Current economic situation and outlook Since my appearance before this committee in February, the labor market has continued to strengthen. Job gains have averaged 180,000 per month so far this year, down only slightly from the average in 2016 and still well above the pace we estimate would be sufficient, on average, to provide jobs for new entrants to the labor force.
Mr.Chidambaram’s budget of 1997 has been widely acclaimed as a trailblazing breaking budget. From the point of view of Reserve Bank of India, it has very significant implications. The budget has acknowledged that interest tax is a bad tax and has commenced its phasing out.