While GDP growth is not anticipated to be sustained at that pace, it is expected to be strong enough to result in a further gradual decline in the unemployment rate. Consumer spending has been lifted by the improvement in the labor market as well as by the increase in household purchasing power resulting from the sharp drop in oil prices.
Public sector financial institutions were allowed to raise quasi-sovereign bonds to finance long term infrastructure requirements. PSU oil companies were allowed to raise additional funds through ECBs and trade finance. FDI norms were modified for a number of sectors. For instance, FDI limit was raised from 74 per cent to 100 per cent in telecom sector and asset reconstruction companies.