)
Decline in investment rate was not steep
The savings rate was 31.3 per cent in 2011-12 and 30.1 per cent in 2012-13. The corresponding investment rate was 35.5 per cent and 34.8 per cent, respectively, indicating there was no steep decline in investment, except in mining and manufacturing.
Exports on the uptrend
Merchandise exports were $300.4 billion in 2012-13 – a fall of 1.8 per cent over the previous year. The year 2013-14 is expected to end with estimated merchandise exports of $326 billion, indicating a growth rate of 6.3 per cent. However, imports are down, and this does not augur well for either manufacturing or domestic trade.
8 NIMZs along DMIC approved
Eight National Investment and Manufacturing Zones (NIMZ) have been announced along the Delhi-Mumbai Industrial Corridor and nine projects have been approved by the DMIC Trust.
Five NIMZs outside the DMIC have also been given in-principle approval. Three more corridors connecting Chennai and Bengaluru, Bengaluru and Mumbai, and Amritsar and Kolkata are under different stages of preparatory work. (TAX REVENUES)
Infrastructure gets big push
Infrastructure and capacity addition in infrastructure industries have received a big push. In 2012-13 and in the first nine months of 2013-14, we have added 29,350 Mw of power capacity; 3,928 km of national highways; 39,144 km of rural roads under PMGSY, 3,343 km of new railway track, and 217.5 million tonnes of capacity per annum in the ports. Besides, 19 oil and gas blocks were given out for exploration and seven new airports are under construction.
12.8 lakh land titles distributed
As many as 12.8 lakh land titles covering 18.80 lakh hectares were distributed under the Scheduled Tribes and Other Traditional Forest Dwellers Act.
DoP IT upgrade to be ready in 2015
The IT modernisation project of the Department of Posts, with an outlay of Rs 4,909 crore, will be operational by 2015 in all 155,000 locations.
Seven new nuclear reactors by end of Twelfth Plan
Seven nuclear power reactors are under construction, with the aim of achieving an installed capacity of 10,080 Mw by the end of the Twelfth Plan. The Kudankulam Nuclear Power Plant Unit 1 achieved criticality and is generating 180 million units of power. Furthermore, the 500 Mw prototype fast breeder reactor at Kalpakkam is nearing completion. (SUBSIDIES)
Thrust on solar power
Four ultra mega solar power projects, each with a capacity of 500 Mw, are proposed to be taken up in 2014-15. After exceeding the target and achieving 1,684 Mw of grid-connected solar power, the National Solar Mission entered the second phase on April 1, 2013.
Fund for innovations at grassroots
The ministry of micro, small and medium enterprises (MSME) will create an India Inclusive Innovation Fund to promote grassroots innovations with social returns to support enterprises in the MSME sector. An initial contribution of Rs 100 crore has been made to the corpus. (NON-PLAN EXPENDITURE)
Nirbhaya Fund expanded
To make it clear the Nirbhaya Fund is a permanent one, the government proposes to declare the grant of Rs 1,000 crore as non-lapsable. To support more proposals, it will contribute another Rs 1,000 crore to the fund next year. So far, the government has approved two proposals that will receive support from the fund.
More money for skill development
Rs 1,000 crore allocated to the National Skill Monetary Reward Scheme will be transferred to the NSD Trust and another sum of Rs 1,000 crore will be given next year to enable the Trust to scale up the programme of the National Skill Development Corporation rapidly. The National Skill Certification and Monetary Reward Scheme was launched in August 2013. At last count, 204 job roles had been finalised, 168,043 youth had enrolled and 77,710 had completed their training.
Credit expansion for minorities
The number of bank accounts held by minorities in 121 districts where they have a concentration increased from 1,415,000 about 10 years ago to 4,352,000 at the end of March 2013. The volume of lending jumped from Rs 4,000 crore to Rs 66,500 crore. Loans to minority communities in the whole country stood at Rs 2,11,451 crore at the end of December 2013. The number of women’s Self-Help Groups that were provided credit by banks increased from 971,182 about 10 years ago to 4,116,000 at the end of December 2013.
Action on tax evasion
The government has succeeded in obtaining information in 67 cases of tax evasion on off-shore accounts, and action is underway to determine the tax liability as well as impose penalty. Prosecutions for wilful tax evasion have been launched in 17 other cases. More enquiries have been initiated into accounts reportedly held by Indian entities in no-tax or low-tax jurisdictions.
