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Economic Survey 2015-16 Amidst Gloomy International Economic Landscape India Stands as a haven of Stability;

Budget - Dated:- 26-2-2016 - Expects GDP Growth Rate for 2015-16 in the range of 7 % to 7.75 % ; Increase in Wages and Benefits Recommended by the 7th Pay Commission are not likely to Destabilize Prices and will have little impact on Inflation; 4 R : Recognition, Recapitalization, Resolution, and reform required to Comprehensively resolve the twin balance sheet challenge of Public Sector Banks (PSBs) and some Corporate Houses. The Economic Survey 2015-16 tabled in Parliament today by the Union F .....

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of government spending toward needed public infrastructure. Describing these achievements as remarkable, the Survey emphasizes that the task is now to sustain them in an even more difficult global environment. The Survey further states that the country s performance reflects the implementation of number of meaningful reforms. There is palpable and pervasive sense that corruption at the centre has been meaningfully addressed which has been reflected in transparent auctions of public assets. FDI h .....

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million people under Pradhan Mantri Jan Dhan Yojan (PMJDY), the world s largest direct benefit transfer programme in case of LPG with about 151 million beneficiaries receiving ₹ 29,000 crore in their bank accounts and the infrastructure being created for extending the JAM (Jan Dhan Aadhar Mobile) agenda to other Government programmes and subsidies. However, the Survey has expressed concern over approval of GST Bill being elusive so far, the disinvestment programme falling short of targets .....

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om being reflexivity anti-markets and uncritically pro-state to being pro-entrepreneurship and skeptical about the state. But being pro-industry must evolve into being genuinely pro-competition. Similarly, skepticism about the state must translate into making it leaner. It emphasizes that the key to creating a more captive environment will be to address the exit problem which affects the Indian economy. Second, the Survey calls for major investments in health and education of people to exploit I .....

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capital controls taken to respond to curb outflows from large emerging market countries, which would further moderate the growth. The Survey says that in either case, foreign demand is likely to be weak which requires to find and activate domestic sources of demand to prevent the growth momentum from weakening. The Survey highlights that India stands out internationally as an investment proposition and the Rational Investor Ratings Index (RIRI) shows that India compares favourably with peer cou .....

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leration in manufacturing while services continue to expand rapidly. The Survey points out that even as real growth has been accelerating, nominal growth has been falling. Among other indicators, the Survey states that low inflation has taken hold and confidence in price stability has improved. The Current Account Deficit has declined and foreign exchange reserves have risen to US$ 351.5 billion in early February, 2016. The fiscal sector registered these striking successes; ongoing fiscal consol .....

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r 46%. In the economic outlook, real GDP growth for 2015-16 is expected to be in the 7% to 7.75% range. However, it cautions that if the world economy remains weak, India s growth will face considerable headwinds. On the domestic side, two factors can boost consumption, increased spending from higher wages and allowances of government workers if the seventh pay commission is implemented and return of normal monsoon. At the same time, the Survey enumerates three down side risks - turmoil in globa .....

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estment and a full-fledged economic recovery. Comprehensively resolving this challenge would require 4 Rs : Recognition, Recapitalization, Resolution, and Reform. Banks must value their assets as far as possible close to true value (recognition) as the RBI has been emphasizing; once they do so, their capital position must be safeguarded via infusions of equity (re-capitalisation)as the banks have been demanding; the underlying stressed assets in the corporate sector must be sold or rehabilitated .....

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s and benefits recommended by the 7th pay Commission are not likely to destabilize prices and will have little impact on inflation. On the external outlook, the Survey says that overall exports declined by about 18% in the first three quarters. It points-out that in the last two years Indian services exports have been more affected than Indian manufacturing exports and also world service exports. Realizing India s medium term growth potential of 8-10 percent will require rapid growth of export. .....

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