GUJARAT MAP : AGRICULTURE

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GUJARAT MAP : AGRICULTURE 
The American Recovery and Reinvestment Act (ARRA) called for a massive round of federal spending designed to create new jobs and recover jobs lost in the Great Recession of 2008. This government spending was intended to compensate for a slowdown in private investment in that year. Lawmakers began work on the bill months leading up to President Barrack Obama's inauguration in January 2009. Aides to the incoming president collaborated with members of the U.S. Congress, and a streamlined amendments process allowed for passage in the House of Representatives on January 28, 2009. The U.S. Senate passed its version on the 10th of February.

Fast-moving conference negotiations followed, and Democratic congressional leaders ultimately agreed to cut back the bill's spending in order to attract a handful of Republican votes. The final price tag of $787 billion represented the largest anti-recession spending package since World War II. President Obama signed the bill into law on February 17, 2009.

IRDA over the last decade has brought into force a number of regulations which are well conceived. They have received wide spread appreciation. The recent decision of IRDA to move to a free tariff regime for several general insurance products is welcome. The prescription of tariff is contrary to market principles and insurance products need to be priced based on market forces.

The reform of the insurance sector is part of the overall economic reform process that is underway. The basic philosophy underlying the new economic policy is to improve the productivity and efficiency of the system. This is sought to be achieved partly by creating a more competitive environment. The growth of the real economy depends upon the efficiency of the financial sector. A greater element of competition is being injected into the financial system as well.

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All regulators need to keep in mind that there is a fine distinction between regulations and controls. Regulations lay down norms while controls have a propensity to micromanage institutions. Regulators must take care to ensure that regulations do not slide into controls.

The insurance industry in our country underwent a big change in 2000 when private participants were allowed into the industry along with a streamlined regulatory and supervisory regime. There are at present 14 private life insurance companies along with LIC and 12 entities in non-life sector. There is evidence to show that competition has done good to insurance industry. The rate of growth of the industry in the post liberalization period has been faster. It has also developed in terms of product innovation and the use of alternative distribution channels.

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