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.

&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.

&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.

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.

&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.

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.

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.

&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.

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.

&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.

&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.

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;

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.

&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.

&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; 
&nbsp;

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

Defence Minister Arun Jaitley&nbsp;hinted that he will not retain the portfolio for long. He also added that it was not up to him to decide.

Asked about his tenure as the defence minister, Arun Jaitley, &quot;At least I hope not for very long. That&#39;s anyway not me to decide.&quot;

Arun Jaitley, who also holds the finance portfolio,&nbsp;was handed the charge defence ministry in March after the resignation of then defence minister Manohar Parrikar before he took charge as the chief minister of Goa.

He is likely to drop one of the ministries by next month, a media report quoted a source as saying.

A major cabinet reshuffle is also on the cards&nbsp;before Prime Minister Narendra Modi leaves on Sunday for a BRICS summit in China, media reports said.

A change of guard in the Railways Ministry seems imminent after a recent spate of accidents.

Railway Minister Suresh Prabhu met PM Modi and offered to quit but was &quot;asked to wait&quot;.

Jaitley yesterday spoke about how demonetisation had hit the funds of terrorists and separatists in Jammu and Kashmir and Chhattisgarh.

The finance minister had said the ban of Rs 500 and Rs 1000 notes had resulted in a cash crunch and in a shortage of stone-pelters for separatists.

&quot;For the first time, the RBI has scrutinised each note, which has helped them differentiate between fake notes from the authentic ones. The cash squeeze is evident, since these terrorist elements are finding it difficult to mobilise support for them. Without enough cash notes, it is difficult to gather stone throwers as before,&quot; Arun Jaitley said.

The finance minister said his next step would be to put an end to black money used in elections, adding that the final stage of proposals was being deliberated.&nbsp;

The finance minister, who also serves as defence minister, said it was not up to him to decide how long he would continue in the post

Defence Minister Arun Jaitley hinted that he will not retain the portfolio for long. He also added that it was not up to him to decide. Asked about his tenure as the defence minister, Arun Jaitley, "At least I hope not for very long. That's anyway not me to decide." Arun Jaitley, who also holds the finance portfolio, was handed the charge defence ministry in March after the resignation of then defence minister Manohar Parrikar before he took charge as the chief minister of Goa. He is likely to drop one of the ministries by next month, a media report quoted a source as saying. A major cabinet reshuffle is also on the cards before Prime Minister Narendra Modi leaves on Sunday for a BRICS summit in China, media reports said. A change of guard in the Railways Ministry seems imminent after a recent spate of accidents. Railway Minister Suresh Prabhu met PM Modi and offered to quit but was "asked to wait". Jaitley yesterday spoke about how demonetisation had hit the funds of terrorists and separatists in Jammu and Kashmir and Chhattisgarh. The finance minister had said the ban of Rs 500 and Rs 1000 notes had resulted in a cash crunch and in a shortage of stone-pelters for separatists. "For the first time, the RBI has scrutinised each note, which has helped them differentiate between fake notes from the authentic ones. The cash squeeze is evident, since these terrorist elements are finding it difficult to mobilise support for them. Without enough cash notes, it is difficult to gather stone throwers as before," Arun Jaitley said. The finance minister said his next step would be to put an end to black money used in elections, adding that the final stage of proposals was being deliberated.

Hope not for very long: Arun Jaitley on defence minister portfolio

Terrorists in the Kashmir Valley are now on the run and they cannot continue to terrorise people for decades, Defence Minister Arun Jaitley said today (August 13), maintaining that the government&#39;s priority was to clean up the Kashmir Valley of armed militants.

He said the terrorists in Kashmir were &quot;now under great pressure&quot; and the financial crunch caused by demonetisation and the action taken by National Investigation Agency (NIA) on illegal foreign fundings have checked illegal activities in Jammu and Kashmir in large scale.

&quot;Today no big militant can dream of committing terror acts and continue to terrorise the Valley for decades, but today their life shelf has dwindled to a few months. I will specifically praise the Jammu &amp; Kashmir police for working hard (towards eliminating terrorists),&quot; he said.

Jaitley said the country faced two serious threats -- one with respect to Jammu and Kashmir with maximum incidents happening from across the border, and second being the problem of naxalism in central parts of the country.

&quot;Since independence, Pakistan has never agreed that Kashmir is an integral part of India. That has been their unfinished agenda. They tried conventional war. But India&#39;s capability was way ahead in the conventional war. The wars of 1965, 1971 and Kargil clearly proved this,&quot; he said.

Jaitley said in the 1990s, they started changing their strategies and resorted to encouraging terrorism inside the country.

&quot;There is domination of our forces on the Line of Control (LoC) and the international border and it is difficult for terrorists to cross them,&quot; he said at the India TV Conclave &#39;Vande Mataram&#39;.

Jaitley, who was participating in a television programme,&nbsp;however, refrained from making any comment on the standoff between India and China in the Dokalam area near the Bhutan tri-junction, and said, &quot;let us have full faith on our security forces&quot;.

Asked&nbsp;about the beheading and mutilation of Indian security force personnel by Pakistan, the defence minister&nbsp;said, &quot;what happened after that, has been seen by everyone&quot;.

He was apparently referring to the surgical strike across the Line of Control (LoC) in Pakistan Occupied Kashmir after the incident.

Arun Jaitley said the forces were dominating the border with the help of technological tools. &quot;After surgical strikes in September last year, our forces are liquidating militants,&quot; he said.

The defence minister said that there was a move by the security forces to clean up the Valley of armed terrorists.

He said the money received by terrorists and other such groups has been squeezed after demonetisation and there has been the effect of the actions taken by the NIA against foreign funding allegedly used for subversive activities.

&quot;Whenever there was an encounter (earlier), hundreds and thousands would come out to throw stones. Many times, terrorists would escape under the protection of stone throwers. This is now becoming a history.

Those who were coming in hundred and thousands, today their number is limited to 20, 30 and 50. For the first time in the history, we have seen they have started looting banks,&quot; he said.

Jaitley said the terrorists are under tremendous pressure. &quot;They are on the run. Their number is also declining. Security forces are dominating them,&quot; he said.

He said India has been by and large free from the threat of the Islamic State.

&quot;There may be some isolated or exceptional incidents but there has been no influence in India,&quot; he said. 
 
The defence minister expressed concern over some instances glorifying the acts of terrorists or Maoists.

Referring to the shouting of anti-India slogans&nbsp;in Jawaharlal Nehru University last year, he expressed concern over the association of mainstream political parties with those raising such slogans.

The defence minister said a disturbing trend is coming up where efforts are being made to show the Indian state as helpless.

Asked about India&#39;s defence production, Jaitley said his ministry was working out ways to boost domestic production for the defence sector.

&quot;We want India to become a global power in the&nbsp;defence manufacturing sector, and towards that end, we are encouraging private players to come forward. We will, of course, also continue to strengthen our ordnance factories and defence PSUs,&quot; the minister said.&nbsp;

The defence minister said the financial crunch caused by demonetisation and the action taken by National Investigation Agency on illegal foreign fundings have checked illegal activities in Jammu and Kashmir in large scale

Terrorists in the Kashmir Valley are now on the run and they cannot continue to terrorise people for decades, Defence Minister Arun Jaitley said today (August 13), maintaining that the government's priority was to clean up the Kashmir Valley of armed militants. He said the terrorists in Kashmir were "now under great pressure" and the financial crunch caused by demonetisation and the action taken by National Investigation Agency (NIA) on illegal foreign fundings have checked illegal activities in Jammu and Kashmir in large scale. "Today no big militant can dream of committing terror acts and continue to terrorise the Valley for decades, but today their life shelf has dwindled to a few months. I will specifically praise the Jammu & Kashmir police for working hard (towards eliminating terrorists)," he said. Jaitley said the country faced two serious threats -- one with respect to Jammu and Kashmir with maximum incidents happening from across the border, and second being the problem of naxalism in central parts of the country. "Since independence, Pakistan has never agreed that Kashmir is an integral part of India. That has been their unfinished agenda. They tried conventional war. But India's capability was way ahead in the conventional war. The wars of 1965, 1971 and Kargil clearly proved this," he said. Jaitley said in the 1990s, they started changing their strategies and resorted to encouraging terrorism inside the country. "There is domination of our forces on the Line of Control (LoC) and the international border and it is difficult for terrorists to cross them," he said at the India TV Conclave 'Vande Mataram'. Jaitley, who was participating in a television programme, however, refrained from making any comment on the standoff between India and China in the Dokalam area near the Bhutan tri-junction, and said, "let us have full faith on our security forces". Asked about the beheading and mutilation of Indian security force personnel by Pakistan, the defence minister said, "what happened after that, has been seen by everyone". He was apparently referring to the surgical strike across the Line of Control (LoC) in Pakistan Occupied Kashmir after the incident. Arun Jaitley said the forces were dominating the border with the help of technological tools. "After surgical strikes in September last year, our forces are liquidating militants," he said. The defence minister said that there was a move by the security forces to clean up the Valley of armed terrorists. He said the money received by terrorists and other such groups has been squeezed after demonetisation and there has been the effect of the actions taken by the NIA against foreign funding allegedly used for subversive activities. "Whenever there was an encounter (earlier), hundreds and thousands would come out to throw stones. Many times, terrorists would escape under the protection of stone throwers. This is now becoming a history. Those who were coming in hundred and thousands, today their number is limited to 20, 30 and 50. For the first time in the history, we have seen they have started looting banks," he said. Jaitley said the terrorists are under tremendous pressure. "They are on the run. Their number is also declining. Security forces are dominating them," he said. He said India has been by and large free from the threat of the Islamic State. "There may be some isolated or exceptional incidents but there has been no influence in India," he said. The defence minister expressed concern over some instances glorifying the acts of terrorists or Maoists. Referring to the shouting of anti-India slogans in Jawaharlal Nehru University last year, he expressed concern over the association of mainstream political parties with those raising such slogans. The defence minister said a disturbing trend is coming up where efforts are being made to show the Indian state as helpless. Asked about India's defence production, Jaitley said his ministry was working out ways to boost domestic production for the defence sector. "We want India to become a global power in the defence manufacturing sector, and towards that end, we are encouraging private players to come forward. We will, of course, also continue to strengthen our ordnance factories and defence PSUs," the minister said.

Terrorists in Kashmir under great pressure, on the run: Arun Jaitley

The US-India ties have significantly improved over the last few decades, becoming &nbsp;more &quot;stronger&quot; and &quot;matured&quot; that defied changes in the governments in both the countries, India&#39;s finance Minister Arun Jaitley said Saturday.

Jaitley, speaking at a reception hosted by India&#39;s Ambassador to the US Navtej Sarna, said the Indian government is looking forward to working with the Trump Administration to strengthen the various dimensions of&nbsp;bilateral ties.

Stressing that India-US relationship has bipartisan support in both the countries, he said, &quot;In one sense it is a 
bipartisan relationship. I am sure it would be a great privilege for us to continue with the new administration to 
strengthen the various dimensions of this relationship&quot;.

Jaitley yesterday met US Commerce Secretary Wilbur Ross, the first cabinet-level interaction between the two 
countries under the Trump Administration.

&quot;The US-India relationship over the last few decades has significantly improved. It is far stronger, far matured. It defied the changes in the government whether in the US or in India,&quot; he said.

&quot;There is a little more optimism this year than I have seen in the last three years. This seems to be the good 
news, as far as these meetings are concerned,&quot; he said.

&quot;I met the (US) Commerce Secretary yesterday. I will meet the (US) Treasury Secretary tomorrow. This would 
be the first contact at that level between the new Administration and the Government of India,&quot; he said.

Arun Jaitley, who holds the additional charge of defence ministry, also said India is formulating a policy to help major global defence companies set up manufacturing units in the country in collaboration with Indian firms.

&quot;Under our changed policy, we are in the future going to concentrate not merely in buying from the rest of the world, but encouraging global defence majors in collaboration with Indian companies to set up manufacturing units in India,? Arun Jaitley said.

Arun Jaitley said the government has made the initial policy changes while some more are being planned.

&quot;Hopefully in the years to come, the impact of this change as far as defence manufacturing policy is concerned would be visible in India. It is receiving a good response from major manufacturers,? Jaitley said without giving any details.

During the meeting with US commerce secretary yesterday, Jaitley strongly raised India&#39;s concerns over the 
Trump administration&#39;s move to tighten the H-1B visa regime, highlighting the key role played by Indian 
professionals in boosting the American economy.

President Donald Trump this week signed an executive order for tightening the rules of the H-1B visa 
programme to stop its &quot;abuse&quot; and ensure that the visas are given to the &quot;most-skilled or highest paid&quot; 
petitioners, a decision that would impact India&#39;s USD 150 billion IT industry.

Jaitley outlined the significant contributions the skilled Indian professionals have made to the US economy and 
expressed the hope that the US administration will take this aspect into consideration while taking any decision. 
Jaitley, leading an Indian delegation, arrived here on April 20, to attend the annual Spring meetings of the 
International Monetary Fund and the World Bank.

In addition to his meetings and presentations at the annual Spring meetings of the IMF and the World Bank, 
Jaitley is also scheduled to attend meetings of other multilateral forums including that of the G-20 finance 
ministers.

Speaking about India&#39;s growth story, he said, &quot;In the last three years even in the midst of slowdown across the 
world, India has been able to grow in the range of seven to eight per cent. That is the rate of growth that we 
have fairly maintained. Our all other economic parameters seems to be fairly well under control.&quot;

&quot;The significant part of our economy today is, that there is perhaps for the first time, a huge amount of popular 
support as far as economic reforms are concerned,&quot; he said.

&quot;India has become one of the most open economies of the world. Most of our sectors are open for 
international investment. And we have been attracting one of the largest investments that any country has been 
attracting in the world.

And it is combination of this investment which is coming into India, coupled with higher public spending, even as the private sector spending was a little low, that has kept the Indian growth process going,&quot; he said.

He said the environment for doing business has considerably smoothened.

&quot;India has learned from its past experiences. And this itself has helped in cleaning up the entire process. We 
have now undertaken a very ambitious reform of cleaning up the system of political funding in India, something 
which had been eluding Indian democracy for quite sometime,&quot; he said. 
 
(PTI) 
&nbsp;

Jaitley, who is on a visit to the US, said there was more optimism in the relationship between the countries than in the last three years

The US-India ties have significantly improved over the last few decades, becoming more "stronger" and "matured" that defied changes in the governments in both the countries, India's finance Minister Arun Jaitley said Saturday. Jaitley, speaking at a reception hosted by India's Ambassador to the US Navtej Sarna, said the Indian government is looking forward to working with the Trump Administration to strengthen the various dimensions of bilateral ties. Stressing that India-US relationship has bipartisan support in both the countries, he said, "In one sense it is a bipartisan relationship. I am sure it would be a great privilege for us to continue with the new administration to strengthen the various dimensions of this relationship". Jaitley yesterday met US Commerce Secretary Wilbur Ross, the first cabinet-level interaction between the two countries under the Trump Administration. "The US-India relationship over the last few decades has significantly improved. It is far stronger, far matured. It defied the changes in the government whether in the US or in India," he said. "There is a little more optimism this year than I have seen in the last three years. This seems to be the good news, as far as these meetings are concerned," he said. "I met the (US) Commerce Secretary yesterday. I will meet the (US) Treasury Secretary tomorrow. This would be the first contact at that level between the new Administration and the Government of India," he said. Arun Jaitley, who holds the additional charge of defence ministry, also said India is formulating a policy to help major global defence companies set up manufacturing units in the country in collaboration with Indian firms. "Under our changed policy, we are in the future going to concentrate not merely in buying from the rest of the world, but encouraging global defence majors in collaboration with Indian companies to set up manufacturing units in India,? Arun Jaitley said. Arun Jaitley said the government has made the initial policy changes while some more are being planned. "Hopefully in the years to come, the impact of this change as far as defence manufacturing policy is concerned would be visible in India. It is receiving a good response from major manufacturers,? Jaitley said without giving any details. During the meeting with US commerce secretary yesterday, Jaitley strongly raised India's concerns over the Trump administration's move to tighten the H-1B visa regime, highlighting the key role played by Indian professionals in boosting the American economy. President Donald Trump this week signed an executive order for tightening the rules of the H-1B visa programme to stop its "abuse" and ensure that the visas are given to the "most-skilled or highest paid" petitioners, a decision that would impact India's USD 150 billion IT industry. Jaitley outlined the significant contributions the skilled Indian professionals have made to the US economy and expressed the hope that the US administration will take this aspect into consideration while taking any decision. Jaitley, leading an Indian delegation, arrived here on April 20, to attend the annual Spring meetings of the International Monetary Fund and the World Bank. In addition to his meetings and presentations at the annual Spring meetings of the IMF and the World Bank, Jaitley is also scheduled to attend meetings of other multilateral forums including that of the G-20 finance ministers. Speaking about India's growth story, he said, "In the last three years even in the midst of slowdown across the world, India has been able to grow in the range of seven to eight per cent. That is the rate of growth that we have fairly maintained. Our all other economic parameters seems to be fairly well under control." "The significant part of our economy today is, that there is perhaps for the first time, a huge amount of popular support as far as economic reforms are concerned," he said. "India has become one of the most open economies of the world. Most of our sectors are open for international investment. And we have been attracting one of the largest investments that any country has been attracting in the world. And it is combination of this investment which is coming into India, coupled with higher public spending, even as the private sector spending was a little low, that has kept the Indian growth process going," he said. He said the environment for doing business has considerably smoothened. "India has learned from its past experiences. And this itself has helped in cleaning up the entire process. We have now undertaken a very ambitious reform of cleaning up the system of political funding in India, something which had been eluding Indian democracy for quite sometime," he said. (PTI)

Global defence companies to set up base in India, partner with Indian firms: Arun Jaitley

Indian shares rose more than 1.5 per cent on Wednesday (February 01) after Finance Minister Arun Jaitley unveiled a budget with a range of incentives for companies and geared towards boosting infrastructure and developing the rural economy.

The benchmark Sensex closed at 28,141.64, recording a jump of 1.76 per cent from the previous close.

Nifty jumped to 8,716.40 and was up 1.81 percent.

A Mumbai-based market expert, Sunil Shah, described the budget as growth-oriented.

&quot;This budget is perceived to be growth-oriented with fiscal prudence in place and no negative and that is the reason market is rejoicing and you have seen, market is just close and the closing number is, Sensex is up by 485. So I think market has given thumbs-up to the Finance Minister&#39;s Budget,&quot; said Shah.

Finance Minister Arun Jaitley announced increases in spending on rural areas, infrastructure and fighting poverty.

&quot;It seems that budget is pro-poor, pro-farmer, pro-rural and giving a much necessary thrust to the infrastructure sector and housing sector. Now, this will give necessary impetus for the overall GDP growth, because when you spend a lot of money on infrastructure, it will trickle down to the other sectors of the economy,&quot; Shah added.

However, views on the fiscal deficit target were mixed after the government raised it to 3.2 per cent from its earlier forecast of 3 per cent, with some analysts expressing scepticism about whether it would be achievable.

Bonds were down with the benchmark 10-year bond yields up 1 basis point at 6.42 per cent after rising as much as 5 bps earlier amid confusion about the government&#39;s planned gross borrowing numbers.

The numbers initially provided by the government did not account for a buyback of a net 750 billion rupees in bonds, which is part of the 6.05 trillion rupees gross borrowing projection for the next fiscal year and 3.48 trillion rupees net borrowing projection.

The rupee strengthened to 67.59 per dollar from its previous close of 67.86.

(Reuters)

The benchmark Sensex closed over the 28,000-mark, recording a jump of 1.76 per cent from the previous close

Indian shares rose more than 1.5 per cent on Wednesday (February 01) after Finance Minister Arun Jaitley unveiled a budget with a range of incentives for companies and geared towards boosting infrastructure and developing the rural economy. The benchmark Sensex closed at 28,141.64, recording a jump of 1.76 per cent from the previous close. Nifty jumped to 8,716.40 and was up 1.81 percent. A Mumbai-based market expert, Sunil Shah, described the budget as growth-oriented. "This budget is perceived to be growth-oriented with fiscal prudence in place and no negative and that is the reason market is rejoicing and you have seen, market is just close and the closing number is, Sensex is up by 485. So I think market has given thumbs-up to the Finance Minister's Budget," said Shah. Finance Minister Arun Jaitley announced increases in spending on rural areas, infrastructure and fighting poverty. "It seems that budget is pro-poor, pro-farmer, pro-rural and giving a much necessary thrust to the infrastructure sector and housing sector. Now, this will give necessary impetus for the overall GDP growth, because when you spend a lot of money on infrastructure, it will trickle down to the other sectors of the economy," Shah added. However, views on the fiscal deficit target were mixed after the government raised it to 3.2 per cent from its earlier forecast of 3 per cent, with some analysts expressing scepticism about whether it would be achievable. Bonds were down with the benchmark 10-year bond yields up 1 basis point at 6.42 per cent after rising as much as 5 bps earlier amid confusion about the government's planned gross borrowing numbers. The numbers initially provided by the government did not account for a buyback of a net 750 billion rupees in bonds, which is part of the 6.05 trillion rupees gross borrowing projection for the next fiscal year and 3.48 trillion rupees net borrowing projection. The rupee strengthened to 67.59 per dollar from its previous close of 67.86. (Reuters)

India's 2017 budget buoys Sensex

With an aim to further strengthen the Digital India program, Union Minister for Finance and Corporate Affairs Arun Jaitley announced a slew of tech initiatives in the Union Budget 2017. Referred to as a &ldquo;historic&rdquo; step by Jaitley, the general budget this year was merged with the rail budget, making it the first such move in 92 years.

Here are some key tech initiatives announced in the Union Budget 2017, which aim to bolster up different sectors and ease the way public services are accessed by citizens.

1. AadharPay, a merchant version of Aadhaar-enabled payment system, will soon be launched for those without debit cards and mobile phones.

2. By the end of 2017, high-speed broadband connectivity will be available in over 1,50,000 gram panchayats. Also, the access to digital services will be offered at low tariffs.

3. Government will launch two new schemes to promote the use of the recently-announced BHIM app - an Indian government initiative to enable and encourage cashless payments.

4. Indian Railways will soon introduce an integrated platform for feedback and grievances.

5. Twenty lakh Aadhar-based swipe machines will be put in place by 2020.

6. An SMS-based service &ldquo;Clean My Coach&rdquo; has been announced for the Indian Railway passengers. The new service will allow passengers to request for cleaning the coach by sending a message.

7. 7000 stations will be equipped with the solar power facility in a few years from now.

8. All ticketing services will be integrated in one app. According to the Ministry of Railways, the concept design for the same has already been submitted by an agency. The app is being developed under the aegis of CRIS and IRCTC.

9. New measures have been announced to ease online booking system for army and defence personnel. Speaking of which, a centralised Defence Travel System has been developed through which travel tickets can be booked online by soldiers and defence officers.

10. No Service charge will be levied on tickets booked through IRCTC.

11. The Indian government proposes to leverage information technology and launch the SWAYAM platform with at least 350 online courses. The idea is to enable students to virtually attend the courses. According to Jaitley, the access to SWAYAM would be widened by linkage with education-centric DTH channels.

12.&nbsp; A comprehensive web-based Pension Disbursement System for defence pensioners will be established to receive pension proposals and make payments.

(WION)

A look at how the Indian government is planning to leverage technology to bolster the Digital India program

With an aim to further strengthen the Digital India program, Union Minister for Finance and Corporate Affairs Arun Jaitley announced a slew of tech initiatives in the Union Budget 2017. Referred to as a “historic” step by Jaitley, the general budget this year was merged with the rail budget, making it the first such move in 92 years. Here are some key tech initiatives announced in the Union Budget 2017, which aim to bolster up different sectors and ease the way public services are accessed by citizens. 1. AadharPay, a merchant version of Aadhaar-enabled payment system, will soon be launched for those without debit cards and mobile phones. 2. By the end of 2017, high-speed broadband connectivity will be available in over 1,50,000 gram panchayats. Also, the access to digital services will be offered at low tariffs. 3. Government will launch two new schemes to promote the use of the recently-announced BHIM app - an Indian government initiative to enable and encourage cashless payments. 4. Indian Railways will soon introduce an integrated platform for feedback and grievances. 5. Twenty lakh Aadhar-based swipe machines will be put in place by 2020. 6. An SMS-based service “Clean My Coach” has been announced for the Indian Railway passengers. The new service will allow passengers to request for cleaning the coach by sending a message. 7. 7000 stations will be equipped with the solar power facility in a few years from now. 8. All ticketing services will be integrated in one app. According to the Ministry of Railways, the concept design for the same has already been submitted by an agency. The app is being developed under the aegis of CRIS and IRCTC. 9. New measures have been announced to ease online booking system for army and defence personnel. Speaking of which, a centralised Defence Travel System has been developed through which travel tickets can be booked online by soldiers and defence officers. 10. No Service charge will be levied on tickets booked through IRCTC. 11. The Indian government proposes to leverage information technology and launch the SWAYAM platform with at least 350 online courses. The idea is to enable students to virtually attend the courses. According to Jaitley, the access to SWAYAM would be widened by linkage with education-centric DTH channels. 12. A comprehensive web-based Pension Disbursement System for defence pensioners will be established to receive pension proposals and make payments. (WION)

Union Budget 2017: 12 key tech initiatives announced to push Digital India

Indian finance minister Arun Jaitley presented the much-awaited Union Budget 2017 on Wednesday. Watch WION&#39;s post-budget analysis here.
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India's Union Budget was presented in the Parliament today

Indian finance minister Arun Jaitley presented the much-awaited Union Budget 2017 on Wednesday. Watch WION's post-budget analysis here. ×

Watch: Breaking down Union Budget 2017-18

Dismissing concerns of slowdown due to demonetisation, Finance Minister Arun Jaitley said both direct and indirect tax collections have shown robust increase during the April-December period, indicating an&nbsp;uptick in economic activity including manufacturing.

He said direct tax collection was up 12.01 per cent at Rs 5.53 lakh crore in April-December 2016 as compared to revenue in the year-ago period, while indirect tax receipts soared 25 per cent to Rs 6.30 lakh crore. Giving the break-up, he said excise collection was up 43 per cent at Rs 2.79 lakh crore, while service tax rose 23.9 per cent to Rs 1.83 lakh crore in the first nine months of the current fiscal.

&quot;Customs duty receipts were up 4.1 per cent at Rs 1.67 lakh crore. Indirect tax collection in December was up 14.2 per cent year-on-year,&quot;&nbsp;he said.

During the month, which witnessed the demonetisation process, the excise collection was up 31.6 per cent, Jaitley said, adding that this category is directly linked to manufacturing. Service tax receipts in December were also up 12.4 per cent. Customs revenue dipped 6.3 per cent as gold imports came down.

&quot;Tax collection data is real and not an estimation,&quot; Jaitley said, while dismissing apprehensions of a&nbsp;slowdown in following currency squeeze post demonetisation. When compared with tax collections in November, indirect tax receipts in December 2016 were up 12.8 per cent, he said.

&quot;Since there has been a considerable debate in the public space as to the impact of currency squeeze in the months of November and December, the data of these two months becomes relevant,&quot; Jaitley said. VAT collections in most states too have shown an increase and they also received taxes in the old currency in November. &quot;In my opinion, all well administered states have seen rise in VAT collection even in November,&quot; he said. 
 
(WION with inputs from agencies)

Arun Jaitley releases tax collection figures asserting an increase of 25% in April-December period.

Dismissing concerns of slowdown due to demonetisation, Finance Minister Arun Jaitley said both direct and indirect tax collections have shown robust increase during the April-December period, indicating an uptick in economic activity including manufacturing. He said direct tax collection was up 12.01 per cent at Rs 5.53 lakh crore in April-December 2016 as compared to revenue in the year-ago period, while indirect tax receipts soared 25 per cent to Rs 6.30 lakh crore. Giving the break-up, he said excise collection was up 43 per cent at Rs 2.79 lakh crore, while service tax rose 23.9 per cent to Rs 1.83 lakh crore in the first nine months of the current fiscal. "Customs duty receipts were up 4.1 per cent at Rs 1.67 lakh crore. Indirect tax collection in December was up 14.2 per cent year-on-year," he said. During the month, which witnessed the demonetisation process, the excise collection was up 31.6 per cent, Jaitley said, adding that this category is directly linked to manufacturing. Service tax receipts in December were also up 12.4 per cent. Customs revenue dipped 6.3 per cent as gold imports came down. "Tax collection data is real and not an estimation," Jaitley said, while dismissing apprehensions of a slowdown in following currency squeeze post demonetisation. When compared with tax collections in November, indirect tax receipts in December 2016 were up 12.8 per cent, he said. "Since there has been a considerable debate in the public space as to the impact of currency squeeze in the months of November and December, the data of these two months becomes relevant," Jaitley said. VAT collections in most states too have shown an increase and they also received taxes in the old currency in November. "In my opinion, all well administered states have seen rise in VAT collection even in November," he said. (WION with inputs from agencies)

Robust growth in tax collection, says India's finance minister Arun Jaitley

India&#39;s central bank refused to&nbsp;divulge whether the views of the chief economic advisor and finance minister were taken into account before the sudden announcement of demonetisation of high-value currency notes by prime minister Narendra Modi on November 8.

The Reserve Bank of India (RBI), which was responding to a query under the Right to Information Act (RTI), said it could not answer the question since it did not come under the definition of &quot;information&quot; under the transparency law.

The applicant wanted to know whether the &quot;views of Chief Economic Advisor Arvind Subramaniam and Finance Minister Arun Jaitley were taken before announcement was made&quot;.

&quot;Query is in the nature of seeking opinion from Central Public Information Officers (CPIO) which is not defined as information as per Section 2(f) of the RTI Act,&quot; the RBI said in response to an RTI query.

Asked whether the information sought fell under &quot;seeking opinion&quot; from the CPIO, former Chief Information Commissioner A N Tiwari said, &quot;No. It does not. It is a fact sought by an RTI applicant. The CPIO cannot say an opinion has been sought from him.&quot;

&quot;How can it be called seeking an opinion? Whether someone was consulted or not is a matter of record. Had the question been that should views be taken then it would mean taking opinion,&quot; former Information Commissioner Shailesh Gandhi said, expressing surprise at the response of RBI Central Public Information Officer.

The definition of information covers &quot;any material in any form, including records, documents, memos, e-mails, opinions, advices, press releases, circulars, orders, logbooks, contracts, reports, papers, samples, models, data material held in any electronic form and information relating to any private body which can be accessed by a public authority under any other law for the time being in force&quot;.

The query was also sent to the Prime Minister&#39;s Office and the Finance Ministry but it remained unanswered even after 30 days of filing of the RTI application.

The applicant had also sought to know the designation and the names of officials who were consulted before scraping of old Rs 500 and Rs 1000 currency notes.

&quot;The information sought relates to sensitive matters pertaining to discontinuation/withdrawal of bank notes. The information is exempt from disclosure under Section 8(1)(a) and (g) of RTI Act,&quot; the RBI said.

The monetary policy regulator also did not disclose if the decision to demonetise currency notes worth Rs 20 lakh crore was opposed by any official or minister, saying the information sought is &quot;hypothetical&quot; in nature.

It also cited Section 8(1)(a) of the RTI Act to deny minutes of deliberations related to demonetisation.

Section 8(1)(a) of the RTI Act exempts from disclosure the information which would prejudicially affect the sovereignty and integrity of India, the security, strategic, scientific or economic interests of the State, relation with foreign state or lead to incitement of an offence.

Information sought under Section 8(1)(g) would endanger the life or physical safety of any person or identify the source of information or assistance given in confidence for law enforcement or security purposes.

The RBI has been denying information related to crucial aspects related to demonetisation citing exemption clauses. It recently refused to give reasons behind the demonetisation move.

Earlier, it had denied to Mumbai-based RTI Activist Anil Galgali information about distribution of currency to banks between November 9 and November 19 citing Section 8(1)(g) of the RTI Act.

The central bank did not give any reason as to how this section would apply in the case of information sought by Galgali.

RTI Activist Venkatesh Nayak, who was also denied deliberations on demonetisation by the RBI, said: &quot;While confidentiality prior to announcing the demonetisation decision is understandable, continued secrecy after its implementation is difficult to understand when people are facing problems due to shortage of cash.&quot;

He said the refusal to disclose the minutes of the board meeting where the decision was taken is &quot;perplexing&quot;. 
 
(PTI)

&nbsp;

&nbsp;

India's central bank said it could not answer the question, since it did not come under the definition of 'information'

India's central bank refused to divulge whether the views of the chief economic advisor and finance minister were taken into account before the sudden announcement of demonetisation of high-value currency notes by prime minister Narendra Modi on November 8. The Reserve Bank of India (RBI), which was responding to a query under the Right to Information Act (RTI), said it could not answer the question since it did not come under the definition of "information" under the transparency law. The applicant wanted to know whether the "views of Chief Economic Advisor Arvind Subramaniam and Finance Minister Arun Jaitley were taken before announcement was made". "Query is in the nature of seeking opinion from Central Public Information Officers (CPIO) which is not defined as information as per Section 2(f) of the RTI Act," the RBI said in response to an RTI query. Asked whether the information sought fell under "seeking opinion" from the CPIO, former Chief Information Commissioner A N Tiwari said, "No. It does not. It is a fact sought by an RTI applicant. The CPIO cannot say an opinion has been sought from him." "How can it be called seeking an opinion? Whether someone was consulted or not is a matter of record. Had the question been that should views be taken then it would mean taking opinion," former Information Commissioner Shailesh Gandhi said, expressing surprise at the response of RBI Central Public Information Officer. The definition of information covers "any material in any form, including records, documents, memos, e-mails, opinions, advices, press releases, circulars, orders, logbooks, contracts, reports, papers, samples, models, data material held in any electronic form and information relating to any private body which can be accessed by a public authority under any other law for the time being in force". The query was also sent to the Prime Minister's Office and the Finance Ministry but it remained unanswered even after 30 days of filing of the RTI application. The applicant had also sought to know the designation and the names of officials who were consulted before scraping of old Rs 500 and Rs 1000 currency notes. "The information sought relates to sensitive matters pertaining to discontinuation/withdrawal of bank notes. The information is exempt from disclosure under Section 8(1)(a) and (g) of RTI Act," the RBI said. The monetary policy regulator also did not disclose if the decision to demonetise currency notes worth Rs 20 lakh crore was opposed by any official or minister, saying the information sought is "hypothetical" in nature. It also cited Section 8(1)(a) of the RTI Act to deny minutes of deliberations related to demonetisation. Section 8(1)(a) of the RTI Act exempts from disclosure the information which would prejudicially affect the sovereignty and integrity of India, the security, strategic, scientific or economic interests of the State, relation with foreign state or lead to incitement of an offence. Information sought under Section 8(1)(g) would endanger the life or physical safety of any person or identify the source of information or assistance given in confidence for law enforcement or security purposes. The RBI has been denying information related to crucial aspects related to demonetisation citing exemption clauses. It recently refused to give reasons behind the demonetisation move. Earlier, it had denied to Mumbai-based RTI Activist Anil Galgali information about distribution of currency to banks between November 9 and November 19 citing Section 8(1)(g) of the RTI Act. The central bank did not give any reason as to how this section would apply in the case of information sought by Galgali. RTI Activist Venkatesh Nayak, who was also denied deliberations on demonetisation by the RBI, said: "While confidentiality prior to announcing the demonetisation decision is understandable, continued secrecy after its implementation is difficult to understand when people are facing problems due to shortage of cash." He said the refusal to disclose the minutes of the board meeting where the decision was taken is "perplexing". (PTI)

RBI refuses to say if finance minister was consulted before demonetisation

Jaitley said small enterprises with an annual turnover of up to 20 million rupees could save up to 30 per cent in tax payments

Indian finance minister Arun Jaitley on Tuesday addressed the media and said the government will offer tax incentives to small scale businesses engaged in cashless transactions, news agency Reuters reported. The incentives will be applicable to small scale businesses with a turnover of up to 20 million rupees ($294,000). Jaitley said the move would enable such businesses to save up to 30 per cent in tax payments, Reuters reported. He also said further amendments had been made to how small traders are taxed in order to boost digital payment, the Financial Express reported. Jaitley further said that anybody who still has old currency must deposit the amount with his or her bank at one go, The Financial Express reported. If somebody goes to the banks every day, it raises questions, Jaitley said. Since the government's demonetisation of India's 500- and 1,000-rupee note, the government has come out with a raft of incentives to encourage cashless transactions. It has also come out with a host of orders governing how the old notes are to be exchanged for new currency. (WION with inputs from Reuters)

India to offer tax breaks to small businesses that go cashless: Fin Min

After two chief ministers threatened to hold protest and demanded the roll back of demonetisation, Indian finance minister Arun Jaitley dug his heels, slamming the two for spreading &quot;unnecessary panic&quot;.

Jaitley ruled out the roll back of the decision to scrap RS 500 and Rs 1,000 currency notes from the Indian economy. He expressed confidence in the move, saying the high value notes was &quot;very well planned&quot;.&nbsp;

Delhi chief minister Arvind Kejriwal and West Bengal chief minister Mamata Banerjee today held a protest in the capital in front of the Rserve Bank of India and gave the government a three-day ultimatum to roll back the decision.&nbsp;

Defending the government&#39;s move to fight the menace of black money, Jaitley said he expected every responsible citizen, political party, state governments to support the huge effort as it will only benefit the economy in the long run.&nbsp;

He added that the greatest beneficiaries of the move will be the people who will have greater access to banking, taxation quantum, and more banking support in terms of trade.&nbsp;

&quot;Now unnecessary panic is being spread particularly by some individuals and I didn&#39;t expect chief ministers of one or two states to join in this effort,&quot; Jaitley told ANI.

The government questioned the &quot;vested interest&quot; of the opposition parties in the Parliament. Jaitley said the opposition had developed &quot;cold feet&quot; to debate the issue of demonetisation and criticised Congress leaders for making irresponsible comments.&nbsp;

(WION with inputs from agencies) 
&nbsp;

Dismissing the possibility of a roll back, Jaitley questioned the intent of the ministers in opposing govt's effort to root out black money

After two chief ministers threatened to hold protest and demanded the roll back of demonetisation, Indian finance minister Arun Jaitley dug his heels, slamming the two for spreading "unnecessary panic". Jaitley ruled out the roll back of the decision to scrap RS 500 and Rs 1,000 currency notes from the Indian economy. He expressed confidence in the move, saying the high value notes was "very well planned". Delhi chief minister Arvind Kejriwal and West Bengal chief minister Mamata Banerjee today held a protest in the capital in front of the Rserve Bank of India and gave the government a three-day ultimatum to roll back the decision. Defending the government's move to fight the menace of black money, Jaitley said he expected every responsible citizen, political party, state governments to support the huge effort as it will only benefit the economy in the long run. He added that the greatest beneficiaries of the move will be the people who will have greater access to banking, taxation quantum, and more banking support in terms of trade. "Now unnecessary panic is being spread particularly by some individuals and I didn't expect chief ministers of one or two states to join in this effort," Jaitley told ANI. The government questioned the "vested interest" of the opposition parties in the Parliament. Jaitley said the opposition had developed "cold feet" to debate the issue of demonetisation and criticised Congress leaders for making irresponsible comments. (WION with inputs from agencies)

Chief ministers spreading unnecessary panic over demonetisation, says Indian finance minister

As banks and ATMs across India witnessed longer queues on Saturday following demonetisation of currency, India&rsquo;s finance minister Arun Jaitley said it will take two to three weeks to recalibrate 2 lakh ATMs with new Rs.2,000 and Rs. 500 notes.&nbsp;

While addressing a press conference in New Delhi, following a meeting with the heads of three banks, Jaitley said it is a massive operation to replace &ldquo;86 per cent of currency under circulation&rdquo; and he is &ldquo;constantly monitoring&rdquo; the cash crunch following demonetisation.

&ldquo;The State Bank of India alone has done 2.28 crore transactions in the last two days after demonetisation of currency,&rdquo;&nbsp;the finance minister said, adding that the total number of banking transactions in the period would be four to five times the figure, amounting to more than $33 billion (Rs. 2-2.5 lakh crore).

Addressing claims about a GPS chip in the Rs. 2,000 note and the possibility of digital lockers, Jaitley said these were &ldquo;concocted rumours&rdquo; and appealed to stagger depositing the defunct currency and not crowd banks.

&ldquo;4000 RBI bank currency chests have enough currency stocks,&rdquo;&nbsp;Jaitley assured that the current inconvenience will only be there for the first few days but long-term benefits to the economy will be greater.&nbsp;

&ldquo;In short term, there will be some disruption cost to the economy; once currency is available the advantages will be far more.&rdquo; he said.

Jaitley added that no illegal transaction in bullion will be allowed and stock details have been sought from jewellers on reports of dealings in defunct currency.

(WION with inputs from PTI)

Defending the govt's decision, Jaitley said there will be greater long-term benefits as more than $33 bn were already deposited in banks

As banks and ATMs across India witnessed longer queues on Saturday following demonetisation of currency, India’s finance minister Arun Jaitley said it will take two to three weeks to recalibrate 2 lakh ATMs with new Rs.2,000 and Rs. 500 notes. While addressing a press conference in New Delhi, following a meeting with the heads of three banks, Jaitley said it is a massive operation to replace “86 per cent of currency under circulation” and he is “constantly monitoring” the cash crunch following demonetisation. “The State Bank of India alone has done 2.28 crore transactions in the last two days after demonetisation of currency,” the finance minister said, adding that the total number of banking transactions in the period would be four to five times the figure, amounting to more than $33 billion (Rs. 2-2.5 lakh crore). Addressing claims about a GPS chip in the Rs. 2,000 note and the possibility of digital lockers, Jaitley said these were “concocted rumours” and appealed to stagger depositing the defunct currency and not crowd banks. “4000 RBI bank currency chests have enough currency stocks,” Jaitley assured that the current inconvenience will only be there for the first few days but long-term benefits to the economy will be greater. “In short term, there will be some disruption cost to the economy; once currency is available the advantages will be far more.” he said. Jaitley added that no illegal transaction in bullion will be allowed and stock details have been sought from jewellers on reports of dealings in defunct currency. (WION with inputs from PTI)

Short-term pain, long-term gain: Indian finance minister on demonetisation

The Indian government on Wednesday made crucial ammendments to its goods and services tax bill in a move to enlist the support of opposition parties as well as state governments. 
 
Indian finance minister Arun Jaitley met his state counterparts on Tuesday to forge a political consensus on the bill that is held up in parliament. 
 
As part of the ammendments, the government has dropped a contentious 1 percent additional levy on inter-state movement of goods, and has agreed to compensate states for any revenue losses for five years. 
 
While there is a broad political support for the measure, differences persist on the details, in particular pitching the tax at the right level to offset possible revenue losses. 
 
The cabinet, headed by Prime Minister Narendra Modi, decided to include in the Constitutional Amendment Bill that any dispute between states and the centre will be adjudicated by the GST Council, which will have representation from both the Centre and states. 
 
With states on board and the cabinet approving the amendments, the government is hopeful of passage of the long-pending Goods and Services Tax (GST) Bill in the ongoing monsoon session of Parliament, which ends on August 12. 
 
The GST Bill, with the changes approved by the cabinet, could come up in the upper house of Parliament, the Rajya Sabha as early as this week, but certainly by next week. 
 
By doing away with the 1 per cent inter-state tax over and above the GST rate, the government has met one of the three key demands over which the main opposition party Congress has been blocking the bill in the upper house. 
 
The other demands of including GST rate in the statute and a Supreme Court judge-headed dispute resolution body has not been accepted. It remains to be seen if meeting of its demands halfway will persuade the Congress to support the legislation. 
 
The proposed tax reform, the biggest since India&#39;s independence from Britain in 1947, seeks to replace a slew of taxes and levies in 29 states, transforming the nation of near 1.3 billion people into a customs union. 
 
The Bill, in its present form, provides that the centre will give 100 per cent compensation to states for first three years, 75 per cent and 50 per cent for the next two years. 
 
However, the select committee of the Rajya Sabha had in its report recommended 100 per cent compensation for probable loss of revenue for five years. 
 
As per the amendments, the centre will now constitutionally guarantee states any loss of revenue from the GST subsuming all indirect taxes, including VAT, in the first five years of introduction. 
 
Analysts say the goods and services levy (GST) could boost India&#39;s economic growth by up to 2 percentage points. 
 
(PTI, Reuters) 
&nbsp;

Indian finance minister Arun Jaitley met his state counterparts to forge a political consensus on the bill that is held up in parliament

The Indian government on Wednesday made crucial ammendments to its goods and services tax bill in a move to enlist the support of opposition parties as well as state governments. Indian finance minister Arun Jaitley met his state counterparts on Tuesday to forge a political consensus on the bill that is held up in parliament. As part of the ammendments, the government has dropped a contentious 1 percent additional levy on inter-state movement of goods, and has agreed to compensate states for any revenue losses for five years. While there is a broad political support for the measure, differences persist on the details, in particular pitching the tax at the right level to offset possible revenue losses. The cabinet, headed by Prime Minister Narendra Modi, decided to include in the Constitutional Amendment Bill that any dispute between states and the centre will be adjudicated by the GST Council, which will have representation from both the Centre and states. With states on board and the cabinet approving the amendments, the government is hopeful of passage of the long-pending Goods and Services Tax (GST) Bill in the ongoing monsoon session of Parliament, which ends on August 12. The GST Bill, with the changes approved by the cabinet, could come up in the upper house of Parliament, the Rajya Sabha as early as this week, but certainly by next week. By doing away with the 1 per cent inter-state tax over and above the GST rate, the government has met one of the three key demands over which the main opposition party Congress has been blocking the bill in the upper house. The other demands of including GST rate in the statute and a Supreme Court judge-headed dispute resolution body has not been accepted. It remains to be seen if meeting of its demands halfway will persuade the Congress to support the legislation. The proposed tax reform, the biggest since India's independence from Britain in 1947, seeks to replace a slew of taxes and levies in 29 states, transforming the nation of near 1.3 billion people into a customs union. The Bill, in its present form, provides that the centre will give 100 per cent compensation to states for first three years, 75 per cent and 50 per cent for the next two years. However, the select committee of the Rajya Sabha had in its report recommended 100 per cent compensation for probable loss of revenue for five years. As per the amendments, the centre will now constitutionally guarantee states any loss of revenue from the GST subsuming all indirect taxes, including VAT, in the first five years of introduction. Analysts say the goods and services levy (GST) could boost India's economic growth by up to 2 percentage points. (PTI, Reuters)

India makes crucial tweaks to push through stalled GST reform

Indian finance minister Arun Jaitley will meet state ministers on Tuesday to put pressure on the opposition Congress party to back a long-delayed sales tax reform whose chances have again been thrown into doubt by a parliamentary standoff.

The proposed tax reform, the biggest since India&#39;s independence from Britain in 1947, seeks to replace a slew of central taxes and levies in its 29 states, transforming the nation of 1.3 billion people into a customs union.

The current monsoon session of parliament could be the best chance for Prime Minister Narendra Modi&#39;s government to adopt a landmark Goods and Services Tax (GST) before campaigning hots up for state elections next year.

&quot;The meeting will discuss all pending issues on GST,&quot; said finance ministry spokesman D. S. Malik. &quot;Later, the government could decide a further course of action.&quot;

Yet Congress has been angered by a central investigation launched last week against one of its former state chief ministers over a case in which party chief&nbsp;Sonia Gandhi and her son and heir apparent, Rahul Gandhi, already face trial.

Both have denied accusations of misuse of party funds, in the case brought by Subramanian Swamy, a senior politician in Modi&#39;s ruling party, over property owned by a defunct party newspaper.

&quot;I don&#39;t think the Prime Minister and his government are sincere about any constructive cooperation,&quot; Anand Sharma, a senior Congress lawmaker in the upper house of Parliament, Rajya Sabha, told the Indian Express newspaper.

&quot;And in this vitiated environment, there is no cooperation possible between the Congress and the government,&quot; Sharma said, in comments echoed by senior party sources to Reuters on Monday.

With 60 members, Congress is the single largest party in the Rajya Sabha, whose members total 245. With the support of allies and a few regional parties that oppose the bill, it reckons the government cannot muster the two-thirds majority needed for a key amendment to enact the GST.

Modi&#39;s party, which lacks a majority in the Rajya Sabha, had reached out to Congress to end its opposition to the GST bill, stalled in parliament for years.

Congress signalled until last week it could support the GST bill if the government agreed to cap the tax rate at about 18 per cent, even if this was not initially anchored in the law.

Jaitley has resisted capping the tax rate, winning backing from a growing number of state governments, and still hopes to pass the GST measure in the monsoon session that ends on August 13, and turn India into a single market for the first time. 
 
(Reuters) 
&nbsp;

Congress signalled until last week it could support the GST bill if the government agreed to cap the tax rate at about 18 per cent

Indian finance minister Arun Jaitley will meet state ministers on Tuesday to put pressure on the opposition Congress party to back a long-delayed sales tax reform whose chances have again been thrown into doubt by a parliamentary standoff. The proposed tax reform, the biggest since India's independence from Britain in 1947, seeks to replace a slew of central taxes and levies in its 29 states, transforming the nation of 1.3 billion people into a customs union. The current monsoon session of parliament could be the best chance for Prime Minister Narendra Modi's government to adopt a landmark Goods and Services Tax (GST) before campaigning hots up for state elections next year. "The meeting will discuss all pending issues on GST," said finance ministry spokesman D. S. Malik. "Later, the government could decide a further course of action." Yet Congress has been angered by a central investigation launched last week against one of its former state chief ministers over a case in which party chief Sonia Gandhi and her son and heir apparent, Rahul Gandhi, already face trial. Both have denied accusations of misuse of party funds, in the case brought by Subramanian Swamy, a senior politician in Modi's ruling party, over property owned by a defunct party newspaper. "I don't think the Prime Minister and his government are sincere about any constructive cooperation," Anand Sharma, a senior Congress lawmaker in the upper house of Parliament, Rajya Sabha, told the Indian Express newspaper. "And in this vitiated environment, there is no cooperation possible between the Congress and the government," Sharma said, in comments echoed by senior party sources to Reuters on Monday. With 60 members, Congress is the single largest party in the Rajya Sabha, whose members total 245. With the support of allies and a few regional parties that oppose the bill, it reckons the government cannot muster the two-thirds majority needed for a key amendment to enact the GST. Modi's party, which lacks a majority in the Rajya Sabha, had reached out to Congress to end its opposition to the GST bill, stalled in parliament for years. Congress signalled until last week it could support the GST bill if the government agreed to cap the tax rate at about 18 per cent, even if this was not initially anchored in the law. Jaitley has resisted capping the tax rate, winning backing from a growing number of state governments, and still hopes to pass the GST measure in the monsoon session that ends on August 13, and turn India into a single market for the first time. (Reuters)

India's finance minister to seek opposition support for Goods and Services Tax bill

Britain&#39;s new finance minister Philip Hammond, under pressure from his peers from around the world, said today there could be more clarity later this year on how the country will exit the European Union. 
 
Several nations called on Britain during weekend talks on the world economy to explain how the politically fraught Brexit process will unfold in order to avoid adding a new drag on the long and slow recovery from the financial crisis. 
 
&quot;It&#39;s right at the top of the agenda here at the G20,&quot; Hammond said at the end of the two-day meeting of the Group of 20 leading economies in the Chinese city of Chengdu. &quot;It&#39;s a new factor affecting the global economic outlook and it has increased the uncertainty which the world economy faces.&quot; 
 
Britain was plunged into its biggest political crisis in decades by the June 23 Brexit vote and so far it has resisted calls from some other EU countries to trigger quickly the two-year process for negotiating its exit from the bloc. 
 
Prime Minister Theresa May, who has been in her job for less than two weeks, traveled to Germany and France last week to explain why she needed time to come up with an exit strategy. 
 
The EU&#39;s top economic official, Pierre Moscovici, said the bloc understood that Britain should not be rushed but &quot;at the same time let&#39;s not waste time, let&#39;s not have too much uncertainty, let&#39;s act and choose as swiftly as possible.&quot; 
 
Hammond told reporters today the two-year negotiating period, once launched, represented &quot;quite a tight timescale&quot; and Britain needed to go into it with clear objectives. &quot;We have to do that before the start of the process because when we serve that notice, we need to hit the ground running,&quot; he said. 
 
But Hammond also showed he was aware of the need for some clarity on Brexit: &quot;What will start to reduce uncertainty is when we are able to set out more clearly the kind of arrangement we envisage going forward with the European Union.&quot; 
 
&quot;If our European Union partners respond to such a vision positively - obviously it will be subject to negotiation - so that there is a sense perhaps later this year that we are all on the same page in terms of where we expect to be going, I think that will send a reassuring signal to the business community and to markets,&quot; Hammond said. 
 
May has said she does not plan to launch the formal negotiation period this year. It remains to be seen if other EU countries would enter informal talks with Britain before the formal negotiations, something they have previously ruled out. 
 
Govt, Bank of England have to be ready 
 
Financial markets have stabilised after the initial shock of the referendum result which saw the value of the pound plunge by more than 10 per cent and trillions of dollars wiped off stock markets worldwide. But economists are expecting Britain to fall into a recession, according to a Reuters poll. 
 
Hammond said he did not think that a survey of British businesses published on Friday, which showed the sharpest fall on record in a purchasing managers index, was a sign that the economy was in already in a recession. 
 
&quot;What it does is underscore the hit to confidence,&quot; he said. 
 
Hammond warned that Brexit-related volatility in markets would be a risk throughout the two-year negotiation period. 
 
&quot;We have to be ready as government, the Bank of England has to be ready as monetary authority, throughout that period to respond to any instability created by that uncertainty and to ensure that the economy continues to operate smoothly,&quot; he said. 
 
The BoE is expected to cut interest rates and possibly announce more stimulus measures on August 4. Hammond has said he could ease fiscal policy in the autumn if more help is needed. 
 
Asked about a comment he made on Friday, that he might &quot;reset&quot; fiscal policy to cope with the Brexit fallout, Hammond said Britain&#39;s still high levels of debt meant it needed a new framework on its public finances to give clarity to markets. 
 
&quot;What that framework will look like will depend on the decisions we make about whether or not any fiscal stimulus is required on the basis of the data we will by then have available,&quot; he said. 
 
(Reuters)

Britain's finance minister accepted the need for some clarity on Brexit, said it's at the top of agenda at the G20

Britain's new finance minister Philip Hammond, under pressure from his peers from around the world, said today there could be more clarity later this year on how the country will exit the European Union. Several nations called on Britain during weekend talks on the world economy to explain how the politically fraught Brexit process will unfold in order to avoid adding a new drag on the long and slow recovery from the financial crisis. "It's right at the top of the agenda here at the G20," Hammond said at the end of the two-day meeting of the Group of 20 leading economies in the Chinese city of Chengdu. "It's a new factor affecting the global economic outlook and it has increased the uncertainty which the world economy faces." Britain was plunged into its biggest political crisis in decades by the June 23 Brexit vote and so far it has resisted calls from some other EU countries to trigger quickly the two-year process for negotiating its exit from the bloc. Prime Minister Theresa May, who has been in her job for less than two weeks, traveled to Germany and France last week to explain why she needed time to come up with an exit strategy. The EU's top economic official, Pierre Moscovici, said the bloc understood that Britain should not be rushed but "at the same time let's not waste time, let's not have too much uncertainty, let's act and choose as swiftly as possible." Hammond told reporters today the two-year negotiating period, once launched, represented "quite a tight timescale" and Britain needed to go into it with clear objectives. "We have to do that before the start of the process because when we serve that notice, we need to hit the ground running," he said. But Hammond also showed he was aware of the need for some clarity on Brexit: "What will start to reduce uncertainty is when we are able to set out more clearly the kind of arrangement we envisage going forward with the European Union." "If our European Union partners respond to such a vision positively - obviously it will be subject to negotiation - so that there is a sense perhaps later this year that we are all on the same page in terms of where we expect to be going, I think that will send a reassuring signal to the business community and to markets," Hammond said. May has said she does not plan to launch the formal negotiation period this year. It remains to be seen if other EU countries would enter informal talks with Britain before the formal negotiations, something they have previously ruled out. Govt, Bank of England have to be ready Financial markets have stabilised after the initial shock of the referendum result which saw the value of the pound plunge by more than 10 per cent and trillions of dollars wiped off stock markets worldwide. But economists are expecting Britain to fall into a recession, according to a Reuters poll. Hammond said he did not think that a survey of British businesses published on Friday, which showed the sharpest fall on record in a purchasing managers index, was a sign that the economy was in already in a recession. "What it does is underscore the hit to confidence," he said. Hammond warned that Brexit-related volatility in markets would be a risk throughout the two-year negotiation period. "We have to be ready as government, the Bank of England has to be ready as monetary authority, throughout that period to respond to any instability created by that uncertainty and to ensure that the economy continues to operate smoothly," he said. The BoE is expected to cut interest rates and possibly announce more stimulus measures on August 4. Hammond has said he could ease fiscal policy in the autumn if more help is needed. Asked about a comment he made on Friday, that he might "reset" fiscal policy to cope with the Brexit fallout, Hammond said Britain's still high levels of debt meant it needed a new framework on its public finances to give clarity to markets. "What that framework will look like will depend on the decisions we make about whether or not any fiscal stimulus is required on the basis of the data we will by then have available," he said. (Reuters)

UK seeks to assuage global worries over path to Brexit

Britain&#39;s vote to leave the European Union heightened risks for the world economy, finance chiefs from the G20 group of leading countries said on Sunday at a meeting in China. 
 
The outcome of last month&#39;s referendum &quot;adds to the uncertainty in the global economy&quot;, said China&#39;s finance minister Lou Jiwei, who hosted the meeting. 
 
But he added that EU member countries were &quot;well positioned to proactively address the potential economic and financial consequences stemming from the UK referendum&quot;.
The International Monetary Fund (IMF) has warned risks to the global economy are growing, as it called on some G20 nations to boost government spending.

Central bank chiefs and finance ministers from the world&#39;s top 20 economies gathered in the southwestern Chinese city of Chengdu on Saturday to tackle a slowing global economy facing new uncertainties with Britain voting to leave the European Union (EU).

&quot;Global growth remains weak, and downside risks have become more salient,&quot; the IMF said in a report released ahead of the G20 meeting.

&quot;Growth could be even lower if the current increases in economic and political uncertainty in the wake of the &#39;Brexit&#39; vote continue.&quot;

The IMF wants advanced economies like Germany and the United States to channel more public spending into infrastructure investment to help boost global growth, an issue that has sparked divisions among G20 members.

&quot;Reforms that facilitate the scaling up of infrastructure investment would help raise productive capacity, boost short-term demand directly, and catalyse private investment,&quot; it said.
(AFP) 
 
&nbsp;

The IMF has called on some advanced economies like Germany and the US to channel more public spending to help boost global growth

Britain's vote to leave the European Union heightened risks for the world economy, finance chiefs from the G20 group of leading countries said on Sunday at a meeting in China. The outcome of last month's referendum "adds to the uncertainty in the global economy", said China's finance minister Lou Jiwei, who hosted the meeting. But he added that EU member countries were "well positioned to proactively address the potential economic and financial consequences stemming from the UK referendum". The International Monetary Fund (IMF) has warned risks to the global economy are growing, as it called on some G20 nations to boost government spending. Central bank chiefs and finance ministers from the world's top 20 economies gathered in the southwestern Chinese city of Chengdu on Saturday to tackle a slowing global economy facing new uncertainties with Britain voting to leave the European Union (EU). "Global growth remains weak, and downside risks have become more salient," the IMF said in a report released ahead of the G20 meeting. "Growth could be even lower if the current increases in economic and political uncertainty in the wake of the 'Brexit' vote continue." The IMF wants advanced economies like Germany and the United States to channel more public spending into infrastructure investment to help boost global growth, an issue that has sparked divisions among G20 members. "Reforms that facilitate the scaling up of infrastructure investment would help raise productive capacity, boost short-term demand directly, and catalyse private investment," it said. (AFP)

G20: Brexit adding uncertainty to slowing global economy

Britain&#39;s new finance minister Philip Hammond today ruled out an emergency budget in response to economic turbulence triggered by the country&#39;s vote in favour of exiting the European Union. 
 
Hammond told media that a budget would not be submitted before the British autumn, adding that London&#39;s key financial sector must retain access to the EU single market following Brexit. 
 
Ahead of last month&#39;s EU referendum, Hammond&#39;s predecessor George Osborne suggested that an emergency budget would be required in the event of a Brexit vote because of the risk of recession. 
 
However, he quickly ruled out such an event despite the country voting on June 23 to quit the bloc - and has now quit the government following Hammond&#39;s appointment. 
 
New Prime Minister Theresa May on Wednesday appointed Hammond to replace Osborne as chancellor of the exchequer. 
 
Osborne was the architect of the past six years of British austerity and a close friend of former prime minister David Cameron, while both had campaigned for Britain to remain in the EU. 
 
Hammond, who had been foreign minister in the outgoing government of Cameron, told various media outlets today that there would be no emergency budget. 
 
May &quot;made clear we will do an Autumn Statement (budget) in the usual way, in the autumn, and we will look carefully over the summer at the situation&quot;, Hammond told Sky News. 
 
Speaking to the ITV channel, he said that financial markets &quot;need to know we will do whatever is necessary to keep the economy on track&quot;. 
 
Bank of England meeting 
 
Hammond added that he was meeting today with Bank of England (BoE) governor Mark Carney to assess Britain&#39;s economy. 
 
It comes as the BoE prepares to announce whether it will cut its main interest rate to a new record low level under 0.50 per cent to curb the economic fallout from Brexit. 
 
Following the referendum the pound slumped to a 31-year-low against the dollar, before rebounding slightly. While a weak pound helps exporters, it makes imports more expensive, which in turn can push up inflation. 
 
But while a cut to the BoE&#39;s interest rate may help to boost business investment, it risks further weakening the pound according to analysts. 
 
&quot;There has been a chilling effect,&quot; on markets since the referendum, Hammond told BBC radio today. 
 
&quot;We have seen business investment decisions being paused because businesses now want to take stock, want to understand how we will take forward our renegotiation with the EU.&quot; 
 
Businesses &quot;want to know on what terms they will be able to sell into the single market of the European Union once Britain is outside that Union&quot;, he told the BBC. 
 
Hammond added that during Brexit negotiations with the EU, the government needed &quot;to ensure access to the European Union single market&quot; for London&#39;s financial services. 
 
&quot;It&#39;s not only in London&#39;s interest, it&#39;s in the interest of the EU as well. London provides a crucial financial service,&quot; he added. 
 
Osborne had said following the referendum result that he would seek to slash corporation tax over fears of an exodus of companies from Britain. 
 
Hammond though would not be drawn on Thursday on Osborne&#39;s pledge to cut Britain&#39;s levy on company profits to under 15 per cent from 20 per cent currently. 
 
Following the referendum, Osborne also scrapped the government&#39;s promise for a budget surplus by 2020. 
 
Hammond told the BBC on today that the Conservative government had &quot;to reduce the deficit further, but looking at how and when and at what pace we do that and how we measure our progress in doing that, is something that we now need to consider in light of the new circumstances that the economy is facing.&quot; 
 
(AFP)

'We will do whatever is necessary to keep the economy on track,' Philip Hammond said

Britain's new finance minister Philip Hammond today ruled out an emergency budget in response to economic turbulence triggered by the country's vote in favour of exiting the European Union. Hammond told media that a budget would not be submitted before the British autumn, adding that London's key financial sector must retain access to the EU single market following Brexit. Ahead of last month's EU referendum, Hammond's predecessor George Osborne suggested that an emergency budget would be required in the event of a Brexit vote because of the risk of recession. However, he quickly ruled out such an event despite the country voting on June 23 to quit the bloc - and has now quit the government following Hammond's appointment. New Prime Minister Theresa May on Wednesday appointed Hammond to replace Osborne as chancellor of the exchequer. Osborne was the architect of the past six years of British austerity and a close friend of former prime minister David Cameron, while both had campaigned for Britain to remain in the EU. Hammond, who had been foreign minister in the outgoing government of Cameron, told various media outlets today that there would be no emergency budget. May "made clear we will do an Autumn Statement (budget) in the usual way, in the autumn, and we will look carefully over the summer at the situation", Hammond told Sky News. Speaking to the ITV channel, he said that financial markets "need to know we will do whatever is necessary to keep the economy on track". Bank of England meeting Hammond added that he was meeting today with Bank of England (BoE) governor Mark Carney to assess Britain's economy. It comes as the BoE prepares to announce whether it will cut its main interest rate to a new record low level under 0.50 per cent to curb the economic fallout from Brexit. Following the referendum the pound slumped to a 31-year-low against the dollar, before rebounding slightly. While a weak pound helps exporters, it makes imports more expensive, which in turn can push up inflation. But while a cut to the BoE's interest rate may help to boost business investment, it risks further weakening the pound according to analysts. "There has been a chilling effect," on markets since the referendum, Hammond told BBC radio today. "We have seen business investment decisions being paused because businesses now want to take stock, want to understand how we will take forward our renegotiation with the EU." Businesses "want to know on what terms they will be able to sell into the single market of the European Union once Britain is outside that Union", he told the BBC. Hammond added that during Brexit negotiations with the EU, the government needed "to ensure access to the European Union single market" for London's financial services. "It's not only in London's interest, it's in the interest of the EU as well. London provides a crucial financial service," he added. Osborne had said following the referendum result that he would seek to slash corporation tax over fears of an exodus of companies from Britain. Hammond though would not be drawn on Thursday on Osborne's pledge to cut Britain's levy on company profits to under 15 per cent from 20 per cent currently. Following the referendum, Osborne also scrapped the government's promise for a budget surplus by 2020. Hammond told the BBC on today that the Conservative government had "to reduce the deficit further, but looking at how and when and at what pace we do that and how we measure our progress in doing that, is something that we now need to consider in light of the new circumstances that the economy is facing." (AFP)

British finance minister rules out emergency budget

British finance minister George Osborne ruled himself out of the running to succeed Conservative Prime Minister David Cameron on Monday, citing his fierce advocacy of staying in the European Union. 
 
The government is under pressure to fill a vacuum left when Cameron announced he would resign by October after Britain ignored his advice and voted to leave the 28-member bloc in last week&#39;s referendum. 
 
&quot;It isn&#39;t in my nature to do things by half-measure, and I fought the referendum campaign with everything I&#39;ve got. I believed in this cause and fought hard for it,&quot; Osborne wrote in the Times newspaper. 
 
&quot;So it is clear that while I completely accept the result, I am not the person to provide the unity my party needs at this time.&quot; 
 
Before the referendum campaign, Osborne had been widely regarded as a candidate to succeed Cameron one day, boosted by one of the strongest expansions among major developed economies in the last few years. 
 
Osborne on Monday said Britain&#39;s vote to leave the EU was likely to lead to further volatility in financial markets but said the world&#39;s fifth-biggest economy would cope with the challenge ahead. 
 
The Times said Osborne is weighing up whether to support former London mayor and Brexit campaigner Boris Johnson - the current front-runner - in exchange for an appointment as foreign secretary. It did not cite a source. 
 
A YouGov poll on Monday suggested interior minister Theresa May holds a lead over Johnson, among both the public and Conservative party members. 
 
British media also reported pensions minister Stephen Crabb and health secretary Jeremy Hunt were considering running for leader. 
 
(Reuters)

The finance minister was a supporter of the Stay campaign and said he is 'not the person to provide the unity my party needs at this time'

British finance minister George Osborne ruled himself out of the running to succeed Conservative Prime Minister David Cameron on Monday, citing his fierce advocacy of staying in the European Union. The government is under pressure to fill a vacuum left when Cameron announced he would resign by October after Britain ignored his advice and voted to leave the 28-member bloc in last week's referendum. "It isn't in my nature to do things by half-measure, and I fought the referendum campaign with everything I've got. I believed in this cause and fought hard for it," Osborne wrote in the Times newspaper. "So it is clear that while I completely accept the result, I am not the person to provide the unity my party needs at this time." Before the referendum campaign, Osborne had been widely regarded as a candidate to succeed Cameron one day, boosted by one of the strongest expansions among major developed economies in the last few years. Osborne on Monday said Britain's vote to leave the EU was likely to lead to further volatility in financial markets but said the world's fifth-biggest economy would cope with the challenge ahead. The Times said Osborne is weighing up whether to support former London mayor and Brexit campaigner Boris Johnson - the current front-runner - in exchange for an appointment as foreign secretary. It did not cite a source. A YouGov poll on Monday suggested interior minister Theresa May holds a lead over Johnson, among both the public and Conservative party members. British media also reported pensions minister Stephen Crabb and health secretary Jeremy Hunt were considering running for leader. (Reuters)

UK's Osborne rules himself out of race to succeed Prime Minister Cameron

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