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Statement after the Press Conference of Secretaries Ministry of Finance India Emerged as the Fastest Growing Major Economy in the World;

Dated:- 5-10-2015 - While the Government Continues to Implement its Reform Agenda, the Economy Should Over Time Realize its 8 Percent Plus Growth Potential; Infrastructure Spending PICKSW-UP on the Back of Accelerated Government Spending on Highways, Railways and the Power Sector; Plan Cap-Ex Increased by Over 30 Percent this Year; Private Investment Starts to Crowd-In, while the Public Private Partnership Projects Which had Stalled are also now Picking-Up; Inflation Decisively Brought Down; Our .....

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of Growth in Demand in the Economy; Government has also taken some Decisive Steps in the Past Few Months to Support Improvements in the Functioning and Profitability of Public Sector Banks. A Press Conference was held here today which was addressed by Shri Ratan P Watal, Finance Secretary, Shri Shaktikanta Das, Secretary, Department of Economic Affairs (DEA), Dr Hasmukh Adhia, Revenue Secretary, and Dr Arvind Subramanian, Chief Economic Adviser (CEA), Ministry of Finance among others. Following .....

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should over time realize its 8 percent plus growth potential. With supportive policies in place, India is emerging as a strong growth driver for the world economy, capable of sustaining economic growth through its own momentum. Inflation has been decisively brought down: the headline CPI inflation is within the target zone, WPI inflation has been negative for ten consecutive months, and core inflation has shown signs of moderation too. The outlook for inflation is also good, as indicated by the .....

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nt account, have been reduced. The Government is committed to achieving this year s fiscal deficit target as well as the fiscal glide path laid out in the budget. The Indian economy - based on a foundation of macro-economic stability, sizable foreign exchange reserves, and on creating the conditions for investment opportunities - is now better placed to handle external shocks. As a net oil importer, the global environment is also throwing up some opportunities for the Indian economy. To support .....

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ile many commentators expressed doubt, we have simultaneously achieved 10 percent increase in tax devolution to the States, achieved over 30 percent increase in the Plan Cap-Ex, and yet, adhered to the fiscal glide path outlined in the Budget. We continue to work together on rationalizing central sector schemes and programmes in run up to the Union Budget 2016-17. To give adequate time to the Ministries/Departments to reform their financial processes, this year the Pre-Budget Exercise has been a .....

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coating has been made mandatory for subsidized urea to check its diversion to industrial use. Digitisation and aadhaar seeding of Public Distribution System (PDS) is being pursued all over the country to lay the foundation for next generation of PDS reforms along the lines of the JAM trinity outlined in the Economic Survey 2015-16. Overall, expenditure on major subsidies as a percentage of GDP has come down from 2.5 percent of GDP in 2012-13 to 1.6 percent of GDP in 2015-16. While much progress .....

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gap between average cost of supply and the revenues raised on sustained basis. The collection of Direct and Indirect Taxes in the current year has been encouraging so far. If no other externality hits us, we are hopeful of achieving the total taxation target with possibility of a minor shortfall of around 5 percent within the total target of ₹ 14.5 lakh crore. The tax collections figure can be taken as a positive index of growth in demand in the economy. We are trying hard to sort out lega .....

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cations. The Government has also taken some decisive steps in the past few months to support improvements in the functioning and profitability of Public Sector Banks (PSBs). The Government has undertaken a set of reforms to address both systemic and governance issues, which include revamping the process of selection of directors on the boards of Public Sector Banks, laying of a road-map for a transparent and objective selection process for directors, separation of the post of non-executive Chair .....

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