The new government will pursue an economic reform agenda that foresees introducing the goods and services tax, encouraging foreign investment and speeding approvals for major business projects, President Pranab Mukherjee said in a parliamentary address on Monday.
Indian stock markets rallied to record highs in May with the benchmark BSE Sensex breaching the 25,000 mark for the first time after Narendra Modi won a clear mandate to govern Asia’s third-largest economy.
India’s diversified equity funds outperformed the broader markets in May and recorded their best monthly performance in five years, as stocks rallied on hopes of an economic revival after the Narendra Modi-led Bharatiya Janata Party (BJP) won a decisive election mandate.
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The Aam Aadmi Party (common man’s party), led by bureaucrat-turned-activist Arvind Kejriwal, is gearing up for state-level polls in Delhi this year with an array of candidates chosen for their honesty.
The usually crisp and precise P. Chidambaram was uncharacteristically vague on Monday while announcing the government’s fiscal consolidation plan. While pledging to bring the fiscal deficit down to 3 percent in 2016-17 from around 5.3 this fiscal, the Harvard-educated minister gave no details on how the government would achieve this feat.
It wasn’t unexpected. After more than three long years of association with the UPA II coalition government, key ally Mamata Banerjee is taking her name off the lease, packing up her things and getting ready to move out. Whether she has taken Congress’ chances for holding power in India with her depends on how strong — and willing — the party’s other friends are.
Rumblings within the ruling Congress party that suggested the “jettison” of Prime Minister Manmohan Singh after the party’s electoral failures in state elections in 2007, cited in a secret diplomatic cable published on Monday, are a timely reminder of the dangerous implications of failure for Congress in elections this month.
To some, the parliamentary walkout by India’s opposition prior to the vote on the country’s annual budget motion marked the failure of India’s ruling Congress party to engage with its primary adversary, the Bharatiya Janata Party (BJP), over its claims that the Prime Minister had lied to parliament to protect his own reputation.