Page 28 - NIS English January1-15

NEW HOPE
NEW DAWN ECONOMY
EASE OF DOING BUSINESS: INDIA IS FORGING AHEAD New Growth Goals

l As per World Bank report, India is now at 63rd position, with a l The GST system was made
jump of 14 places from 77th position last year. India’s ranking more flexible. The average tax
was 142nd in 2014
rate, which was earlier 14.4%,
l The ranking in Ease of Doing Business is decided on the basis is now reduced to 11.8%. The
of getting construction permits, credit, protection of small effect is evident from the fact
investors, paying tax, applying for overseas trade, contract,
obtaining power, registering property, protecting minority that after the unlock phases,
investors and the insolvency redemption process etc GST collections in October and
Foreign Direct Investment (FDI): A new record for nation November were above Rs 1
l FDI increased by 55 per cent in 2014–20 compared to $231.37 Lakh Crore
Billion in 2008–14. India was ranked ninth among the countries l Now, with the introduction of
receiving FDIs in the year 2019 Faceless Assessment, an effort
l The country received FDI of $27.1 Billion in April-August of the is being made to resolve any
financial year 2020-21. It is 16 per cent more than the FDI of grievance of the income tax
same period of the last financial year payer immediately
Tax reforms: Honouring the honest tax payers l Under PMJDY, more than 40.38
l A new platform for Transparency in Taxation, 'Honoring the Crore bank accounts were
Honest' was launched in August 2020
opened till December. When the
l Duties of the taxpayer along with the income tax officer and scheme was launched, the goal
the department are fixed under the charter
was to ensure that at least one
member of a family should have
PMJDY: Bank Account for over 40 Crore people
a bank account. A target has
l Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched on
August 28, 2015 been set to open bank account
for every adult member of the
l More than 40.38 Crore bank accounts have been opened so
far. Out of this, 55.2 per cent account holders are women family
Direct Benefit Transfer (DBT) l Now, economy is witnessing a
l From the year 2014 till now, an amount of Rs 13.23 Lakh Crore V-shaped recovery. The IMF
was sent directly to the bank accounts of beneficiaries says in its report that India's
l It has curbed corruption and fraud. The Government has so far economy would be the world's
saved Rs 1.78 Lakh Crore fastest growing economy in the
coming years

invoked Jaan Bhi, Jahaan Bhi be on cards. As per monthly their forecasts. According to a
and phases of unlock saw the economic review of November report by Oxford Economics,
economy returning on track 2020, by Department of Indian Economy is recovering
once again. Economic Affairs, economy is faster than expected. The
Most of the economists have now on a V-shaped recovery International Monetary Fund
estimated that growth would path. The Government’s (IMF) in its latest report on the
be over 10 per cent in 2021- resolve resulted in the positive world economic scenario has
22 putting the nation back ratings by global economic described India as the fastest
on a high growth trajectory. agencies. Moody's has raised growing economy. According
Worst on the economic front India's economic growth to the IMF, growth rate of the
due to COVID-19 seems to be forecast for the year 2021 from Indian economy in the year
over while recovery leading 8.1 per cent to 8.6 per cent. 2021 will be at around 8.8 per
to a double digit growth in the Goldman Sachs and Barclays cent, which will be the highest
next few quarters seems to have also improved upon in the world.

26 New India Samachar