Land Acquisition biggest hurdle to business: Babus
It has been understood that the acquisition of land is a major source of obstruction to the implementation of projects before the current designate Prime Minster Narendra Modi and his Council of Ministers hold office from the 26th of May.
On Tuesday, when a presentation meeting was conducted by Cabinet Secretary Ajit Seth, about 70 secretaries were summoned in a group. Their work was to prepare and present a list containing all the achievements, failures and goals of their ministries and departments for the upcoming five years.
During the regime of United Progressive Alliance, India had faced serious inflation. The average would be 7.14% against 6%. The senior officials have decided to make inflation management their top priority ever since El Nino has shown high risks to inflation.
The government officials have now come to a conclusion to get rid of the stalled projects which would help in bringing back the growth on track. Since there is a possibility that India will witness an overflow of capital, the external sector still remains weak.
Despite being ranked 13 out of all the exporting countries, India does not have more than 2% of the world trade. The textile sector has crossed 3.5% of the share in global market and thus will not export subsidies any further.
Emphasis has been laid on non-fiscal incentives and boosting service exports by the commerce department who is currently working towards the foreign trade policy of 2014-19.
Source: ET Bureau
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