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Two years of modi government: As the BJP-led NDA government completes two years in office, an industry chamber described it as "work in progress" but said that "a lot more is required" to be done on the issue of tax disputes, while concerns remain on the huge bad loans incurred by the banking system. Here's how Finance Minsiter Arun Jaitley (Finance and corporate affairs) fared in the last two years: (PTI)
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1. Two years of Modi government: Through the instrument of two full union budgets and more, Jaitley has helped the economy achieve a fair degree of macroeconomic stability and a GDP growth rate of over seven percent, which surpassed China's, prompting the IMF to tag India as the fastest growing major economy. (PTI)
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2. Two years of Modi government: The government's other achievements include controlling the current account and fiscal deficits, while inflation has also declined, with a little help and nudging by the RBI, from 11 percent to below five percent, making room for interest rates to be cut; (PTI)
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1. 7th Pay Commission: “Govt by and large accepts recommendations of 7th Pay Panel; arrears to be paid this year,” said Finance Minister Arun Jaitley (PTI)
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4. Two years of Modi government: Data earlier this month showed growth of India's manufacturing, which has the maximum weight in the overall index of industrial production, actually fell by 1.2 percent in March after rising during the month before. (PTI)
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5. Two years of Modi government: Crucial to the situation is the high levels of bad loans of public sector banks that have choked up credit flow to industry – gross non-performing assets (GNPAs) could rise to 6.9 percent by March 2017, the deadline set by the RBI governor for banks to clean-up their balance sheets. Jaitley, who is realistic about the pace of reforms in India, has managed to steer the Bankruptcy Code through parliament – a reform measure which will help address the NPAs issue. (PTI)
