<p>Finance Minister Arun Jaitley today emphasised the need to continue the momentum on infrastructure creation and expedite investment in railways to propel the Indian economy.</p>

<p>Addressing industry association FICCI&#39;s annual general meeting here, he said India has had one of the highest infrastructure spendings in the world but the momentum needs to be sustained.</p>

<p>There is a need to &quot;hurry up&quot; on investment in railway infrastructure, including on stations and super fast and bullet trains, he said.</p>

<p>Explaining the rationale for massive capital infusion plan in public sector banks, Jaitley said that lending capacity of banks was constrained due to capital inadequacy.<br />
<br />
Improving the lending capacity of banks will be government&#39;s priority for the next year, he said.</p>

<p>Also Read - <a href="http://www.wionews.com/india-news/government-working-to-establish-a-transparent-system-pm-modi-26652">Government working to establish a transparent system: PM Modi</a></p>

<p>India, he said, has realised the importance of structural changes despite the global slowdown. The country saw more structural changes in 2017 than the recent past.</p>

<p>Jaitley said next year&#39;s agenda for the government is funding banks and completing unfinished tasks of strengthening state-owned banks.</p>

<p>The government has appointed advisors for sale of Air India and will soon come out with the next step, he said without elaborating.</p>

<p>He exuded the confidence of exceeding the disinvestment target this fiscal, the first time ever.</p>

<p><br />
&nbsp;</p>


Arun Jaitley said India has had one of the highest infrastructure spendings in the world but the momentum needs to be sustained

Finance Minister Arun Jaitley today emphasised the need to continue the momentum on infrastructure creation and expedite investment in railways to propel the Indian economy. Addressing industry association FICCI's annual general meeting here, he said India has had one of the highest infrastructure spendings in the world but the momentum needs to be sustained. There is a need to "hurry up" on investment in railway infrastructure, including on stations and super fast and bullet trains, he said. Explaining the rationale for massive capital infusion plan in public sector banks, Jaitley said that lending capacity of banks was constrained due to capital inadequacy. Improving the lending capacity of banks will be government's priority for the next year, he said. Also Read - Government working to establish a transparent system: PM Modi India, he said, has realised the importance of structural changes despite the global slowdown. The country saw more structural changes in 2017 than the recent past. Jaitley said next year's agenda for the government is funding banks and completing unfinished tasks of strengthening state-owned banks. The government has appointed advisors for sale of Air India and will soon come out with the next step, he said without elaborating. He exuded the confidence of exceeding the disinvestment target this fiscal, the first time ever.

Need to continue momentum on building infrastructure: Arun Jaitley

<p>Congress leader Randeep Surejwala has said that Congress stand has always been clear and that the BJP is playing the role of &#39;Manthara&#39;.&nbsp;</p>

<p>Surejwala said, &quot; The Congress stand has always been clear, that Ayodhya case will be decided by Supreme Court, same has been said by Law minister many times.&quot;</p>

<p>He said that that the Congress party has nothing to do with who Kapil Sibal represents.&nbsp;</p>

<p>Referring to Arun Jaitley&#39;s representation in the Bhopal Gas Tragedy&nbsp;case, the Congress leader asked: should the entire BJP be blamed for that?</p>

<p>BJP President Amit Shah had asked&nbsp;Congress to clear their stand on temple issue after&nbsp;<a href="http://www.wionews.com/india-news/ayodhya-case-next-hearing-in-supreme-court-in-february-2018-25932" target="_blank">Kapil Sibal asked for a delay in Ramjanambhoomi case</a>.&nbsp;</p>

<p>He said at a point when Rahul&nbsp;Gandhi is visiting temples in Gujarat, Kapil Sibal is asking for a delay in Ram Janambhoomi case.&nbsp;</p>

<p>Senior advocate Kapil Sibal who is representing the Sunni Waqf Board in&nbsp;<a href="http://www.wionews.com/videos/a-wion-perspective-ayodhyas-temple-of-harmony-7163" target="_blank">Ayodhya Babri Masjid case</a>&nbsp;has asked the Supreme Court&nbsp;to take up the matter on July 15, 2019 once all the pleadings are complete.&nbsp; &nbsp;</p>

<p>He told the Supreme Court that serious repercussions will be created outside the court, whenever the matter is heard. To preserve the decorum of law and order, the court should conduct the proceedings after all pleadings are complete.&nbsp;</p>


Replying to Amit Shah, Congress leader Randeep Surejwala has said that Congress stand has always been clear and that the BJP is playing the role of Manthara

Congress leader Randeep Surejwala has said that Congress stand has always been clear and that the BJP is playing the role of 'Manthara'. Surejwala said, " The Congress stand has always been clear, that Ayodhya case will be decided by Supreme Court, same has been said by Law minister many times." He said that that the Congress party has nothing to do with who Kapil Sibal represents. Referring to Arun Jaitley's representation in the Bhopal Gas Tragedy case, the Congress leader asked: should the entire BJP be blamed for that? BJP President Amit Shah had asked Congress to clear their stand on temple issue after Kapil Sibal asked for a delay in Ramjanambhoomi case. He said at a point when Rahul Gandhi is visiting temples in Gujarat, Kapil Sibal is asking for a delay in Ram Janambhoomi case. Senior advocate Kapil Sibal who is representing the Sunni Waqf Board in Ayodhya Babri Masjid case has asked the Supreme Court to take up the matter on July 15, 2019 once all the pleadings are complete. He told the Supreme Court that serious repercussions will be created outside the court, whenever the matter is heard. To preserve the decorum of law and order, the court should conduct the proceedings after all pleadings are complete.

BJP playing the role of 'Manthara': Congress leader

<p>Tributes poured in from prime minister, finance minister, home minister and several other senior political leaders and film personalities to veteran Bollywood superstar Shashi Kapoor who died aged 79 on Monday.</p>

<p>Prime Minister Narendra Modi showered praise on the actor&#39;s acting ability and said &#39;&#39;his brilliant acting will be remembered for generations to come. Saddened by his demise&#39;&#39;.&nbsp;</p>

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<p dir="ltr" lang="en">Shashi Kapoor&#39;s versatility could be seen in his movies as well as in theatre, which he promoted with great passion. His brilliant acting will be remembered for generations to come. Saddened by his demise. Condolences to his family and admirers.</p>
&mdash; Narendra Modi (@narendramodi) <a href="https://twitter.com/narendramodi/status/937673001390059520?ref_src=twsrc%5Etfw">December 4, 2017</a></blockquote>
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<p>Home Minister Rajnath Singh lauded the inimitable mannerism of the veteran actor and said &quot;Sashi Kapoor charmed a generation of Indians&#39;&#39;.&nbsp;&nbsp;</p>

<p>Finance Minister Arun Jaitley, Congress vice-president Rahul Gandhi, Congress MP Shashi Tharoor,&nbsp; I&amp;B Minister Smriti Irani&nbsp;also paid rich tributes to the veteran actor.&nbsp;</p>

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<p dir="ltr" lang="en">With his impressive talent and inimitable mannerism actor Shashi Kapoor charmed a generation of Indians. He was a fine actor and a wonderful human being. Saddened to learn of his demise. May his soul rest in peace.</p>
&mdash; Rajnath Singh (@rajnathsingh) <a href="https://twitter.com/rajnathsingh/status/937667705661882368?ref_src=twsrc%5Etfw">December 4, 2017</a></blockquote>
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<p dir="ltr" lang="en">Condolences on the sad demise of veteran actor <a href="https://twitter.com/hashtag/ShashiKapoor?src=hash&amp;ref_src=twsrc%5Etfw">#ShashiKapoor</a> ji. He was a towering personality of the silver screen &amp; known for his impeccable acting across the world. My thoughts and prayers are with the bereaved family. May the departed soul rest in peace.</p>
&mdash; Arun Jaitley (@arunjaitley) <a href="https://twitter.com/arunjaitley/status/937682475668594688?ref_src=twsrc%5Etfw">December 4, 2017</a></blockquote>
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<p dir="ltr" lang="en">I feel a part of me is gone. A great actor, smart, cosmopolitan, impossibly handsome &amp; w/a name that was often confused w/mine. (My office got two calls from journalists today about my reportedly serious ill-health!) I will miss <a href="https://twitter.com/hashtag/ShashiKapoor?src=hash&amp;ref_src=twsrc%5Etfw">#ShashiKapoor</a>. Condolences2his family&amp;all his fans <a href="https://t.co/fSz3jafPZJ">pic.twitter.com/fSz3jafPZJ</a></p>
&mdash; Shashi Tharoor (@ShashiTharoor) <a href="https://twitter.com/ShashiTharoor/status/937669513214009344?ref_src=twsrc%5Etfw">December 4, 2017</a></blockquote>
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<p dir="ltr" lang="en">Saddened by the demise of legendary actor Shashi Kapoor ji. His contribution to Indian Cinema is monumental. Shashi ji&rsquo;s passing away marks the end of an era. My deepest condolences to his loved ones, colleagues and fans. May his soul rest in peace. Om Shanti!</p>
&mdash; Smriti Z Irani (@smritiirani) <a href="https://twitter.com/smritiirani/status/937669702079451136?ref_src=twsrc%5Etfw">December 4, 2017</a></blockquote>
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<p dir="ltr" lang="en">A legend has passed away. Shashi Kapoor will remain in our hearts forever. My condolences to his loved ones and all his fans. <a href="https://t.co/OmLvtvYZtb">pic.twitter.com/OmLvtvYZtb</a></p>
&mdash; Office of RG (@OfficeOfRG) <a href="https://twitter.com/OfficeOfRG/status/937687437828022277?ref_src=twsrc%5Etfw">December 4, 2017</a></blockquote>
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<p>&nbsp;</p>


Prime Minister Narendra Modi, Home Minister Rajnath Singh, Finance Minister Arun Jaitley, Congress vice-president Rahul Gandhi, Congress MP Shashi Tharoor paid tributes

Tributes poured in from prime minister, finance minister, home minister and several other senior political leaders and film personalities to veteran Bollywood superstar Shashi Kapoor who died aged 79 on Monday. Prime Minister Narendra Modi showered praise on the actor's acting ability and said ''his brilliant acting will be remembered for generations to come. Saddened by his demise''. Shashi Kapoor's versatility could be seen in his movies as well as in theatre, which he promoted with great passion. His brilliant acting will be remembered for generations to come. Saddened by his demise. Condolences to his family and admirers. — Narendra Modi (@narendramodi) December 4, 2017 × Home Minister Rajnath Singh lauded the inimitable mannerism of the veteran actor and said "Sashi Kapoor charmed a generation of Indians''. Finance Minister Arun Jaitley, Congress vice-president Rahul Gandhi, Congress MP Shashi Tharoor, I&B Minister Smriti Irani also paid rich tributes to the veteran actor. With his impressive talent and inimitable mannerism actor Shashi Kapoor charmed a generation of Indians. He was a fine actor and a wonderful human being. Saddened to learn of his demise. May his soul rest in peace. — Rajnath Singh (@rajnathsingh) December 4, 2017 × Condolences on the sad demise of veteran actor #ShashiKapoor ji. He was a towering personality of the silver screen & known for his impeccable acting across the world. My thoughts and prayers are with the bereaved family. May the departed soul rest in peace. — Arun Jaitley (@arunjaitley) December 4, 2017 × I feel a part of me is gone. A great actor, smart, cosmopolitan, impossibly handsome & w/a name that was often confused w/mine. (My office got two calls from journalists today about my reportedly serious ill-health!) I will miss #ShashiKapoor. Condolences2his family&all his fans pic.twitter.com/fSz3jafPZJ — Shashi Tharoor (@ShashiTharoor) December 4, 2017 × Saddened by the demise of legendary actor Shashi Kapoor ji. His contribution to Indian Cinema is monumental. Shashi ji’s passing away marks the end of an era. My deepest condolences to his loved ones, colleagues and fans. May his soul rest in peace. Om Shanti! — Smriti Z Irani (@smritiirani) December 4, 2017 × A legend has passed away. Shashi Kapoor will remain in our hearts forever. My condolences to his loved ones and all his fans. pic.twitter.com/OmLvtvYZtb — Office of RG (@OfficeOfRG) December 4, 2017 ×

Shashi Kapoor's demise: Modi, Rahul pay tribute

<p>Finance minister Arun Jaitley today accused the Congress of corruption while it was in power at the centre, a lack of reforms and &quot;social polarisation&quot; in Gujarat during the Eighties.</p>

<p>The finance minister who was speaking in Surat, Gujarat ahead of the assembly elections in the state, said that the state was a &quot;very important region for BJP because we have been winning and serving here more than two decades.&quot;</p>

<p>Arun Jaitley also called the BJP a &quot;pro-Hindutva&quot; party.</p>

<p>&quot;BJP has always been seen as a pro-Hindutva party so if an original is available why one would prefer a clone?&quot; he said.</p>

<p>In an indirect reference to the Congress, which was in power in the state during the Eighties, the finance minister said &quot;social polarisation was rampant&quot; in the Gujarat back then.</p>

<p>&quot;The region got rid of that under BJP govt and we have been constantly trying to take it on the path to development,&quot; he added.</p>

<p>Arun Jaitley also accused the Congress-led UPA government as being the &quot;most corrupt government we have ever seen&quot; and as one which was &quot;leaderless&quot;.</p>

<p>&quot;The 10 years of governance before Modi Ji&#39;s govt was the most corrupt govt we have ever seen. It was a leaderless govt. It was said that the then PM is a PM in office but not in power,&quot; the finance minister said.</p>

<p>In an indirect reference to the Congress, Mr Jaitley alleged that foreign investments had &quot;completely stopped at a point in India.&quot;</p>

<p>&quot;Foreign Investments had completely stopped at a point in India. Today we have come up by 42 positions in the World ranking of Ease of doing business,&quot; he said.</p>

<p>The finance minister said the reforms undertaken in the Nineties were taken &quot;under compulsion&quot; but were being undertaken &quot;by conviction by the PM Modi-led BJP government.</p>

<p>&quot;In 1990s the reforms were taken under compulsion but the government under PM Modi is undertaking the reforms by conviction,&quot; Arun Jaitley said.</p>

<p>The finance minister also alleged that the Congress was becoming &quot;extinct&quot;.</p>

<p>&quot;While BJP has maintained its credibility, Congress is slowly becoming extinct,&quot; he said.</p>

<p>About the tampering of Electronic Voting Machines (EVMs), he said, &quot;The results (Gujarat Assembly Elections) haven&#39;t been out yet and they have already started making excuses for their defeat.: Finance Minister Arun Jaitley on EVM tampering</p>

<p>Asked about the controversy around the Sanjay Leela Bhansali-directed film &quot;Padmavati&quot;, Arun Jaitley said it was up to the censor board to take a decision on the film&#39;s release.</p>

<p>&quot;It&#39;s a matter of Censor Board. Let them take a decision,&quot; he said.</p>


In an indirect reference to the Congress, which was in power in the state during the Eighties, the finance minister said 'social polarisation was rampant' in the Gujarat back then

Finance minister Arun Jaitley today accused the Congress of corruption while it was in power at the centre, a lack of reforms and "social polarisation" in Gujarat during the Eighties. The finance minister who was speaking in Surat, Gujarat ahead of the assembly elections in the state, said that the state was a "very important region for BJP because we have been winning and serving here more than two decades." Arun Jaitley also called the BJP a "pro-Hindutva" party. "BJP has always been seen as a pro-Hindutva party so if an original is available why one would prefer a clone?" he said. In an indirect reference to the Congress, which was in power in the state during the Eighties, the finance minister said "social polarisation was rampant" in the Gujarat back then. "The region got rid of that under BJP govt and we have been constantly trying to take it on the path to development," he added. Arun Jaitley also accused the Congress-led UPA government as being the "most corrupt government we have ever seen" and as one which was "leaderless". "The 10 years of governance before Modi Ji's govt was the most corrupt govt we have ever seen. It was a leaderless govt. It was said that the then PM is a PM in office but not in power," the finance minister said. In an indirect reference to the Congress, Mr Jaitley alleged that foreign investments had "completely stopped at a point in India." "Foreign Investments had completely stopped at a point in India. Today we have come up by 42 positions in the World ranking of Ease of doing business," he said. The finance minister said the reforms undertaken in the Nineties were taken "under compulsion" but were being undertaken "by conviction by the PM Modi-led BJP government. "In 1990s the reforms were taken under compulsion but the government under PM Modi is undertaking the reforms by conviction," Arun Jaitley said. The finance minister also alleged that the Congress was becoming "extinct". "While BJP has maintained its credibility, Congress is slowly becoming extinct," he said. About the tampering of Electronic Voting Machines (EVMs), he said, "The results (Gujarat Assembly Elections) haven't been out yet and they have already started making excuses for their defeat.: Finance Minister Arun Jaitley on EVM tampering Asked about the controversy around the Sanjay Leela Bhansali-directed film "Padmavati", Arun Jaitley said it was up to the censor board to take a decision on the film's release. "It's a matter of Censor Board. Let them take a decision," he said.

BJP pro-Hindutva party, why would anybody prefer a clone: Arun Jaitley in Gujarat

<p>Union Finance Minister Arun Jaitley said Sunday that anybody who became a Lashkar commander would not survive for very long.&nbsp;</p>

<p>He added that that had been the case for the last eight months.&nbsp;</p>

<p>Jaitley was speaking in Surat, Gujarat where the BJP was holding a &quot;Chai pe Charcha&quot;.&nbsp;</p>

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<p dir="ltr" lang="hi">Pichhle 8 mahine se ye haal hai, ki jo Lashkar ka commander banega wo zyaada din nahi bachega: FM Arun Jaitley in Surat <a href="https://twitter.com/hashtag/Gujarat?src=hash&amp;ref_src=twsrc%5Etfw">#Gujarat</a> <a href="https://t.co/rOY6k913O0">pic.twitter.com/rOY6k913O0</a></p>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/934670171104468992?ref_src=twsrc%5Etfw">November 26, 2017</a></blockquote>
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<p>Jaitley also lashed out at Pakistan, saying there was no place for the country in the world.&nbsp;</p>

<p>Jaitley was referring to the release from house arrest on November 24 of Jamat-ud-Dawa chief and Lashkar-e-Taiba co-founder Hafiz Saeed.&nbsp;</p>

<p>Saeed is thought to be the mastermind of the 26/11 attacks on Mumbai.&nbsp;</p>

<p>&quot;If Pakistan can release Hafiz Saeed two days before the anniversary of 26/11, then the whole world is saying in one voice that there is no place for it (Pakistan) in the family of nations,&quot; Jaitley said.&nbsp;</p>

<p>The United States has since Saeed&#39;s release called for him to be rearrested.&nbsp;</p>

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<p dir="ltr" lang="hi">Agar unhone (Pakistan) aaj ke kand (26/11 attack) se 2 din pehle us apradhi (Hafiz saeed) ki rihayi ki hai, to puri duniya ek aawaz me bol rhi hai, ki aisa desh jo aatank ka samarthan karta hai, uske liye puri duniya ke parivaar me koi jagah nahi hai: FM Arun Jaitley in Surat <a href="https://t.co/u0fQKCxp4L">pic.twitter.com/u0fQKCxp4L</a></p>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/934669654349438981?ref_src=twsrc%5Etfw">November 26, 2017</a></blockquote>
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<p>Amit Shah was also in Surat, where he said &quot;People from Uttar Pradesh&#39;s Amethi come to Gujarat for jobs&quot;.&nbsp;</p>

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<p dir="ltr" lang="en">People from Uttar Pradesh&#39;s Amethi come to <a href="https://twitter.com/hashtag/Gujarat?src=hash&amp;ref_src=twsrc%5Etfw">#Gujarat</a> for jobs: BJP National President Amit Shah <a href="https://t.co/tviNyhB3EQ">pic.twitter.com/tviNyhB3EQ</a></p>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/934745905659461634?ref_src=twsrc%5Etfw">November 26, 2017</a></blockquote>
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<p>&nbsp;</p>

<p>&nbsp;</p>

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Jaitley also lashed out at Pakistan, saying there was no place for the country in the world

Union Finance Minister Arun Jaitley said Sunday that anybody who became a Lashkar commander would not survive for very long. He added that that had been the case for the last eight months. Jaitley was speaking in Surat, Gujarat where the BJP was holding a "Chai pe Charcha". Pichhle 8 mahine se ye haal hai, ki jo Lashkar ka commander banega wo zyaada din nahi bachega: FM Arun Jaitley in Surat #Gujarat pic.twitter.com/rOY6k913O0 — ANI (@ANI) November 26, 2017 × Jaitley also lashed out at Pakistan, saying there was no place for the country in the world. Jaitley was referring to the release from house arrest on November 24 of Jamat-ud-Dawa chief and Lashkar-e-Taiba co-founder Hafiz Saeed. Saeed is thought to be the mastermind of the 26/11 attacks on Mumbai. "If Pakistan can release Hafiz Saeed two days before the anniversary of 26/11, then the whole world is saying in one voice that there is no place for it (Pakistan) in the family of nations," Jaitley said. The United States has since Saeed's release called for him to be rearrested. Agar unhone (Pakistan) aaj ke kand (26/11 attack) se 2 din pehle us apradhi (Hafiz saeed) ki rihayi ki hai, to puri duniya ek aawaz me bol rhi hai, ki aisa desh jo aatank ka samarthan karta hai, uske liye puri duniya ke parivaar me koi jagah nahi hai: FM Arun Jaitley in Surat pic.twitter.com/u0fQKCxp4L — ANI (@ANI) November 26, 2017 × Amit Shah was also in Surat, where he said "People from Uttar Pradesh's Amethi come to Gujarat for jobs". People from Uttar Pradesh's Amethi come to #Gujarat for jobs: BJP National President Amit Shah pic.twitter.com/tviNyhB3EQ — ANI (@ANI) November 26, 2017 ×

Anybody becoming Lashkar commander will not survive long: Jaitley

<p style="text-align: justify;">Union Finance Minister Arun Jaitley today said Parliament sessions were often rescheduled to ensure they did not overlap with elections and claimed the Congress had done so too in the past.</p>

<p style="text-align: justify;">On Congress president Sonia Gandhi&#39;s allegation that the government was &quot;sabotaging&quot; the Winter session of Parliament, Jaitley said the opposition party had also delayed a session in 2011 and even earlier because the sittings coincided with election campaigns.</p>

<p style="text-align: justify;">&quot;It has been a tradition and it has happened several times that Parliament sessions are rescheduled when an election is happening,&quot; he told reporters here.</p>

<p style="text-align: justify;">He also said the session would be held and the Congress &quot;totally exposed&quot;.</p>

<p style="text-align: justify;">&quot;The Congress has given the most corrupt government in its ten years of rule, while Narendra Modi has given the most honest government. By forcibly saying that a truth is a lie does not make it a lie,&quot; Jaitley said.</p>

<p style="text-align: justify;">He said the Congress had itself rescheduled Parliament sessions several times.</p>

<p style="text-align: justify;">&quot;(The) timing is decided such that they do not overlap with election campaigns. (Congress) did so in 2011, and even before that,&quot; the senior BJP leader said.</p>

<p style="text-align: justify;">The Winter session of Parliament usually starts in the third week of November and lasts until the third week of December.</p>

<p style="text-align: justify;">&quot;Parliament session will be held for sure and on all subjects, and the Congress will be totally exposed,&quot; Jaitley said.</p>

<p style="text-align: justify;">Sources said the government was considering a truncated Winter session of around 10 days starting from the second week of December.</p>

<p style="text-align: justify;">Addressing a meeting of the Congress Working Committee in New Delhi today, Sonia Gandhi said, &quot;The Modi government in its arrogance has cast a dark shadow on India&#39;s Parliamentary democracy by sabotaging the Winter session of Parliament on flimsy grounds.&quot;</p>


Congress President Sonia Gandhi had made the allegation

Union Finance Minister Arun Jaitley today said Parliament sessions were often rescheduled to ensure they did not overlap with elections and claimed the Congress had done so too in the past. On Congress president Sonia Gandhi's allegation that the government was "sabotaging" the Winter session of Parliament, Jaitley said the opposition party had also delayed a session in 2011 and even earlier because the sittings coincided with election campaigns. "It has been a tradition and it has happened several times that Parliament sessions are rescheduled when an election is happening," he told reporters here. He also said the session would be held and the Congress "totally exposed". "The Congress has given the most corrupt government in its ten years of rule, while Narendra Modi has given the most honest government. By forcibly saying that a truth is a lie does not make it a lie," Jaitley said. He said the Congress had itself rescheduled Parliament sessions several times. "(The) timing is decided such that they do not overlap with election campaigns. (Congress) did so in 2011, and even before that," the senior BJP leader said. The Winter session of Parliament usually starts in the third week of November and lasts until the third week of December. "Parliament session will be held for sure and on all subjects, and the Congress will be totally exposed," Jaitley said. Sources said the government was considering a truncated Winter session of around 10 days starting from the second week of December. Addressing a meeting of the Congress Working Committee in New Delhi today, Sonia Gandhi said, "The Modi government in its arrogance has cast a dark shadow on India's Parliamentary democracy by sabotaging the Winter session of Parliament on flimsy grounds."

Not sabotaging winter session of Parliament: Arun Jaitley

<p>Congress President Sonia Gandhi slammed the government Monday for &quot;sabotaging&quot; the winter session&nbsp;of Parliament.</p>

<p>She said the government was sabotaging the session on &quot;flimsy grounds&quot;.&nbsp;</p>

<p>&quot;The Modi government in its arrogance has cast a dark shadow on India&#39;s Parliamentary democracy by sabotaging the Winter session of Parliament on flimsy grounds,&quot; PTI reported Gandhi as saying.&nbsp;&nbsp;</p>

<p>Gandhi also took potshots at the GST and demonetisation.&nbsp;</p>

<p>She said the government had been ill-prepared to implement&nbsp;the Goods and Services Tax, and that demonetisation had &quot;left millions of people suffering&quot;.&nbsp;</p>

<p>Gandhi was speaking at a meeting of the Congress Working Committee.&nbsp;</p>

<p><a href="http://www.wionews.com/india-news/after-passing-resolution-on-rahul-gandhi-as-party-president-congress-announces-poll-dates-24640" target="_blank">Also </a><a href="http://www.wionews.com/india-news/after-passing-resolution-on-rahul-gandhi-as-party-president-congress-announces-poll-dates-24640" target="_blank">read:</a><a href="http://www.wionews.com/india-news/after-passing-resolution-on-rahul-gandhi-as-party-president-congress-announces-poll-dates-24640" target="_blank">&nbsp;Rahul as Congress president: Party says will hold polls &#39;if necessary&#39;</a></p>

<p>Gandhi added that the government was&nbsp;&quot;forcefully&quot; trying to change the history of modern India by &quot;erasing contributions&quot; made by India&#39;s first prime minister Jawaharlal Nehru and his daughter Indira Gandhi.&nbsp;</p>

<p>Arun Jaitley responded to Sonia Gandhi&#39;s allegations, saying the Congress too had postponed Parliament sessions because they had coincided with election campaigns.</p>

<p><a href="http://www.wionews.com/india-news/jaitley-refutes-sonias-charge-of-govt-sabotaging-parl-session-24650" target="_blank">Also read: </a><a href="http://www.wionews.com/india-news/jaitley-refutes-sonias-charge-of-govt-sabotaging-parl-session-24650">Not sabotaging winter session of Parliament, says Arun Jaitley&nbsp;</a></p>

<p>&quot;It has been a tradition and it has happened several times that Parliament sessions are rescheduled when an election is happening,&quot; Jaitley said.&nbsp;</p>

<p>The winter session of Parliament usually starts from the third week of November and lasts until the third week of December.</p>

<p>This time around, the government is considering a truncated winter session of around 10 days starting from the second week of December.<br />
&nbsp;</p>


'The Modi government in its arrogance has cast a dark shadow on India's Parliamentary democracy by sabotaging the Winter session of Parliament on flimsy grounds,' Gandhi said?at a meeting of the Congress Working Committee

Congress President Sonia Gandhi slammed the government Monday for "sabotaging" the winter session of Parliament. She said the government was sabotaging the session on "flimsy grounds". "The Modi government in its arrogance has cast a dark shadow on India's Parliamentary democracy by sabotaging the Winter session of Parliament on flimsy grounds," PTI reported Gandhi as saying. Gandhi also took potshots at the GST and demonetisation. She said the government had been ill-prepared to implement the Goods and Services Tax, and that demonetisation had "left millions of people suffering". Gandhi was speaking at a meeting of the Congress Working Committee. Also read: Rahul as Congress president: Party says will hold polls 'if necessary' Gandhi added that the government was "forcefully" trying to change the history of modern India by "erasing contributions" made by India's first prime minister Jawaharlal Nehru and his daughter Indira Gandhi. Arun Jaitley responded to Sonia Gandhi's allegations, saying the Congress too had postponed Parliament sessions because they had coincided with election campaigns. Also read: Not sabotaging winter session of Parliament, says Arun Jaitley "It has been a tradition and it has happened several times that Parliament sessions are rescheduled when an election is happening," Jaitley said. The winter session of Parliament usually starts from the third week of November and lasts until the third week of December. This time around, the government is considering a truncated winter session of around 10 days starting from the second week of December.

Sonia Gandhi says government 'sabotaging' winter session of Parliament

<p>Welcoming Moody&#39;s upgrade of India&#39;s rating, Union finance minister Arun&nbsp;Jaitley said the upgrade is a recognition of structural reforms in the Indian economy.&nbsp;</p>

<p>He further said the upgrade&nbsp;recognises&nbsp;the fiscal prudence that India has committed itself to.&nbsp;</p>

<p>Credit rating agency Moody&#39;s upgraded&nbsp;<a href="http://www.wionews.com/business-economy/moodys-slashes-hong-kong-rating-following-china-cut-16021">India&rsquo;s sovereign ratings to Baa2 from its lowest&nbsp;</a>investment grade (Baa3) for the first time since 2004 Friday.</p>

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<p dir="ltr" lang="en"><a href="https://twitter.com/hashtag/Moody?src=hash&amp;ref_src=twsrc%5Etfw">#Moody</a>&#39;s upgrade is a recognition of all the structural reforms in the Indian Economy in the past few years.</p>
&mdash; Arun Jaitley (@arunjaitley) <a href="https://twitter.com/arunjaitley/status/931429466915594240?ref_src=twsrc%5Etfw">November 17, 2017</a></blockquote>
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<p dir="ltr" lang="en"><a href="https://twitter.com/hashtag/Moody?src=hash&amp;ref_src=twsrc%5Etfw">#Moody</a>&#39;s upgrade recognises the fiscal prudence that India has committed itself to.</p>
&mdash; Arun Jaitley (@arunjaitley) <a href="https://twitter.com/arunjaitley/status/931429611723882496?ref_src=twsrc%5Etfw">November 17, 2017</a></blockquote>
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<p>He said the upgrade is the outcome of the positive steps India had taken in the last few years.</p>

<p>And that the steps have helped strengthen the Indian economy.&nbsp;</p>

<p>&quot;A number of structural reforms have taken place which has placed India on a path of high trajectory growth.&quot;</p>

<p>He further&nbsp;said the international recognition&nbsp;will encourage India and make it more determined to follow the path they have set out on.&nbsp;</p>

<p>Talking about demonetisation, he said the move is taking the Indian economy&nbsp;to greater formalisation&nbsp;and digitisation which is now being universally acknowledged.&nbsp;</p>

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<p dir="ltr" lang="en">The fact that a series of steps including demonetisation, which are now taking Indian economy to a greater formalization and digitization, something which is being universally acknowledged: FM Jaitley</p>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/931421563361955841?ref_src=twsrc%5Etfw">November 17, 2017</a></blockquote>
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<p>&nbsp;&nbsp;He also responded to the Opposition&#39;s criticism of the government&#39;s handling of the economy:&nbsp;</p>

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<p dir="ltr" lang="en">Many who had doubts in their minds about India&#39;s reform process would now seriously introspect on their positions itself: Finance Minister Arun Jaitley on Moody&#39;s upgradation of India&#39;s rating <a href="https://t.co/UCHzMHtotz">pic.twitter.com/UCHzMHtotz</a></p>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/931422252658180096?ref_src=twsrc%5Etfw">November 17, 2017</a></blockquote>
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<p dir="ltr" lang="en">In you look at our track record of three years, it has been one of the better records in Indian history as far as fiscal discipline is concerned, and we intend to move on that track: Finance Minister Arun Jaitley <a href="https://t.co/bz6W1uvmUm">pic.twitter.com/bz6W1uvmUm</a></p>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/931423391449473024?ref_src=twsrc%5Etfw">November 17, 2017</a></blockquote>
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<p>Also read:&nbsp;<a href="http://www.wionews.com/world/moodys-upgrades-indias-credit-rating-first-time-since-2004-24407" target="_blank">GST will promote productivity, says Moody&#39;s after upgrading India&#39;s credit rating</a></p>


The upgrade recognises the fiscal prudence India has committed itself to, India's finance minister added

Welcoming Moody's upgrade of India's rating, Union finance minister Arun Jaitley said the upgrade is a recognition of structural reforms in the Indian economy. He further said the upgrade recognises the fiscal prudence that India has committed itself to. Credit rating agency Moody's upgraded India’s sovereign ratings to Baa2 from its lowest investment grade (Baa3) for the first time since 2004 Friday. #Moody's upgrade is a recognition of all the structural reforms in the Indian Economy in the past few years. — Arun Jaitley (@arunjaitley) November 17, 2017 × #Moody's upgrade recognises the fiscal prudence that India has committed itself to. — Arun Jaitley (@arunjaitley) November 17, 2017 × He said the upgrade is the outcome of the positive steps India had taken in the last few years. And that the steps have helped strengthen the Indian economy. "A number of structural reforms have taken place which has placed India on a path of high trajectory growth." He further said the international recognition will encourage India and make it more determined to follow the path they have set out on. Talking about demonetisation, he said the move is taking the Indian economy to greater formalisation and digitisation which is now being universally acknowledged. The fact that a series of steps including demonetisation, which are now taking Indian economy to a greater formalization and digitization, something which is being universally acknowledged: FM Jaitley — ANI (@ANI) November 17, 2017 × He also responded to the Opposition's criticism of the government's handling of the economy: Many who had doubts in their minds about India's reform process would now seriously introspect on their positions itself: Finance Minister Arun Jaitley on Moody's upgradation of India's rating pic.twitter.com/UCHzMHtotz — ANI (@ANI) November 17, 2017 × In you look at our track record of three years, it has been one of the better records in Indian history as far as fiscal discipline is concerned, and we intend to move on that track: Finance Minister Arun Jaitley pic.twitter.com/bz6W1uvmUm — ANI (@ANI) November 17, 2017 × Also read: GST will promote productivity, says Moody's after upgrading India's credit rating

Moody's upgrade is recognition of structural reforms in Indian economy: Arun Jaitley

<p>Finance <a href="http://www.wionews.com/india-news/wont-permit-bjp-to-impose-gabbar-singh-tax-says-rahul-gandhi-23939">Minister Arun Jaitley today announced a revised GST tax structure</a>.</p>

<p>The finance minister said he had reviewed taxes on items in the 28% bracket during the GST Council meeting which concluded on Friday.</p>

<p><strong>New measures:</strong></p>

<ul>
	<li>Taxes on 178 items slashed from 28% to 18%.&nbsp;&nbsp;</li>
</ul>

<p>&nbsp;</p>

<ul>
	<li>Only 50 items in 28% tax bracket.</li>
</ul>

<p>&nbsp;</p>

<ul>
	<li>5% tax at restaurants except for 5-star hotels.</li>
</ul>

<p>&nbsp;</p>

<ul>
	<li>New tax slabs to be applicable from November 15.</li>
</ul>

<p>&nbsp;</p>

<ul>
	<li>Eating out is set to become cheaper.</li>
</ul>

<p>&nbsp;</p>

<p>The GST Council pruned the list of items in the top 28 per cent GST&nbsp;slab to just 50 from current 228. Only luxury goods are in the highest tax bracket and items of daily use have been&nbsp;shifted to the 18 per cent&nbsp;category.</p>

<p>As many as 178 items of daily use were shifted from the top tax bracket of 28 per cent to 18 per cent, while a uniform 5 per cent tax was prescribed for all restaurants, both air-conditioned and non-AC, finance Minister Arun Jaitley said after the GST Council meeting.</p>

<p>The Federation of Hotel and Restaurant Associations of India (FHRAI) said GST Council&#39;s decision to cut tax rate for restaurants to 5 per cent without input tax credit will help restaurants across India rationalise tariffs.</p>

<p>&quot;We are extremely thankful to the government for making these much-required changes in the GST regime. This will help restaurants across India rationalise tariffs,&quot; FHRAI President Garish Oberoi said in a statement.</p>

<p>Deloitte India said in a statement that a uniform tax rate of 12 per cent doing away with tax rate distinction between AC and non-AC restaurants is welcome, but the critical issue of input tax credit eligibility cannot be ignored.</p>


Traders and small businesses complained that GST had increased their administrative and financial burden.

Finance Minister Arun Jaitley today announced a revised GST tax structure. The finance minister said he had reviewed taxes on items in the 28% bracket during the GST Council meeting which concluded on Friday. New measures: Taxes on 178 items slashed from 28% to 18%. Only 50 items in 28% tax bracket. 5% tax at restaurants except for 5-star hotels. New tax slabs to be applicable from November 15. Eating out is set to become cheaper. The GST Council pruned the list of items in the top 28 per cent GST slab to just 50 from current 228. Only luxury goods are in the highest tax bracket and items of daily use have been shifted to the 18 per cent category. As many as 178 items of daily use were shifted from the top tax bracket of 28 per cent to 18 per cent, while a uniform 5 per cent tax was prescribed for all restaurants, both air-conditioned and non-AC, finance Minister Arun Jaitley said after the GST Council meeting. The Federation of Hotel and Restaurant Associations of India (FHRAI) said GST Council's decision to cut tax rate for restaurants to 5 per cent without input tax credit will help restaurants across India rationalise tariffs. "We are extremely thankful to the government for making these much-required changes in the GST regime. This will help restaurants across India rationalise tariffs," FHRAI President Garish Oberoi said in a statement. Deloitte India said in a statement that a uniform tax rate of 12 per cent doing away with tax rate distinction between AC and non-AC restaurants is welcome, but the critical issue of input tax credit eligibility cannot be ignored.

GST: Taxes on 178 items slashed, says Jaitley

<p>&ldquo;Organised loot and a legalised plunder&rdquo; is how Dr Manmohan Singh describes &lsquo;demonetisation&rsquo;. In Ahmedabad, on Tuesday, our former prime minister said: &ldquo;November 8 was a black day for our economy and, indeed, our democracy,&rdquo; referring to this day last year when the government announced its move to demonetise Rs 500 and Rs 1,000 notes.&nbsp;</p>

<p>&ldquo;To promote a less cash economy, coercive steps like demonetisation are ineffective. Nowhere in the world has any nation taken such a drastic step that swept off 86% of the currency in circulations,&rdquo; he said.</p>

<p>Our Finance Minister Arun Jaitley says demonetisation was a &lsquo;watershed moment&rsquo; in Indian history. Hitting out at detractors, and perhaps especially miffed at his illustrious predecessor&rsquo;s comments, Jaitley said: &ldquo;An anti-black money drive is a moral step, loot is what happened in 2G, in Commonwealth Games 2010 and in coal block allocation.&rdquo;</p>

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<p dir="ltr" lang="en">Reducing the amount of cash in the economy won&#39;t end corruption but definitely make it difficult: <a href="https://twitter.com/arunjaitley?ref_src=twsrc%5Etfw">@arunjaitley</a> defends <a href="https://twitter.com/hashtag/demonitization?src=hash&amp;ref_src=twsrc%5Etfw">#demonitization</a></p>
&mdash; prasad sanyal (@prasadsanyal) <a href="https://twitter.com/prasadsanyal/status/927840191284371456?ref_src=twsrc%5Etfw">November 7, 2017</a></blockquote>
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<p>&nbsp;</p>

<p>While it may be politically expedient to brush off Dr Manmohan Singh and highlight the graft cases when he was the prime minister from 2004 to 2014, it must be conceded that Dr Singh does know a thing or two about the Indian economy. He does have a Tripos from Cambridge and a DPhil from Oxford in Economics. Besides, he has been a Governor of the Reserve Bank of India, headed the Planning Commission in its heydays in the 1980s and, as finance minister between 1991 and 1996, was the harbinger of economic liberalisation in India. &nbsp;</p>

<p>In a series of tweets and graphic templates, Prime Minister Modi has defended the move saying, it has resulted in the &lsquo;highest ever unearthing of black money and dealt a decisive blow to Naxalism and terrorism.&rsquo;</p>

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<p dir="ltr" lang="en">Giving strong impetus to the fight against black money. <a href="https://t.co/4fvbC31VAW">https://t.co/4fvbC31VAW</a><br />
<br />
via NMApp <a href="https://t.co/G0TMkBrX19">pic.twitter.com/G0TMkBrX19</a></p>
&mdash; PMO India (@PMOIndia) <a href="https://twitter.com/PMOIndia/status/927812625043398656?ref_src=twsrc%5Etfw">November 7, 2017</a></blockquote>
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<p dir="ltr" lang="en">Highest ever unearthing of black money<a href="https://t.co/4fvbC31VAW">https://t.co/4fvbC31VAW</a><br />
<br />
via NMApp <a href="https://t.co/jmrJRPVHSL">pic.twitter.com/jmrJRPVHSL</a></p>
&mdash; PMO India (@PMOIndia) <a href="https://twitter.com/PMOIndia/status/927812417203068928?ref_src=twsrc%5Etfw">November 7, 2017</a></blockquote>
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<p>The verdict is still out on the impact of this move on the Indian economy, and as with other &lsquo;watershed&rsquo; moments in recent Indian history, it has left public opinion deeply divided.</p>

<p>In a society ridden with inequality and poverty, where the &lsquo;aam aadmi&rsquo; is faced with corruption to get even basic amenities, economics doesn&rsquo;t wash. The promise of nabbing those with black money does, and little wonder then, that the move was received positively - as a decisive measure that will rid India of corruption.&nbsp;</p>

<p>The Opposition parties will observe the one-year mark of demonetisation on Wednesday as a &ldquo;Black Day&rdquo;. The Bharatiya Janata Party will commemorate the anniversary as &ldquo;Anti-Black Money Day&rdquo;. &nbsp;</p>

<p>The government has so far been able to pitch demonetisation as a move that was pro-poor and anti-rich, but as the economy shows signs of distress will Robin Hood and his merry band of men be able to assuage the &lsquo;aam aadmi&rsquo;?&nbsp;</p>

<p>As the Finance Minister pointed out today, there has been a shrinking of the informal sector, a wider tax base and greater digitisation in the economy. The government has been on point with its message and there are definite merits to these arguments.&nbsp;</p>

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<p dir="ltr" lang="en">Multi-dimensional success of Demonetisation. <a href="https://t.co/4fvbC31VAW">https://t.co/4fvbC31VAW</a><br />
<br />
via NMApp <a href="https://t.co/l3qbArBcFy">pic.twitter.com/l3qbArBcFy</a></p>
&mdash; PMO India (@PMOIndia) <a href="https://twitter.com/PMOIndia/status/927812281378816000?ref_src=twsrc%5Etfw">November 7, 2017</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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<p>Though viewed as a bold and landmark move by the masses, a former Finance Minister of India from the Prime Minister&rsquo;s own BJP, Yashwant Sinha has criticised the move. As businessmen and traders start accounting for the full brunt of the impact of demonitisation, many believe it may not be the best way to tackle corruption.</p>

<p>In August this year, the Reserve Bank of India reported Indians returned almost all of the estimated Rs 15.4 lakh crore ($242 billion) in high-currency bills removed from circulation. It implies that a very small amount of unaccounted for money was held in cash.&nbsp;</p>

<p>While there has been a lot of hullabaloo over different government agencies sharing different sets of numbers, the total value of non-cash transactions rose by around 19 per cent between November 2016 and August 2017. The value and volume of mobile-based transactions recorded negative growth rates between November 2016 and August 2017.</p>

<p>All available evidence suggests that cash has returned to daily transactions and demonetisation may not have had the desired effect, at least in the short-term.&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>


All available evidence suggests that cash has returned to daily transactions and demonetisation may not have had the desired effect, at least in the short-term.?

“Organised loot and a legalised plunder” is how Dr Manmohan Singh describes ‘demonetisation’. In Ahmedabad, on Tuesday, our former prime minister said: “November 8 was a black day for our economy and, indeed, our democracy,” referring to this day last year when the government announced its move to demonetise Rs 500 and Rs 1,000 notes. “To promote a less cash economy, coercive steps like demonetisation are ineffective. Nowhere in the world has any nation taken such a drastic step that swept off 86% of the currency in circulations,” he said. Our Finance Minister Arun Jaitley says demonetisation was a ‘watershed moment’ in Indian history. Hitting out at detractors, and perhaps especially miffed at his illustrious predecessor’s comments, Jaitley said: “An anti-black money drive is a moral step, loot is what happened in 2G, in Commonwealth Games 2010 and in coal block allocation.” Reducing the amount of cash in the economy won't end corruption but definitely make it difficult: @arunjaitley defends #demonitization — prasad sanyal (@prasadsanyal) November 7, 2017 × While it may be politically expedient to brush off Dr Manmohan Singh and highlight the graft cases when he was the prime minister from 2004 to 2014, it must be conceded that Dr Singh does know a thing or two about the Indian economy. He does have a Tripos from Cambridge and a DPhil from Oxford in Economics. Besides, he has been a Governor of the Reserve Bank of India, headed the Planning Commission in its heydays in the 1980s and, as finance minister between 1991 and 1996, was the harbinger of economic liberalisation in India. In a series of tweets and graphic templates, Prime Minister Modi has defended the move saying, it has resulted in the ‘highest ever unearthing of black money and dealt a decisive blow to Naxalism and terrorism.’ Giving strong impetus to the fight against black money. https://t.co/4fvbC31VAW via NMApp pic.twitter.com/G0TMkBrX19 — PMO India (@PMOIndia) November 7, 2017 × Highest ever unearthing of black moneyhttps://t.co/4fvbC31VAW via NMApp pic.twitter.com/jmrJRPVHSL — PMO India (@PMOIndia) November 7, 2017 × The verdict is still out on the impact of this move on the Indian economy, and as with other ‘watershed’ moments in recent Indian history, it has left public opinion deeply divided. In a society ridden with inequality and poverty, where the ‘aam aadmi’ is faced with corruption to get even basic amenities, economics doesn’t wash. The promise of nabbing those with black money does, and little wonder then, that the move was received positively - as a decisive measure that will rid India of corruption. The Opposition parties will observe the one-year mark of demonetisation on Wednesday as a “Black Day”. The Bharatiya Janata Party will commemorate the anniversary as “Anti-Black Money Day”. The government has so far been able to pitch demonetisation as a move that was pro-poor and anti-rich, but as the economy shows signs of distress will Robin Hood and his merry band of men be able to assuage the ‘aam aadmi’? As the Finance Minister pointed out today, there has been a shrinking of the informal sector, a wider tax base and greater digitisation in the economy. The government has been on point with its message and there are definite merits to these arguments. Multi-dimensional success of Demonetisation. https://t.co/4fvbC31VAW via NMApp pic.twitter.com/l3qbArBcFy — PMO India (@PMOIndia) November 7, 2017 × Though viewed as a bold and landmark move by the masses, a former Finance Minister of India from the Prime Minister’s own BJP, Yashwant Sinha has criticised the move. As businessmen and traders start accounting for the full brunt of the impact of demonitisation, many believe it may not be the best way to tackle corruption. In August this year, the Reserve Bank of India reported Indians returned almost all of the estimated Rs 15.4 lakh crore ($242 billion) in high-currency bills removed from circulation. It implies that a very small amount of unaccounted for money was held in cash. While there has been a lot of hullabaloo over different government agencies sharing different sets of numbers, the total value of non-cash transactions rose by around 19 per cent between November 2016 and August 2017. The value and volume of mobile-based transactions recorded negative growth rates between November 2016 and August 2017. All available evidence suggests that cash has returned to daily transactions and demonetisation may not have had the desired effect, at least in the short-term.

#Demonetisation: Indian economy watershed or waterboarded?

<p>On the eve of the anniversary of demonetisation<a href="http://www.wionews.com/business-economy/demonetisation-november-8-watershed-moment-in-history-of-indian-economy-says-arun-jaitley-23652">, finance minister Arun Jaitley addressing reporters said demonetisation</a> choked terror funds, asserting that during the UPA government there was &quot;policy paralysis&quot;.</p>

<p>&quot;Demonetisation was done to <a href="http://www.wionews.com/india-news/i-repeat-was-organised-loot-and-legalised-plunder-manmohan-singh-on-demonetisation-23656">revive the economy, remonetisation was done quite rapidly</a> and the process was undertaken with relative ease,&quot; India&#39;s finance minister said.</p>

<p>&quot;Note ban brought more money into banks, earlier tax evasion was a constant problem,&quot; he said.</p>

<p>Even as Jaitley declared demonetisation as a &quot;watershed moment in the history of Indian economy&rdquo; India&#39;s opposition led by the Congress said they would observe November 8th as an &quot;Anti-Black Money Day&quot;.</p>

<p>Jaitley was quick to react to&nbsp;UPA&#39;s criticism, saying: &quot;There was complete&nbsp;policy paralysis during UPA.&quot;</p>

<p>Earlier writing in a blogpost, the finance minister had said&nbsp;that the process was started soon after the BJP came to power in 2014.</p>

<p>&quot;When the country is participating in &ldquo;Anti-Black Money Day&rdquo;, a debate was started that whether the entire exercise of demonetisation has served any intended purpose,&quot; Jaitley said in his blog, adding,&quot;one of the important objective of demonetisation was to make India a less cash economy and thereby reduce the flow of black money in the system.&quot; &nbsp;</p>

<p>Based on big data analytics, cash seizure by Income Tax Department has more than doubled in 2016-17 when compared to 2015-16; during search and seizure by the Department Rs.15,497 crore of undisclosed income has been admitted which is 38% higher than the undisclosed amount admitted during 2015-16, Jaitley noted in his blogpost.<br />
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Jaitley was quick to react to?UPA's criticism, saying that there was complete?policy paralysis during UPA's tenure

On the eve of the anniversary of demonetisation, finance minister Arun Jaitley addressing reporters said demonetisation choked terror funds, asserting that during the UPA government there was "policy paralysis". "Demonetisation was done to revive the economy, remonetisation was done quite rapidly and the process was undertaken with relative ease," India's finance minister said. "Note ban brought more money into banks, earlier tax evasion was a constant problem," he said. Even as Jaitley declared demonetisation as a "watershed moment in the history of Indian economy” India's opposition led by the Congress said they would observe November 8th as an "Anti-Black Money Day". Jaitley was quick to react to UPA's criticism, saying: "There was complete policy paralysis during UPA." Earlier writing in a blogpost, the finance minister had said that the process was started soon after the BJP came to power in 2014. "When the country is participating in “Anti-Black Money Day”, a debate was started that whether the entire exercise of demonetisation has served any intended purpose," Jaitley said in his blog, adding,"one of the important objective of demonetisation was to make India a less cash economy and thereby reduce the flow of black money in the system." Based on big data analytics, cash seizure by Income Tax Department has more than doubled in 2016-17 when compared to 2015-16; during search and seizure by the Department Rs.15,497 crore of undisclosed income has been admitted which is 38% higher than the undisclosed amount admitted during 2015-16, Jaitley noted in his blogpost.

Demonetisation choked terror funds, says Jaitley

<p>Finance Minister Arun Jaitley has called November 8, 2016, the day when the BJP government banned the existing currency notes and replaced them with new ones a &ldquo;watershed moment in the history of Indian economy&rdquo;.</p>

<p>In a blog post on the first anniversary of demonetisation, Jaitley said, &ldquo;November 8, 2016 would be remembered as a watershed moment in the history of Indian economy.&nbsp;This day signifies the resolve of this Government to cure the country from &lsquo;dreaded disease of black money&rsquo;.&rdquo;</p>

<p>Highlighting his government&rsquo;s resolve to cleanse the economy and strengthen its foundations, Jaitley wrote in his blog that the process was started soon after the BJP came to power in 2014. &ldquo;This Government took decisions and implemented the earlier provisions of law in a well-considered and planned manner over three years to meet the objective of fight against black money.&nbsp; These decisions span from setting up of SIT to passing of necessary laws for foreign assets to demonetisation and to implementation of GST,&rdquo; Jaitley said.</p>

<p>The government has made elaborate plans to celebrate the first anniversary of demonetisation and has <a href="http://www.wionews.com/business-economy/one-year-of-demonetisation-ministers-to-highlight-govts-fight-against-black-money-23637">deployed many Union ministers</a> to highlight government&rsquo;s fight against black money. The government is celebrating November 8, 2017, as &lsquo;anti-black money day&rsquo;.</p>

<p>The opposition has hit back at the government saying the entire exercise has been a failure. In his blog post, Jaitley highlights the positive outcome of demonetisation to counter opposition charge. &ldquo;RBI has reported in their Annual Accounts that Specified Bank Notes (SBNs) of estimated value of Rs.15.28 lakh crore have been deposited back as on 30.6.2017.&nbsp;The outstanding SBNs as on 8th November, 2016 were of Rs.15.44 lakh crore value.&nbsp; The total currency in circulation of all denominations as on 8th November, 2016 was 17.77 lakh crore. One of the important objective of demonetisation was to make India a less cash economy and thereby reduce the flow of black money in the system.&nbsp; The reduction in currency in circulation from the base scenario reflects that this intended objective has been met,&rdquo; the finance minister says in his blog post.</p>

<p><strong>READ JAITLEY&#39;S ENTIRE BLOG:</strong></p>

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Finance Minister Arun Jaitley has called November 8, 2016, the day when the BJP government banned the existing currency notes and replaced them with new ones a ?watershed moment in the history of Indian economy?.

Finance Minister Arun Jaitley has called November 8, 2016, the day when the BJP government banned the existing currency notes and replaced them with new ones a “watershed moment in the history of Indian economy”. In a blog post on the first anniversary of demonetisation, Jaitley said, “November 8, 2016 would be remembered as a watershed moment in the history of Indian economy. This day signifies the resolve of this Government to cure the country from ‘dreaded disease of black money’.” Highlighting his government’s resolve to cleanse the economy and strengthen its foundations, Jaitley wrote in his blog that the process was started soon after the BJP came to power in 2014. “This Government took decisions and implemented the earlier provisions of law in a well-considered and planned manner over three years to meet the objective of fight against black money. These decisions span from setting up of SIT to passing of necessary laws for foreign assets to demonetisation and to implementation of GST,” Jaitley said. The government has made elaborate plans to celebrate the first anniversary of demonetisation and has deployed many Union ministers to highlight government’s fight against black money. The government is celebrating November 8, 2017, as ‘anti-black money day’. The opposition has hit back at the government saying the entire exercise has been a failure. In his blog post, Jaitley highlights the positive outcome of demonetisation to counter opposition charge. “RBI has reported in their Annual Accounts that Specified Bank Notes (SBNs) of estimated value of Rs.15.28 lakh crore have been deposited back as on 30.6.2017. The outstanding SBNs as on 8th November, 2016 were of Rs.15.44 lakh crore value. The total currency in circulation of all denominations as on 8th November, 2016 was 17.77 lakh crore. One of the important objective of demonetisation was to make India a less cash economy and thereby reduce the flow of black money in the system. The reduction in currency in circulation from the base scenario reflects that this intended objective has been met,” the finance minister says in his blog post. READ JAITLEY'S ENTIRE BLOG: ×

Demonetisation: 'November 8 watershed moment in history of Indian economy', says Arun Jaitley

<p>Ahead of the first anniversary of demonetisation, Finance Minister Arun Jaitley said today that excessive cash in the economy has &quot;its own cost&quot; and India is gradually moving towards digital transactions.</p>

<p>Prime Minister Narendra Modi announced on November 8 last year the scrapping of old Rs 500 and Rs 1,000 notes as part of the government&#39;s efforts to fight black money and corruption.</p>

<p>Following that, the Centre has been pushing for digital payments and transactions through the banking channel so as to promote a &#39;less-cash&#39; economy.</p>

<p>However, the opposition parties have criticised demonetisation and plan to observe November 8 as &quot;black day&quot; across the country.</p>

<p>Jaitley said some people have a problem with accepting the fact that transactions through the digital mode and banking instruments are going to witness a rapid growth as compared to cash dealings.</p>

<p>At the inauguration of the new building of Punjab National Bank (PNB) head office here, Jaitley said: &quot;Excessive dependence on cash has its own cost.</p>

<p>&quot;It is not just cost but there is a curse of cash. It has an impact on both society and economy.&quot;</p>

<p>He said there is a clear change taking place as to how India and Indians are spending money and the change is only in one direction.</p>

<p>It will not happen abruptly but the movement towards a less-cash economy is very clear, he said, adding that it will lead to more deposits with banks, increasing their lending ability at affordable rates.</p>

<p>Banking is the lifeline of the economy and it will gain further importance in the coming days, he said.</p>

<p>A healthy banking system will help support growth of the economy, he added.</p>

<p>Jaitley also launched two products of the PNB -- Rupay Credit Card and e-Rupaya.</p>

<p>Minister of State for Finance Shiv Pratap Shukla asked banks to focus on rural India and work towards improving customer experience.</p>

<p>He also said that management of banks should focus on the welfare of their employees.&nbsp;</p>


Prime Minister Narendra Modi announced on November 8 last year the scrapping of old Rs 500 and Rs 1,000 notes as part of the government's efforts to fight black money and corruption.

Ahead of the first anniversary of demonetisation, Finance Minister Arun Jaitley said today that excessive cash in the economy has "its own cost" and India is gradually moving towards digital transactions. Prime Minister Narendra Modi announced on November 8 last year the scrapping of old Rs 500 and Rs 1,000 notes as part of the government's efforts to fight black money and corruption. Following that, the Centre has been pushing for digital payments and transactions through the banking channel so as to promote a 'less-cash' economy. However, the opposition parties have criticised demonetisation and plan to observe November 8 as "black day" across the country. Jaitley said some people have a problem with accepting the fact that transactions through the digital mode and banking instruments are going to witness a rapid growth as compared to cash dealings. At the inauguration of the new building of Punjab National Bank (PNB) head office here, Jaitley said: "Excessive dependence on cash has its own cost. "It is not just cost but there is a curse of cash. It has an impact on both society and economy." He said there is a clear change taking place as to how India and Indians are spending money and the change is only in one direction. It will not happen abruptly but the movement towards a less-cash economy is very clear, he said, adding that it will lead to more deposits with banks, increasing their lending ability at affordable rates. Banking is the lifeline of the economy and it will gain further importance in the coming days, he said. A healthy banking system will help support growth of the economy, he added. Jaitley also launched two products of the PNB -- Rupay Credit Card and e-Rupaya. Minister of State for Finance Shiv Pratap Shukla asked banks to focus on rural India and work towards improving customer experience. He also said that management of banks should focus on the welfare of their employees.

India moving towards digital economy post-demonetisation: Arun Jaitley

<p>Congress leader and senior lawyer Kapil Sibal on Thursday slammed Union Finance Minister Arun Jaitley for his &quot;ease of doing corruption&quot; remark.</p>

<p>Jaitley on Wednesday criticised the United Progressive Alliance (UPA) government, saying that ease of doing corruption has now been replaced by the ease of doing business.</p>

<p>The Congress leader said, &quot;He seems to forget that he is not the Finance Minister of only 3.21 taxpayers. He is also the Finance Minister of the millions of people who do business in this country. He must realise the day they feel that there is ease of doing business is the day that they will appreciate the Finance Minister. So, the Finance Minister should not rely on World Bank report given in respect with Delhi and Mumbai which deals with creamy layers of business in our society.&quot;</p>

<p>He further said that &quot;there are millions of people whose business have finished,&#39;&#39; adding that, &quot;until their business is eased, there is no question of ease of doing business.&quot;</p>

<p>After the report of India becoming the first ever country to record the highest jump in World Bank&#39;s ease of doing business ranking, Jaitley took to Twitter and said, &quot;The difference between the UPA and NDA, the ease of doing corruption has been replaced by the ease of doing business.&quot;</p>

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<p dir="ltr" lang="en">The difference between the UPA and NDA-&ldquo;The ease of doing corruption has been replaced by the ease of doing business&quot;</p>
&mdash; Arun Jaitley (@arunjaitley) <a href="https://twitter.com/arunjaitley/status/925649235906764800?ref_src=twsrc%5Etfw">November 1, 2017</a></blockquote>
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<p>Earlier, Congress vice-president Rahul Gandhi had said there is no ease of doing business in India, as it has been ruined by the BJP led National Democratic Alliance (NDA) government&#39;s decision to roll out the Goods and Services Tax (GST).</p>

<p>In accordance with the World Bank&#39;s &#39;Ease of Doing Business&#39; index, India had risen as much as 30 positions to rank 100th amongst 190 countries.&nbsp;</p>


Arun Jaitley says ease of doing corruption has now been replaced by the ease of doing business.

Congress leader and senior lawyer Kapil Sibal on Thursday slammed Union Finance Minister Arun Jaitley for his "ease of doing corruption" remark. Jaitley on Wednesday criticised the United Progressive Alliance (UPA) government, saying that ease of doing corruption has now been replaced by the ease of doing business. The Congress leader said, "He seems to forget that he is not the Finance Minister of only 3.21 taxpayers. He is also the Finance Minister of the millions of people who do business in this country. He must realise the day they feel that there is ease of doing business is the day that they will appreciate the Finance Minister. So, the Finance Minister should not rely on World Bank report given in respect with Delhi and Mumbai which deals with creamy layers of business in our society." He further said that "there are millions of people whose business have finished,'' adding that, "until their business is eased, there is no question of ease of doing business." After the report of India becoming the first ever country to record the highest jump in World Bank's ease of doing business ranking, Jaitley took to Twitter and said, "The difference between the UPA and NDA, the ease of doing corruption has been replaced by the ease of doing business." The difference between the UPA and NDA-“The ease of doing corruption has been replaced by the ease of doing business" — Arun Jaitley (@arunjaitley) November 1, 2017 × Earlier, Congress vice-president Rahul Gandhi had said there is no ease of doing business in India, as it has been ruined by the BJP led National Democratic Alliance (NDA) government's decision to roll out the Goods and Services Tax (GST). In accordance with the World Bank's 'Ease of Doing Business' index, India had risen as much as 30 positions to rank 100th amongst 190 countries.

Kapil Sibal slams Arun Jaitley over 'ease of doing corruption' remark

<p>The BJP on Wednesday attacked the Congress by saying that &#39;ease of doing corruption&#39; has been replaced by the ease of doing business.</p>

<p>&quot;The difference between the UPA and NDA - &#39;The ease of doing corruption has been replaced by the ease of doing business&#39;,&quot; tweeted Finance Minister Arun Jaitley.</p>

<p>Jaitley was responding to Rahul Gandhi&#39;s charge that there was no ease of doing business in India as demonetisation and GST destroyed everything.</p>

<p>Addressing a public meeting in Gujarat&#39;s Bharuch,&nbsp; Gandhi said that BJP will &quot;get a&nbsp;shock of their life&quot; on the day of Gujarat election and added, &quot;there was no ease of doing business in India as demonetisation and GST have destroyed everything&quot;.</p>

<p>&quot;The BJP has been in power for the last three years. How many Swiss account holders are in jail? Tell me,&quot; the Gandhi scion asked saying that Vijay Mallya was still enjoying in the&nbsp;UK, he further said.<br />
&nbsp;<br />
&quot;Modiji gave loan worth Rs 33,000 crore for Tata Nano plant, almost free, charging the least possible rate. Using that money, they could have written off the loans of the farmers. Farmers in Gujarat are crying, they are being suppressed,&#39;&#39; he added.&nbsp;</p>

<p>Earlier BJP spokesperson Sambit Patra accused the UPA dispensation under the rule of&nbsp;Manmohan Singh of draining the country of its resources worth approximately 12-14 lakh crore through various corrupt scams.</p>

<p>&quot;Today when Rahul Gandhi is, in fact, challenging the World Bank&#39;s data saying that he knows as to how this data is produced, Rahul Gandhi should be answering whom he believes,&nbsp;his Pidi or the world bank,&quot; Patra added.<br />
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Addressing a public meeting in Gujarat, Rahul Gandhi said there was no ease of doing business in India as demonetisation and GST have destroyed everything.

The BJP on Wednesday attacked the Congress by saying that 'ease of doing corruption' has been replaced by the ease of doing business. "The difference between the UPA and NDA - 'The ease of doing corruption has been replaced by the ease of doing business'," tweeted Finance Minister Arun Jaitley. Jaitley was responding to Rahul Gandhi's charge that there was no ease of doing business in India as demonetisation and GST destroyed everything. Addressing a public meeting in Gujarat's Bharuch, Gandhi said that BJP will "get a shock of their life" on the day of Gujarat election and added, "there was no ease of doing business in India as demonetisation and GST have destroyed everything". "The BJP has been in power for the last three years. How many Swiss account holders are in jail? Tell me," the Gandhi scion asked saying that Vijay Mallya was still enjoying in the UK, he further said. "Modiji gave loan worth Rs 33,000 crore for Tata Nano plant, almost free, charging the least possible rate. Using that money, they could have written off the loans of the farmers. Farmers in Gujarat are crying, they are being suppressed,'' he added. Earlier BJP spokesperson Sambit Patra accused the UPA dispensation under the rule of Manmohan Singh of draining the country of its resources worth approximately 12-14 lakh crore through various corrupt scams. "Today when Rahul Gandhi is, in fact, challenging the World Bank's data saying that he knows as to how this data is produced, Rahul Gandhi should be answering whom he believes, his Pidi or the world bank," Patra added.

'Ease of doing corruption' replaced by ease of doing business: Arun Jaitley taunts UPA

<p>India has improved considerably on the <a href="http://www.wionews.com/business-economy/ease-of-doing-business-indias-rankings-zooms-to-100-in-world-bank-report-up-30-places-23243">ease of doing business index</a>, according to the latest World Bank rankings released on Tuesday. This will greatly help India showcase its business-friendly image and attract wizards of the industry.</p>

<p>But what exactly is Ease of Doing Business? In simple terms, it&rsquo;s an <a href="http://www.wionews.com/business-economy/live-world-banks-criteria-is-very-strict-says-jaitley-23245">index created by the World Bank</a> which is a benchmark study of regulation, to know how easy it is for a businessman to start his venture in a country. The index measures steps taken by the government, including policy decisions, to ensure an entrepreneur is able to get loans and credits, construction permits licence etc so that he/she can set up the shop there.</p>

<p>Higher rankings on the Ease of Doing index reflect better and simpler regulation process and stronger protection of rights. The report is announced by the World Bank after a detailed survey of different markets.</p>

<p>The Modi government, since it came to power in 2014, has projected India as investment-friendly destination. It has also launched the &#39;Make in India&#39; initiative to invite investors from across the globe to set up shop in the country. It also launched the unified Goods and Services Tax in July this year which subsumed all the other state levies so that India&rsquo;s ranking improves. And it seems to have worked. Finance Minister Arun Jaitley, who held a press conference on the World Bank report today, said that India has jumped 53 places to rank at 119 on paying taxes.</p>

<p>Last year, India ranked a lowly 172 on paying taxes.</p>


India has improved considerably on the ease of doing business index, according to the latest World Bank rankings released on Tuesday.

India has improved considerably on the ease of doing business index, according to the latest World Bank rankings released on Tuesday. This will greatly help India showcase its business-friendly image and attract wizards of the industry. But what exactly is Ease of Doing Business? In simple terms, it’s an index created by the World Bank which is a benchmark study of regulation, to know how easy it is for a businessman to start his venture in a country. The index measures steps taken by the government, including policy decisions, to ensure an entrepreneur is able to get loans and credits, construction permits licence etc so that he/she can set up the shop there. Higher rankings on the Ease of Doing index reflect better and simpler regulation process and stronger protection of rights. The report is announced by the World Bank after a detailed survey of different markets. The Modi government, since it came to power in 2014, has projected India as investment-friendly destination. It has also launched the 'Make in India' initiative to invite investors from across the globe to set up shop in the country. It also launched the unified Goods and Services Tax in July this year which subsumed all the other state levies so that India’s ranking improves. And it seems to have worked. Finance Minister Arun Jaitley, who held a press conference on the World Bank report today, said that India has jumped 53 places to rank at 119 on paying taxes. Last year, India ranked a lowly 172 on paying taxes.

Ease of doing business: How World Bank ranks countries

<p>Attributing the Kashmir problem to the flawed policy of the Congress, Finance Minister Arun Jaitley today said its position with regard to &quot;azadi or greater autonomy&quot; for Jammu and Kashmir was against the national interest.</p>

<p>Jaitley was responding to a statement by senior Congress leader and former home minister P Chidambaram who said when people of Jammu and Kashmir ask for &quot;azadi&quot;, most of them mean they want greater autonomy.</p>

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<p dir="ltr" lang="en">My interactions in J&amp;K led me to the conclusion that when they ask for &#39;Azadi&#39;, most people want autonomy: P Chidambaram in Rajkot <a href="https://twitter.com/hashtag/Gujarat?src=hash&amp;ref_src=twsrc%5Etfw">#Gujarat</a> <a href="https://t.co/bpiXZixgC4">pic.twitter.com/bpiXZixgC4</a></p>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/924221486553894912?ref_src=twsrc%5Etfw">October 28, 2017</a></blockquote>
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<p dir="ltr" lang="en">Must consider areas to give autonomy to J&amp;K.It&#39;ll remain part of India but will have larger powers as promised under Art 370: P Chidamabaram <a href="https://t.co/GKynu9jq6z">pic.twitter.com/GKynu9jq6z</a></p>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/924222763316912128?ref_src=twsrc%5Etfw">October 28, 2017</a></blockquote>
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<p>&quot;The position that the Congress has taken with regard to azadi or autonomy for Jammu and Kashmir goes directly contrary to India&#39;s national interest.</p>

<p>&quot;It was the flawed policy of the Congress right since 1947 which is responsible for the Kashmir problem,&quot; Jaitley told reporters here.</p>

<p>The Kashmir problem is the Congress&#39;s legacy, he said, adding &quot;now instead of learning from its past mistakes, the Congress wants to precipitate a crisis for this country.&quot;</p>

<p>&quot;I think the Congress is deceiving the whole country, it is deceiving itself and it is encouraging separatism in J&amp;K. It is hurting India&#39;s national interest and this is a very serious issue,&quot; he said.</p>

<p>Dubbing ten years of the UPA Government as a &quot;wasted opportunity on J&amp;K&quot;, Jaitley said &quot;not a single initiative worked and you had a mass civil disobedience in terms of stone-throwing agitation, you had terrorism and terrorists on top, you had normal life being disturbed.&quot;</p>

<p>He said the NDA government in last 3-3.5 years have had considerable difficulty in restablishing the network to tackle this crisis.</p>

<p>&quot;We have succeeded in squeezing the funds for terrorists. The mass protest of stone throwers is by and large over. Intelligence network from village to village has been reestablished, terrorists are on the run and security forces have the upper hand,&quot; he said.</p>

<p>He also asked the Congress to make it clear if Chidambaram&#39;s statement is the official stand of the party.</p>

<p>On the Congress&#39;s view on demonetisation, Jaitley said: &quot;the party never had fighting black money on their agenda and therefore, all anti-black money steps that the NDA government has taken are something which disturbed the Congress.&quot;&nbsp;</p>


Jaitley was responding to a statement by senior Congress leader and former home minister P Chidambaram who said when people of Jammu and Kashmir ask for 'azadi', most of them mean they want greater autonomy

Attributing the Kashmir problem to the flawed policy of the Congress, Finance Minister Arun Jaitley today said its position with regard to "azadi or greater autonomy" for Jammu and Kashmir was against the national interest. Jaitley was responding to a statement by senior Congress leader and former home minister P Chidambaram who said when people of Jammu and Kashmir ask for "azadi", most of them mean they want greater autonomy. My interactions in J&K led me to the conclusion that when they ask for 'Azadi', most people want autonomy: P Chidambaram in Rajkot #Gujarat pic.twitter.com/bpiXZixgC4 — ANI (@ANI) October 28, 2017 × Must consider areas to give autonomy to J&K.It'll remain part of India but will have larger powers as promised under Art 370: P Chidamabaram pic.twitter.com/GKynu9jq6z — ANI (@ANI) October 28, 2017 × "The position that the Congress has taken with regard to azadi or autonomy for Jammu and Kashmir goes directly contrary to India's national interest. "It was the flawed policy of the Congress right since 1947 which is responsible for the Kashmir problem," Jaitley told reporters here. The Kashmir problem is the Congress's legacy, he said, adding "now instead of learning from its past mistakes, the Congress wants to precipitate a crisis for this country." "I think the Congress is deceiving the whole country, it is deceiving itself and it is encouraging separatism in J&K. It is hurting India's national interest and this is a very serious issue," he said. Dubbing ten years of the UPA Government as a "wasted opportunity on J&K", Jaitley said "not a single initiative worked and you had a mass civil disobedience in terms of stone-throwing agitation, you had terrorism and terrorists on top, you had normal life being disturbed." He said the NDA government in last 3-3.5 years have had considerable difficulty in restablishing the network to tackle this crisis. "We have succeeded in squeezing the funds for terrorists. The mass protest of stone throwers is by and large over. Intelligence network from village to village has been reestablished, terrorists are on the run and security forces have the upper hand," he said. He also asked the Congress to make it clear if Chidambaram's statement is the official stand of the party. On the Congress's view on demonetisation, Jaitley said: "the party never had fighting black money on their agenda and therefore, all anti-black money steps that the NDA government has taken are something which disturbed the Congress."

Talk of azadi or greater autonomy for J&K against national interest: Jaitley slams Congress

<p>Finance Minister Arun Jaitley on Wednesday defended the multiple slabs under the Goods and Services Tax.&nbsp;</p>

<p>The GST -- which was meant to replace India&#39;s myriad indirect taxes with one single tax -- has come under severe criticism.</p>

<p>Traders say it is convoluted, the government&#39;s critics say it was a second &quot;shock&quot; (after demonetisation) to the economy, and economists question its multiple slabs.&nbsp;</p>

<p>Why would a single tax have multiple slabs they ask.&nbsp;</p>

<p>Jaitley told ANI Wednesday that bringing everything under 18% GST would help those buying luxury items.&nbsp;</p>

<p>And he took a potshot at the Congress, asking whether they wanted to make Mercedeses and BMWs cheaper?&nbsp;</p>

<p>&quot;Bringing everything under 18% (GST) is helping those who spend on luxury items. Does Congress want to make BMWs &amp; Mercedes cheaper?&quot; Jaitley asked.&nbsp;</p>

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<p dir="ltr" lang="en">Bringing everything under 18% (GST) is helping those who spend on luxury items. Does Congress want to make BMWs &amp; Mercedes cheaper?: Jaitley <a href="https://t.co/ISYskznsd0">pic.twitter.com/ISYskznsd0</a></p>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/923108287553323008?ref_src=twsrc%5Etfw">October 25, 2017</a></blockquote>
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<p>He took another potshot at the Congress&#39;s senior leaders, saying they knew little about the intricacies of the GST.&nbsp;</p>

<p>&quot;I think finance ministers of Congress states know about slabs of GST. National-level leaders of Congress speaking on it, perhaps know less about it,&quot; he said.&nbsp;</p>

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<p dir="ltr" lang="en">Congress had adequate opportunity to be in power, and I cant recollect a single significant step that they ever took against black money: FM <a href="https://t.co/yTxZjvZlhB">pic.twitter.com/yTxZjvZlhB</a></p>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/923138919461396480?ref_src=twsrc%5Etfw">October 25, 2017</a></blockquote>
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<p>He also took a potshot at the Congress over the condition of India&#39;s public sector banks.&nbsp;</p>

<p>&quot;This conditions of banks was given to us as inheritance and as a solution it was necessary to pump in funds,&quot; Jaitley said.&nbsp;</p>

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<p dir="ltr" lang="en"><a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a> Live: Finance Minister Arun Jaitley speaks to ANI on economy, Kashmir &amp; other issues. <a href="https://t.co/0SAQzFCBd2">https://t.co/0SAQzFCBd2</a></p>
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<p>Jaitley&#39;s team had on Tuesday announced what they called an &quot;unprecedented&quot;&nbsp;recapitalisation of the country&#39;s public sector banks to boost the economy.&nbsp;</p>

<p><a href="http://www.wionews.com/business-economy/india-approves-324-billion-state-bank-recapitalisation-plan-22838" target="_blank">Also read:&nbsp;Public sector banks to get Rs 2.11 lakh crores over next two years </a></p>

<p>Jaitley and the government have copped a lot of flak of late over the health of the economy, with the critics blaming demonetisation and GST for its current health.&nbsp;</p>

<p>On Wednesday, Jaitley said a &quot;lot of relief&quot; had been given over GST.&nbsp;</p>

<p>&quot;Lot of relief has been given, from filing quarterly returns to 1% tax for turnover under 1 crore, a lot has been done for relief,&quot; he said.&nbsp;</p>

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<p dir="ltr" lang="en">Lot of relief has been given, from filing quarterly returns to 1% tax for turnover under 1 Cr, a lot has been done for relief: FM <a href="https://twitter.com/hashtag/GST?src=hash&amp;ref_src=twsrc%5Etfw">#GST</a> <a href="https://t.co/JmJz0R35Ky">pic.twitter.com/JmJz0R35Ky</a></p>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/923114603495616513?ref_src=twsrc%5Etfw">October 25, 2017</a></blockquote>
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<p>He also said the sops were in no way connected to the upcoming Gujarat elections. That&nbsp;they were long-term reforms.&nbsp;</p>

<p><br />
&nbsp;</p>


'Does Congress want to make BMWs & Mercedes cheaper?' Jaitley asked

Finance Minister Arun Jaitley on Wednesday defended the multiple slabs under the Goods and Services Tax. The GST -- which was meant to replace India's myriad indirect taxes with one single tax -- has come under severe criticism. Traders say it is convoluted, the government's critics say it was a second "shock" (after demonetisation) to the economy, and economists question its multiple slabs. Why would a single tax have multiple slabs they ask. Jaitley told ANI Wednesday that bringing everything under 18% GST would help those buying luxury items. And he took a potshot at the Congress, asking whether they wanted to make Mercedeses and BMWs cheaper? "Bringing everything under 18% (GST) is helping those who spend on luxury items. Does Congress want to make BMWs & Mercedes cheaper?" Jaitley asked. Bringing everything under 18% (GST) is helping those who spend on luxury items. Does Congress want to make BMWs & Mercedes cheaper?: Jaitley pic.twitter.com/ISYskznsd0 — ANI (@ANI) October 25, 2017 × He took another potshot at the Congress's senior leaders, saying they knew little about the intricacies of the GST. "I think finance ministers of Congress states know about slabs of GST. National-level leaders of Congress speaking on it, perhaps know less about it," he said. Congress had adequate opportunity to be in power, and I cant recollect a single significant step that they ever took against black money: FM pic.twitter.com/yTxZjvZlhB — ANI (@ANI) October 25, 2017 × He also took a potshot at the Congress over the condition of India's public sector banks. "This conditions of banks was given to us as inheritance and as a solution it was necessary to pump in funds," Jaitley said. #WATCH Live: Finance Minister Arun Jaitley speaks to ANI on economy, Kashmir & other issues. https://t.co/0SAQzFCBd2 — ANI (@ANI) October 25, 2017 × Jaitley's team had on Tuesday announced what they called an "unprecedented" recapitalisation of the country's public sector banks to boost the economy. Also read: Public sector banks to get Rs 2.11 lakh crores over next two years Jaitley and the government have copped a lot of flak of late over the health of the economy, with the critics blaming demonetisation and GST for its current health. On Wednesday, Jaitley said a "lot of relief" had been given over GST. "Lot of relief has been given, from filing quarterly returns to 1% tax for turnover under 1 crore, a lot has been done for relief," he said. Lot of relief has been given, from filing quarterly returns to 1% tax for turnover under 1 Cr, a lot has been done for relief: FM #GST pic.twitter.com/JmJz0R35Ky — ANI (@ANI) October 25, 2017 × He also said the sops were in no way connected to the upcoming Gujarat elections. That they were long-term reforms.

Jaitley defends multiple GST slabs, says single slab would make Mercs & BMWs cheaper

<p>The government on Tuesday waived penalty on delayed filing of initial GST returns for the months of August and September.</p>

<p>&quot;To facilitate taxpayers, late fee on filing of GSTR-3B for August and September has been has been waived,&quot; Finance Minister Arun Jaitley tweeted.</p>

<p>He said that the late fee which has been already charged to businesses will be credited back to taxpayers&#39; accounts.</p>

<p>The government had earlier waived late fee for delayed filing of the maiden returns for the month of July under the Goods and Services Tax (GST) regime.</p>

<p>Businesses have been demanding that the government waives penalty for delayed filing of 3B returns.</p>

<p>As per the data, 55.87 lakh GSTR-3B returns were filed for July, 51.37 lakh for August and over 42 lakh for September. Preliminary returns GSTR-3B for a month is filed on the 20th day of the next month after paying due taxes.</p>

<p>As per the data with the GST Network (GSTN), a huge chunk of businesses file their returns after the expiry of the due date.</p>

<p>While only 33.98 lakh July returns were filed till the due date, the number has now gone up to 55.87 lakh. Similarly for August 28.46 lakh returns were filed till the last date, but the figure went up to 51.37 lakh later.</p>

<p>Also for September while 39.4 lakh returns were filed by the due date, the number is rising and was over 42 lakh till yesterday.</p>

<p>The GST law provides for a nominal fee of Rs 100 per day on Central GST and an equivalent amount on State GST in case of late filing of returns and payment of taxes.&nbsp;</p>


"To facilitate taxpayers, late fee on filing of GSTR-3B for August and September has been has been waived," Finance Minister Arun Jaitley tweeted.

The government on Tuesday waived penalty on delayed filing of initial GST returns for the months of August and September. "To facilitate taxpayers, late fee on filing of GSTR-3B for August and September has been has been waived," Finance Minister Arun Jaitley tweeted. He said that the late fee which has been already charged to businesses will be credited back to taxpayers' accounts. The government had earlier waived late fee for delayed filing of the maiden returns for the month of July under the Goods and Services Tax (GST) regime. Businesses have been demanding that the government waives penalty for delayed filing of 3B returns. As per the data, 55.87 lakh GSTR-3B returns were filed for July, 51.37 lakh for August and over 42 lakh for September. Preliminary returns GSTR-3B for a month is filed on the 20th day of the next month after paying due taxes. As per the data with the GST Network (GSTN), a huge chunk of businesses file their returns after the expiry of the due date. While only 33.98 lakh July returns were filed till the due date, the number has now gone up to 55.87 lakh. Similarly for August 28.46 lakh returns were filed till the last date, but the figure went up to 51.37 lakh later. Also for September while 39.4 lakh returns were filed by the due date, the number is rising and was over 42 lakh till yesterday. The GST law provides for a nominal fee of Rs 100 per day on Central GST and an equivalent amount on State GST in case of late filing of returns and payment of taxes.

Govt waives fine for delayed filing of August, September GST returns

<p>India&#39;s cabinet approved a Rs 2.11 lakh crore plan on Tuesday to recapitalise its state banks over the next two years, in a bid by Prime Minister Narendra Modi to tackle a major drag on the economy that has frustrated his attempts to boost growth.</p>

<p>Once the world&#39;s fastest-growing major economy, India has seen its growth rate plummet to the lowest in three years, far below levels needed to create enough jobs to absorb the million Indians joining the work force every month.</p>

<p>Modi&#39;s government has tried to respond by stepping up public spending, but the slowdown has stressed its finances, making it imperative for private investment to pick up the slack.</p>

<p>Officials privately admit they have struggled to revive private investment because state-owned banks, which provide much of the credit in the economy, are saddled with a mountain of bad debt that has crimped their ability to offer new credit.</p>

<p>The decision to recapitalise the banks is meant to clear that bottleneck, Finance Minister Arun Jaitley said at a press conference in New Delhi.</p>

<p>&quot;The decision to recapitalise public sector banks with 2.11 lakh rupees will address the bank balance sheet problem and push growth forward,&quot; Jaitley said.</p>

<p>By some estimates, banks need as much as $65 billion in additional capital by March 2019 to fill the hole left by soured loans and to meet new regulatory capital requirements.</p>

<p>The official announcement, which was followed by a series of tweets from government ministers holding it up as &quot;unprecedented&quot;, comes after a flurry of activity in the government over the past few weeks, driven by the prime minister&#39;s office.</p>

<p>Modi, who swept to power in a landslide victory for his Bharatiya Janata Party (BJP) in 2014 promising a reform agenda to revive economic growth, faces state elections later this year and a re-election bid by 2019.</p>

<p>He has faced criticisms after a surprise scrapping of high-value bank notes last November and a new goods and services tax effected earlier this year disrupted businesses across the country.</p>

<p>People close to Modi have previously told Reuters he wants to control the political damage and ensure the economic slowdown remains temporary.</p>

<p>Mohan Guruswamy, an economist in New Delhi, said the government should have taken action three years ago to revive the banking sector.</p>

<p>&quot;Now it&#39;s more expensive, and we will not see results soon,&quot; Guruswamy said.</p>

<p><strong>Fiscal consolidation</strong></p>

<p>Finance ministry officials said the bank recapitalisation would be followed by a series of reforms in the sector. They said the details would come later.</p>

<p>Of the planned 2.11 lakh crore rupees sum, recapitalisation bonds will account for 1.35 lakh crore rupees, while Rs 76,000 crore will come from budgetary support and equity issuance, said Rajiv Kumar, India&#39;s financial services secretary.</p>

<p>It was not immediately clear what the impact will be on the country&#39;s fiscal deficit, which Jaitley aims to keep at 3.2 percent of GDP for the current fiscal year to March.</p>

<p>&quot;India&#39;s banking was the weakest link in the revival of the economy,&quot; said N.R. Bhanumurthy, an economist at the National Institute of Public Finance and Policy, a Delhi-based think-tank partly funded by the finance ministry. &quot;The government should complete the process as early as possible.&quot;</p>

<p>Bhanumurthy added that the move might have an impact on the government&#39;s fiscal deficit target this year.</p>

<p>Twenty one state-run banks account for more than two-thirds of India&#39;s banking assets. But they also account for a bulk of the record 9.5 trillion Indian rupees ($145 billion) of soured loans.</p>

<p>In addition to repairing their balance sheets, the banks need billions of dollars in new capital to meet global Basel III banking rules, due to fully kick in by March 2019.</p>

<p>Fitch Ratings estimates Indian banks will need $65 billion of additional capital by March 2019 to meet Basel III global banking rules. Moody&#39;s expects the top 11 state lenders alone will need nearly $15 billion.</p>

<p>Bank stocks rallied ahead of the news conference on expectations of a recapitalisation plan. The state bank index closed 3.8 percent higher.</p>


The recapitalisation of the banks should allow them to offer credit again. They have so far been saddled with a mountain of bad debt

India's cabinet approved a Rs 2.11 lakh crore plan on Tuesday to recapitalise its state banks over the next two years, in a bid by Prime Minister Narendra Modi to tackle a major drag on the economy that has frustrated his attempts to boost growth. Once the world's fastest-growing major economy, India has seen its growth rate plummet to the lowest in three years, far below levels needed to create enough jobs to absorb the million Indians joining the work force every month. Modi's government has tried to respond by stepping up public spending, but the slowdown has stressed its finances, making it imperative for private investment to pick up the slack. Officials privately admit they have struggled to revive private investment because state-owned banks, which provide much of the credit in the economy, are saddled with a mountain of bad debt that has crimped their ability to offer new credit. The decision to recapitalise the banks is meant to clear that bottleneck, Finance Minister Arun Jaitley said at a press conference in New Delhi. "The decision to recapitalise public sector banks with 2.11 lakh rupees will address the bank balance sheet problem and push growth forward," Jaitley said. By some estimates, banks need as much as $65 billion in additional capital by March 2019 to fill the hole left by soured loans and to meet new regulatory capital requirements. The official announcement, which was followed by a series of tweets from government ministers holding it up as "unprecedented", comes after a flurry of activity in the government over the past few weeks, driven by the prime minister's office. Modi, who swept to power in a landslide victory for his Bharatiya Janata Party (BJP) in 2014 promising a reform agenda to revive economic growth, faces state elections later this year and a re-election bid by 2019. He has faced criticisms after a surprise scrapping of high-value bank notes last November and a new goods and services tax effected earlier this year disrupted businesses across the country. People close to Modi have previously told Reuters he wants to control the political damage and ensure the economic slowdown remains temporary. Mohan Guruswamy, an economist in New Delhi, said the government should have taken action three years ago to revive the banking sector. "Now it's more expensive, and we will not see results soon," Guruswamy said. Fiscal consolidation Finance ministry officials said the bank recapitalisation would be followed by a series of reforms in the sector. They said the details would come later. Of the planned 2.11 lakh crore rupees sum, recapitalisation bonds will account for 1.35 lakh crore rupees, while Rs 76,000 crore will come from budgetary support and equity issuance, said Rajiv Kumar, India's financial services secretary. It was not immediately clear what the impact will be on the country's fiscal deficit, which Jaitley aims to keep at 3.2 percent of GDP for the current fiscal year to March. "India's banking was the weakest link in the revival of the economy," said N.R. Bhanumurthy, an economist at the National Institute of Public Finance and Policy, a Delhi-based think-tank partly funded by the finance ministry. "The government should complete the process as early as possible." Bhanumurthy added that the move might have an impact on the government's fiscal deficit target this year. Twenty one state-run banks account for more than two-thirds of India's banking assets. But they also account for a bulk of the record 9.5 trillion Indian rupees ($145 billion) of soured loans. In addition to repairing their balance sheets, the banks need billions of dollars in new capital to meet global Basel III banking rules, due to fully kick in by March 2019. Fitch Ratings estimates Indian banks will need $65 billion of additional capital by March 2019 to meet Basel III global banking rules. Moody's expects the top 11 state lenders alone will need nearly $15 billion. Bank stocks rallied ahead of the news conference on expectations of a recapitalisation plan. The state bank index closed 3.8 percent higher.

Public sector banks to get Rs 2.11 lakh crores over next two years

<p>The government came out all guns blazing, defending the economic measures it has taken in recent years after concerns raised by the&nbsp;opposition on GDP growth.</p>

<p>Finance Minister Arun Jaitley, along with economic affairs secretary Subhash Chandra Garg and finance secretary Ashok Lavasa, gave a presentation on the economic plan charted out by the government to put India on a higher-growth track.</p>

<p>&quot;There have been lot of discussions and reviews of the economy in the past few weeks within the ministry. When results of the GDP of the first quarter came out then I had said that we will be ready for the response,&quot; Jaitley said.</p>

<p>India has remained the world&#39;s fastest-growing large economy for the past three years, he added.</p>

<p>Hailing GST, Subhash Chandra Garg said it has been the biggest reform, along with others like demonetisation and the battle against black money. He then delved into the presentation, giving details about the reduced amount of current account deficit and the overall health of the economy.</p>

<p>Then Lavasa took over and talked about how the government is creating more jobs and has increased its public spending.</p>

<p>&quot;We have launched the biggest component of road-building programme, the ?Bharat Mala programme which has been cleared by the Union Cabinet today. It will lead to building of 34,800 km of roads,&quot; Lavasa said highlighting government&rsquo;s push towards infrastructure.</p>

<p>About 2000 km of coastal roads will be constructed in first phase of Bharat Mala, he added.</p>

<p>The government said a total of&nbsp;83,677 kms of roads would be built over the next five years, creating &quot;more jobs&quot; and leading to &quot;more growth&quot;.&nbsp;&nbsp;</p>

<p>The second large scheme announced by Team Jaitley today was an &quot;unprecedented&quot; recapitalisation -- by Rs 2.11 lakh crore -- of public sector banks.&nbsp;</p>

<p>The recapitalisation, Team Jaitley said, had come after a cleaning up of the banks and their&nbsp;non-performing assets and would encourage the banks to lend to private enterprise.&nbsp;</p>

<p>Since it came to power three years ago, the Modi government has taken many bold steps to give boost to India&rsquo;s economy, like the a new tax regime the Goods and Services Tax and demonetisation. But both the decisions have been slammed by the opposition and other sections of society.</p>

<p>The Congress has even said that it will mark November 8, 2017 - the first anniversary of demonetisation - as a &#39;Black Day&#39;.</p>

<p>But the government has been firm in its resolve and has maintained that these economic reforms will have positive impact in long term. Many global bodies, including the IMF, have given thumbs up to government&rsquo;s reforms and have predicted bright future for Indian economy.</p>


Team Jaitley said 83,677 kms of roads would be built over the next five years, creating 'more jobs' and leading to 'more growth'

The government came out all guns blazing, defending the economic measures it has taken in recent years after concerns raised by the opposition on GDP growth. Finance Minister Arun Jaitley, along with economic affairs secretary Subhash Chandra Garg and finance secretary Ashok Lavasa, gave a presentation on the economic plan charted out by the government to put India on a higher-growth track. "There have been lot of discussions and reviews of the economy in the past few weeks within the ministry. When results of the GDP of the first quarter came out then I had said that we will be ready for the response," Jaitley said. India has remained the world's fastest-growing large economy for the past three years, he added. Hailing GST, Subhash Chandra Garg said it has been the biggest reform, along with others like demonetisation and the battle against black money. He then delved into the presentation, giving details about the reduced amount of current account deficit and the overall health of the economy. Then Lavasa took over and talked about how the government is creating more jobs and has increased its public spending. "We have launched the biggest component of road-building programme, the ?Bharat Mala programme which has been cleared by the Union Cabinet today. It will lead to building of 34,800 km of roads," Lavasa said highlighting government’s push towards infrastructure. About 2000 km of coastal roads will be constructed in first phase of Bharat Mala, he added. The government said a total of 83,677 kms of roads would be built over the next five years, creating "more jobs" and leading to "more growth". The second large scheme announced by Team Jaitley today was an "unprecedented" recapitalisation -- by Rs 2.11 lakh crore -- of public sector banks. The recapitalisation, Team Jaitley said, had come after a cleaning up of the banks and their non-performing assets and would encourage the banks to lend to private enterprise. Since it came to power three years ago, the Modi government has taken many bold steps to give boost to India’s economy, like the a new tax regime the Goods and Services Tax and demonetisation. But both the decisions have been slammed by the opposition and other sections of society. The Congress has even said that it will mark November 8, 2017 - the first anniversary of demonetisation - as a 'Black Day'. But the government has been firm in its resolve and has maintained that these economic reforms will have positive impact in long term. Many global bodies, including the IMF, have given thumbs up to government’s reforms and have predicted bright future for Indian economy.

New highways, job creation part of govt plan to push India on high-growth track

<p>The GST rate on restaurants is expected to be lowered to 12% from the current 18%, the Times of India reported Wednesday.&nbsp;</p>

<p>The Times reported that the possible lowering of the GST rates comes after &quot;complaints that restaurants were pocketing the benefit of input tax credit for taxes paid by suppliers&quot;&nbsp;and because the tax burden on people eating out was high.</p>

<p>&quot;It is one segment that was not passing on the benefits to consumers,&quot; the Times reported a senior officer as saying.</p>

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<h5>It was not yet clear what the GST rate imposed on five-star hotels would be</h5>
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<p>The Times reported that should the GST rate be lowered, there will then be two rates for restaurants.&nbsp;</p>

<p>Five per cent for restaurants with a turnover of up to Rs 1 crore and which opt for the composition scheme, and 12% for others.&nbsp;</p>

<p>The Times added that it was not yet clear what the GST rate imposed on five-star hotels would be.&nbsp;</p>

<p>The current GST rate imposed on air-conditioned restaurants is 18%, and that on non-AC restaurants is 12%.&nbsp;<br />
&nbsp;</p>


The GST rates could be lowered because of complaints that restaurants were pocketing the benefit of input tax credit for taxes paid by suppliers

The GST rate on restaurants is expected to be lowered to 12% from the current 18%, the Times of India reported Wednesday. The Times reported that the possible lowering of the GST rates comes after "complaints that restaurants were pocketing the benefit of input tax credit for taxes paid by suppliers" and because the tax burden on people eating out was high. "It is one segment that was not passing on the benefits to consumers," the Times reported a senior officer as saying. It was not yet clear what the GST rate imposed on five-star hotels would be × The Times reported that should the GST rate be lowered, there will then be two rates for restaurants. Five per cent for restaurants with a turnover of up to Rs 1 crore and which opt for the composition scheme, and 12% for others. The Times added that it was not yet clear what the GST rate imposed on five-star hotels would be. The current GST rate imposed on air-conditioned restaurants is 18%, and that on non-AC restaurants is 12%.

GST rates on restaurants may be lowered

<p>The Congress party&nbsp;on Monday&nbsp;downplayed Union Finance Minister Arun Jaitley`s assertion that world is praising India for demonetisation and Goods and Services Tax (GST) and said they are living in delusion.</p>

<p>Speaking to ANI, Congress leader Ranjeet Ranjan said, &quot;Jaitley ji is saying that world is praising India for demonetisation and GST. On that note, we should also not forget about the statements made by their own party leader Yashwant Sinha and Arun Shourie&quot;.</p>

<p>She added &quot;they are in a delusion that the world is impressed with India`s structural reforms. On what basis he is saying that all the countries across the world are praising India for these reforms? They are not even able to provide employment. Jaitley ji is senior advocate but not a Finance Minister.</p>

<p>&quot;The Union Finance Minister&nbsp;on Saturday&nbsp;said that countries across the world are lauding India for having the guts to bring in major structural reforms like demonetisation and Goods and Services Tax (GST).</p>

<p>In an exclusive interview with ANI, the Finance Minister, who was in the US to attend the annual meeting of the IMF and World Bank, said that the comments made by the experts worldwide on India`s structural reforms underline the country`s confident image.&nbsp;</p>

<p><img src="https://ssl.gstatic.com/ui/v1/icons/mail/images/cleardot.gif" /></p>


'They are in a delusion that the world is impressed with India`s structural reforms. On what basis he is saying that all the countries across the world are praising India for these reforms? They are not even able to provide employment', said the Congress leader

The Congress party on Monday downplayed Union Finance Minister Arun Jaitley`s assertion that world is praising India for demonetisation and Goods and Services Tax (GST) and said they are living in delusion. Speaking to ANI, Congress leader Ranjeet Ranjan said, "Jaitley ji is saying that world is praising India for demonetisation and GST. On that note, we should also not forget about the statements made by their own party leader Yashwant Sinha and Arun Shourie". She added "they are in a delusion that the world is impressed with India`s structural reforms. On what basis he is saying that all the countries across the world are praising India for these reforms? They are not even able to provide employment. Jaitley ji is senior advocate but not a Finance Minister. "The Union Finance Minister on Saturday said that countries across the world are lauding India for having the guts to bring in major structural reforms like demonetisation and Goods and Services Tax (GST). In an exclusive interview with ANI, the Finance Minister, who was in the US to attend the annual meeting of the IMF and World Bank, said that the comments made by the experts worldwide on India`s structural reforms underline the country`s confident image.

BJP living in delusion: Congress on Jaitley's remark on GST, demonetisation

<p>India has the potential to grow at a reasonably high level in the next decade or two, owing to some structural changes by the government and a turnaround in the global economy, Finance Minister Arun Jaitley said today.</p>

<p>The whole environment of doing business has changed in a matter of months, Jaitley told a Washington audience at an event organised by the US-India Strategic and Partnership Forum.</p>

<p>&quot;India has the potential to grow at a reasonably high level in the next one-two decades. This is mainly because of the series of structural reforms being carried out by the government, turnaround in the global economy, and the massive investment opportunity that the infrastructure sector offers,&quot; said Jaitley.</p>

<p>&quot;I am certain that now that the growth is returning back to the world, the future holds an important direction as far as India is concerned. The sheer size of the country and economy would offer huge opportunity for investment in India in the next few years,&quot; he said.</p>

<p>Jaitley said that when the BJP government came to power in 2014, it had the choice to look the other way and allow the shadow economy to continue.</p>

<p>&quot;But it did not do so, as it took a series of courageous steps which ultimately culminated in demonetisation of high- value currency,&quot; the finance minister said.</p>

<p>The government knew that there would be short-term impact on the economy, Jaitley said, &quot;but, in the long term, it would benefit the country,&quot; he told a gathering of investors and corporate leaders.</p>

<p>In an effort to pitch India as an investor-friendly destination, the finance minister said that his government had taken a series of steps to improve the ease of doing business.</p>

<p>&quot;India today is one of the most open, globally integrated economy. In the last few years, we are moving up the ease of doing business ranking,&quot; he said, as he listed out some of the key initiatives by his government.</p>

<p>Among these are the &quot;massive steps&quot; that the Indian government has taken in using new digital technologies for governance and making them beneficial to the people, Jaitley said.</p>

<p>&quot;Today, almost everyone is connected to the banking system. Almost every adult in India has biometric. The integrated data has helped the government to reach every citizen on digital platform,&quot; he said.</p>

<p>&quot;This has helped us save billions of dollars,&quot; he said, adding that India is now using technology &quot;in a big way&quot; in order to ensure that the resources reaches the intended population.</p>

<p>Speaking about the Goods and Services Tax (GST), Jaitley said it was &quot;a more efficient system which has brought the country together, even economically, allowed free flow of goods and services across the country.&quot;</p>

<p>However, he conceded, that it could cause disruption for a quarter or two.</p>

<p>The event closed a week of meetings that the minister attended in the US, including the annual meetings of the International Monetary Fund and the World Bank.</p>

<p>Members of the USISPF audience included senior representatives from companies such as Apple, Boeing, Google, etc. While senior officials from different departments of the US government also participated in the programme.</p>

<p>Mukesh Aghi, president of USISPF, noted the importance of the minister?s visit, saying India had witnessed vast reforms and gained an ability for significant economic growth in the last few years thereby opening it to huge investment potential.</p>

<p>&quot;US companies and investors are very much aware of the reforms the Indian government is making in order to expand the economy,&quot; he said.</p>

<p>&quot;With future reforms and increased partnership between US and Indian businesses, there is promising potential for this already important relationship,&quot; he said.&nbsp;<br />
&nbsp;</p>


The finance minister attributed the high potential for growth to structural changes by the government and a turnaround in the global economy

India has the potential to grow at a reasonably high level in the next decade or two, owing to some structural changes by the government and a turnaround in the global economy, Finance Minister Arun Jaitley said today. The whole environment of doing business has changed in a matter of months, Jaitley told a Washington audience at an event organised by the US-India Strategic and Partnership Forum. "India has the potential to grow at a reasonably high level in the next one-two decades. This is mainly because of the series of structural reforms being carried out by the government, turnaround in the global economy, and the massive investment opportunity that the infrastructure sector offers," said Jaitley. "I am certain that now that the growth is returning back to the world, the future holds an important direction as far as India is concerned. The sheer size of the country and economy would offer huge opportunity for investment in India in the next few years," he said. Jaitley said that when the BJP government came to power in 2014, it had the choice to look the other way and allow the shadow economy to continue. "But it did not do so, as it took a series of courageous steps which ultimately culminated in demonetisation of high- value currency," the finance minister said. The government knew that there would be short-term impact on the economy, Jaitley said, "but, in the long term, it would benefit the country," he told a gathering of investors and corporate leaders. In an effort to pitch India as an investor-friendly destination, the finance minister said that his government had taken a series of steps to improve the ease of doing business. "India today is one of the most open, globally integrated economy. In the last few years, we are moving up the ease of doing business ranking," he said, as he listed out some of the key initiatives by his government. Among these are the "massive steps" that the Indian government has taken in using new digital technologies for governance and making them beneficial to the people, Jaitley said. "Today, almost everyone is connected to the banking system. Almost every adult in India has biometric. The integrated data has helped the government to reach every citizen on digital platform," he said. "This has helped us save billions of dollars," he said, adding that India is now using technology "in a big way" in order to ensure that the resources reaches the intended population. Speaking about the Goods and Services Tax (GST), Jaitley said it was "a more efficient system which has brought the country together, even economically, allowed free flow of goods and services across the country." However, he conceded, that it could cause disruption for a quarter or two. The event closed a week of meetings that the minister attended in the US, including the annual meetings of the International Monetary Fund and the World Bank. Members of the USISPF audience included senior representatives from companies such as Apple, Boeing, Google, etc. While senior officials from different departments of the US government also participated in the programme. Mukesh Aghi, president of USISPF, noted the importance of the minister?s visit, saying India had witnessed vast reforms and gained an ability for significant economic growth in the last few years thereby opening it to huge investment potential. "US companies and investors are very much aware of the reforms the Indian government is making in order to expand the economy," he said. "With future reforms and increased partnership between US and Indian businesses, there is promising potential for this already important relationship," he said.

India has high growth potential for next two decades: Arun Jaitley

<p>There is a &quot;positive mood&quot; about India in the US and the American investors have a clear understanding of the reforms that the government is undertaking for the expansion of economy and their future potential, Finance Minister Arun Jaitley has said.<br />
<br />
The finance minister, who is on a week-long visit to the US, is leading a high-powered Indian delegation to attend the annual meeting of the International Monetary Fund and the World bank.</p>

<p>(Also Read:&nbsp;<a href="http://http://www.wionews.com/india-news/strong-case-to-bring-real-estate-under-gst-arun-jaitley-at-harvard-22336">Strong case to bring real estate under GST: Arun Jaitley at Harvard</a>)<br />
<br />
He has already visited New York and Boston where&nbsp;he addressed investors and held meetings with top corporate leaders, besides interacting&nbsp;with students of the Columbia and Harvard universities.<br />
<br />
&quot;American investors have a very clear understanding of the kind of reforms that India is undertaking for the expansion of the economy. They have also a clear idea of the future potential,&quot; Mr Jaitley said at an event organised by the Federation of Indian Chambers of Commerce and Industries or FICCI at the IMF headquarters here.</p>

<p>&quot;I have found in the last four days that I have been addressing investors, meeting investors and dealing with their queries. I see a certain positive mood about India,&quot; Jaitley said yesterday when asked about the feedback he received from the Trump Administration officials and US investors.</p>

<p>After his arrival in Washington, Jaitley held meetings with Treasury Secretary Steven Mnuchin and Commerce Secretary Wilbur Ross during which they discussed bilateral trade and economic relationship and issues of mutual concerns.</p>

<p>&quot;Appreciated discussing US-India bilateral economic issues&quot; with Jaitley, Mnuchin said later in a tweet.</p>

<p>On the first day of his visit to Washington, Jaitley also participated in a working luncheon of G-20 Ministers.</p>

<p>He is scheduled to participate in the Annual Meetings Plenary, G-20 Finance Ministers and Central Bank Governors&#39; (CBGs) meeting and Development Committee Luncheon meeting among others today.</p>

<p>Later, he will participate in the Finance Ministers&#39; meeting with Multilateral Development Banks and hold separate bilateral meetings with his counterparts from Italy and Iran.</p>

<p>Jaitley&#39;s meeting with the Iranian Finance Minister would come hours after US President Donald Trump announces his new Iran policy.</p>

<p>Later in the evening, the minister will participate in a special event to be hosted by US India Strategic Partnership Forum (USISPF) on the theme of &quot;Indian Economy: Prospects and Challenges&quot;.<br />
Jaitley is scheduled to participate in the IMFC Restricted Breakfast Session and its plenary session on October 14.</p>

<p>In the afternoon, he will host a lunch for The Constituency Members consisting of Bangladesh, Bhutan, Nepal and Sri Lanka. He will participate in the 96th Meeting of the Development Committee Plenary before leaving for India on Sunday.&nbsp;</p>


The finance minister said American investors have a clear understanding of the reforms that the government is undertaking for the expansion of economy

There is a "positive mood" about India in the US and the American investors have a clear understanding of the reforms that the government is undertaking for the expansion of economy and their future potential, Finance Minister Arun Jaitley has said. The finance minister, who is on a week-long visit to the US, is leading a high-powered Indian delegation to attend the annual meeting of the International Monetary Fund and the World bank. (Also Read: Strong case to bring real estate under GST: Arun Jaitley at Harvard) He has already visited New York and Boston where he addressed investors and held meetings with top corporate leaders, besides interacting with students of the Columbia and Harvard universities. "American investors have a very clear understanding of the kind of reforms that India is undertaking for the expansion of the economy. They have also a clear idea of the future potential," Mr Jaitley said at an event organised by the Federation of Indian Chambers of Commerce and Industries or FICCI at the IMF headquarters here. "I have found in the last four days that I have been addressing investors, meeting investors and dealing with their queries. I see a certain positive mood about India," Jaitley said yesterday when asked about the feedback he received from the Trump Administration officials and US investors. After his arrival in Washington, Jaitley held meetings with Treasury Secretary Steven Mnuchin and Commerce Secretary Wilbur Ross during which they discussed bilateral trade and economic relationship and issues of mutual concerns. "Appreciated discussing US-India bilateral economic issues" with Jaitley, Mnuchin said later in a tweet. On the first day of his visit to Washington, Jaitley also participated in a working luncheon of G-20 Ministers. He is scheduled to participate in the Annual Meetings Plenary, G-20 Finance Ministers and Central Bank Governors' (CBGs) meeting and Development Committee Luncheon meeting among others today. Later, he will participate in the Finance Ministers' meeting with Multilateral Development Banks and hold separate bilateral meetings with his counterparts from Italy and Iran. Jaitley's meeting with the Iranian Finance Minister would come hours after US President Donald Trump announces his new Iran policy. Later in the evening, the minister will participate in a special event to be hosted by US India Strategic Partnership Forum (USISPF) on the theme of "Indian Economy: Prospects and Challenges". Jaitley is scheduled to participate in the IMFC Restricted Breakfast Session and its plenary session on October 14. In the afternoon, he will host a lunch for The Constituency Members consisting of Bangladesh, Bhutan, Nepal and Sri Lanka. He will participate in the 96th Meeting of the Development Committee Plenary before leaving for India on Sunday.

'Positive mood' about India in US: Arun Jaitley

<p>Finance Minister Arun Jaitley, who is on a week-long visit to the US, said on Monday that India&#39;s transition to the Goods and Services Tax (GST) regime has been &quot;fairly smooth&quot; despite attempts by &quot;ill-informed&quot; Opposition leaders to derail its implementation.</p>

<p>The finance minister said the transition had been smooth because the government had introduced the lowest tax slab of five per cent which does not exist anywhere in the world so as to bring the non-compliant into the tax network.</p>

<p>&quot;So the lowest slab in India is five per cent, which doesn&#39;t exist anywhere in the world. That is because of the non-compliant tax character of the Indian society. You make it easy for people to enter the taxation system that you are able to expand. In the GST, for up to 10 million turnover we now have a scheme for them,&quot; he said.</p>

<p>&quot;We are trying to bring them into the tax net because the first two months data has shown that almost 95 per cent of the tax is just being paid by 400,000 accesses.&nbsp;</p>

<p>Therefore, it&#39;s very top heavy in terms of payment. And there&#39;s a need to continue to expand the tax base at the bottom itself,&quot; he said.</p>

<p>The finance minister said that governments in the Opposition-ruled states were not listening to their leaders since they knew that &quot;80 per cent of the money&quot; would come into the state coffers and they did not want revenues of their states to suffer.</p>

<p>&quot;Many attempts have been made by political groups to derail the GST, but I am glad that their own state governments are not listening to them because they know 80 per cent of the money is going to come to them so they don&#39;t have to appease an ill-informed central leader of the party and let the revenues of their own state suffer,&quot; Jaitley told an audience in New York.</p>

<p>&quot;So, the state governments are being wiser,&quot; Mr Jaitley said in response to a question during an event titled &#39;India&#39;s market Reforms: The Way Forward&#39; organised by the Confederation of Indian Industry in association with the US Chambers of Commerce.</p>

<p>The finance minister is in the US to attend the annual meetings of the International Monetary Fund and the World Bank.</p>

<p>He said that the GST Council was India&#39;s first genuine federal institution and met every month to review the monthly situation, take decisions, review rates and changes of rates which will take place in the times to come itself.</p>

<p>Arun Jaitley said the obvious problem in the GST was that the non-compliant were going to eventually come into the net because of which complaints were inevitable.</p>

<p>&quot;And therefore there are going to be different complaints -- some legitimate, some manufactured thrown up by the non-compliant how GST is creating a problem for them,&quot; he said. The finance minister emphasised that the government needs to have capacity to distinguish between a genuine and a manufactured complaint.</p>

<p>Arun Jaitley said the global integration of the Indian economy was happening at a time when other economies were becoming more protectionist.</p>

<p>He asserted that India was now a better place to do business with because of the series of steps being taken by the government in the last three years including simplifying proceedures, abolishing the Foreign Investment Promotion Board and enabling 95 per cent of the investments through the automatic route.</p>

<p>He said 99 per cent of tax queries were addressed online and states were being ranked on the ease of doing business.</p>

<p>He added that India was now capable of taking big decisions and implementing them on a large scale.</p>

<p>Mr Jaitley said as many as 250 highways projects were under construction and that India now had the surplus power and the capacity of Indian ports had been expanded.</p>

<p>Responding to a question on digital payments, the finance minister said the younger generation was taking on to modern payment methods in a big way.</p>

<p>He also said government benefits were linked directly to bank accounts. The government has introduced low-cost insurance policies to incentivise the bank holders, he<br />
said.</p>

<p>Jaitley also addressed American investors on recent economic reform initiatives.</p>

<p>He will address the Columbia University students today.</p>

<p>But before arriving in Washington DC for the annual IMF and World Bank meetings, the finance minister will travel to Boston and address the students of the Harvard University. He will also interact with the US business community in the city.</p>

<p>During his three day stay at Washington, the finance minister will hold a bilateral meeting with US Commerce Secretary Wilbur Ross.</p>

<p>He will also participate in an interactive seminar organised by the FICCI on -- &quot;India Opportunity Conference&quot; and attend the G-20 Finance Ministers and Central Bank Governors&#39; Working Dinner on October 12.&nbsp;</p>


The finance minister said the Opposition's own state governments are not listening to them 'because they know 80 per cent of the money is going to come to them'

Finance Minister Arun Jaitley, who is on a week-long visit to the US, said on Monday that India's transition to the Goods and Services Tax (GST) regime has been "fairly smooth" despite attempts by "ill-informed" Opposition leaders to derail its implementation. The finance minister said the transition had been smooth because the government had introduced the lowest tax slab of five per cent which does not exist anywhere in the world so as to bring the non-compliant into the tax network. "So the lowest slab in India is five per cent, which doesn't exist anywhere in the world. That is because of the non-compliant tax character of the Indian society. You make it easy for people to enter the taxation system that you are able to expand. In the GST, for up to 10 million turnover we now have a scheme for them," he said. "We are trying to bring them into the tax net because the first two months data has shown that almost 95 per cent of the tax is just being paid by 400,000 accesses. Therefore, it's very top heavy in terms of payment. And there's a need to continue to expand the tax base at the bottom itself," he said. The finance minister said that governments in the Opposition-ruled states were not listening to their leaders since they knew that "80 per cent of the money" would come into the state coffers and they did not want revenues of their states to suffer. "Many attempts have been made by political groups to derail the GST, but I am glad that their own state governments are not listening to them because they know 80 per cent of the money is going to come to them so they don't have to appease an ill-informed central leader of the party and let the revenues of their own state suffer," Jaitley told an audience in New York. "So, the state governments are being wiser," Mr Jaitley said in response to a question during an event titled 'India's market Reforms: The Way Forward' organised by the Confederation of Indian Industry in association with the US Chambers of Commerce. The finance minister is in the US to attend the annual meetings of the International Monetary Fund and the World Bank. He said that the GST Council was India's first genuine federal institution and met every month to review the monthly situation, take decisions, review rates and changes of rates which will take place in the times to come itself. Arun Jaitley said the obvious problem in the GST was that the non-compliant were going to eventually come into the net because of which complaints were inevitable. "And therefore there are going to be different complaints -- some legitimate, some manufactured thrown up by the non-compliant how GST is creating a problem for them," he said. The finance minister emphasised that the government needs to have capacity to distinguish between a genuine and a manufactured complaint. Arun Jaitley said the global integration of the Indian economy was happening at a time when other economies were becoming more protectionist. He asserted that India was now a better place to do business with because of the series of steps being taken by the government in the last three years including simplifying proceedures, abolishing the Foreign Investment Promotion Board and enabling 95 per cent of the investments through the automatic route. He said 99 per cent of tax queries were addressed online and states were being ranked on the ease of doing business. He added that India was now capable of taking big decisions and implementing them on a large scale. Mr Jaitley said as many as 250 highways projects were under construction and that India now had the surplus power and the capacity of Indian ports had been expanded. Responding to a question on digital payments, the finance minister said the younger generation was taking on to modern payment methods in a big way. He also said government benefits were linked directly to bank accounts. The government has introduced low-cost insurance policies to incentivise the bank holders, he said. Jaitley also addressed American investors on recent economic reform initiatives. He will address the Columbia University students today. But before arriving in Washington DC for the annual IMF and World Bank meetings, the finance minister will travel to Boston and address the students of the Harvard University. He will also interact with the US business community in the city. During his three day stay at Washington, the finance minister will hold a bilateral meeting with US Commerce Secretary Wilbur Ross. He will also participate in an interactive seminar organised by the FICCI on -- "India Opportunity Conference" and attend the G-20 Finance Ministers and Central Bank Governors' Working Dinner on October 12.

India's transition to GST 'fairly smooth' despite Opposition attempts to derail it: Arun Jaitley

<p>A big global corporate voice, the Indian-origin CEO of the US-based payments company Mastercard, Ajaypal Singh Banga, has come out in defence of the Indian government.&nbsp;</p>

<p>Banga told WION that one or two quarters of slow economic growth should not impact the pace of reforms.&nbsp;</p>

<p>Banga&#39;s comments come at a time when some of the Indian government&#39;s measures -- demonetisation and the goods and services tax -- have come under severe criticism, and are being blamed for slowing down the economy.&nbsp;</p>

<p>Banga also hailed the reforms undertaken by previous governments, but said the pace of reforms under the current establishment has been quicker. &nbsp;&nbsp;</p>

<p>&quot;India is going through an exciting phase. FDI, GDP, foreign reserves have gone up in the last two decades,&quot; he said. &nbsp;</p>

<p>&quot;Digitisation will give the next boost to the Indian economy,&quot; he said.&nbsp;</p>

<p>&quot;Change has actually accelerated in the last two years,&quot; he added.&nbsp;</p>


Banga told WION that one or two quarters of slow economic growth should not impact the pace of reforms.?

A big global corporate voice, the Indian-origin CEO of the US-based payments company Mastercard, Ajaypal Singh Banga, has come out in defence of the Indian government. Banga told WION that one or two quarters of slow economic growth should not impact the pace of reforms. Banga's comments come at a time when some of the Indian government's measures -- demonetisation and the goods and services tax -- have come under severe criticism, and are being blamed for slowing down the economy. Banga also hailed the reforms undertaken by previous governments, but said the pace of reforms under the current establishment has been quicker. "India is going through an exciting phase. FDI, GDP, foreign reserves have gone up in the last two decades," he said. "Digitisation will give the next boost to the Indian economy," he said. "Change has actually accelerated in the last two years," he added.

WATCH: Not concerned by slowdown in Indian economy, says Mastercard CEO Ajay Banga

<p>Union Finance Minister Arun Jaitley on Sunday stated that people who demand development of the nation need to pay what is required of them, adding that this money needs to be &quot;spent honestly&quot;.</p>

<p>Delivering the Valedictory Address at National Academy of Customs Excise and Narcotics (NACIN) Founding Day and Passing-out Ceremony of the 67th Batch of Indian Revenue Services (IRS) officers (C and CE), Jaitley opined that &quot;revenue is the lifeline of governance&quot;, and would help in taking India from a developing to developed economy.</p>

<p>&quot;In a society which did not conventionally mind being a non-tax complaint one, people are realising the virtues of compliance which comes with passage of time. This is the reason for tax integration. Once change is established, we will have scope and space for improvement. And once we become revenue neutral, we need to think of better reforms,&quot; he said.</p>

<p>Urging tax compliance, the Union Minister stated that there are no grey areas in taxation, adding that tax officers need to be firm and fair to ensure that those liable to pay are complying, and those not falling within the bracket are not unnecessarily burdened.</p>

<p>&quot;India is going through indirect taxation at a time when the economy is growing. Direct tax is paid by the more affluent sections, while indirect tax is a burden on all. This is why, in our fiscal policy, we try to make sure that basic commodities are least taxed,&quot; he said.</p>

<p>Lauding the passing out batch of officers and the NACIN for its commitment in introspecting and perfecting the system, Jaitley stated that civil services, which was once considered elite, has now seen massive social and geographical spread and has radically changed to become a mirror of the Indian society.</p>

<p>Further, Jaitley said the connect to the roots is far greater, and the last two years provided an opportunity to the officers to have a closer look at the country and assess the real situation of the society. This, he said, lead to socio-economic expansion of the service.</p>

<p>Advising the outgoing batch, Jaitley said they must maintain proper conduct and credibility, and ensure fairness in all orders with a thorough approach.</p>

<p>&quot;You are at the threshold of a new career. There are multiple paths available. Some can take you off track, while some can ensure stability. Undoubtedly, the latter is the more difficult one to choose. However, it is the more stable and credible path, and more likely to render success,&quot; he said.</p>

<p>&quot;Your peers and seniors can be your best judge. When in doubt, comply with the rule book. Standards of fairness and compliance must be the highest. You do not have to invite fear for this. The distinction is very subtle but exists. You must all endeavor to come out with flying colours,&quot; concluded Jaitley.</p>


The finance minister urged tax compliance

Union Finance Minister Arun Jaitley on Sunday stated that people who demand development of the nation need to pay what is required of them, adding that this money needs to be "spent honestly". Delivering the Valedictory Address at National Academy of Customs Excise and Narcotics (NACIN) Founding Day and Passing-out Ceremony of the 67th Batch of Indian Revenue Services (IRS) officers (C and CE), Jaitley opined that "revenue is the lifeline of governance", and would help in taking India from a developing to developed economy. "In a society which did not conventionally mind being a non-tax complaint one, people are realising the virtues of compliance which comes with passage of time. This is the reason for tax integration. Once change is established, we will have scope and space for improvement. And once we become revenue neutral, we need to think of better reforms," he said. Urging tax compliance, the Union Minister stated that there are no grey areas in taxation, adding that tax officers need to be firm and fair to ensure that those liable to pay are complying, and those not falling within the bracket are not unnecessarily burdened. "India is going through indirect taxation at a time when the economy is growing. Direct tax is paid by the more affluent sections, while indirect tax is a burden on all. This is why, in our fiscal policy, we try to make sure that basic commodities are least taxed," he said. Lauding the passing out batch of officers and the NACIN for its commitment in introspecting and perfecting the system, Jaitley stated that civil services, which was once considered elite, has now seen massive social and geographical spread and has radically changed to become a mirror of the Indian society. Further, Jaitley said the connect to the roots is far greater, and the last two years provided an opportunity to the officers to have a closer look at the country and assess the real situation of the society. This, he said, lead to socio-economic expansion of the service. Advising the outgoing batch, Jaitley said they must maintain proper conduct and credibility, and ensure fairness in all orders with a thorough approach. "You are at the threshold of a new career. There are multiple paths available. Some can take you off track, while some can ensure stability. Undoubtedly, the latter is the more difficult one to choose. However, it is the more stable and credible path, and more likely to render success," he said. "Your peers and seniors can be your best judge. When in doubt, comply with the rule book. Standards of fairness and compliance must be the highest. You do not have to invite fear for this. The distinction is very subtle but exists. You must all endeavor to come out with flying colours," concluded Jaitley.

Jaitley: Those demanding development must pay what's required of them

<p>Responding to A<a href="http://www.wionews.com/india-news/yashwant-sinhas-criticism-of-economy-based-on-personal-frustration-bjp-20807" target="_blank">run Jaitley</a>, Yashwant Sinha has said that the&nbsp;<a href="http://www.wionews.com/india-news/yashwant-sinhas-criticism-of-economy-based-on-personal-frustration-bjp-20807" target="_blank">finance minister</a>&nbsp;has delivered a well-researched speech but he did not stick to the advice of senior BJP leader LK Advani to refrain from personal attacks.&nbsp;</p>

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<p dir="ltr" lang="en">He delivered a well researched speech but overlooked Advani Ji&#39;s advice to refrain from personal attacks: Yashwant Sinha on FM Arun Jaitley <a href="https://t.co/TH59Jl2wAH">pic.twitter.com/TH59Jl2wAH</a></p>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/913640761320644608?ref_src=twsrc%5Etfw">September 29, 2017</a></blockquote>
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<p>Replying to Jaitley&#39;s remark of &quot;job applicant at 80&quot;,&nbsp;Sinha has said&nbsp;he did not come to politics after retirement.</p>

<p>&quot;I&nbsp;left my&nbsp;post in IAS so I could not be asking for a job at the age of 80 years&quot;.&nbsp;</p>

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<p dir="ltr" lang="en">I did not come to politics after retirement. I left my post in IAS. So I could not be asking for job at the age of 80 yrs: Yashwant Sinha <a href="https://t.co/Ds3G9qlgYh">pic.twitter.com/Ds3G9qlgYh</a></p>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/913640939163238400?ref_src=twsrc%5Etfw">September 29, 2017</a></blockquote>
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<p>He also questioned the people calling him useless.&nbsp;</p>

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<p dir="ltr" lang="en">They say I was useless as a minister. How could they have given me the ministry of External Affairs if I was so useless?: Yashwant Sinha <a href="https://t.co/LzTA73dtE4">pic.twitter.com/LzTA73dtE4</a></p>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/913641451975614464?ref_src=twsrc%5Etfw">September 29, 2017</a></blockquote>
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<p>Hitting at the government&#39;s claim of ending corruption, he said the Pakistan prime minister has been ousted due to his involvement in Panama Case.</p>

<p>&quot;What measures have been taken by the government here against Panama leaks and how much black money has been recovered by Arun Jaitley&quot;.&nbsp;</p>

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<p dir="ltr" lang="en">In Pak they ousted PM due to involvement in Panama Case, what did they do here? How much black money did Arun Jaitley bring back?: Y Sinha <a href="https://t.co/YaMEK8G9pU">pic.twitter.com/YaMEK8G9pU</a></p>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/913642907332091904?ref_src=twsrc%5Etfw">September 29, 2017</a></blockquote>
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<p>He claimed that during his tenure in the finance ministry the inflation was kept under control. &nbsp;</p>

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<p dir="ltr" lang="en">During my tenure (as FM) there was never a discussion on inflation in Parliament because we had kept it well under control: Yashwant Sinha <a href="https://t.co/NSQvWdchHw">pic.twitter.com/NSQvWdchHw</a></p>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/913642989909508096?ref_src=twsrc%5Etfw">September 29, 2017</a></blockquote>
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<p>&nbsp;He said that such claims are made only by those leaders who are not attached to the grassroots&nbsp;level.&nbsp;</p>

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<p dir="ltr" lang="hi">Dilli mein baithe hawai neta jinka grasroot se lagav nhi hai vo aisi hi baat karenge,constituency wala kabhi aisa nhi kahega: Yashwant Sinha <a href="https://t.co/qUH0zws8rj">pic.twitter.com/qUH0zws8rj</a></p>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/913646998590414849?ref_src=twsrc%5Etfw">September 29, 2017</a></blockquote>
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<p>On September 27, <a href="http://www.wionews.com/india-news/gst-served-as-second-big-blow-to-economy-yashwant-sinha-hits-back-at-bjp-20780" target="_blank">former finance minister Yashwant Sinha criticised Arun Jaitley </a>for making a mess of Indian economy with measures such as demonetisation and the Goods and Services Tax (GST). He found support in former finance minister P Chidambaram who asked the government to admit the truth.&nbsp;</p>

<p>( Also&nbsp;Read: <a href="http://www.wionews.com/india-news/yashwant-sinha-has-shown-the-mirror-shotguns-defence-of-his-colleague-20776" target="_blank">Yashwant Sinha has shown the mirror: Shotgun&#39;s </a><a href="http://www.wionews.com/india-news/yashwant-sinha-has-shown-the-mirror-shotguns-defence-of-his-colleague-20776" target="_blank">defence</a><a href="http://www.wionews.com/india-news/yashwant-sinha-has-shown-the-mirror-shotguns-defence-of-his-colleague-20776" target="_blank"> of his colleague</a>)&nbsp;</p>

<p>To this, the BJP government on September 28 had accused its senior leader Yashwant Sinha of sympathising with &quot;jobless&quot; Congress leaders including Rahul Gandhi and P Chidambaram.</p>

<p>They said that Sinha&#39;s criticism of the government&#39;s economy was due to his personal frustration.&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>


What measures have been taken by the government here against Panama leaks and how much black money has been recovered by Arun Jaitley, Yashwant Sinha asked.

Responding to Arun Jaitley, Yashwant Sinha has said that the finance minister has delivered a well-researched speech but he did not stick to the advice of senior BJP leader LK Advani to refrain from personal attacks. He delivered a well researched speech but overlooked Advani Ji's advice to refrain from personal attacks: Yashwant Sinha on FM Arun Jaitley pic.twitter.com/TH59Jl2wAH — ANI (@ANI) September 29, 2017 × Replying to Jaitley's remark of "job applicant at 80", Sinha has said he did not come to politics after retirement. "I left my post in IAS so I could not be asking for a job at the age of 80 years". I did not come to politics after retirement. I left my post in IAS. So I could not be asking for job at the age of 80 yrs: Yashwant Sinha pic.twitter.com/Ds3G9qlgYh — ANI (@ANI) September 29, 2017 × He also questioned the people calling him useless. They say I was useless as a minister. How could they have given me the ministry of External Affairs if I was so useless?: Yashwant Sinha pic.twitter.com/LzTA73dtE4 — ANI (@ANI) September 29, 2017 × Hitting at the government's claim of ending corruption, he said the Pakistan prime minister has been ousted due to his involvement in Panama Case. "What measures have been taken by the government here against Panama leaks and how much black money has been recovered by Arun Jaitley". In Pak they ousted PM due to involvement in Panama Case, what did they do here? How much black money did Arun Jaitley bring back?: Y Sinha pic.twitter.com/YaMEK8G9pU — ANI (@ANI) September 29, 2017 × He claimed that during his tenure in the finance ministry the inflation was kept under control. During my tenure (as FM) there was never a discussion on inflation in Parliament because we had kept it well under control: Yashwant Sinha pic.twitter.com/NSQvWdchHw — ANI (@ANI) September 29, 2017 × He said that such claims are made only by those leaders who are not attached to the grassroots level. Dilli mein baithe hawai neta jinka grasroot se lagav nhi hai vo aisi hi baat karenge,constituency wala kabhi aisa nhi kahega: Yashwant Sinha pic.twitter.com/qUH0zws8rj — ANI (@ANI) September 29, 2017 × On September 27, former finance minister Yashwant Sinha criticised Arun Jaitley for making a mess of Indian economy with measures such as demonetisation and the Goods and Services Tax (GST). He found support in former finance minister P Chidambaram who asked the government to admit the truth. ( Also Read: Yashwant Sinha has shown the mirror: Shotgun's defence of his colleague) To this, the BJP government on September 28 had accused its senior leader Yashwant Sinha of sympathising with "jobless" Congress leaders including Rahul Gandhi and P Chidambaram. They said that Sinha's criticism of the government's economy was due to his personal frustration.

'How much black money did Arun Jaitley bring back': Yashwant Sinha

<p>Vice president Venkaiah Naidu on Friday waded into the debate on the state of the Indian economy.</p>

<p>The country, he said, will have to bear temporary pain for long-term gain.&nbsp;</p>

<p>Naidu added that the global economy has slowed down and even China is witnessing a slackening of its economy. But that, in the midst of all the chaos, India still remains a bright spot.</p>

<p>&quot;The temporary things... There will be some problem. Of course, you have to take the temporary pain for long-term gain. I am not getting into this arena. There are other people who are debating, using their skills, forgetting what they have done, what has to be done, what needs to be done,&quot; PTI reported Naidu as saying.</p>

<p>Naidu, who has served as urban development minister, added that there has to be a broader consensus as far as foreign and economic policies are concerned.&nbsp;</p>

<p>Naidu was speaking at a book launch -- Securing India the Modi Way -- in New Delhi.&nbsp;</p>

<p>There has been tremendous criticism of the handling of the Indian economy, which has contracted over six consecutive quarters, in recent days.&nbsp;</p>

<p>Most of that crtiticism&nbsp;has been directed at finance minister, with the blame for the &quot;shocks&quot;&nbsp;of demonetisation and GST also being laid at his feet.&nbsp;</p>


'You have to take the temporary pain for long-term gain,' the vice president said

Vice president Venkaiah Naidu on Friday waded into the debate on the state of the Indian economy. The country, he said, will have to bear temporary pain for long-term gain. Naidu added that the global economy has slowed down and even China is witnessing a slackening of its economy. But that, in the midst of all the chaos, India still remains a bright spot. "The temporary things... There will be some problem. Of course, you have to take the temporary pain for long-term gain. I am not getting into this arena. There are other people who are debating, using their skills, forgetting what they have done, what has to be done, what needs to be done," PTI reported Naidu as saying. Naidu, who has served as urban development minister, added that there has to be a broader consensus as far as foreign and economic policies are concerned. Naidu was speaking at a book launch -- Securing India the Modi Way -- in New Delhi. There has been tremendous criticism of the handling of the Indian economy, which has contracted over six consecutive quarters, in recent days. Most of that crtiticism has been directed at finance minister, with the blame for the "shocks" of demonetisation and GST also being laid at his feet.

Venkaiah Naidu wades into debate on economy, says no gain without pain

<p>Minister of State for Civil Aviation Jayant Sinha today (September 28) defended&nbsp;his father and senior BJP leader <a href="http://www.wionews.com/india-news/will-power-admit-the-truth-chidambaram-on-yashwant-sinhas-attack-on-arun-jaitleys-economic-mess-20728">Yashwant Sinha&#39;s criticism </a>of the &quot;mess&quot; that finance minister Arun Jaitley had made of the economy.</p>

<p>In an editorial in The Times of India, Jayant Sinha countered his father&#39;s criticism that&nbsp;the slowdown in GDP growth rate was because of demonetisation and the recently-introduced Goods and Services Tax (GST).</p>

<p>Jayant Sinha said that demonetisation and the introduction of the GST were structural reforms that were necessary for transforming the economy in the long term and that GDP growth of one or two quarters was insufficient to ascertain the long-term impact of these measures.</p>

<p>The MoS Civil Aviation added that along with digital payments, GST and demonetisation would bring more people under the tax net and create transparency in the economy.</p>

<p>&quot;GST, demonetisation and digital payments are game-changing efforts to formalise India&rsquo;s economy. Transactions that were taking place outside of the tax net and in the informal sector are now being brought into the formal sector. In the long term, formalisation will mean (a) tax collections go up and more resources are available to the state; (b) friction in the economy is reduced and GDP goes up; and (c) citizens are able to establish credit more effectively as transaction records are digitised,&quot; Jayant Sinha wrote.</p>

<p>He said policy-making across industries had become more rules-based, auctions were more transparent and the Bankruptcy Code would provide relief to the long-standing problem of Non performing Assets in the banking sector.</p>

<p>Jayant Sinha also highlighted the benefits that the &quot;rules-based FDI regime&quot; and the linking of the Jan Dhan accounts with the Aadhaar Unique Identification Card had brought to the economy.&quot;</p>

<p>&quot;The Jan Dhan-Aadhaar-Mobile (JAM) trinity is powering Direct Benefit Transfer (DBT) and dramatically reducing leakages. Rs 1.75 lakh crore of benefits have been transferred directly to beneficiaries over the last three years. JAM is weeding out many ghost and fake beneficiaries and cutting out middlemen.&quot;</p>

<p>In an opinion piece in the Indian Express, Yashwant Sinha, former finance minister, criticised his own government, particularly Arun Jaitley and NJP chief Amit Shah, for sinking the economy.</p>

<p>In the opinion piece titled &quot;I need to speak up now&quot;, Yashwant Sinha also called PM Modi&#39;s demonetisation of Rs 500 and Rs 1000 notes an &quot;unmitigated economic disaster&quot;. He also said the recently-introduced Goods and Services Tax (GST) was a &quot;badly conceived and poorly implemented&quot; havoc.</p>

<p>Jayant Sinha&#39;s editorial was on the lines of the BJP&#39;s response yesterday (September 27)in which it rejected Yashwant Sinha&#39;s criticism of the state of economy.</p>

<p>The party had said the Indian economy was the fastest growing in the world and some &quot;uncertainty&quot; was bound to occur when &quot;transformative&quot; measures like demonetisation and the GST are taken.</p>

<p>Top party leaders defended the economic situation. &nbsp;Home Minister Rajnath Singh said the Indian economy is the fastest growing in the world and the country&#39;s credibility has been established in the international arena under the Modi government.</p>

<p>&quot;The whole world admits that India is the fastest growing economy in the world. No one should forget this fact. In the matter of economy, in the international arena, India&#39;s credibility has been established,&quot; he told reporters in reference to Sinha&#39;s views.</p>

<p>Senior party leader and Railway Minister Piyush Goyal said the government would not flinch due to some criticism and &quot;stay the course&quot; as it works to transform the economy.</p>

<p>&quot;There is bound to be some uncertainty when some transformative changes are made. It (economy) may take some amount of time to absorb these changes but this will pass. Challenges come but we will stay the course. The government is steadfast in its resolve to end black money and corruption. It won&#39;t flinch due to some criticism,&quot; he said.</p>

<p><br />
&nbsp;</p>


Jayant Sinha said that demonetisation and the introduction of the GST were structural reforms that were necessary for transforming the economy

Minister of State for Civil Aviation Jayant Sinha today (September 28) defended his father and senior BJP leader Yashwant Sinha's criticism of the "mess" that finance minister Arun Jaitley had made of the economy. In an editorial in The Times of India, Jayant Sinha countered his father's criticism that the slowdown in GDP growth rate was because of demonetisation and the recently-introduced Goods and Services Tax (GST). Jayant Sinha said that demonetisation and the introduction of the GST were structural reforms that were necessary for transforming the economy in the long term and that GDP growth of one or two quarters was insufficient to ascertain the long-term impact of these measures. The MoS Civil Aviation added that along with digital payments, GST and demonetisation would bring more people under the tax net and create transparency in the economy. "GST, demonetisation and digital payments are game-changing efforts to formalise India’s economy. Transactions that were taking place outside of the tax net and in the informal sector are now being brought into the formal sector. In the long term, formalisation will mean (a) tax collections go up and more resources are available to the state; (b) friction in the economy is reduced and GDP goes up; and (c) citizens are able to establish credit more effectively as transaction records are digitised," Jayant Sinha wrote. He said policy-making across industries had become more rules-based, auctions were more transparent and the Bankruptcy Code would provide relief to the long-standing problem of Non performing Assets in the banking sector. Jayant Sinha also highlighted the benefits that the "rules-based FDI regime" and the linking of the Jan Dhan accounts with the Aadhaar Unique Identification Card had brought to the economy." "The Jan Dhan-Aadhaar-Mobile (JAM) trinity is powering Direct Benefit Transfer (DBT) and dramatically reducing leakages. Rs 1.75 lakh crore of benefits have been transferred directly to beneficiaries over the last three years. JAM is weeding out many ghost and fake beneficiaries and cutting out middlemen." In an opinion piece in the Indian Express, Yashwant Sinha, former finance minister, criticised his own government, particularly Arun Jaitley and NJP chief Amit Shah, for sinking the economy. In the opinion piece titled "I need to speak up now", Yashwant Sinha also called PM Modi's demonetisation of Rs 500 and Rs 1000 notes an "unmitigated economic disaster". He also said the recently-introduced Goods and Services Tax (GST) was a "badly conceived and poorly implemented" havoc. Jayant Sinha's editorial was on the lines of the BJP's response yesterday (September 27)in which it rejected Yashwant Sinha's criticism of the state of economy. The party had said the Indian economy was the fastest growing in the world and some "uncertainty" was bound to occur when "transformative" measures like demonetisation and the GST are taken. Top party leaders defended the economic situation. Home Minister Rajnath Singh said the Indian economy is the fastest growing in the world and the country's credibility has been established in the international arena under the Modi government. "The whole world admits that India is the fastest growing economy in the world. No one should forget this fact. In the matter of economy, in the international arena, India's credibility has been established," he told reporters in reference to Sinha's views. Senior party leader and Railway Minister Piyush Goyal said the government would not flinch due to some criticism and "stay the course" as it works to transform the economy. "There is bound to be some uncertainty when some transformative changes are made. It (economy) may take some amount of time to absorb these changes but this will pass. Challenges come but we will stay the course. The government is steadfast in its resolve to end black money and corruption. It won't flinch due to some criticism," he said.

Structural reforms necessary: Jayant Sinha's rejoinder to father Yashwant Sinha

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