Narendra Modi government has taken major steps towards moving to five trillion economies in the coming years. These are the five major steps taken by the government after the union budget tabled in parliament.
1. Cabinet Committee of Economic Affairs has hiked the minimum support price of key crops for the ongoing Kharif season 2019. The price hike has been modest in the range of 3 to 5 per cent. MSP for paddy has been hiked from 17.7 per kilogram to 18.35 per kilogram. The modest hike in MSPs is in the backdrop of record food grain buffer stock with the Government of India in excess of 70 million tonnes.
2. According to Economic survey 2018-19, the government has accorded topmost priority for capacity augmentation of the sector through initiatives like Sagarmala, project Unnati, etc. Ports handle around 90 per cent of Exim cargo by volume and 70 per cent by value.
3. SEBI has reduced the attractiveness of liquid funds by mandating they invest at least 20 per cent in liquid securities like T-bills and CBLO, reducing sectoral exposure limit to 20 per cent from 25 per cent and introducing exit load of seven days.
4. According to the Economic survey, energy efficiency programmes generated cost savings worth more than 50,000 crores. Overall electricity savings is estimated at 7.2 per cent of net electricity consumption in the financial year 2018.
5. The Power Ministry has proposed to conduct reverse e-auction to select gas-fired power plants that will be offered subsidised imported fuel under bailout package for 24,000 MW stressed gas power projects.