The Economic Survey for 2014-15 forecasts around 8.5% growth in FY16 for India, which would make it one of the fastest growing economies, surpassing China. The survey emphasizes more on the small effective policies which can have impact in the long–run as opposed to any “Big-Bang” reforms. The government should shift its spending from public consumption to public investment which can trigger private investment. The survey lays down roadmap to kickstart stalled projects worth Rs. 8.8 Lakh crores including converting Land Ordinance into the Bill to boost investor’s confidence and lowering Debt-overhang plaguing the private sector.
The survey forecasts inflation of 5-5.5% and Current Account Deficit to be at 1%, suggesting headroom for the RBI to ease the monetary policy in the short-run in the light of declining global oil prices. However the government needs to be cautious in its spending as the Survey advises fiscal consolidation and targeting Fiscal deficit of 3% of GDP by 2017-18.The Government needs to control expenditure and eliminate subsidy leakages. To eliminate subsidy leakages and ensure efficient delivery of public resources to the needy, the government will use the Jan-Dhan Yojana, Aadhar and Mobile Banking for Cash-Based transfer.
To boost the “Make-In-India” programme of the government, the survey advocates special subsidies to SEZs, lowering corporate taxes and removing the negative protectionism surrounding the industry. To boost agricultural sector, the survey suggests investing in technology and irrigation systems along with liberalizing agricultural markets and opening them to the private sector. Foreign investment (FDI) in Retail infrastructure like warehousing and cold storage can fill infrastructure deficit which results in supply chain inefficiencies. Eliminating middlemen will also help lower prices for consumers and raising prices for farmers. The government should aim to establish a unified agricultural market to deal with price fluctuations and demand-supply imbalances.
Meanwhile, the government will have to tackle some of the challenges including low employment growth, enacting the GST legislation and passing the Land Amendment Bill in the near future to put the growth on track.
West Bengal is expecting to hear Charismatic and controversial Gujarat Chief Minister Narendra Modi with enthusiasm and know the secrets of Gujarat Model. Businessmen from West Bengal like to know Gujarat Model that is much needed in West Bengal since business is dying in West Bengal.
Gujarat CM Narendra Modi will address three meetings in West Bengal Today. Meetings have been organized meticulously and initial response is awesome. As it happens Modi is again successful to create hype just before the Meeting. There is a business meeting, a political program at Mahajati Sadan and another social gathering at the Gujarati Samaj Bhavan.
West Bengal seems to be too enthusiastic to know the “Gujarat Model”. Ironically West Bengal Chief minister Mamata Banarjee will not be in State when Modi will be wooing West Bengal.
Mamta Banarjee will meet Finance minister P Chidambaram and PM Manmohan Singh to discuss West Bengal’s Financial crisis and asking to increase Annual Package for the State from Yojna Bhawan. Mamta’s timely visit to Delhi is enough to promote Narendra Modi’s first visit to west Bengal after his inclusion in BJP Parliamentary board.
Nayantara Pal Chowdhury, former president of the Bengal National Chamber of Commerce Industry, felt the mad rush is justified given Modi’s enigmatic image in this part of the country. “Everyone’s keen to know how the Gujarat model works. Moreover, now that he will take on a national role, people are curious about his vision for the country’s future. I will be there because of his leadership quality,” she said.
Gujarat BJP has said that people are too enthusiastic for Modi’s Visit.They requested Netaji Indoor Stadium for the political gathering but state government has cancelled the request at last moment.
Indian Politicians are famous for making controversial statements time to time. Politics and controversies goes hand in hand. Some politicians made derogatory comments against their political opponents. Indeed there are some politicians that are habitual to make such statements just to be in news.Even there are many instances when there was tongue slip.
Maharashtra’s deputy Chief Minister Ajit Pawar shocked everyone by his statement in a Public rally in Pune.
Ajit Pawar said “There is this person from Solapur, sitting on hunger strike for 55 days demanding water be released from the dam. But where are we going to get water from? Should we urinate? And when we are not getting water to drink even urine is not coming easily.”
Mr Pawar is also the nephew of Union Agriculture Minister Sharad Pawar and a senior leader of the Nationalist Congress Party (NCP).
Pawar further said explaining his state of mind “All of you must be thinking that I have taken (liquor) in the day itself.”
Opposition has condemned Ajit Pawar for such remarks when Maharashtra is facing decade worst drought .
The BJP too slammed the comments made by Mr Pawar. “Making an ill-informed comment is a different thing but making such crude and arrogant comments… instead of saying that I stand by the public he makes comments like this. This is the lowest of low in Maharashtra politics,” BJP leader Shaina NC said
BJP spokesperson Prakash Javadekar. Said “His utterly irresponsible statements are an insult to the people of Maharashtra. This lack of electricity and water is the failure of Congress regime because they indulge in corruption, they didn’t bother to augment the resources,”
Prime minister Manmohan Singh has accepted that The Direct Benefits Transfer (DBT) subsidy scheme has “run into difficulties”. Prime minister expressed unhappiness on the implementation of the scheme. Due to these loopholes benefits are not reaching to the real people.
Prime minister accepted the failure of the programme “But we have also run into difficulties that we had not anticipated when we began the programme. We must therefore renew our efforts for successful implementation of the programme.”
Manmohan Singh asked to the concerned ministries to be more active and track the progress of the program.
“We need to change the way we transact business, the way we release funds, the way we track funds and the information we have on beneficiaries. I hope due attention will be paid to these aspects as we move forward in implementing the programme,” Manmohan Singh said at a meeting on DBT here
Despite this government will launch the scheme in 78 more districts in July covering LPG in the ambit of the scheme. Apart from this Three pension Schemes will also be included in the DBT.
“There should be a system in place where people can get a simple bank account on demand if they have an Aadhaar card. Such a spread of financial inclusion will have many other benefits, far beyond cash transfers alone. For bankers, this is an investment in their bank’s own future growth,” he said
“The Planning Commission and the Finance Ministry have a special responsibility of working together for the achievement of the objectives that we have set for ourselves,” he emphasised.
“If we need to ensure that the money we spend delivers outcomes, it is necessary that we have a robust monitoring system in place. That is one of the things that Direct Benefits Transfers will achieve, in addition to making the process of getting benefits simpler for the beneficiaries and eliminating corruption and wastage,” he said.