Nirmala Sitharaman has been re-appointed as India’s finance minister in Prime Minister Narendra Modi’s new coalition government.&nbsp;

Despite failing to win a majority in the recent elections, the BJP has managed to retain key portfolios.&nbsp;

Sitharaman, who will also be in charge of corporate affairs, faces the challenge of balancing fiscal demands in the new coalition environment.&nbsp;

Economists point out that government spending may need to rise to maintain support, which could mark a shift from the conservative fiscal outlook of the past.

With a recent surge in tax revenues and a record $25 billion payment from the central bank, the economic outlook looks promising.&nbsp;

Additionally, S&amp;P has indicated the possibility of a credit rating upgrade, indicating India’s improved economic condition.&nbsp;

The economy, one of the fastest growing economies in the world, expanded by more than 8 per cent in the last financial year, and the central bank projects a 7.2 per cent growth for the current year&nbsp;

Despite these positive indicators, unemployment and rising cost of living emerged as major concerns for voters, affecting support for the BJP during the elections.

Looking ahead, the Modi government will face crucial state elections in Maharashtra, Haryana and Delhi.&nbsp;

This politics can lead the government to use strategies aimed at the poor, women and youth to gain support.&nbsp;

Nirmala Sitharaman has earlier focused on reducing infrastructure spending and fiscal deficit.&nbsp;

Experts predict that the upcoming budget will focus on increasing funding for rural development and housing while maintaining fiscal discipline.

Nirmala Sitharaman has been re-appointed as India’s finance minister in Prime Minister Narendra Modi’s new coalition government. Despite failing to win a majority in the recent elections, the BJP has managed to retain key portfolios.

Nirmala Sitharaman has been re-appointed as India’s finance minister in Prime Minister Narendra Modi’s new coalition government. Despite failing to win a majority in the recent elections, the BJP has managed to retain key portfolios. Sitharaman, who will also be in charge of corporate affairs, faces the challenge of balancing fiscal demands in the new coalition environment. Economists point out that government spending may need to rise to maintain support, which could mark a shift from the conservative fiscal outlook of the past. With a recent surge in tax revenues and a record $25 billion payment from the central bank, the economic outlook looks promising. Additionally, S&P has indicated the possibility of a credit rating upgrade, indicating India’s improved economic condition. The economy, one of the fastest growing economies in the world, expanded by more than 8 per cent in the last financial year, and the central bank projects a 7.2 per cent growth for the current year Despite these positive indicators, unemployment and rising cost of living emerged as major concerns for voters, affecting support for the BJP during the elections. Looking ahead, the Modi government will face crucial state elections in Maharashtra, Haryana and Delhi. This politics can lead the government to use strategies aimed at the poor, women and youth to gain support. Nirmala Sitharaman has earlier focused on reducing infrastructure spending and fiscal deficit. Experts predict that the upcoming budget will focus on increasing funding for rural development and housing while maintaining fiscal discipline.

Nirmala Sitharaman reappointed as finance minister in Modi's coalition

Sri Lanka's Finance Minister Basil Rajapaksha is expected to meet his Indian counterpart Nirmala Sitharaman this week to discuss USD 1 billion loan that the Indian government agreed to provide and will also share the road map on the utilisation of funds.

India has already given a loan of USD 500 million for fuel purchase and USD 400 million currency swap under the South Asian Association for Regional Cooperation (SAARC) facility, Policy Research Group reported.

Earlier, the Sri Lankan Finance Minister met Prime Minister Narendra Modi and Foreign Minister S Jaishankar on Wednesday and thanked PM Modi for the support extended by India to the Sri Lankan economy.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/india-will-always-stand-with-sri-lanka-pm-modi-tells-finance-minister-basil-rajapaksa-462918">'India will always stand with Sri Lanka', PM Modi tells finance minister Basil Rajapaksa</a>

India has stepped up and pledged a whopping USD 2.415 billion to the island nation to help overcome dire financial constraints caused by external debt payments and a lack of US dollars in the country for business.

Sri Lanka is moving away from China while getting close to India over the failure of Colombo to pay back Chinese loans worth USD 4.5 billion, amidst fears of a "debt trap".

Sri Lankan foreign minister has been asking from China and different countries to help them in their financial crisis.

Sri Lanka also offered that whosoever country will help, Sri Lanka will collaborate on supplying essential commodities and avail the economic opportunities to them on their island, think tank reported.

Also read |&nbsp;<a href="https://www.wionews.com/world/imf-in-sri-lanka-to-discuss-worsening-economic-crisis-462128">IMF in Sri Lanka to discuss worsening economic crisis</a>

Sri Lanka's credit rating has been downgraded by Fitch Ratings and Moody's Investors Service due to delays in obtaining new funds, which are necessary to satisfy loan commitments. The country is on the verge of defaulting.

Saudi Arabian foreign minister, who recently visited Colombo, was requested to invest in the Port City project and the Hambantota Port project. Likewise, Oman was asked to assist in their fuel prices.

Sri Lanka's financial crisis began with the Easter Sunday attacks in 2019 and the situation deteriorated when the tourism rate fell and the government granted 25 per cent tax breaks to investors.

In January this year, Jaishankar held a virtual meeting with the Finance Minister of Sri Lanka Basil Rajapaksa and conveyed that India has always stood with Sri Lanka, and will continue to support Sri Lanka in all possible ways for overcoming the economic and other challenges posed by the COVID-19 pandemic.

Watch |&nbsp;Sri Lanka seeks IMF bailout amid rising fuel shortages, public anger

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/sri-lanka-seeks-imf-bailout-amid-rising-fuel-shortages-public-anger-463029/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Sri Lanka's Finance Minister Basil Rajapaksha is expected to meet his Indian counterpart Nirmala Sitharaman this week to discuss USD 1 billion loan that the Indian government agreed to provide and will also share the road map on the utilisation of funds.

Sri Lanka's Finance Minister Basil Rajapaksha is expected to meet his Indian counterpart Nirmala Sitharaman this week to discuss USD 1 billion loan that the Indian government agreed to provide and will also share the road map on the utilisation of funds. India has already given a loan of USD 500 million for fuel purchase and USD 400 million currency swap under the South Asian Association for Regional Cooperation (SAARC) facility, Policy Research Group reported. Earlier, the Sri Lankan Finance Minister met Prime Minister Narendra Modi and Foreign Minister S Jaishankar on Wednesday and thanked PM Modi for the support extended by India to the Sri Lankan economy. Also read | 'India will always stand with Sri Lanka', PM Modi tells finance minister Basil Rajapaksa India has stepped up and pledged a whopping USD 2.415 billion to the island nation to help overcome dire financial constraints caused by external debt payments and a lack of US dollars in the country for business. Sri Lanka is moving away from China while getting close to India over the failure of Colombo to pay back Chinese loans worth USD 4.5 billion, amidst fears of a "debt trap". Sri Lankan foreign minister has been asking from China and different countries to help them in their financial crisis. Sri Lanka also offered that whosoever country will help, Sri Lanka will collaborate on supplying essential commodities and avail the economic opportunities to them on their island, think tank reported. Also read | IMF in Sri Lanka to discuss worsening economic crisis Sri Lanka's credit rating has been downgraded by Fitch Ratings and Moody's Investors Service due to delays in obtaining new funds, which are necessary to satisfy loan commitments. The country is on the verge of defaulting. Saudi Arabian foreign minister, who recently visited Colombo, was requested to invest in the Port City project and the Hambantota Port project. Likewise, Oman was asked to assist in their fuel prices. Sri Lanka's financial crisis began with the Easter Sunday attacks in 2019 and the situation deteriorated when the tourism rate fell and the government granted 25 per cent tax breaks to investors. In January this year, Jaishankar held a virtual meeting with the Finance Minister of Sri Lanka Basil Rajapaksa and conveyed that India has always stood with Sri Lanka, and will continue to support Sri Lanka in all possible ways for overcoming the economic and other challenges posed by the COVID-19 pandemic. Watch | Sri Lanka seeks IMF bailout amid rising fuel shortages, public anger

Sri Lankan finance minister to meet his Indian counterpart this week

India’s Finance Minister Nirmala Sitharaman is all set to table the country’s budget at Parliament’s lower house, Lok Sabha, on February 1 at 11 am.

The budget session of Parliament will be held in two parts.

The first part will be held from January 31 till February 11 and the second part will be held from March 14 to April 8.

Before 2016, the budget was presented on the last working day of February, which was changed by former finance minister Arun Jaitley.

The budget session of the Parliament is considered to be the most important event in India. It is not only watched by policy experts and businessmen, but the general people also view it with much curiosity as they get to know which products are going to get cheaper or costlier.

For experts, the budget’s numbers are important to gauge which sectors have gained the government’s priority, but for the people, it is the speech given by the finance minister that matters.

Hence, it becomes all the more important for the government to make the speeches clear and concise in order to convey their message to the voters.

But giving a speech during the session can become an exhaustive event not only for the finance minister but also for the public listening to them.

As surprising as it may sound, India’s budget presentation is notorious for being too long. On an average it takes anywhere between 90 and 120 minutes.

<img alt="India's current finance minister Nirmala Sitharaman" data-entity-type="file" data-entity-uuid="cd50989d-1b38-478d-beb0-a848827e7780" src="//cdn.wionews.com/sites/default/files/inline-images/nirmala.jpeg" />

Nirmala Sitharaman holds the record for longest speech: The present finance minister Nirmala Sitharaman currently holds the record of giving the longest budget speech in the history of independent India.

At 2 hours and 42 minutes, Sitharaman delivered the longest speech while presenting the Union Budget 2020-21 on February 1, 2020.

With two pages still remaining, she had to cut short her speech as she felt unwell. She asked the Speaker to consider the remaining part of the speech as read.

During the course of this speech, she broke her own record — in July 2019, during her maiden speech, Sitharaman spoke for 2 hours and 17 minutes.

<img alt="Jaswant Singh" data-entity-type="file" data-entity-uuid="3dd534b8-1669-4bbd-aaa9-86c97a599eed" src="//cdn.wionews.com/sites/default/files/inline-images/jas.jpg" />

Jaswant Singh spoke for over 2 hours: Before Sitharaman, it was former finance minister Jaswant Singh who held the record for the longest speech in terms of time consumed. His 2003 speech lasted 2 hours and 13 minutes.

The shortest speech consisted of just 800 words: Former finance minister Hirubhai Mulljibhai Patel delivered the shortest budget speech in 1977. It consisted of only 800 words.

<img alt="Manmohan Singh" data-entity-type="file" data-entity-uuid="d44d9ecf-cb7e-418b-a55b-8ecd72bc7180" src="//cdn.wionews.com/sites/default/files/inline-images/manmohan.jpg" />

Manmohan Singh's budget consisted of 18,650 words: In terms of the number of words, former prime minister Manmohan Singh and also the then finance minister in the Narasimha Rao government, delivered the longest budget speech in 1991, which included 18,650 words.

<img alt="R K Shanmukham Chetty " data-entity-type="file" data-entity-uuid="2c13a0b5-8950-4020-9b9c-bcfa3f55f5c7" src="//cdn.wionews.com/sites/default/files/inline-images/fkfkf.jpg" />

The first Union Budget speech by late R K Shanmukham Chetty was the shortest: It had just 39 paragraphs.

(With inputs from agencies)

India’s Finance Minister Nirmala Sitharaman is all set to table the country’s budget at Parliament’s lower house, Lok Sabha, on February 1 at 11 am. The budget session of Parliament will be held in two parts.

India’s Finance Minister Nirmala Sitharaman is all set to table the country’s budget at Parliament’s lower house, Lok Sabha, on February 1 at 11 am. The budget session of Parliament will be held in two parts. The first part will be held from January 31 till February 11 and the second part will be held from March 14 to April 8. Before 2016, the budget was presented on the last working day of February, which was changed by former finance minister Arun Jaitley. The budget session of the Parliament is considered to be the most important event in India. It is not only watched by policy experts and businessmen, but the general people also view it with much curiosity as they get to know which products are going to get cheaper or costlier. For experts, the budget’s numbers are important to gauge which sectors have gained the government’s priority, but for the people, it is the speech given by the finance minister that matters. Hence, it becomes all the more important for the government to make the speeches clear and concise in order to convey their message to the voters. But giving a speech during the session can become an exhaustive event not only for the finance minister but also for the public listening to them. As surprising as it may sound, India’s budget presentation is notorious for being too long. On an average it takes anywhere between 90 and 120 minutes. Nirmala Sitharaman holds the record for longest speech: The present finance minister Nirmala Sitharaman currently holds the record of giving the longest budget speech in the history of independent India. At 2 hours and 42 minutes, Sitharaman delivered the longest speech while presenting the Union Budget 2020-21 on February 1, 2020. With two pages still remaining, she had to cut short her speech as she felt unwell. She asked the Speaker to consider the remaining part of the speech as read. During the course of this speech, she broke her own record — in July 2019, during her maiden speech, Sitharaman spoke for 2 hours and 17 minutes. Jaswant Singh spoke for over 2 hours: Before Sitharaman, it was former finance minister Jaswant Singh who held the record for the longest speech in terms of time consumed. His 2003 speech lasted 2 hours and 13 minutes. The shortest speech consisted of just 800 words: Former finance minister Hirubhai Mulljibhai Patel delivered the shortest budget speech in 1977. It consisted of only 800 words. Manmohan Singh's budget consisted of 18,650 words: In terms of the number of words, former prime minister Manmohan Singh and also the then finance minister in the Narasimha Rao government, delivered the longest budget speech in 1991, which included 18,650 words. The first Union Budget speech by late R K Shanmukham Chetty was the shortest: It had just 39 paragraphs. (With inputs from agencies)

How long is the average Indian budget presentation speech?

Finance Minister Nirmala Sitharaman is addressed a press conference during which the FM announced more stimulus to boost the Coronavirus-hit economy. FM announces Atmanirbhar Bharat Rozgar Yojana for formal sector.

WION Dispatch: Finance Minister announces more stimulus to boost 'COVID-hit' economy

Finance Minister Sitharaman on Monday announced&nbsp;Rupees 12,000 crore interest-free 50-year loan&nbsp;to states for spending on capital projects.

The initiative will&nbsp;bolster the pandemic-hit Indian economy by creating a consumer demand of about 280 billion rupees ($3.83 billion).

Sitharaman said during a press conference, "The COVID-19 pandemic has adversely affected the economy. The needs of the poor and weaker sections were addressed in various announcements by the government. Supply constraints have somewhat got eased but consumer demand still needs to be given a boost."

Also read:&nbsp;<a href="https://www.wionews.com/india-news/indias-gdp-expected-to-contract-by-9-per-cent-this-year-world-bank-333426" hreflang="en">India's GDP expected to contract by 9 per cent this year: World Bank</a>

In a bid to stimulate consumer demand in the economy,&nbsp;Sitharaman announced two proposals: Leave Travel Concession (LTC) Cash Voucher Scheme and Special Festival Advance Scheme.

"The proposals being presented are designed in a way that they can stimulate demand by front-loading/advancing some of the expenditure with some offsetting changes. Others are directly linked to an increase in the GDP," she explained.

Under the LTC Cash Voucher Scheme, government employees can opt to receive cash amounting to leave encashment plus three times ticket fare, to buy items, which attract GST of 12 per cent or more.

Every four years, central government employees get LTC to any destination to their choice plus one to their hometown. 
Since travel is difficult to undertake during the pandemic, the government will pay the entitled fare as cash vouchers which have to be spent by March 31, 2021, she said.

Central government payout on cash-in-lieu-for-LTC will be Rs 5,675 crore, and another Rs 1,900 crore will be payout by central PSUs and public sector banks, Sitharaman said.

The demand infusion because of this would be Rs 19,000 crore, and another Rs 9,000 crore if half of the states follow this guideline, she added.

Prime Minister Narendra Modi's government, which imposed a tough lockdown to stem the spread of the coronavirus in March, is pushing ahead with a full opening to try to boost the economy ahead of the usually high-spending festival season.

Finance Minister Sitharaman on Monday announced Rupees 12,000 crore interest-free 50-year loan to states for spending on capital projects. The initiative will bolster the pandemic-hit Indian economy by creating a consumer demand of about 280 billion rupees ($3.

Finance Minister Sitharaman on Monday announced Rupees 12,000 crore interest-free 50-year loan to states for spending on capital projects. The initiative will bolster the pandemic-hit Indian economy by creating a consumer demand of about 280 billion rupees ($3.83 billion). Sitharaman said during a press conference, "The COVID-19 pandemic has adversely affected the economy. The needs of the poor and weaker sections were addressed in various announcements by the government. Supply constraints have somewhat got eased but consumer demand still needs to be given a boost." Also read: India's GDP expected to contract by 9 per cent this year: World Bank In a bid to stimulate consumer demand in the economy, Sitharaman announced two proposals: Leave Travel Concession (LTC) Cash Voucher Scheme and Special Festival Advance Scheme. "The proposals being presented are designed in a way that they can stimulate demand by front-loading/advancing some of the expenditure with some offsetting changes. Others are directly linked to an increase in the GDP," she explained. Under the LTC Cash Voucher Scheme, government employees can opt to receive cash amounting to leave encashment plus three times ticket fare, to buy items, which attract GST of 12 per cent or more. Every four years, central government employees get LTC to any destination to their choice plus one to their hometown. Since travel is difficult to undertake during the pandemic, the government will pay the entitled fare as cash vouchers which have to be spent by March 31, 2021, she said. Central government payout on cash-in-lieu-for-LTC will be Rs 5,675 crore, and another Rs 1,900 crore will be payout by central PSUs and public sector banks, Sitharaman said. The demand infusion because of this would be Rs 19,000 crore, and another Rs 9,000 crore if half of the states follow this guideline, she added. Prime Minister Narendra Modi's government, which imposed a tough lockdown to stem the spread of the coronavirus in March, is pushing ahead with a full opening to try to boost the economy ahead of the usually high-spending festival season.

Finance Minister Sitharaman announces Rs12,000 crore interest-free 50-year loan to states

In the backdrop of coronavirus outbreak and subsequent lockdown, the Centre has come up with a Rs 1.70 lakh crore relief package for the daily wage earners, women workers, and migrant workers as the country remains in a 21-day lockdown period.

Coronavirus Lockdown: India’s FM says 'No one will go hungry'

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

Finance Minister Arun Jaitley has &quot;strongly raised&quot; the H-1B visa issue with US Commerce Secretary Wilbur Ross, highlighting the important role played by highly skilled Indian professionals in America, officials said Friday.

During the meeting here in Washington -- the first cabinet-level interaction between the two countries under the Trump administration -- Ross is believed to have said that US has started the process of reviewing H-1B visas issues and no decision has been taken on it yet, sources said.

Taking up the case of Indian IT companies and professionals, Jaitley told Ross about the contribution of highly skilled Indians in the economic development of the United States and India and stressed that they should continue to do so, which is in the best interest of the two countries, an Indian official said.

Ross is understood to have said that whatever the outcome of the review process, the Trump administration&#39;s objective is to have a merit-based immigration policy that gives preference to highly skilled professionals.

The executive order signed by Trump early this week calls for a review of H-1B visas by the departments of State, Labour, Homeland Security and Justice.

Jaitley, leading an Indian delegation, arrived in Washington DC yesterday morning to attend the annual Spring meeting of the International Monetary Fund and the World Bank.

Over the next two days, the Finance Minister is scheduled to hold a series of bilateral meetings with his counterparts from the US, Australia, France, Indonesia and Sweden. He is also likely to meet finance ministers from neighbouring Bangladesh and Sri Lanka.

Stressing that India-US relationship has bipartisan support in both the countries, the Finance Minister in his meeting with the commerce secretary said the two largest democratic countries of the world over the years have developed a&nbsp;strong strategic, economic and defence relationship.

The three phone conversations that Prime Minister Narendra Modi and Trump have had, along with the officials meeting, has shown that the two governments are going to build on this momentum in the years to come, the official said.

Briefing Ross on India&#39;s growth story, Jaitley is believed to have given an him insight into a series of &quot;far reaching reforms&quot; being undertaken by the Modi government post-demonetisation including the Goods and Services Tax (GST).

Jaitley said the two countries should be able to move towards achieving the goal of $500 billion per annum in bilateral trade in the next few years.

In addition to his meetings and presentations at the annual Spring meeting of the IMF and the World Bank, the Union minister is also scheduled to attend meetings of other multilateral forums including that of the G-20 finance ministers.

Before leaving Washington DC for New York on Sunday, he is expected to interact with think-tanks and eminent Indian-Americans.

(PTI)

The US commerce secretary said they have reviewed the process of reviewing H-1B visas issues and that no decision has been taken so far

Finance Minister Arun Jaitley has "strongly raised" the H-1B visa issue with US Commerce Secretary Wilbur Ross, highlighting the important role played by highly skilled Indian professionals in America, officials said Friday. During the meeting here in Washington -- the first cabinet-level interaction between the two countries under the Trump administration -- Ross is believed to have said that US has started the process of reviewing H-1B visas issues and no decision has been taken on it yet, sources said. Taking up the case of Indian IT companies and professionals, Jaitley told Ross about the contribution of highly skilled Indians in the economic development of the United States and India and stressed that they should continue to do so, which is in the best interest of the two countries, an Indian official said. Ross is understood to have said that whatever the outcome of the review process, the Trump administration's objective is to have a merit-based immigration policy that gives preference to highly skilled professionals. The executive order signed by Trump early this week calls for a review of H-1B visas by the departments of State, Labour, Homeland Security and Justice. Jaitley, leading an Indian delegation, arrived in Washington DC yesterday morning to attend the annual Spring meeting of the International Monetary Fund and the World Bank. Over the next two days, the Finance Minister is scheduled to hold a series of bilateral meetings with his counterparts from the US, Australia, France, Indonesia and Sweden. He is also likely to meet finance ministers from neighbouring Bangladesh and Sri Lanka. Stressing that India-US relationship has bipartisan support in both the countries, the Finance Minister in his meeting with the commerce secretary said the two largest democratic countries of the world over the years have developed a strong strategic, economic and defence relationship. The three phone conversations that Prime Minister Narendra Modi and Trump have had, along with the officials meeting, has shown that the two governments are going to build on this momentum in the years to come, the official said. Briefing Ross on India's growth story, Jaitley is believed to have given an him insight into a series of "far reaching reforms" being undertaken by the Modi government post-demonetisation including the Goods and Services Tax (GST). Jaitley said the two countries should be able to move towards achieving the goal of $500 billion per annum in bilateral trade in the next few years. In addition to his meetings and presentations at the annual Spring meeting of the IMF and the World Bank, the Union minister is also scheduled to attend meetings of other multilateral forums including that of the G-20 finance ministers. Before leaving Washington DC for New York on Sunday, he is expected to interact with think-tanks and eminent Indian-Americans. (PTI)

India 'strongly raises' H-1B visa issue with US, highlights role of skilled professionals

Indian shares rose for a second consecutive session as lenders such as State Bank of India rallied after finance minister Arun Jaitley said the government would soon announce new measures to tackle non-performing assets (NPAs).

The government and the Reserve Bank of India would announce the measures in &quot;a couple of days&quot;, Jaitley said at a CNBC-TV18 event.

Lenders also got a boost from expectation of good demand for Yes Bank&#39;s up to $750 million share sale announced on Thursday.

But broader sentiment remained cautious, with the NSE Nifty poised to record its first weekly loss in three, retreating from a record high hit last week.

&quot;Yes Bank&#39;s Qualified Institutional Placement yesterday was subscribed at almost 1,500 rupees per share and this has improved the sentiment in the sector, resulting in a rally in bank stocks. The finance minister&#39;s statement on the NPAs issue too was a positive,&quot; said Rakesh Tarway, head of research at Reliance Securities Ltd.

The broader Nifty was up 0.44 per cent at 9,126 by 0510 GMT, while the benchmark Sensex was 0.52 per cent higher at 29,484.97.

ICICI Bank and State Bank of India were among the top gainers on the Nifty 50 index, rising more than 2 per cent each after Jaitley&#39;s comments.

Yes Bank rose as much as 1.72 per cent.

Bharat Petroleum Corp was the top loser as oil retailers fell after CLSA analysts forecast a weak January-March quarter for major oil marketing companies.

(Reuters)

The finance minister on Thursday said the Indian government would soon announce new measures to tackle non-performing assets

Indian shares rose for a second consecutive session as lenders such as State Bank of India rallied after finance minister Arun Jaitley said the government would soon announce new measures to tackle non-performing assets (NPAs). The government and the Reserve Bank of India would announce the measures in "a couple of days", Jaitley said at a CNBC-TV18 event. Lenders also got a boost from expectation of good demand for Yes Bank's up to $750 million share sale announced on Thursday. But broader sentiment remained cautious, with the NSE Nifty poised to record its first weekly loss in three, retreating from a record high hit last week. "Yes Bank's Qualified Institutional Placement yesterday was subscribed at almost 1,500 rupees per share and this has improved the sentiment in the sector, resulting in a rally in bank stocks. The finance minister's statement on the NPAs issue too was a positive," said Rakesh Tarway, head of research at Reliance Securities Ltd. The broader Nifty was up 0.44 per cent at 9,126 by 0510 GMT, while the benchmark Sensex was 0.52 per cent higher at 29,484.97. ICICI Bank and State Bank of India were among the top gainers on the Nifty 50 index, rising more than 2 per cent each after Jaitley's comments. Yes Bank rose as much as 1.72 per cent. Bharat Petroleum Corp was the top loser as oil retailers fell after CLSA analysts forecast a weak January-March quarter for major oil marketing companies. (Reuters)

Sensex rises for second day as Jaitley's comment boosts lenders

India&#39;s top court on Monday dismissed a petition to delay the annual federal budget, in view of the upcoming state assembly elections in five states.

Finance Minister Arun Jaitley is scheduled to present the budget on February 1.

&quot;There is no illustration to support that the presentation of Union Budget would influence voters&#39; mind in state elections,&quot; the top court said.

&nbsp;A Public Interest Litigation (PIL) had called for the delay over concerns that Prime Minister Narendra Modi&#39;s government could seek to influence the outcome of the polls with populist spending promises.

&quot;The budget should be presented in April. The government should not release it in February, as the state elections are starting soon,&quot; lawyer ML Sharma, who filed the deferment plea earlier this month, had said.

Modi&#39;s government announced last autumn that it would deliver its budget a month earlier than usual.

(WION with inputs from agencies)

Finance Minister Arun Jaitley is scheduled to present the budget on February 1

India's top court on Monday dismissed a petition to delay the annual federal budget, in view of the upcoming state assembly elections in five states. Finance Minister Arun Jaitley is scheduled to present the budget on February 1. "There is no illustration to support that the presentation of Union Budget would influence voters' mind in state elections," the top court said. A Public Interest Litigation (PIL) had called for the delay over concerns that Prime Minister Narendra Modi's government could seek to influence the outcome of the polls with populist spending promises. "The budget should be presented in April. The government should not release it in February, as the state elections are starting soon," lawyer ML Sharma, who filed the deferment plea earlier this month, had said. Modi's government announced last autumn that it would deliver its budget a month earlier than usual. (WION with inputs from agencies)

India: Top court dismisses petition to delay annual budget