GST and Insolvency bills to be passed in second half of budget session of Parl: Jaitley

News4u-News Desk- Finance Minister Arun Jaitley expresses hope that the GST and Insolvency bills will be passed in second half of the budget session of the parliament.

Addressing the closing ceremony function of ‘Advancing Asia’ summit, Jaitley thanked the International Monetary Fund for recognising India as a bright spot in the world.

Jaitley expressed confidence in India’s increasing determination to face the challenges.

Finance Minister Arun Jaitley

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FM hails manufacturing sector growth

News4u-News Desk-Finance Minister Arun Jaitley inaugurated two-day Bengal Global Business Summit-2016 in Kolkata. Bhutanese Prime Minister Tshering Tobgay has been invited as a special guest at the event by the state Chief Minister Mamata Banerjee.

Addressing the inaugural session of the summit, the Finance Minister said that domestic strength of the economy is finding a way to further growth.

The Finance Minister later addressed BJP workers at party state headquarters in Kolkata.

He said, apart from Economy, the prime concern for the government is National Security.

Speaking on the upcoming elections in the state, the minister said the BJP will not ally with anyone in the state and will become a major political player.

Finance Minister Arun Jaitley

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PM calls Dr Babasaheb Ambedkar a great visionary and deep thinker

News4u-News Desk- Prime Minister Narendra Modi released two commemorative coins, as part of the 125th birth anniversary year celebrations of Dr. B.R. Ambedkar.

The coins, which are of “ten-rupee” and “one hundred and twenty-five rupee” denomination, were issued on the Mahaparinirvan Divas of Babasaheb Ambedkar.

Speaking on the occasion, the Prime Minister said that there were only a few individuals who remain alive in public consciousness, even 60 years after their death.

He said the more we recall Dr. Ambedkar’s thought, in the context of issues currently faced by India, the more we come to respect his vision and his approach to inclusiveness.

At Chaitya Bhoomi in Mumbai, a special programme was organised to mark the occason.

Maharashtra Chief Minister Devendra Fadnavis paid Floral tributes to Babasaheb Dr. Bhim Rao Ambedkar on his Mahaparinirvan Diwas.

Prime Minister Narendra Modi released two commemorative coins

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Atmosphere of complete peace in country: Arun Jaitley

News4u-News Desk-Union Finance Minister Arun Jaitley on Tuesday said that an atmosphere of complete peace prevailed in the country.

Addressing a press conference in New Delhi, the Union Finance Minister said India is a vibrant democracy and there is no place for intolerance in the country.

On black money, the Union Finance Minister said the government was in contact with every related country and was making all efforts to get details on black money stashed abroad.

Hoping that prices of pulses will further come down, the Finance Minister said that the prices started coming down after government took action against hoarders in various states.

Arun Jaitley

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Where is intolerance? India will never be intolerant: Arun Jaitley

News4u-News Desk- Asserting that India will never be intolerant, Finance Minister Arun Jaitley on Tuesday rejected Congress’ pitch on the issue, saying opponents must fight political battles politically, and wondered “where is the intolerance”.

Calling as “aberrations” some of the recent incidents including the beef row, Jaitley insisted that there is “no justification” in returning of awards and the national situation “is absolutely peaceful. India is fully committed as a liberal democracy to peaceful co-existence”.

“There is an atmosphere of harmony. This country has never been intolerant and will never be intolerant,” the BJP leader said.

He was replying to questions including about the protest march of Congress to President Pranab Mukherjee on the issue on Tuesday and Rajiv Gandhi Institute of Contemporary Sciences holding a seminar with ‘Leftist’ intellectuals on the issue.

Stressing that “political opponents must fight political battle politically”, the Finance Minister said that it is “not fair” to create an issue due to political reasons and then link it to government even when incidents of crime are happening in states ruled by other parties.

“Where is the intolerance? We are the most vibrant democracy. The atmosphere will not change only by talking. If some incident happens like the one in Karnataka, which is Congress-ruled, you cannot link it to the central government to attack. That is not fair.

“This is a crime and action should be taken against whoever commits crime. That is why people in the mainstream in the country have opposed it,” he said.

The Minister was speaking after unveiling the plans for the 46th International Film Festival of India. The IFFI is being held in Goa between November 20 and November 30.

BJP and Congress have locked horns over the issue of “growing intolerance” in society, with Prime Minister Narendra Modi yesterday saying the Congress president had no moral right to lecture the NDA on tolerance and it should “hang its head in shame” for the 1984 anti-Sikh riots where thousands were massacred.

Congress chief Sonia Gandhi yesterday met President Mukherjee ahead of the proposed march by party leaders to Rashtrapati Bhavan today to request him to invoke his constitutional powers to stem the “atmosphere of intolerance”.

Jaitley also expressed confidence that the issue will have no impact on the IFFI.

“I do not see any reason why anyone should try and disturb any event in India. It’s not a good practice. It’s not a good principle,” he said.

Replying to question on whether the government is talking to film makers who are returning awards, Jaitley wondered “when there is an atmosphere of peace in the country, what is the justification in returning awards”.

“There is no justification in returning awards,” he asserted adding that they are selected for awards by people from their profession for their work.

The Finance Minister downplayed film star Shahrukh Khan’s comments after he joined the chorus against “growing intolerance” in the country saying that “religious intolerance and not being secular…is the worst kind of crime that you can do as a patriot”.

Jaitley said, “Nobody is ready to say in this country that there should be intolerance. What is wrong if somebody says that there should be no intolerance in the country.”

Jaitley also refused to join issue with former Union minister Arun Shourie, a supporter-turned-critic of Narendra Modi who has attacked both the BJP leaders.

“I do not need to answer any personal comment on me,” he said.

The Finance Minister also declined to comment on a question about sulking BJP leader Shatrughan Sinha, who said that while Jaitley was responsible for the defeat of BJP in Delhi, Amit Shah has to take responsibility if BJP loses Bihar.
“I need not make a comment on that,” Jaitley said. PTI

Arun Jaitley

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Black money menace: FM bats for automatic info exchange

News4u-News Desk-Finance Minister Arun Jaitley has made a strong pitch for countries to implement Common Reporting Standards on automatic exchange of information.

The Finance Minister intervention during the 49th Annual Commonwealth Finance Ministers Meeting in Peru welcomed the efforts of OECD in areas of BEPS project and automatic exchange of information, which have important implications for Commonwealth nations.

He emphasised the need to ensure that the Common Reporting Standards on Automatic Exchange of Information are implemented globally on a fully reciprocal basis as this would be a key to prevent international tax evasion and avoidance.

Finance Minister Arun Jaitley

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FM Jaitley highlights reforms undertaken by present govt. in various sectors

News4u-News Desk- Addressing the Singapore Summit, an annual event of Global Business leaders focused on Asia Region organised by Government of Singapore, Union Finance Minister Arun Jaitley said that the present Indian Government has made various reforms in different sectors including taxation, labour, land and skill development and power sector among others.

He said that the government has taken various initiatives to revive the stalled projects especially in infrastructure sector. The Finance Minister stressed that there is urgent need to step-up the growth as India has a potential to achieve the double digit growth.

Arun Jaitley further said that the government has taken various steps to utilise the savings from low global petroleum prices to make additional investment in infrastructure sector, especially highways, railways and irrigation.

Earlier, the Finance Minister in his opening remarks while addressing a luncheon meeting in Singapore today on ‘Emerging India: Opportunities Beckons’ had emphasised on the steps taken by the government for increasing investment in India and growth of the economy.

He highlighted the steps taken by the government for reforms in the banking sector, transparent and fair allocation of natural resources such as coal through a transparent and open auction system, commitment of the present Government in rolling-out GST at the earliest and Ease of Doing Business.

The Finance Minister also talked about the efforts being taken to address the problems of discoms in the power sector.

The Finance Minister Jaitley started his Singapore visit today by meeting with the Prime Minister of Singapore Lee Hsien Loong.

They discussed among others the issues of bilateral trade and investment relations, the recent global economic developments and their impact on both the countries and on the Asian region at large.

They also discussed the measures to increase the bilateral investment. Later, the Finance Minister also met Foreign Affairs Minister of Singapore K. Shanmugam.

Finance Minister Jaitley also met the Board of Advisors and senior officials of Temasek, sovereign wealth fund of Singapore and discussed economic opportunities in India. The Finance Minister addressed a meeting of fund managers and institutional investors. Among others, the issues relating to International Financial Services Centre, Make in India, GST, structural reforms, banking sector reforms, high interest rates in India and measures taken by the government to boost investment were discussed. (ANI)

FM Jaitley

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Bandhan Bank to focus on MSMEs: Arun Jaitley

News4u-Business Desk- Union Finance Minister Arun Jaitley stresses for more economic activities in Bihar and other eastern states.

Inaugurating Bandhan Bank in Kolkata, Jaitley promises that the newly-launched Bandhan Bank will mainly focus on development of micro, small and medium enterprizes and social security schemes.

Finance Minister Arun Jaitley today launched Bandhan Bank as a full-fledged scheduled commercial Bank, with a chain of over 500 branches of the entity becoming operational.

Kolkata-based Bandhan Financial Services, Bandhan got the approval from RBI in April last year, to start universal banking.

After the launch of the Bank in Kolkata today, the Finance minister said that the Bank will focus on development of Micro, Small and Medium Enterprises in the country. He said that the Bank will generate new employment opportunities.

The Finance Minister also made a mention of MUDRA refinancing agency saying it will release loans of Rs One Lakh crore.

Arun Jaitley

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Even in challenging times, India being looked upon as ‘brighter spot’: Jaitley

News4u-News Desk- Union Finance Minister Arun Jaitley on Sunday said India may have opportunity to cheer on the economic front because even in challenging times for the world economies, the country is being looked upon as a brighter spot.

“When we compare ourselves on surface with various international parameters and how world economies are doing we may have some opportunity to cheer, because even in challenging times, India is being looked upon as a brighter spot,” Jaitley said at a national seminar on ‘Mitigating Agrarian Distress & Enhancing Farm Incomes’ hosted by NABARD.

“The world is passing through troubled times today. Two days ago we got the estimates of International Monetary Fund, which has for this year again lowered global growth rates. They now estimate a 3.2 to 3.3 percent global growth rate,” he added.

The Finance Minister further said that India is well tracked on a road map, where the country’s fiscal deficits, current account deficits, are all broadly coming under control. (ANI)

Union Finance Minister Arun Jaitley

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Inflation will not be a significant challenge: Arun Jaitley

News4u-News Desk- Finance Minister Arun Jaitley on Wednesday said inflation will not be a significant challenge though there is a possibility of below average monsoon and food prices getting impacted.

“Global oil prices have moderated, it is excellent for us. Inflation is low because oil prices are low… I don’t think in days to come inflation (will be a) significant challenge,” he told AIR’s FM Gold channel.

Moreover, Jaitley added, “steps taken by the government has kept food prices low and pro-active government will always keep food prices low”.

He said this in response to a question on the possibility of below normal monsoon impacting food production and prices in the months ahead.

The challenges before the government, Jaitley said, include the possibility of weak monsoon, promoting private investment and dealing with the global economic problems.

The meteorological department has projected the possibility of below normal monsoon which may have implications on country’s food production.

Replying questions on the one year of the NDA government, Jaitley said it was a satisfactory year as the nation moved away from a period of despondency and policy paralysis.

“The year started with state of despondency, which was plagued by absence of decision making, directionally we were not clear which way to go. Economic activities were shrinking.

“Now the global perspective on India has changed, the direction has been absolutely cleared, scores of scores of actions have been taken to rejuvenate the economy and that has shown the result,” he said.

Deflationary pressure has pulled wholesale inflation to (-) 2.65 percent in April, from (-) 2.33 percent in March.

Inflation, as measured on the Wholesale Price Index (WPI), has been in the negative zone since November, 2014.

Retail inflation in April has also softened further and fell to a four-month low of 4.87 percent as prices of food items, vegetables and fruits turned cheaper.

Dismissing arguments that the New Black Money Law will only curb the circulation of black money and not generation, Jaitley said: “I don’t think that’s correct. We may get some reasonable amout of money as a result of the disclosure to be made under Black Money Law.

Arun Jaitley

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