Mera mobile mera bank mera batua: BHIM app (based on United Payments Interface(UPI)), to promote cashless economy brings payments to people’s phones
- One Nation, One Tax- One Nation-One Market
- Passed by Parliament
- 4 Tax Rates- 5%, 12%, 18%, 28%
- Reduction in overall taxes on goods, estimated to be 25-30%
- Decrease in Inflation due to reduction in Cascading effect of Taxes
- Overall Reduction in Prices
- Common National Market
- Non-Intrusive and transparent Tax System
- Inflation brought under control. CPI-based inflation declined to 3.65% in February 2017 from7.72% in May 2014.
- Food inflation down to 2.46%; it was 8.88% in May 2014
- India’s Current Account Deficit declined from 1.8% in 2014-15 to 1.3% in Q3 2016.
- High GDP growth rate: 7%+
- Highest FDI ever: $63 billion
- Fiscal Deficit in control: 3.2%
- Low inflation: Around 4% from high of 11% in 2014
- Presentation of Budget advanced to 1st February to enable the Ministries to operationalize all activities from the commencement of the financial year.
- Merger of Railways Budget with General Budget to bring Railways to the centre stage of Government’s Fiscal Policy and
- Removal of plan and non-plan classification of expenditure to facilitate a holistic view of allocations for sectors and ministries
- Improved rank in Ease of Doing Business Ranking
- Simplification of rules
- Merger of 5 State Bank subsidiaries into State Bank of India
- Real Estate Bill passed to protect the interest of buyers and bring more transparency to the housing sector.
- Shram Suvidha portal: unique labour identification number allocated, online registration of establishments.
- Amendments in Labour laws to exempt certain industries from returns, labour registration, inspection etc.
- Amendment in factories Act, 1948 to allow for: night shift for women, increased hours of overtime