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Budget Session of Parliament. 5 biz takeaways from Prez Pranab Mukherjee address

New Delhi: President Pranab Mukherjee on Tuesday said that the government's initiatives in the last couple of months have shown positive results for the country's business corridors.

 In his customary address to the joint sitting of both the Houses of Parliament outlining government's agenda in the coming financial year, Mukherjee said, “My government's innovative initiatives have helped India jump 12 places in the latest rankings by World Bank on Ease of Doing Business”.

The President also added that Make in India initiative has achieved 39 percent increase in FDI inflow despite adverse global investment climate.

 Speaking on MGNREGA scheme, he said that it has been revamped to ensure efficient disbursements of wages and creation of productive assets.

The President said the government is committed to providing electricity to all the census villages by May 2018.

"Since the government assumed office, energy shortages have been reduced from 4 per cent to 2.3 per cent," he said.

The government, Mukherjee said, has launched the Ujwal Discom Assurance Yojana (UDAY) for financial turnaround of power distribution companies of states and Union Territories.

 Jharkhand, Chhattisgarh, Bihar, Rajasthan, Uttar Pradesh and Gujarat have formally joined the UDAY scheme, which is meant for revival of debt-ridden power distribution utilities.

The President told the lawmakers that to revive gas-based power generation capacity, the government implemented a new initiative of supply of refined LNG.

This has ensured revival of stranded gas plants with installed capacity of 11,717 mw, he said, adding that in 2015, India saw the highest-ever generation of electricity.

 The President further said two ambitious National LED Programmes have been launched for cities for street lighting and domestic lighting.

"Through a bulk procurement strategy, the cost of LED bulb has been brought down from Rs 310 in January 2014 to Rs 64 in January 2015," Mukherjee said.

On the coal sector, the President said the government has introduced dynamic and comprehensive reforms and conducted transparent auction/allocation of over 70 coal blocks.

These, he said, will immensely benefit the eastern states in years to come.

With Agency Inputs

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Date : 23-02-2016 01:28:28