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Modi government re-works GF rules to match India First slogan
New Delhi: Emphasis on India First by Prime Minister Narendra Modi like America First by President Doland Trump will change, during the current financial year, the balance sheet of most of the companies in the country, providing goods and services.
Moving much ahead and carrying the new slogan forward, the government at the Centre has decided that it will purchase most of the goods and services from the Indian companies this fiscal.
In tune with the new thinking the government has re-worked the General Financial Rules which provide for bulk purchases from these companies. The order in this regard was issued before the start of the new financial year to meet the deadline.
According to official estimates, different central government departments purchase goods and services of the order of Rs 39,000 crores in a year which is 30 per cent of the Gross Domestic Product or the GDP.
This is likely to change the bottom-line of most of the companies which had suffered due to fall in demands in the wake of demonetisation.
In addition, the government has asked hospitals to give preference to units under the Khadi and Village industries in meeting their requirements.
The manufacturing sector will reap the benefits in this quarter and subsequent quarters but the real estate sector has already benefited from some other government moves.
In the quarter which ended in March last, 61,000 low-cost housing units were sold in eight major cities in the country. Overall, there was 21 per cent increase in sales.
The areas close to Delhi which are known as NCR or National Capital Region recorded the highest sales -- 34,000 units.
Among the state capitals, Kolkata, Hyderabad and Ahmadabad topped. These three cities accounted for 30 to 47 per cent of sales. Kolkata left behind two others in the race.
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