This is a well-rounded budget that promises to accelerate growth on a sustainable basis and transform the lives of hundred of millions of Indian citizens. While the rest of the global economy has been decelerating, India has continued to accelerate. The Budget will reinforce this trend in the Indian economy.
Economic Survey can often be a boring document, full of official-sounding jargon, repeating in text what is already available in tables. One looks towards Survey for two kinds of things. First, normally, there is little primary data in Survey. Data comes from other sources.
The year 2015-16 has been a very difficult year for the Indian economy. The global environment remained unfavourable for exports and slowdown in the major economies, put downward pressure on the growth rate of Indian economy as well. India faced four consecutive unfavourable weather seasons which hit agricultural and rural economy hard.
The 2016-17 budget is remarkable in many ways. First, it has breath-taking range. The budget mentions everything from baby food to restructuring of the railway board on business lines. Second, it places the customer right at the center of the organizational focus.
The Railway Budget for 2016-17 has just been presented. The headline-grabbing point about no new trains and no fare increases is a myopic way of looking at the Budget. There are two ways to look at the Budget. The first is to look at the numbers in 2015-16 and how the projections went wrong, thereby adding credibility to the projections for 2016-17. Of course, the numbers are bad.
At the Joint Session of Parliament, the President said that "Close to 1800 obsolete legislations are at various stages of repeal". Earlier, at the Economic Times Global Business Summit, the PM said, "Our country suffers from an excess of old and unnecessary laws which obstruct people and businesses. We began the exercise of identifying unnecessary laws and repealing them.
One of the key mandates of NITI Aayog is to foster co-operative federalism through structured support initiatives. In this spirit, last year, the Prime Minister had constituted three sub-groups of Chief Ministers to advise the central government on Rationalization of Centrally Sponsored Schemes, Skill Development and Swachh Bharat Abhiyaan.
The Ministry of Urban Development has disseminated plenty of information about a Smart City, including through the website SMART CITIES MISSION. Yet, there is often lack of clarity in public discourse
It is generally agreed that a key element in the transformation of India is the creation of a large number of good jobs. While micro and small enterprises provide lots of jobs, consistent with their low productivity, they pay relatively low wages.