Economic Indicators and Key Initiattives

• Inflation brought under control. CPI-based inflation declined to 3.65% in February 2017 from7.72% in May 2014.
• Inflation rate averaged 7.79 percent from 2012 until 2016, reaching an all-time high of 11.16 percent in November 2013 and a record low of 3.69 percent in July 2015
• Economic Survey: CPI based Inflation likely to be below 5% .
• Food inflation down to 2.46%; it was 8.88% in May 2014
• Economy has moved on a high growth path.
• India’s Current Account Deficit declined from 1.8% in 2014-15 to 1.3% in Q3 2016. .

• High GDP growth rate : 7%+
• Highest FDI ever : $63 billion
• Fiscal Deficit in control: 3.2%
• Current Account Deficit down from 4% in 2014 to almost zero
• Low inflation : Around 4% from high of 11% in 2014
• Rupee exchange rate in control

*GDP Growth Rate

• India has been the brightest star in global economy since the Government came to power, and fear-mongering over demonetization was exposed by Q3 2016-17 growth of 7.1%

Year	Growth rate (%)
2012-13	5.48
2013-14	6.54
2014-15	7.18
2015-16	7.93
2016-17	7.11

*GDP PROJECTION BY INTERNATINAL AGENCIES (2016-17 vs. 2017-18)

• IMF : 6.6 % (FY’16), 2% (2017-18), 7.7% (2018-19) (As per WEO April 2017)
• OECD : 7 % (FY’16) &7.3% (FY’17)
• World Bank: 7% (FY’16) & 7.6% (FY’17)
• UN ESCAP Report : 7.3% (FY’16) & 7.5%(FY’17)
• ADB : 7% (FY’16) & 7.8%(FY’17)
• Moody’s : 7.1 % (FY’16 & FY’17)
• Fitch : 7.1 % (FY'16) & 7.7 %(2017 -18)
• CSO: 7.1%

*REVAMPING & RESTRUCTURING OF BANKS

• Merger of 5 State Bank subsidiaries into State Bank of India

Pradhan Mantri Garib Kalyan Yojana

Launch Date: 17.12.2016

Objective: To provide an opportunity to pay taxes with heavy penalty to come clean so that the Government gets additional revenue which will be deposited as Pradhan Mantri Garib Kalyan Deposit for undertaking activities for the welfare of the poor and the remaining part of the declared income legitimately comes into the formal economy.

Achievements: Higher revenues to Government from Income Declaration Scheme 2016 (Unearthed Rs.65, 250 crore) and PradhanMantri Garib Kalyan Yojana to raise resources to spend on the poor.

DBT

• Rs.1.71 Lakh Crores have been disbursed under DBT directly into the bank accounts of the beneficiaries.

• Savings due to DBT by elimination of ghost beneficiaries and middlemen worth Rs. 49,560 Crore over the last three years.

• 33 crore people receive various subsidies directly into their bank accounts through DBT.

• 121 Schemes in 23 Ministries/Departments Covered under DBT at present compared to only 34 in March 2015

• Target is to bring 533 Central payment schemes under DBT by March 31, 2018

• ELIMINATION OF MIDDLEMEN AND BROKERS THROUGH DIRECT BENEFIT TRANSFER has been rolled out in 121 districts, 27 selected Central Sector (CS) and Centrally Sponsored Schemes (CSS) in a phased manner. 121 schemes of 23 Ministries/Departments have been on-boarded with DBT.
• 1.79 Lakh Crores have been disbursed under DBT directly into the bank accounts of the beneficiaries.
• Elimination of fictitious claimants and middlemen has resulted into savings of Rs. 49,560 Crore.

INCREASED CREDIT FACILITY OF FARMERS (Finance) 

• Around Rs 9 Lakh Crore (2016-17)

RELIEF TO FARMERS IN DISTRESS 

• Relief to farmers in distress to be given in case of 33% and more damage to the crop; earlier it was for 50% and more damage.
• Scale of Assistance towards Input Subsidy for Crop increased by 51% for rain-fed areas, 50% for irrigated areas and 50% for perennial areas.
• Amount of relief under various heads increased by 1.5 times.
• For food grains damaged due to excessive rainfall, full minimum support price to be paid
• Families of the deceased persons to be given an assistance of Rs.4 lakhs, up from Rs.2.5 lakhs
• Provision to SDRF has seen a jump of 82% for the 5 year period 2015-20, as compared to the 5 year period 2010-15. It went up to Rs. 61,220 from Rs. 33,580.93

DIRECT SUBSIDY TO SUGARCANE FARMERS

• Direct subsidy to sugarcane farmers- Amount released directly to farmers’ Account.
• Outstanding due amount brought down from Rs 21,000 crore to Rs 878 crore in 2014-15 benefiting 32 lakh farmers.

SWACHCH BHARAT KOSH (Finance)

• To improve the cleanliness levels in rural and urban areas, priority to girl toilets in schools.
• Purpose: Construction of new toilets and repair and renovation of dysfunctional toilets in villages, towns, government schools and aanganwaadis.
• Fund also used for constructing water lines to the toilets, training and skill development to maintain hygiene in the toilets and other activities to improve sanitation.
• Rs 365 crore; used for school toilets & renovation of defunct toilets

SWACHH BHARAT CESS (Finance) 

• Contribution to the Swachh Bharat Abhiyan in the form of Swachh Bharat Cess

*ENABLING LEGISLATIONS & AMENDMENTS

• DTAA – Mauritius, Cyprus, Singapore
• Bankruptcy Act
• The Insolvency and Bankruptcy Code, 2016 : Considered as the biggest Economic reforms next only to GST
• The law is for insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner
• The law promotes entrepreneurship, availability of credit, and balances the interests of all stakeholders
• Benami Property Act
• Reshaping of the laws relating to Benami property
• Blocking a major avenue for generation and holding of back money in the form of Benami property, especially in real estate
• Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act 2015
• Agreement on Real Time Information with Switzerland
• Income Disclosure Scheme 2016

• Amendments in Whistle Blower’s Protection Act 2011
• Action for Amendments in the Prevention of Corruption Act, 1988

*BUDGETARY REFORMS (Finance)

3 Major Reforms in Budget 2017-18.

• Presentation of Budget advanced to 1st February to enable the Ministries to operationalize all activities from the commencement of the financial year.
• Merger of Railways Budget with General Budget to bring Railways to the centre stage of Government’s Fiscal Policy and
• Removal of plan and non-plan classification of expenditure to facilitate a holistic view of allocations for sectors and ministries

*DEMONETIZATION  

• A Revolutionary step where entire nation came together to uproot the cancer of corruption, black money and terrorism.
• Broke the backs of the corrupt and those who threatened national security