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Budget indicates our commitment to ensure that development of Eastern & Northeastern parts of India gets an impetus & drives future growth: PM Modi
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I congratulate FM for doing an excellent job in respecting aspirations of the States & at the same time delivering on National priorities: PM Modi
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From housing for all, jobs, health, education & total electrification, FM laid down goals to be achieved by 2022, India`s Amrut Mahotsav: PM Modi
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Budget is investment friendly & removes all doubts on tax issues. It assures investors that we have a stable, predictable & fair tax system: PM Modi
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Budget 2015 has a distinct focus on farmers, youth, poor, neo-middle class & the Aam Nagrik. It delivers on growth, equity & job creation: PM Modi
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Union Budget 2015 is a Budget with a clear vision. It is a Budget that is progressive, positive, practical, pragmatic & prudent: PM Modi
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Budget speech concludes with commitment to well being of all "Sarve Bhavantu Sukhinah, Sarve Santu Niramayah”
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Have given a road map for the future in the budget speech: FM
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Indirect proposals to yield Rs 23,383 cr
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Direct tax proposals to lead to loss of Rs 8,315 cr
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Tax relief for yoga instructions, institutions
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India is a super-giant which moves slowly but surely
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Individual tax payer will benefit to the extent Rs 4,44,200/- from exemptions announced
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National Pension Scheme: Exemption raised from Rs 1,00,000 to Rs 1,50,000
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100% tax exemption in CSR activities for Clean Ganga Fund & Swacch Bharat Kosh
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Clean energy cess increased from 100 to 200 Rupees per metric ton of coal to finance Green Energy Fund
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All contributions to Sukanya Samridhi scheme to be tax free
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Transport allowance exemption increased Rs 1600 from Rs 800 per month
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Exemption of Rs 50,000 for pension under Sec 80 C
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Consolidated Service tax increased to 14%
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Health Insurance Premium deduction for Senior Citizens increased to Rs 30,000/- from Rs 10,000
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Health Insurance Premium deduction increased to Rs 25,000/- from Rs 15,000
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To set up IT-based student scholarship scheme
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MAT rules to be rationalised for FIIs
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Custom duty on raw materials and intermediaries to be reduced
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Super Rich surcharge to garner additional Rs 9,000 cr
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2% surcharge on those who have income of over Rs 1 cr per annum
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Wealth Tax to be abolished
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Defer the applicability of GAAR by 2 years; effective from 1.04.2017
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Taxation is an instrument of socio-economic engineering
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High corporate tax with too many exceptions gives us worst of both worlds, we neither get revenues nor investments
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PAN must for any sale exceeding Rs 1 lakh
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Benami Property Transaction bill to tackle black money transaction in real estate soon
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Non-filing of returns or filing of returns with inadequate information will attract RI
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Black money: New structure including E-filing to help
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Concealment of income to be prosecutable with Rigorous Imprisonment
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To enact a comprehensive law on black money stashed abroad
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Govt to get tough on Black Money
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Aim to rationalize and cut exemptions in corporate tax
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GST expected to play transformative role by creating a common market; have already introduced bill for same
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Corporate tax to be reduced over next four years
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To avoid surprise in taxation policy
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Direct Tax collection is going to be 14.49 lakh crore rupees
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Corporate Tax to be reduced to 25% from 30%
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Budget Estimates of Expenditure: Rs 17 .77 lakh cr of which Non Plan is Rs 13.12 lakh cr, and Plan is Rs 4.65 lakh crores
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Stable tax policy is aim
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Centre for Film Production in North East
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Exclusive Commercial Division to attend commercial disputes at various High courts
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Defence budget enhanced to Rs 2,46,727 crore
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Policy of Make in India in Defence not only to cater our needs but also for export
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ISM Dhanbad will be upgraded to full IIT
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Renewable energy target will be increased to 1,75,000 MW
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Poor students get fund aid through PM scheme
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Rs 15,000 crore scheme to skill rural India
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Special Assistance to Bihar and West Bengal
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Public contracts resolution bill to be introduced
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Public procurement law to be introduced
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Section 6 of FEMA to be amended
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IIT in Karnataka, IIMs in J&K and Andhra Pradesh
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AIIMS to be set up in J&K, Punjab, Tamil Nadu, Himachal Pradesh and Assam
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Committee to be set up to plan the celebration of the 100th birth anniversary of Deen Dayal Upadhyaya
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To launch National Skills Mission to boost jobs
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Regulatory reform law for infrastructure development
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Rupay Debit Cards to be incentivised, to move towards paperless transactions
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Environment friendly development process only
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Corpus for maintenance of Global Heritage Sites at Goa, Gujarat, J&K, Mumbai, Punjab and Telangana
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Another Rs 1,000 crores for Nirbhaya Fund
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Govt to do away with distinctions between FII and FDI and replace it with Composite Caps
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Visa on arrival for 150 countries in phases
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EPF & ESI has hostage rather than client; ESI should be made optional to employees
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Govt to introduce Gold Monetization Scheme, Sovereign Gold Bonds
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Foreign investment in alternate investment funds
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Indian Gold Coin with Ashok Chakra
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Employee`s contribution to EPF should be optional
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To put in place bankruptcy code soon
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FMC to be strengthened by merging with SEBI
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Deepening of bond market to complement our world class equity; Public Debt Management agency towards this end
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Internationally competitive Direct Tax regime to be put in place
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Highest ever allocation for MGNREGA, by increasing it this year by 5,000 crore rupees
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5 Ultra Mega power projects of 4000 MW announced
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PM farm plans get Rs 3,000 crore extra allocation
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NBFCs with size of Rs 500 cr and above to get parity in recoveries
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Plan an expert committee for Drafting Legislation for Regulatory mechanism
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Ports in public sector will be encouraged to corporatize & become companies under Companies Act
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PPP model has to be revised and revitalized
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Expert committee to examine need for multiple prior clearances for projects
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Initial sum of Rs 150 Cr to create world class IT hub to take advantage of our competitiveness
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MNREGA To get enhanced allocation of Rs 5000 cr
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Atal Innovation Mission to foster culture of research among India`s and global brain
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Capex for state PSUs to be Rs 3.17 lakh crore
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Outlay upped by 24,000 cr for rail, road
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Lending priority to be given to SC, ST in Mudra bank
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Rs 30,000 crore allocation for SC welfare schemes
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Atal Pension Yojana to provide defined pension according to contribution; 50% contribution to be from Govt
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PM Surakhsha Bhima Yojana to increase the access to insurance; it will be linked with Jan Dhan Yojana
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Tax free Infrastructure bonds for projects in railways and roads
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Investment in Infrastructure to go up by Rs 70,000 crores in 2015-16 over 2014-15
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Senior citizens welfare fund to subsidise the premium for elderly people
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Exhibition of Parsi culture
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New scheme called Nayi Manzil to enable Minority youth without school-leaving certificates to get the employment
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Divestment in loss making unites
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Universal Social Security for all indians
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To launch PM Suraksha Bhima Yojana, offering coverage of 2 lakh rupees for just premium of Rs 12 (Rs 1 per month)
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To utilize vast postal network for increasing access to institutional banking
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MUDRA bank to refinance micro finance institution under PMs MUDRA scheme
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Senior citizens welfare fund to subsidise the premium for elderly people
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Atal Pension Yojna announced
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GST to be in place by April 01, 2016
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New scheme for physical aid and assisted
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Committed to bring a Universal social security system for all
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Committed to increase the access of people to formal financial system
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To bring a Comprehensive Bankruptcy code for the ease of doing business by 2015-16
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Proposes a Mudra Bank of corpus of Rs 20,000 crores to refinance the MFIs
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Micro irrigation to get Rs 5300 crore
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We need a well targeted system of subsidies rather than to cut subsidies
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Forex reserves at $340 bn
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Manufacturing Hub through Make in India program
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National agri market to increase income of farmers
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Agri credit target in 2015-16 increased to 8.5 lakh cr
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To continue with MNREGA
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Electrification of villages by 2020
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Rural Infrastructure Development Fund to be at Rs 25000 Cr
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LPG direct transfer subsidy to be expanded
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Need well targeted system to rationalise subsidies
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Well-targeted system of Subsidy delivery, cutting down of leakage
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Target of 3% in Fiscal Deficit 2017-18
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Target of 3.5% in Fiscal Deficit 2016-17
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Target of 3.9% in Fiscal Deficit 2015-16
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Roadmap to achieve Fiscal Deficit of 3% of GDP in three years
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States to get 62% of the total resources
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Latest CPI 5.1% WPI negative
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Tax buoyancy is lower but still we will meet the promise of Fiscal deficit of 4.1% of GDP this year
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Will finish the journey to 3% fiscal deficit in two years
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Fourth challenge - need for fiscal discipline
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Third challenge - decline in share of manufacturing
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Second challenge - attracting investment
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First challenge - agricultural incomes falling
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Key challenges:
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A roof for each family in India by 2022 - 75th Year of India`s Independence
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Rural and urban divide to be removed
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Education, skilling our youth to be our focus
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To sanction 1 lakh km of new roads
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To upgrade 80,000 secondary schools
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GST will put in place a state of art taxation system
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Expect CPI inflation to remain close to 5% by end of the year
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Move to amend RBI act and provide monetary policy committee
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The latest CPI inflation is 5.1 %
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Real GDP is likely to grow 7.4%; fastest growth in the world
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Double digit growth possible
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Two game changing reforms: GST and JAM Trinity (Jandhan, AADHAR, Mobile No.)
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Our objective is to keep inflation below 6%
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Our achievement is to conquer inflation; will be only five percent by end of year
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We need to think of quantum jump
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Three achievements: PMJDY, transparent auctions & Swachh Bharat
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We are round the clock, round the year Government
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50 lakh toilets already built in 2014-15, aim to build 6 cr
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Objective is to improve quality of life and to pass benefits to common man
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Jan Dhan Yojana a success
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Opportunities have arisen because we have created them
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States have been empowered financially
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India fastest growing among major economies
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India’s stock market the second best performing among major economies
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Economic Environment far more positive
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Inherited sentiment of doom and gloom
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Roadmap for accelerating growth and enahncing investment
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India growing when world over economies are struggling
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World is predicting it is India’s chance to fly