New Delhi, Jan 1 : Strong macro-economic fundamentals and reforms for sustained growth defined 2017 for Ministry of Finance, according to ‘Year End Review – 2017’ released by Ministry of Finance.
According to it, 2017 was a historic year for the Ministry with significant recognition by Moody’s Investors Service upgrading India’s local and foreign currency issuer ratings after 13 years.
India moving up 30 ranks in the World Bank’s Doing Business Report and visible signs of financial system cleansing by the Demonetisation exercise.
It said that transformational reforms, overhauling of indirect tax system by the introduction of the Goods and Services Tax (GST) to replace multiple Central and State taxes and a new direct tax code also initiated to re-write the Income Tax Act.
It said that recapitalisation of Public Sector Banks (PSBs) and an Alternative Mechanism for their consolidation, the Financial Inclusion and Social Security Schemes – PMJDY and APY achieved significant milestones.
