Addressing joint sitting of Parliament at the start of the Budget Session, President Pranab Mukherjee underscored India had emerged as the fastest growing large economy with a promising future. He acknowledged sustained efforts and series of policy initiatives taken by the government to put back the economy to the high growth trajectory, with an estimated growth of 7.4% in 2014-15.
He highlighted measures taken by the government to improve ease of doing business, ending financial untouchability and containing inflation with a view of stimulating economy and also lauded government’s decisive measures to help lower the inflation to 'record low' and also boost capital markets.
Emphasizing to some of the major initiatives taken by the government for improving ease of doing business, Mukherjee pointed to the government’s efforts in streamlining various entry and exit regulations and introducing the process of filing online applications for various corporate activities.
Further, the president assured that Center would expedite implementation of the recommendations of the Financial Sector Legislative Reforms Commission (FSLRC) and simplify the indirect tax regime, broaden the tax base and result in better compliance.
He also appreciated government’s efforts for ‘Make in India’ initiative and passing Insurance Laws (Amendment) Ordinance, 2014, which promulgated enhancing the foreign equity cap from 26% to 49%, while safeguarding Indian ownership and control, besides SEBI’s new Foreign Portfolio Investment norms that have established a unified, simple regulatory framework.