Explanation:

At a time when the newest normal for the world economy is one of turbulence and volatility, India is a refuge of stability and an outpost of opportunity. Its macro-economy is robust, and it is likely to be the fastest growing major economy in the world in 2016. This performance reflects the implementation of a number of meaningful reforms, each incremental, but collectively meaningful:
1. Liberalizing foreign direct investment (FDI) across-the-board, including by passing the long-awaited insurance bill. FDI reforms reflect a decisive change in philosophy, from viewing FDI as a tolerable necessity to something to welcome.
2. Vigorously pursuing efforts to ease the cost of doing business, which has allowed India to advance in cross-country competitiveness rankings and become the crucible for "million mutinies" reflected in the unprecedented dynamism of the startup and e-commerce sectors, and in the interest of large
employment-generating companies.
3. Elevating to mission mode the financial inclusion agenda via the Jan Dhan Yojana by creating bank accounts for over 200 million people within months. Financial inclusion will also be furthered by the licensing of 11 payments banks and 10 small banks;
4. Restoring stability and predictability in tax decisions, reflected in the settlement of the Minimum Alternate Tax (MAT) imposed on foreign companies, and increasing substantially the limits beyond which the tax department will file appeals;
5. Creating the palpable and pervasive sense that corruption at the centre has been meaningfully addressed, reflected in transparent auctions of public assets and non-interference in regulatory decisions;
6. Implementing a major public investment program to strengthen the country's infrastructure and make up for the deficiency of private investment;