Business with India

Budget 2015 reactions: Clear Vision, Making India story shine

- by India Writes Network

The maiden budget presented India’s Finance Minister Arun Jaitley on February 28 has elicited a largely positive response from leading politicians, industrialists and global investors. Prime Minister Narendra Modi described Budget 2015 as “a Budget with a clear vision.” “It is a Budget that is progressive, positive, practical, pragmatic & prudent,” he said. Mr Jaitely said that it’s time for India to fly. Can India fly? Here are a spectrum of reactions on India’s Budget 2015:
Rajnath Singh, Home Minister: “It will play an important role in the formation of modern India and it will help eliminate poverty and unemployment.”
Mallikarjun Kharge, Congress: “It is just a vision document, a Budget in interest of corporates and industrialists.”

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Budget 2015: It’s time for India to fly, new steps to rev up economy

- by India Writes Network

With the “world predicting that it is India’s chance to fly,” India’s Finance Minister Arun Jaitley unveiled his first full-spectrum budget that seeks to make India a manufacturing hub and announced a host of policy changes and targets to revitalise Asia’s third largest economy. These include the reduction of corporate tax from 30% to 25% over the next four years, visa on arrival to 150 countries, 46,727 crore (around $8 billion) increase in defence spending, a comprehensive new law to bring back black money stashed abroad, and the setting up of new IIT, IIMs, AIIMS.
Underlining that India is going to take off on a faster growth trajectory, Mr Jaitely presented a robust picture of the India growth story in months to come. “While global growth forecasts have come down, India’s forecasts have either been maintained or scaled up,” Mr Jaitley said in his Budget speech on February 28.
Mr Jaitely reinforced his government’s commitment to greater fiscal consolidation, saying that he will be able to meet the stated 4.1 per cent fiscal deficit target for the current fiscal year.

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India’s economy to grow at 8 per cent, room for big-bang reforms

- by India Writes Network

Conjuring up a bright picture for the India growth story, the Indian government has projected that the country’s economy will grow at a rate of more than 8 per cent in the 2015-16 fiscal year, while consumer inflation will drop to between 5 and 5.5 per cent.
The Economic Survey report, which was tabled on February 27 in parliament by India’s Finance Minister Arun Jaitley, a day before the NDA-led BJP government’s first full Union Budget, forecast that the Indian economy would grow by 8.1-8.5 per cent under a new calculation method that makes India the world’s fastest growing large economy.
The survey, a big-picture report on the state of Indian economy, also indicated that India can increase public investments and still achieve its borrowing targets.
The survey is clear about the government’s priorities: India needs to stick to its medium-term fiscal deficit target of 3 percent of gross domestic product.

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India unveils 5-year plan for modernisation of railways, no fare hike

- by India Writes Network

India’s Railway Minister Suresh Prabhu has unveiled a multi-pronged plan for the transformation and modernisation of the Indian railways, the backbone of the nation’s economy.

“Over the next five years, the Railway has to go through a transformation,” Mr Prabbhu said. The chartered accountant-turned-politician underlined his key four goals as cleanliness, safety, modernization of infrastructure and making the railways financially self-sustainable. “We have to make Indian Railways a benchmark organisation in safety, security and infrastructure.”

“There will be no hike in railway passenger fares. We will focus on improving passenger amenities,” the minister said.

Here are some highlights of Railway Minister Suresh Prabhu’s rail budget speech, the first rail budget presented by the BJP-led NDA government.

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Indian government projects pro-poor agenda, inclusive growth

- by India Writes Network

In a defining policy statement — ahead of its maiden full-spectrum budget — the Indian government sought to buttress its pro-poor credentials by stressing a host of policy initiatives aimed at uplifting the have-nots. The government also conjured up a vibrant picture of the Indian economy, which, it said, is the world’s fastest growing economy at 7.4 per cent growth rate.

President Pranab Mukherjee addressed joint session of both houses of Parliament to begin the budget session of the parliament on February 23. In his address, Mr Mukherjee said that the government was determined to work for the welfare of the poorest of poor, the most vulnerable and disadvantaged sections of society.

Alluding to a host of pioneering initiatives taken by the BJP-led NDA government to stimulate national resurgence and economic rejuvenation, the president said: “A strong beginning has been made. A promising future awaits us.”

“The fundamental tenet of my Government is Sabka Saath Sabka Vikas– All Together, Development of All. Within a span of nine months, my government has articulated and embarked on a comprehensive strategy for unleashing the full potential of our country and its precious resource of 125 crore people,” Mr Mukherjee said.

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