The Union Budget 2017-18 aims at comprehending the dream of building a transparent and sustainable economy by providing an impetus to rural economy, road infrastructure, airports and railways, which is a welcome move. The focus on few crucial aspects like digital and black economy augurs well.
With a view to inject fresh liquidity in the realty and construction sector, reduce its debt burden and solve the working capital requirements of developers and contractors, the Cabinet Committee on Economic Affairs (CCEA), under the chairmanship of Prime Minister Narendra Modi, has given the go-ahead to several initiatives for breathing life into a sector beset by dormancy.
The global economy continues to show signs of deflationary pressures. While Japan, the third largest economy, is expected to grow a mere 0.3 per cent, the European Commission cut Eurozone growth forecasts for the 19-country bloc by 1.5 per cent this year and 1.3 per cent in 2017 in anticipation of the UK exit and reduced demand and investment.
India's engineering shipments to key markets like Sri Lanka, UAE and China plummeted in April amid a 19 per cent decline in the sector, which slipped in terms of its contribution to the country's overall export basket.
The Consul Generals of six countries are optimistic about India’s growth prospects in the coming years. Many European and other countries are keen to engage with India at an elevated level with conditions ripe for enhanced two-way flow of goods, services, investment and skilled human capital.