February 02, 2017 / 12:55 IST
Finance Minister Mr. Arun Jaitley in his budget 2017 speech addressed the governments mission to bring a transformative shift to the governance landscape of our country. The government has moved from a discretionary administration to a policy and system based administration; from favoritism to transparency and objectivity in decision making; from blanket and loose entitlements to targeted delivery; and from informal economy to formal economy.
IMF has projected India’s GDP growth of 7.2% and 7.7% in 2017 and 2018 respectively with expectations of India to be one of the fastest growing world economies. The World Bank, however has a more optimistic outlook with GDP growth projected of 7% in FY17E, 7.6% in FY18E and 7.8% in FY19E. CPI inflation declined from 6% in July 2016 to 3.4% in December 2016 and is expected to remain within RBI’s mandated range of 2% to 6%.
India’s Current Account Deficit declined from about 1% of GDP last year to 0.3% of GDP in the H1FY17. Foreign Direct Investment (FDI) increased from INR 1.07 Lakh Crs in H1FY16 to INR 1.45 Lakh Crs in H1FY17. This marks an increase by 36%, despite 5% reduction in global FDI inflows. Foreign exchange reserves reached USD 361bn as on 20th Jan 2017 which represents a comfortable cover for about 12 months of imports.Disclaimer: The views and investment recommendations expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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