Medium-term growth prospect of the Indian economy is improving, and with the GST Bill likely to be passed later in the year, it will only improve further, says an HSBC report
In the recently concluded Budget Session, key legislations like the Aadhar Bill, Bankruptcy Code and Real Estate Regulator Bill were passed.
Country is likely to clock a GDP growth rate of 7.4 percent this fiscal and key legislations, like Aadhaar bill, bankruptcy code and Monetary Policy Committee are likely to support medium-term outlook, an HSBC report says
Jairam Ramesh, former union minister, has moved the Supreme Court against the Aadhaar bill, calling it unconstitutional and accused the government of circumventing the Parliamentary process.
P Chidambaram, who appeared for Congress leader Jairam Ramesh before the apex court, argued it is grossly unconstitutional to allow passing of Aadhaar legislation as money bill.
Jaitley said the legislation, aimed at better targeting of subsidies and benefits through use of unique identification number, contains stringent provisions both substantially and procedurally to protect privacy.
Talking on the various benefits of the Bill, Chief Economic Advisor to the Finance Ministry, Arvind Subramanian said the passage of the bill is a landmark achievement becaue it will help take forward the JAM (Jan Dhan, Aadhar and Mobile) Agenda.
Sitaram Yechury, Member, CPI(M) speaking to CNBC-TV18‘s Rituparna Bhuyan says that the current legislation is “unbecoming†and the privacy issues are still under examination by a five-member bench appointed by the Supreme Court.
DK Mittal, Mission Director, Direct Benefit Transfer (DBT) scheme and former Secretary, Financial Services, commends the government's move and calls it an innovative step forward.
Finance Minister Arun Jaitley in his Budget speech for 2016-17 announced government plan to give statutory backing to Aadhaar.
Meanwhile, sources said, the Union Cabinet approved the bill so that it could be introduced in Parliament.
People are aspiring for better quality of life and power is an essential ingredient in that. I am very convinced that all the states will come on board for UDAY Scheme, said Power and Coal Minister, Piyush Goyal.
In an interview to CNBC-TV18, Sam Pitroda vouched for the congress led UPA's work in the last ten years.