It is now three years and four months since the present Government assumed office. The Government has brought greater stability and clarity to the policy environment.
In many cases, the policy is backed by law or regulation. In key sectors, Government has ceded authority to independent regulatory bodies.
Government has also remained steadfast on the path of fiscal prudence and discipline. Within weeks of assuming office and before presenting the first budget, we notified the Fiscal Responsibility and Budget Management Act (the FRBM Act).
Despite pressure on resources, we have complied with the obligations under the Act. The fiscal deficit for the current year has been budgeted at 3.3 per cent and the revenue deficit at 1.5 per cent, and we believe we are on course to achieve the targets set by the FRBM Act.
What are the factors that are driving economic growth in India?
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