The RBI panel has also recommended a government-sponsored 'fund of funds' of Rs 10,000 crore to support the venture capital and private equity firms investing in the MSME sector.
Since 2000-01, the Indian economy has shown the tendency of being unable to absorb all domestic savings as investments.
'From the investor's point of view, a real change would happen only when business environment in all our states qualitatively improves,' says NITI Aayog Vice-Chairman Rajiv Kumar.
Economic Affairs secretary S C Garg said inflation has consistently come down since 2014 and will not cross 4 per cent this fiscal.
'It's a natural alliance and this alliance has been has been formed without compromising the core ideology of the AIADMK.'
Meanwhile, Gandhi said Modi has betrayed the people, claiming that he had not fulfilled promises of providing two crore jobs every year and "depositing" Rs 15 lakh in their bank accounts.
Six months after the lockdown was imposed, two dozen migrant workers were interviewed across five villages of Prayagraj. As the economy opens up, most of them are either hunting for a job or desperately waiting for a phone call from their previous employers. But the bruises of the lockdown are still fresh in their minds. Somesh Jha reports.
Fiscal discipline has been maintained but toxic assets worth Rs 7 crore are a massive headache
"I invite each one of you to become a partner in India's growth story. And once again assure you of our wholehearted support."
Gandhi accused Prime Minister Narendra Modi of being 'casteist' and 'anti-Dalit', and said his party will always stand against the BJP's 'oppressive' ideology.
The Centre's programmes of maternity benefit and Child Protection Services also got a major boost in the Budget.
'High denomination cash notes which was 1.4 lakh crores of Rs 500 and Rs 1,000 notes in 2004 became Rs 15.5 lakh crores in 2016.' 'If it had been allowed, by 2022, it would have been Rs 34 lakh crores, and that would have been the end of the Indian economy.' 'Demonetisation was a huge hit on the head of the economy, but without the hit, you could not U-turn the economy.'
'That Modi and the BJP can continue to treat the rising and expanding middle class this way shows that they have gamed its mind quite perfectly,' argues Shekhar Gupta.
President Pranab Mukherjee addressed a joint session of Parliament ahead of the budget session which began on Tuesday. Here are the highlights of President Pranab Mukherjee's speech:
'The TDP walking out of the NDA is a victory for the YSRCP.' 'The YSRCP wanted it to happen so that it would help them in coming elections.'
'We are completely engaged in fighting poverty; alas, our neighbour Pakistan seems only engaged in fighting us.'
Without naming the UPA government, he attacked it over alleged corruption and flagged his government's 'honest' credentials.
Next time you swipe, ask yourself, do you really need it or do you just want it?
The prime minister came down heavily on the Congress government in Assam and the previous UPA government at the Centre for "failing" to fulfil dreams and aspiration of the people.
Indian Prime Minister Narendra Modi who envisioned Make In India last September was at his eloquent best as he made a fervent plea to global businesses to come Make In India.
An interplay of Modi government's outreach in Bihar and the sequence of events in Chirag Paswan's life could make Bihar a game of musical chairs when the results are out.
The last date to register for the Common Admission Test (CAT 2013) is September 24. Read on for details on how to register for the test...
Jaitley said a 10 per cent tax long on capital gains exceeding Rs 1 lakh made from the sale of shares has been introduced but those made till Janaury 31 would be grandfathered. A 10 per cent tax on distributed income by equity oriented mutual funds has also been proposed in the budget.
He also lashed out at the Congress for its opposition to the GST and for dubbing it as 'Gabbar Singh Tax'.
'If you consider only demonetisation and GST as my government's work, it will be a big injustice to me.'
The temptation to rehash Manmohanomics is not going to deliver the achche-din that Narendra Modi has promised, warns Sriram Balasubramanian.
Finance Minister Arun Jaitley has said that the states were free to announce farm loan waivers if they had the fiscal space and that there would be no shortfall this year in divestment and non-tax revenues.
'There is no difference between the earlier government and the present government.' 'They are all following the economic policy based on the Chicago School of thought.' 'This school of thought says the government should have very little role in governing the country and the majority of the work should be handed over to the private sector.' 'This has not succeeded in the US.' 'Yet, it is being tried here by people like Arvind Subramaniam, Arvind Panagariya, Urjit Patel and Raghuram Rajan.'
The original idea was to replace the existing schemes for scheduled castes and tribes.
Mihir S Sharma outlines why this year's Union Budget does not respond to the needs of India's economy, or attempt to frame the economy's future.
Swaraj emphasised that the UN must accept it needs fundamental reform.
Here's the full text of President Ram Nath Kovind's customary address to the joining sitting of Parliament on the first day of the budget session.
Economy to grow by 7.2-7.5 per cent in second half of current fiscal, says FM.
'You have to do good work and also do good politics.' 'I think that part was missing, communication was an issue, but we have bridged that gap.'
'What the government should do to create jobs is to help revive the MSME sector.' 'This sector gives employment to lakhs of people.' 'The MSME sector provides more employment than the big industries.' 'So, what should be done immediately is to revive the MSME sector.'
Assessing the shape of the Indian economy just a couple of days ahead of the Union Budget for 2016-17, Saugata Bhatacharya, senior vice president and chief economist, Axis Bank, speaks about his budget wishlist and suggests measures that can help finance minister Arun Jaitley achieve the targeted fiscal deficit of 3.5 per cent of India's gross domestic product.
The government, he said, has implemented 'bold reforms'.
The Prime Minister's Office has decided to set up a panel, led by former chief statistician T C A Anant, to deliberate on whether the enterprise-level quarterly data, which is released by the labour bureau, should be discontinued.
Finance Minister Arun Jaitley on Monday presented the Union Budget for 2016-17.
NDA government has shunned populism.
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