Breaking News

You are here » Indian-Commodity  :  Economy  :  India's economic fundamentals remained strong for FY18: Finance Ministry

19-Dec2017

India's economic fundamentals remained strong for FY18: Finance Ministry

Highlighting major achievements of the government during 2017-18 year (FY18), the Finance Ministry in its year end review report has said that overall fundamentals of the economy remained strong in the current financial year, on the back of firm macroeconomic indicators, improvement in World Bank's ease of doing business ranking and sovereign rating upgrade by Moody's.

The report also highlighted various reforms measures taken by the government to sustain growth of the country including Goods and Services Tax (GST), demonetization and recapitalization of public sector banks. The Finance Ministry termed the GST as 'transformational reform', as it has brought transparency and accountability in business transactions along with ensuring ease of doing business and rationalization in tax rates, while on note ban it said that the exercise has helped to cleanse the economy of black money and increased number of taxpayers.

As per the review report, manufacturing, electricity, gas, water supply & other utility services trade, hotels, transport & communication and services related to broadcasting sectors registered growth of over 6.0% in Q2 of 2017-18 over Q2 of 2016-17. The Finance Ministry also stated that enhancing the quality of life remained primary goal for Government when it put into implementation the recommendations of the 7th Central Pay Commission to benefit more than 48 Lakh Central Government Employees.


Related News

View all news

CPI inflation hits 6-month high of 2.92% in April

India's retail inflation based on Consumer Price Index (CPI) continued northward journey for third straight month and inched up to a 6-month high of 2.92% in April 2019 due to a spike in food prices, including......

Indian economy to grow at 7% range in current fiscal: Subramanian

Chief Economic Advisor (CEA) Krishnamurthy V. Subramanian has said  that the Indian economy would grow at 7% range in the current financial year (FY20) powered by the effects of the strong structural......

Banks take 57% haircut in 94 cases resolved in FY19: ASSOCHAM-CRISIL study

A joint study carried out by the industry body Associated Chambers of Commerce & Industry of India (ASSOCHAM) and rating agency CRISIL stated that banks have taken a huge 57% haircut in the 94......

Top News

View all news

SRF, NIIT Technologies and United Bank of India to see some action today

SRF has entered into a definitive agreement to sell its Engineering Plastics Business to DSM, the Life Sciences and Materials Sciences Company in an all-cash transaction, amounting to Rs 320 crore. The......

NIIT Technologies concludes sale of 88.99% stake in ESRI India Technologies

NIIT Technologies has concluded the sale of 88.99% equity shares in ESRI India Technologies, India to Environment Systems Research Institute Inc., USA. Consequent to above sale, ESRI India Technologies,......

United Bank of India to raise Rs 1,500 crore by various means

United Bank of India has received approval to raise equity capital not exceeding Rs 1,500 crore in one or more tranches during the financial year by way of Qualified Institutions Placement, Public Issue,......