Building on the momentum from the previous two quarters, India's economic growth surged to a six-quarter high in the third quarter of FY24, exceeding 8% for the third consecutive time.
The meeting started at 5 p.m. and Chief Minister Nitish Kumar was also present.
As per the First Advance Estimates of National Income of FY 2023-24, presented along with the Finance Minister’s speech, India’s Real GDP is projected to grow at 7.3 per cent.
The healthcare sector has emerged as one of the fastest-growing segments, with the provider segment crossing the $132 billion mark, growing at a CAGR of 16-17 per cent.
The Finance Minister said the corpus will be established with a 50-year interest free loan.
Sitharaman announced a series of initiatives to promote indigenous defence production which included making separate budgetary outlay to procure Indian-made military hardware.
Finance Minister gives details of the measures taken for easing the economic hardships by announcing fund infusion for infrastructure lending.
He said that the lockdown is only a pause button and it has to be transitional with utmost care to be taken of people who are vulnerable.
In her announcement, the Finance Minister told that the government will amend the Essential Commodities Act to enable better price for farmers.
The enabling provisions must be written in plain language without allowing overzealous draftsmen to overwhelm the intention of openness by clouds of confusion.
