New economy for new India

Several articles have been written recently on the challenges facing the Indian
economy. Unfortunately, these articles draw sweeping conclusions from a narrow
set of facts, and quite simply miss the fundamental structural reforms that are
transforming the economy. Moreover, one or two quarters of GDP growth and
other macro data are quite inadequate to evaluate the long-term impact of the
structural reforms underway.For reading in Hindi visit today latest news in hindi.

These structural reforms are not just desirable, they are necessary to create a
New India and provide good jobs for our billion-strong workforce. The new
economy that is being created will be much more transparent, globally cost-
competitive, and innovation driven. Importantly, the new economy will also be
much more equitable thereby enabling all Indians to lead better lives.For hindi
visit daily news in hindi.
GST, demonetisation and digital payments are game-changing efforts to formalise
Indias economy. Transactions that were taking place outside of the tax net and in
the informal sector are now being brought into the formal sector. In the long
term, formalisation will mean (a) tax collections go up and more resources are
available to the state; (b) friction in the economy is reduced and GDP goes up;
and (c) citizens are able to establish credit more effectively as transaction records
are digitised.

Policy making across ministries has become thoroughly rules-based. Natural

resources and licences are being allocated entirely through transparent auctions,
eg for coal, spectrum and UDAN routes. The Bankruptcy Code will enable speedy
resolution of stressed assets providing relief to NPAs in the banking sector.You can
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A streamlined, rules based FDI regime is inspiring confidence: FDI has accelerated
from $36 billion in FY2014 to $60 billion in FY2017. Dismantling of Foreign
Investment Promotion Board (FIPB) will make the economy even more open.

The Jan Dhan-Aadhaar-Mobile (JAM) trinity is powering Direct Benefit Transfer

(DBT) and dramatically reducing leakages. Rs 1.75 lakh crore of benefits have
been transferred directly to beneficiaries over the last three years. JAM is
weeding out many ghost and fake beneficiaries and cutting out middlemen.For
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A massive infrastructure build-out is lowering costs across the board in the
economy: a build-out clearly visible in railways, rural electrification, national
highways, rural roads, housing and air connectivity. The National Investment and
Infrastructure Fund has been established to provide long-term equity risk capital
for the development of world-class commercial infrastructure projects in
conjunction with other long-term global investors. A lower cost economy powers
increased production and sustains growth.

India is well on course to achieve 100% village electrification by 2018 with the
number of villages remaining to be electrified having decreased to only 4,941
villages by 2017 from 18,452 in 2014. Rural roads are now being constructed at a
record rate of 133km per day, almost double the rate of 69km per day in 2014.
The number of affordable houses approved for construction increased from 13.8
crore in 2004-14 to over 17.7 crore in just three years of NDA government.For
reading in Hindi visit today latest news in hindi.
There has been dramatic increase in air connectivity: 16 crore passengers flew in
FY2017 compared to 10 crore passengers in FY2014. A significant contributor has
been the affordable cost of long-distance air travel in the country estimated to be
only Rs 5 per km, lower than auto-rickshaw fares.

To sustain growth, India must become an innovation hub and one of the
entrepreneurial engines of the global economy. Research has shown that it is
entirely new industries (like IT/BPO, telecom and insurance in the early 2000s)
that power job creation and faster economic growth. Fundamental reforms have
been initiated to prioritise innovation, micro-entrepreneurship and startups.For
current news in hindi visit In24News.
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