The Prime Minister directed that a special cell be created immediately in the Cabinet Secretariat.
India's defence sector is on the cusp of a 'super cycle' of growth, driven by escalating geopolitical conflicts and a strong policy push towards indigenous manufacturing, with major players like BEL, HAL, and BDL poised for significant order inflows and technological advancements.
With Prime Minister Narendra Modi emphasising the need to kick-start investment in the country, the project monitoring group (PMG) under the Cabinet Secretariat has asked various government departments to start monitoring projects for which clearances have been facilitated through this mechanism.
Suggesting steps to boost the Indian economy, the IMF chief further said the government should focus on fiscal consolidation.
For Swarup, the job would not be just challenging but also tricky, given the negativity attached to the sector.
Latest official data shows that investment is, in fact, showing signs of a moderate pick-up.
According to the Dun & Bradstreet CFO optimism index, nearly half of the surveyed CFOs expressed optimism regarding the macro economic scenario for the Indian corporate during the April-June quarter of this year.
Committing to more steps to boost economy, the Finance Ministry said initiatives taken by the government in the past one year will boost investment and revive the sagging growth.
The number of infrastructure projects cleared by a monitoring group set up in the Cabinet Secretariat had increased consistently in the past year.
The rating agency official did raise concern about the banks' non-performing assets.
A report card titled '10 Years of Progress and Growth' highlighting achievements of the government led by Prime Minister Manmohan Singh on Friday said 'average GDP growth rate during the period of UPA government (2004-05 to 2013-14) has been 7.7 per cent despite two global slowdown in this period'.
The CAD in 2012-13 was at 4.7 per cent of GDP and in 2013-14 it will only 1.7 per cent, the Finance Minister said.
Under constant attack from his political opponents, the public and the media, he is said to have withdrawn into a shell, says Anita Katyal
80-85 per cent of about 700 major infrastructure projects within the Centre's domain have been delayed.
For next fiscal, the minority stake sale target has been kept at Rs 36,000 crore.
Following is the full text of Congress vice-president Rahul Gandhi's speech at FICCI's 86th annual general meeting on Saturday:
'Let us also not expect that there will be a clean break with the past, much though the new government might like to think about it. In a functional democracy that is neither feasible nor desirable. But basic change it must be,' says Shreekant Sambrani.
