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Finance Minister India economy has witnessed significant improvement in the macroeconomic stability in terms of low levels of inflation Fiscal Deficit (FD) and Current Account Deficit (CAD); This robust outcome was made possible by the slew of policy measures and structural reforms undertaken by the present Government in last 19 months to address the critical problems of stimulating and stabilizing the economy

Dated:- 19-12-2015 - Press Information Bureau Government of India Ministry of Finance 18-December-2015 18:48 IST The Union Finance Minister Shri Arun Jaitley said that India is one of the fastest growing economies of the world. He said that the economy has witnessed significant improvement in the macroeconomic stability in terms of low levels of inflation, fiscal deficit (FD) and Current Account Deficit (CAD) etc. The Finance Minister said that this outcome is creditable considering that the glo .....

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e slew of policy measures and structural reforms undertaken by the present Government in last 19 months to address the critical problems of stimulating and stabilizing the economy. These included measures to boost growth through enhanced public investment, kick starting stalled projects, improving the status of financial inclusion significantly, improving governance through systemic changes like open auction for natural resources like coal and spectrum, monetary policy framework and greater fisc .....

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Gross Domestic Product (GDP) in the year 2014-15, higher than 6.9 per cent growth achieved in 2013-14 and 5.1 per cent in 2012-13; showing that India is firmly on the path of economic revival. This growth compares favourably with the growth of 3.4 per cent achieved by the global economy and 4.6 per cent by the emerging markets and developing economies as a block in the year 2014. The Finance Minister further said that the GDP growth was 7.2 per cent in the First Half (H1) of 2015-16 as against 7 .....

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has been robust at 8.8 per cent during H1 2015-16. The Union Finance Minister Shri Arun Jaitley also informed that the Government continues to adhere to the path of fiscal consolidation. Despite the pressing need for enhanced public investment to boost the economic growth and tough commitments on account of requirements of federal structure, (greater tax devolution- from 32 per cent to 42 per cent of the divisible pool to states), the Budget 2015-16 targeted a fiscal deficit of 3.9 per cent of .....

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an account has been 61.3 per cent; while, the total capital expenditure grew by 31 per cent. Increased public investment, reflected in capital expenditure, is likely to promote private investment and growth. Fiscal deficit during April-October 2015-16 has been ₹ 64,505 crore lower than that in the corresponding period of the previous year. Thereafter, the Members of the Consultative Committee gave their suggestions and observations with regard to State of Indian Economy. Most of the Member .....

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eguards duty in recent times. Some Members suggested for more focus on boosting agriculture production especially pulses. Replying to this observation, the Finance Minister briefed about various steps taken by the Central Government to increase area under cultivation for pulses including highest bonus for pulses under Minimum Support Prices (MSP) and steps taken to ensure adequate supply of pulses in different States to keep the prices under check and further steps being taken to keep adequate s .....

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f PSBs and remaining ₹ 47,000 crore of Private Sector Banks. He gave details of various actions taken by the Government including recapitalization of banks & restructuring of loans among others to reduce the NPA especially of PSBs. Major NPA is because of poor performance of Steel & sugar industry, State Discoms and stalled infrastructure projects among others. The Minister informed that the Government has taken various steps to improve the performance of these sectors which, in tu .....

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