Finance Minister Arun Jaitley, who just got a slew of reform measures approved in the just-concluded budget session of parliament, pointed that economy was in a recovery mode with inflation and fiscal deficit being under control and asserted of despondency now giving into a positive environment.
Further, listing the positives for the economy, Finance Minister Arun Jaitley unveiled that while services sector was expanding, infrastructure spending had increased and most of the laws that aimed to improve the management of the economy have sailed through in Parliament.
Also, he unveiled that Modi-led government in the second year would be increasing spending on rural infrastructure, including irrigation and social sector schemes, but acknowledged the challenges to roll out the already expanded expenditure in infrastructure that would be very critical for growth in manufacturing. However, the minister expressed hopes of Reserve bank of India slashing rates in upcoming monetary policy on June 2, 2015.
Among the various reform measures taken so far, the government was able to get the legislations regarding insurance, coal and other minerals, black money bill, Companies laws amendment bill and Negotiable Instruments amendment bill approved in Parliament.
He also highlighted that good progress was made on the Goods and Service Tax (GST) bill, which the government was hopeful of getting passed in the Monsoon session in July and further outlined that referral of land acquisition bill to the 30-member Joint Committee was the fastest route of getting approval.