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Government takes several steps to fight inflation and revive growth of the economy

The Government has undertaken several steps to revive the growth of the economy and thereby increase Per Capita Income. The measures outlined in the Union Budget 2014-15 and subsequent measures taken by the Government included: fillip to industry and infrastructure through fiscal incentives and concrete measures for transport, power, and other urban and rural infrastructure; measures for promotion of Foreign Direct Investment in selected sectors; deregulation of diesel prices and finalization of natural gas pricing policy; ‘Make in India’ initiative along with the attendant investment facilitation measures; labour reforms, mainly related to inspection and apprenticeship; amendments in the Land Acquisition, Rehabilitation and Resettlement Act 2013 and Coal Mines Ordinance 2014; financial inclusion and boost to saving through Pradhan Mantri Jan-Dhan Yojana; initiatives under Skill India and initiatives under direct benefit transfer (DBT), have all have a direct bearing on the income of the people.

In addition to these growth-oriented measures, Union Budget 2015-16 includes measures to boost employment and income with an increased focus on-(i) irrigation, traditional agriculture, enhanced agricultural credit, rural infrastructure and rural employment; (ii) micro unit development refinance and credit to SC/ST enterprises; and (iii) self-employment and talent utilization along with consolidation of skill development initiatives.

Government has taken a number of measures to curb inflation, particularly food inflation. Some of the major steps taken by the Government are: higher allocation of rice under Public Distribution System (PDS) and higher allocation of wheat under Open Market Sales Scheme (Domestic) for 2014-15; moderation in increases in the Minimum Support Prices; advisory to the states to allow free movement of fruits and vegetables by delisting them from the Agricultural Produce Market Committee (APMC) Act; improving availability of essential commodities by facilitating import of various items of mass consumption at zero or concessional import duties together with restriction on export, prescribing stock holding limits under Essential Commodities Act in respect of onion and potato, pulses, edible oil and edible oilseeds and fixing of Minimum Export Price (MEP) for potatoes and onions.

This information was given by the Minister of State (Independent Charge) for Ministry of Statistics and Programme Implementation General (Dr.) V.K. Singh (Retd.) in Lok Sabha today.

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