companies, in spite of Government support, growth in industry and positive trends, lesser number of companies are anticipating growth in capacity utilisation. This is possibly because of the optimum utilization of capacity at present," the IMRB Study pointed out.

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