In few weeks, Finance Minister Nirmala Sitharaman will present the 2020 budget. Expectations are high given the precarious situation of Indian economy. On Wion Edit, Palki Sharma lists some solutions to boost demand & revive consumption in Indian economy.

WION Edit: Measures to revive Indian economy

<a href="https://www.wionews.com/business-economy/budget-2019-key-takeaways-announced-by-nirmala-sitharaman-in-parliament-233179">Union Budget</a> 2020 will be presented by Finance Minister Nirmala Sitharaman on February 1, news agency ANI reported.&nbsp;

As per reports, the first phase of the budget session will be held from January 31 to February 11.

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Sources: First part of budget session to be held from January 31 to February 11. Budget to be presented on February 1. Second phase of budget session to be held from March 2 to April 3. <a href="https://t.co/5LlUQ1gZoE">pic.twitter.com/5LlUQ1gZoE</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1215125320262537217?ref_src=twsrc%5Etfw">January 9, 2020</a></blockquote>
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The second phase of the budget session will begin from March 2 and will go on till April 3.

Some of the measures included the introduction of 100 per cent FDI in insurance intermediaries. 1 crore loans for MSMEs in 59 minutes, among other features.&nbsp;

Prime Minister Narendra Modi hailed the budget 2019 and said that it had "given hopes to the country".

"It testifies that the path we are on is right and that we will reach our target," PM Modi said, adding that the budget will help facilitate the creation of 'New India'.&nbsp;

Also read: <a href="https://www.wionews.com/business-economy/budget-2019-key-takeaways-announced-by-nirmala-sitharaman-in-parliament-233179">Key takeaways announced by Nirmala Sitharaman in budget 2019</a>

"The middle class will progress with this budget, development work will expedite even more. The tax structure will simply and infrastructure will modernise," PM Modi had said.&nbsp;

Sitharaman will be closely watched with her pronouncements this budget. She is will be expected to come with measures that would drive the economy towards growth and bolster the equilibrium between consumption and investment.&nbsp;

The announcement of cuts in corporate tax and interest rates by the Reserve Bank of India last year didn't bring in much relief.

Sitharaman will be closely watched with her pronouncements this budget. She is will be expected to come with measures that would drive the economy towards growth and bolster the equilibrium between consumption and investment.&nbsp;

The announcement of cuts in corporate tax and interest rates by the Reserve Bank of India last year didn't bring in much relief.&nbsp;

Meanwhile, as per a <a href="https://www.wionews.com/india-news/world-bank-pegs-indias-growth-at-5-in-financial-year-2020-projects-recovery-next-year-273104">World Bank report</a>, India's growth is projected at five per cent in the current financial year 2019-20 which is set to recover to 5.8 per cent in the following fiscal year. 
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Union Budget 2020 will be presented by Finance Minister Nirmala Sitharaman on February 1, news agency ANI reported. As per reports, the first phase of the budget session will be held from January 31 to February 11.

Union Budget 2020 will be presented by Finance Minister Nirmala Sitharaman on February 1, news agency ANI reported. As per reports, the first phase of the budget session will be held from January 31 to February 11. Sources: First part of budget session to be held from January 31 to February 11. Budget to be presented on February 1. Second phase of budget session to be held from March 2 to April 3. pic.twitter.com/5LlUQ1gZoE — ANI (@ANI) January 9, 2020 × The second phase of the budget session will begin from March 2 and will go on till April 3. Some of the measures included the introduction of 100 per cent FDI in insurance intermediaries. 1 crore loans for MSMEs in 59 minutes, among other features. Prime Minister Narendra Modi hailed the budget 2019 and said that it had "given hopes to the country". "It testifies that the path we are on is right and that we will reach our target," PM Modi said, adding that the budget will help facilitate the creation of 'New India'. Also read: Key takeaways announced by Nirmala Sitharaman in budget 2019 "The middle class will progress with this budget, development work will expedite even more. The tax structure will simply and infrastructure will modernise," PM Modi had said. Sitharaman will be closely watched with her pronouncements this budget. She is will be expected to come with measures that would drive the economy towards growth and bolster the equilibrium between consumption and investment. The announcement of cuts in corporate tax and interest rates by the Reserve Bank of India last year didn't bring in much relief. Sitharaman will be closely watched with her pronouncements this budget. She is will be expected to come with measures that would drive the economy towards growth and bolster the equilibrium between consumption and investment. The announcement of cuts in corporate tax and interest rates by the Reserve Bank of India last year didn't bring in much relief. Meanwhile, as per a World Bank report, India's growth is projected at five per cent in the current financial year 2019-20 which is set to recover to 5.8 per cent in the following fiscal year.

Union Budget 2020 to be presented on February 1

Indian Finance Minister Nirmala Sitharaman on Tuesday unveiled Rs 102 lakh crore of infrastructure projects that will be implemented in the next five years as part of the government's spending push in the infrastructure sector.

WION Dispatch: Nirmala Sitharaman unveils Rs 102 lakh crore of infra projects for next 5 years

Finance Minister <a href="https://www.wionews.com/business-economy/ride-hailing-services-metro-trains-bs-vi-among-other-reasons-for-auto-sector-slowdown-finance-minister-nirmala-sitharaman-248878">Nirmala Sitharaman</a> on Tuesday said the government has identified infrastructure projects worth ₹102 lakh crore spread across 23 ministries, 18 states and union territories with another ₹3 lakh crore of projects likely to come from the states.

"In line with the announcement made by <a href="https://www.wionews.com/india-general-elections-2019/2002-gujarat-riots-nanavati-mehta-commission-gives-clean-chit-to-narendra-modi-267592">Prime Minister Narendra Modi</a> in his Independence Day speech to make infrastructure investment worth ₹100 lakh crore for the next five years, a task force was formed to identify projects. Today, the task force has identified ₹102 lakh crore worth of projects after conducting 70 stakeholder consultations in a short period of four months," Sitharaman said in a press conference here.

"In addition, ₹3 lakh crore projects by states are likely to be added to the pipeline. So, in all, we will have a ₹105 lakh crore total projects for the 100 lakh crore commitment we have made," she said.

Also Watch: Finance Minister Nirmala Sitharaman's announcement to boost 'Make in India'

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The Finance Minister also announced that India's first National Infrastructure Pipeline (NIP) comprising the Centre, states and the private sector for detailed planning on infrastructure projects will be launched.

"We intend to launch the National Infrastructure Pipeline Coordination Mechanism comprising the Centre, states and private sector for detailed planning, information dissemination and monitoring implementation of the NIP framework," she said.

The minister said that the Centre and states will have an equal share of 39 per cent in the NIP while 22 per cent will be the share of the private sector.

"In NIP, the share of Centre is 39 per cent, 39 per cent will be the share of state and 22 per cent share of the private sector. We expect the private sector share to increase to at least 30 per cent by 2025. This is the first time that NIP has been formed which makes the job of monitoring, linking with the developers fairly well structured and easier," she said.

Sitharaman said that a total of 51 lakh crores that is about 5-6 per cent of the GDP has been spent on infrastructure in the last six years by Centre and states.

Finance Minister Nirmala Sitharaman on Tuesday said the government has identified infrastructure projects worth ₹102 lakh crore spread across 23 ministries, 18 states and union territories with another ₹3 lakh crore of projects likely to come from the states.

Finance Minister Nirmala Sitharaman on Tuesday said the government has identified infrastructure projects worth ₹102 lakh crore spread across 23 ministries, 18 states and union territories with another ₹3 lakh crore of projects likely to come from the states. "In line with the announcement made by Prime Minister Narendra Modi in his Independence Day speech to make infrastructure investment worth ₹100 lakh crore for the next five years, a task force was formed to identify projects. Today, the task force has identified ₹102 lakh crore worth of projects after conducting 70 stakeholder consultations in a short period of four months," Sitharaman said in a press conference here. "In addition, ₹3 lakh crore projects by states are likely to be added to the pipeline. So, in all, we will have a ₹105 lakh crore total projects for the 100 lakh crore commitment we have made," she said. Also Watch: Finance Minister Nirmala Sitharaman's announcement to boost 'Make in India' × The Finance Minister also announced that India's first National Infrastructure Pipeline (NIP) comprising the Centre, states and the private sector for detailed planning on infrastructure projects will be launched. "We intend to launch the National Infrastructure Pipeline Coordination Mechanism comprising the Centre, states and private sector for detailed planning, information dissemination and monitoring implementation of the NIP framework," she said. The minister said that the Centre and states will have an equal share of 39 per cent in the NIP while 22 per cent will be the share of the private sector. "In NIP, the share of Centre is 39 per cent, 39 per cent will be the share of state and 22 per cent share of the private sector. We expect the private sector share to increase to at least 30 per cent by 2025. This is the first time that NIP has been formed which makes the job of monitoring, linking with the developers fairly well structured and easier," she said. Sitharaman said that a total of 51 lakh crores that is about 5-6 per cent of the GDP has been spent on infrastructure in the last six years by Centre and states.

Government has identified ₹102 lakh crore infrastructure projects: Finance Minister

Union Finance Minister Nirmala Sitharaman will chair the 38th Goods and Services Tax (GST) Council Meeting in New Delhi on Wednesday, reported news agency ANI. A review of the tax rates and slabs under GST is expected to be announced in the meeting scheduled for this afternoon, the report added.

Union Finance Minister Nirmala Sitharaman will chair the 38th Goods and Services Tax (GST) Council Meeting in New Delhi on Wednesday, reported news agency ANI. A review of the tax rates and slabs under GST is expected to be announced in the meeting scheduled for this afternoon, the report added. The last GST Council meeting was held on September 20 in Goa. Important decisions including many new GST exemptions and making Aadhaar mandatory for registration of taxpayers under GST among others were taken in the 37th meeting held in September. The Council had also recommended relaxation in the filing of annual returns for Micro Small and Medium Enterprises (MSMEs) for Financial Year 2017-18 and Financial Year 2018-19. Apart from Sitharaman, the last meeting was attended by Minister of State (MoS) for Finance Anurag Thakur, Goa Chief Minister Pramod Sawant, besides Minister for Transport and Panchayat Mauvin Godinho who is nominated a member of Goa for GST Council.

Finance Minister Nirmala Sitharaman to chair 38th GST council meeting today

Finance Minister Nirmala Sitharaman on Tuesday held her fourth pre-budget consultations with different stakeholder groups from agriculture and agro-processing sectors in connection with the forthcoming general budget 2020-21.

The main areas of discussion during the meeting included agricultural marketing reforms, organic and natural farming, agricultural commodity markets and future trading, storage infrastructure for agricultural produce, animal husbandry, agro-processing industry, ideas for reducing food subsidy among others.

Along with the Finance Minister, the meeting was attended by the Minister of State for Finance Anurag Thakur.

Representatives of the agro-processing and rural development sectors submitted various suggestions to boost investment in the agricultural sector and enhance market access to farmers.

Significant suggestions received from the stakeholders included building brands of Indian agricultural products abroad, giving processing industry benefits, importance equivalent to agriculture, accelerate depreciation benefit to the agri-processing industry, revamping of PMFBY and encouraging the development of farm eco-system services and market intelligence systems.

Representatives also felt the need for expansion of multi-dimensional research in agriculture for the development of new technologies and further suggested for promoting start-ups in institutes of the Indian Council of Agricultural Research (ICAR) and Agriculture Universities for young agricultural students.&nbsp;

Finance Minister Nirmala Sitharaman on Tuesday held her fourth pre-budget consultations with different stakeholder groups from agriculture and agro-processing sectors in connection with the forthcoming general budget 2020-21.

Finance Minister Nirmala Sitharaman on Tuesday held her fourth pre-budget consultations with different stakeholder groups from agriculture and agro-processing sectors in connection with the forthcoming general budget 2020-21. The main areas of discussion during the meeting included agricultural marketing reforms, organic and natural farming, agricultural commodity markets and future trading, storage infrastructure for agricultural produce, animal husbandry, agro-processing industry, ideas for reducing food subsidy among others. Along with the Finance Minister, the meeting was attended by the Minister of State for Finance Anurag Thakur. Representatives of the agro-processing and rural development sectors submitted various suggestions to boost investment in the agricultural sector and enhance market access to farmers. Significant suggestions received from the stakeholders included building brands of Indian agricultural products abroad, giving processing industry benefits, importance equivalent to agriculture, accelerate depreciation benefit to the agri-processing industry, revamping of PMFBY and encouraging the development of farm eco-system services and market intelligence systems. Representatives also felt the need for expansion of multi-dimensional research in agriculture for the development of new technologies and further suggested for promoting start-ups in institutes of the Indian Council of Agricultural Research (ICAR) and Agriculture Universities for young agricultural students.

Finance Minister holds pre-budget consultation with representatives of agriculture, agro-processing sectors

Finance Minister Nirmala Sitharaman on Friday said that the Central government is taking steps "to import and bring onions to the market as soon as possible".

The finance minister's comments came during a media address earlier in the day. Sitharaman said that the price of onions has "started going down at several places" in the country.&nbsp;

"It is not completely less, but it is going down. We've had a group of ministers' meeting which is reviewing on almost every 1-2 days' gap and deciding on how to further take up the import-related issues," Sitharaman told media today.&nbsp;

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FM: Onions are a fast perishable commodity. Due to rain in some places, flooding in some other, crop extent was less and hence the less output. Due to this it has gone out of certain reasonable level. Govt is taking steps to import &amp; bring onions to the market as soon as possible <a href="https://t.co/V8cY9LXQxK">https://t.co/V8cY9LXQxK</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1205454080937582593?ref_src=twsrc%5Etfw">December 13, 2019</a></blockquote>
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She explained how the onion crop was affected this year due to rains and flooding in some part of the country.&nbsp;

"Onions are a fast perishable. Due to rain in some places, flooding in some other, crop extent was less and hence the less output. Due to this, it has gone out of a certain reasonable level. The government is taking steps to import and bring onions to the market as soon as possible," she said.&nbsp;

On Thursday, the government had said that it would import an additional 12,660 metric tonnes of onions, which shall begin arriving in the country from December 27 onwards.

Union Minister Ram Vilas Paswan had also written to all Chief Ministers, asking them to carry out immediate anti-hoarding operations to ensure the supplies in the markets are augmented and stock holding limits are strictly enforced.

At various places, the rates of the kitchen commodity have breached the Rs 100 mark, with the prices reaching as high as Rs 200 at some places like Madurai in Tamil Nadu.&nbsp;

(With inputs from ANI)&nbsp;

Finance Minister Nirmala Sitharaman on Friday said that the Central government is taking steps "to import and bring onions to the market as soon as possible". The finance minister's comments came during a media address earlier in the day.

Finance Minister Nirmala Sitharaman on Friday said that the Central government is taking steps "to import and bring onions to the market as soon as possible". The finance minister's comments came during a media address earlier in the day. Sitharaman said that the price of onions has "started going down at several places" in the country. "It is not completely less, but it is going down. We've had a group of ministers' meeting which is reviewing on almost every 1-2 days' gap and deciding on how to further take up the import-related issues," Sitharaman told media today. FM: Onions are a fast perishable commodity. Due to rain in some places, flooding in some other, crop extent was less and hence the less output. Due to this it has gone out of certain reasonable level. Govt is taking steps to import & bring onions to the market as soon as possible https://t.co/V8cY9LXQxK — ANI (@ANI) December 13, 2019 × She explained how the onion crop was affected this year due to rains and flooding in some part of the country. "Onions are a fast perishable. Due to rain in some places, flooding in some other, crop extent was less and hence the less output. Due to this, it has gone out of a certain reasonable level. The government is taking steps to import and bring onions to the market as soon as possible," she said. On Thursday, the government had said that it would import an additional 12,660 metric tonnes of onions, which shall begin arriving in the country from December 27 onwards. Union Minister Ram Vilas Paswan had also written to all Chief Ministers, asking them to carry out immediate anti-hoarding operations to ensure the supplies in the markets are augmented and stock holding limits are strictly enforced. At various places, the rates of the kitchen commodity have breached the Rs 100 mark, with the prices reaching as high as Rs 200 at some places like Madurai in Tamil Nadu. (With inputs from ANI)

Government is taking steps to import and bring onions to market as soon as possible: Sitharaman 

A big cheer for Finance Minister Nirmala Sitharaman as she bags the 34th spot in Forbes' list of 'World's 100 most powerful women'.&nbsp;

Sitharaman has left behind New Zealand's Prime Minister Jacinda Ardern at 38 and Britain's Queen Elizabeth II at the 40th spot.&nbsp;

US President Donald Trump's senior advisor and daughter Ivanka Trump stands at the 42nd&nbsp;spot. Climate activist Greta Thunberg is at the bottom of the listing at 100.&nbsp;

The ranking is topped by German Chancellor Angela Merkel followed by former IMF chief Christine Lagarde and Speaker of the US House of Representatives Nancy Pelosi.&nbsp;

Nirmala Sitharaman is India's first female finance minister. In PM Modi's last cabinet (2014-19) she served as the defence minister. &nbsp;

A big cheer for Finance Minister Nirmala Sitharaman as she bags the 34th spot in Forbes' list of 'World's 100 most powerful women'. Sitharaman has left behind New Zealand's Prime Minister Jacinda Ardern at 38 and Britain's Queen Elizabeth II at the 40th spot.

A big cheer for Finance Minister Nirmala Sitharaman as she bags the 34th spot in Forbes' list of 'World's 100 most powerful women'. Sitharaman has left behind New Zealand's Prime Minister Jacinda Ardern at 38 and Britain's Queen Elizabeth II at the 40th spot. US President Donald Trump's senior advisor and daughter Ivanka Trump stands at the 42nd spot. Climate activist Greta Thunberg is at the bottom of the listing at 100. The ranking is topped by German Chancellor Angela Merkel followed by former IMF chief Christine Lagarde and Speaker of the US House of Representatives Nancy Pelosi. Nirmala Sitharaman is India's first female finance minister. In PM Modi's last cabinet (2014-19) she served as the defence minister.

Ahead of Ivanka Trump and Queen Elizabeth II, Sitharaman is world's 34th most powerful woman

The <a href="https://www.wionews.com/india-news/maharashtra-upset-over-thackerays-move-400-shiv-sena-workers-join-bjp-266344">Shiv Sena</a> on Tuesday targeted the Bharatiya Janata Party (BJP)-led Centre over the spike in the onion prices and the state of the Indian economy.

In its mouthpiece Saamna, the Sena stated, " At present, the economy is slowing down. But the government is not ready to accept. The prices of onion have reached Rs 200 per kilogram. The Finance Minister has also given a very childish answer on this issue. She said I do not eat onion-garlic, so do not ask me about onions. It seems the Prime Minister has no desire to resolve this issue."

"When Modi was not the <a href="https://www.wionews.com/opinions/economy-debate-narendra-modis-nda-versus-manmohan-singhs-upa-267271">Prime Minister</a> he had expressed concern over the rising prices of onions. While he was the Chief Minister of Gujarat he had stated that onion is a vital vegetable and added that the vegetable should be kept in the locker. Today, his policy has changed. Modi is now the Prime Minister and the economy is collapsing. Earlier, an unconscious person was cured with the smell of the onion. But that it not even possible now as the edible bulb has disappeared from the market," the editorial read.

"Pandit Nehru (Jawaharlal Nehru) and Indira Gandhi cannot be held responsible for the apocalyptic destruction of the country`s economy. The present government is not in a mood to listen to the experts. For them, the economy is like a stock market that has become speculative."

The former ally also raked up the issue of demonetization and said, " Very few people make decisions in the Prime Minister`s Office. These decisions are valid for their political and social programmes of the ruling party. But their decisions have marginalised the economic reforms. While taking decisions, such as demonetization, the Finance Minister of the country was kept in dark and also the Governor of the Reserve Bank of India protested, later he was removed."

The Shiv Sena also slammed the Centre for not doing enough to combat the menace of poverty.

"This time in the Global Hunger Index, out of 107 countries India has been positioned at 102. In 2014, India was in the 55th position and in the last five years, poverty has increased in the country while in the neighboring countries such as Nepal, Bangladesh, <a href="https://www.wionews.com/india-news/kulbhushan-jhadav-case-islamabad-insists-on-pakistan-representative-as-jhadav-gives-indian-side-power-of-attorney-to-represent-him-267156">Pakistan </a>it has reduced. There no work in the hands of the people and no food in their stomach. This is the condition of the common people of our country but the rulers are calling it development. Our economy is sick, but the Modi government is not ready to accept this either."

The Shiv Sena on Tuesday targeted the Bharatiya Janata Party (BJP)-led Centre over the spike in the onion prices and the state of the Indian economy. In its mouthpiece Saamna, the Sena stated, " At present, the economy is slowing down.

The Shiv Sena on Tuesday targeted the Bharatiya Janata Party (BJP)-led Centre over the spike in the onion prices and the state of the Indian economy. In its mouthpiece Saamna, the Sena stated, " At present, the economy is slowing down. But the government is not ready to accept. The prices of onion have reached Rs 200 per kilogram. The Finance Minister has also given a very childish answer on this issue. She said I do not eat onion-garlic, so do not ask me about onions. It seems the Prime Minister has no desire to resolve this issue." "When Modi was not the Prime Minister he had expressed concern over the rising prices of onions. While he was the Chief Minister of Gujarat he had stated that onion is a vital vegetable and added that the vegetable should be kept in the locker. Today, his policy has changed. Modi is now the Prime Minister and the economy is collapsing. Earlier, an unconscious person was cured with the smell of the onion. But that it not even possible now as the edible bulb has disappeared from the market," the editorial read. "Pandit Nehru (Jawaharlal Nehru) and Indira Gandhi cannot be held responsible for the apocalyptic destruction of the country`s economy. The present government is not in a mood to listen to the experts. For them, the economy is like a stock market that has become speculative." The former ally also raked up the issue of demonetization and said, " Very few people make decisions in the Prime Minister`s Office. These decisions are valid for their political and social programmes of the ruling party. But their decisions have marginalised the economic reforms. While taking decisions, such as demonetization, the Finance Minister of the country was kept in dark and also the Governor of the Reserve Bank of India protested, later he was removed." The Shiv Sena also slammed the Centre for not doing enough to combat the menace of poverty. "This time in the Global Hunger Index, out of 107 countries India has been positioned at 102. In 2014, India was in the 55th position and in the last five years, poverty has increased in the country while in the neighboring countries such as Nepal, Bangladesh, Pakistan it has reduced. There no work in the hands of the people and no food in their stomach. This is the condition of the common people of our country but the rulers are calling it development. Our economy is sick, but the Modi government is not ready to accept this either."

Shiv Sena lashes at Modi govt over rising onion prices, state of economy

Finance Minister <a href="https://www.wionews.com/business-economy/india-to-launch-first-debt-exchange-traded-fund-266182">Nirmala Sitharaman</a> on Wednesday elaborated on key measures being adopted by the center to bring prices under control. The minister dismissed opposition charges about fear factor in the economy and said that that government has taken a series of steps to check the steep rise in onion prices including imports.

Sitharaman, who was replying to the debate on the first batch of supplementary demands for grants for 2019-20, said that <a href="https://www.wionews.com/india-news/central-government-involved-in-big-onion-scam-aap-mp-sanjay-singh-265934">onion price</a> surge was due to factors such as a reduction in the area of cultivation and production.

The minister, who laid stress on greater scientific storage of onions also said in response to opposition interruptions, that she does not eats much of onions and garlic and comes from a family where there is not much consumption of the two kitchen ingredients.

She also blamed the UPA government for non-performing assets (NPAs) of banks and alleged that loans were given over recommendations made on phone calls between 2008 and 2014.

The House passed the demands for grants allowing the government to spend an additional Rs 21,246 crore, including over Rs 8,820 crore for the newly formed Union Territories of Jammu and Kashmir, and Ladakh in the current fiscal.

She also said that more devolution of funds to the union territories will take place through the 15th Finance Commission.

The minister said FDI inflows were growing and "fear factor does not exist" for investments.

Noting that both revenue expenditure and capital expenditure of government had gone up, she said the government has been able to save Rs 1.41 lakh crore due to the implementation of a direct benefit transfer scheme.

She said 6.21 crore people have been given MNREGA employment this year.

Referring to points made by opposition members during the debate, she said "stressed accounts were not recognized as NPAs" during the UPA government. 
 
She said the opposition was shedding "crocodile tears" over the problems of IDBI bank and its advances shot up due to "aggressive lending" from 2008-2014.

Finance Minister Nirmala Sitharaman on Wednesday elaborated on key measures being adopted by the center to bring prices under control. The minister dismissed opposition charges about fear factor in the economy and said that that government has taken a series of steps to check the steep rise in onion prices including imports.

Finance Minister Nirmala Sitharaman on Wednesday elaborated on key measures being adopted by the center to bring prices under control. The minister dismissed opposition charges about fear factor in the economy and said that that government has taken a series of steps to check the steep rise in onion prices including imports. Sitharaman, who was replying to the debate on the first batch of supplementary demands for grants for 2019-20, said that onion price surge was due to factors such as a reduction in the area of cultivation and production. The minister, who laid stress on greater scientific storage of onions also said in response to opposition interruptions, that she does not eats much of onions and garlic and comes from a family where there is not much consumption of the two kitchen ingredients. She also blamed the UPA government for non-performing assets (NPAs) of banks and alleged that loans were given over recommendations made on phone calls between 2008 and 2014. The House passed the demands for grants allowing the government to spend an additional Rs 21,246 crore, including over Rs 8,820 crore for the newly formed Union Territories of Jammu and Kashmir, and Ladakh in the current fiscal. She also said that more devolution of funds to the union territories will take place through the 15th Finance Commission. The minister said FDI inflows were growing and "fear factor does not exist" for investments. Noting that both revenue expenditure and capital expenditure of government had gone up, she said the government has been able to save Rs 1.41 lakh crore due to the implementation of a direct benefit transfer scheme. She said 6.21 crore people have been given MNREGA employment this year. Referring to points made by opposition members during the debate, she said "stressed accounts were not recognized as NPAs" during the UPA government. She said the opposition was shedding "crocodile tears" over the problems of IDBI bank and its advances shot up due to "aggressive lending" from 2008-2014.

Government taking measures to curb price rise in onion: Sitharaman

India will launch its first debt exchange-traded fund (EFT) comprised of debt of state-run companies, finance minister <a href="https://www.wionews.com/india-news/growth-may-have-come-down-but-not-a-recession-yet-sitharaman-264953">Nirmala Sitharaman</a> said on Wednesday, in a bid to allow retail investors to buy government debt.

"It will be the first corporate ETF, which will provide additional money for PSUs (public sector undertakings) as well as other government organisations," Sitharaman told reporters after the proposal was approved by the cabinet chaired by Prime Minister <a href="https://www.wionews.com/opinions/the-india-japan-alliance-is-the-next-global-power-play-265918">Narendra Modi</a>.

The ETF, called Bharat Bond ETF, will have a fixed maturity of three and ten years and will trade on the local stock exchange. It will invest in a portfolio of bonds of state-run companies and other government entities, a government statement said.

Retail investors will be able to invest in the bonds with as little as 1,000 rupees ($14), it said.

The move reflects Modi's push to ease rules for state companies to raise funds through debt instruments and further develop domestic capital markets.

"It is a positive development for retail investors," said A. Prasanna, head of fixed income research at ICICI Securities Primary Dealership in Mumbai.

"Compared to existing options, the new ETF will have lower fees and better tax treatment," he said, adding it was unlikely to have a big impact in the short term on the corporate bond market.

India has so far allowed only equity ETFs, and the government raised nearly 144 billion rupees ($2 billion) through ETFs in the 2019/20 fiscal year beginning April.

In general, ETFs have become a popular investment vehicle for investors because they allow them to invest in a diverse collection of assets.

According to government estimates, India's state-run social security fund, Employees Provident Fund (EPFO), has invested about 870 billion rupees in ETFs.

India will launch its first debt exchange-traded fund (EFT) comprised of debt of state-run companies, finance minister Nirmala Sitharaman said on Wednesday, in a bid to allow retail investors to buy government debt.

India will launch its first debt exchange-traded fund (EFT) comprised of debt of state-run companies, finance minister Nirmala Sitharaman said on Wednesday, in a bid to allow retail investors to buy government debt. "It will be the first corporate ETF, which will provide additional money for PSUs (public sector undertakings) as well as other government organisations," Sitharaman told reporters after the proposal was approved by the cabinet chaired by Prime Minister Narendra Modi. The ETF, called Bharat Bond ETF, will have a fixed maturity of three and ten years and will trade on the local stock exchange. It will invest in a portfolio of bonds of state-run companies and other government entities, a government statement said. Retail investors will be able to invest in the bonds with as little as 1,000 rupees ($14), it said. The move reflects Modi's push to ease rules for state companies to raise funds through debt instruments and further develop domestic capital markets. "It is a positive development for retail investors," said A. Prasanna, head of fixed income research at ICICI Securities Primary Dealership in Mumbai. "Compared to existing options, the new ETF will have lower fees and better tax treatment," he said, adding it was unlikely to have a big impact in the short term on the corporate bond market. India has so far allowed only equity ETFs, and the government raised nearly 144 billion rupees ($2 billion) through ETFs in the 2019/20 fiscal year beginning April. In general, ETFs have become a popular investment vehicle for investors because they allow them to invest in a diverse collection of assets. According to government estimates, India's state-run social security fund, Employees Provident Fund (EPFO), has invested about 870 billion rupees in ETFs.

India to launch first debt exchange-traded fund

Finance Minister Nirmala Sitharaman on Monday said that nearly 78 per cent of depositors of Punjab and Maharashtra Corporation bank are now allowed to withdraw their entire account balance.

"Nearly 78 per cent of depositors of this bank are now allowed to withdraw their entire account balance," she said while speaking in Lok Sabha on the Punjab and Maharashtra Corporation (PMC) bank scam."

"As regard to promoters, we have ensured that the attached properties of the promoters can be given to RBI under certain conditions, so those properties can be auctioned out and the money can be given to depositors," the Finance Minister added.

In September, the RBI had <a href="https://www.wionews.com/business-economy/rbi-restricts-activities-of-pmc-bank-due-to-heightened-risks-251703">restricted activities of the PMC Bank</a> for six months and asked it not to grant or renew any loans and advances after major financial irregularities were reported.

PMC Bank is a multi-state scheduled urban cooperative bank with operations in Maharashtra, New Delhi, Karnataka, Goa, Gujarat, Andhra Pradesh, and Madhya Pradesh.

With a network of 137 branches, it ranks among the top 10 cooperative banks in the country.

Finance Minister Nirmala Sitharaman on Monday said that nearly 78 per cent of depositors of Punjab and Maharashtra Corporation bank are now allowed to withdraw their entire account balance.

Finance Minister Nirmala Sitharaman on Monday said that nearly 78 per cent of depositors of Punjab and Maharashtra Corporation bank are now allowed to withdraw their entire account balance. "Nearly 78 per cent of depositors of this bank are now allowed to withdraw their entire account balance," she said while speaking in Lok Sabha on the Punjab and Maharashtra Corporation (PMC) bank scam." "As regard to promoters, we have ensured that the attached properties of the promoters can be given to RBI under certain conditions, so those properties can be auctioned out and the money can be given to depositors," the Finance Minister added. In September, the RBI had restricted activities of the PMC Bank for six months and asked it not to grant or renew any loans and advances after major financial irregularities were reported. PMC Bank is a multi-state scheduled urban cooperative bank with operations in Maharashtra, New Delhi, Karnataka, Goa, Gujarat, Andhra Pradesh, and Madhya Pradesh. With a network of 137 branches, it ranks among the top 10 cooperative banks in the country.

Nearly 78% PMC bank depositors allowed to withdraw entire balance: Nirmala Sitharaman

India will unveil a series of infrastructure projects this month as part of a plan to invest 100 trillion rupees ($1.39 trillion) in the sector over the next five years, the finance minister said on Saturday, in a push to improve the country's economy.

<a href="https://www.wionews.com/india-news/growth-may-have-come-down-but-not-a-recession-yet-sitharaman-264953">Nirmala Sitharaman's </a>comments, as cited in local newspapers, followed data released on Friday that showed <a href="https://www.wionews.com/business-economy/indias-economy-seen-growing-at-47-per-cent-in-september-quarter-265058">India's economic growth </a>slowed to 4.5% in the July-September quarter - its weakest pace since 2013 - upping the pressure on Prime Minister Narendra Modi's government to speed reforms.

"A set of officers are looking into the pipeline of projects that can be readied so that once the fund is ready, it could be front-loaded on these projects," Sitharaman said at a business summit in Mumbai, the newspapers reported.

"That task is nearly completed. Before December 15, we will be able to announce frontloading of at least ten projects," she said.

Modi came to power in 2014 on the promise to improve India's economy and boost foreign investments, but he has struggled to meet those aims due to a lack of structural reforms. Modi won a second term in May and has taken various measures since 2014 to spur growth, including cutting the corporate tax and speeding up privatisation of state-run firms.

But several economic indicators show domestic consumption is weak, and many economists expect the current slowdown could persist for another two years.

India will unveil a series of infrastructure projects this month as part of a plan to invest 100 trillion rupees ($1.39 trillion) in the sector over the next five years, the finance minister said on Saturday, in a push to improve the country's economy.

India will unveil a series of infrastructure projects this month as part of a plan to invest 100 trillion rupees ($1.39 trillion) in the sector over the next five years, the finance minister said on Saturday, in a push to improve the country's economy. Nirmala Sitharaman's comments, as cited in local newspapers, followed data released on Friday that showed India's economic growth slowed to 4.5% in the July-September quarter - its weakest pace since 2013 - upping the pressure on Prime Minister Narendra Modi's government to speed reforms. "A set of officers are looking into the pipeline of projects that can be readied so that once the fund is ready, it could be front-loaded on these projects," Sitharaman said at a business summit in Mumbai, the newspapers reported. "That task is nearly completed. Before December 15, we will be able to announce frontloading of at least ten projects," she said. Modi came to power in 2014 on the promise to improve India's economy and boost foreign investments, but he has struggled to meet those aims due to a lack of structural reforms. Modi won a second term in May and has taken various measures since 2014 to spur growth, including cutting the corporate tax and speeding up privatisation of state-run firms. But several economic indicators show domestic consumption is weak, and many economists expect the current slowdown could persist for another two years.

India plans to invest $1.39 trillion in infrastructure to spur economy

Finance Minister Nirmala Sitharaman on Wednesday admitted that growth may have come down but said it is not a recession yet.

She added that it will never be a recession ever in the country. In her address to Rajya Sabha, she said that India's real Gross Domestic Product (GDP) growth was at 6.4 per cent at the end of 2009-2014, whereas between 2014-2019 it was at 7.5 per cent.

Sitharaman said, "India's real Gross Domestic Product (GDP) growth was at 6.4 per cent at the end of 2009-2014, whereas between 2014-2019 it was at 7.5 per cent.

"The headline inflation in 2014 was 10.3 and in 2019 when the National Democratic Alliance (NDA) government concluded it was 4.5 only. The core inflation in 2014 was 9.4 and in 2019 was 5.1 only. The food inflation at 2014 was 11.2 and in 2019 just 3.5 only," she said.

"If you are looking at the economy with a discerning view, you see that growth may have come down but it is not a recession yet, it will not be a recession ever," she added.

Opposition MPs, however, walked out of Rajya Sabha during the Finance Minister's reply on the economic situation of the country.&nbsp;

Finance Minister Nirmala Sitharaman on Wednesday admitted that growth may have come down but said it is not a recession yet. She added that it will never be a recession ever in the country.

Finance Minister Nirmala Sitharaman on Wednesday admitted that growth may have come down but said it is not a recession yet. She added that it will never be a recession ever in the country. In her address to Rajya Sabha, she said that India's real Gross Domestic Product (GDP) growth was at 6.4 per cent at the end of 2009-2014, whereas between 2014-2019 it was at 7.5 per cent. Sitharaman said, "India's real Gross Domestic Product (GDP) growth was at 6.4 per cent at the end of 2009-2014, whereas between 2014-2019 it was at 7.5 per cent. "The headline inflation in 2014 was 10.3 and in 2019 when the National Democratic Alliance (NDA) government concluded it was 4.5 only. The core inflation in 2014 was 9.4 and in 2019 was 5.1 only. The food inflation at 2014 was 11.2 and in 2019 just 3.5 only," she said. "If you are looking at the economy with a discerning view, you see that growth may have come down but it is not a recession yet, it will not be a recession ever," she added. Opposition MPs, however, walked out of Rajya Sabha during the Finance Minister's reply on the economic situation of the country.

Growth may have come down but there isn't any recession: Sitharaman

Union Finance Minister Nirmala Sitharaman has said that the Central government is making efforts to ensure better regulatory mechanism in the banking sector in the backdrop of PMC and IL&amp;FS debt issues.

"There have been a lot of questions in the context of PMC Bank and earlier in that of IL&amp;FS issue. The Reserve Bank of India is looking at the issues and ensuring that steps are taken within the RBI, which will strengthen their supervisory and regulatory roles," Sitharaman said on Saturday.

The Finance Minister indicated that there is a consensus in the government to make legislative changes or amendments to enable and empower the regulatory bodies.

"Such measures are required to make sure that the markets and banks are better regulated and any anomalies because of the misnomer or because of the way in which chief of these institutions have taken liberty with the existing rules are all corrected," she said addressing the 6th G Ramachandran Memorial Lecture here.

Sitharaman said that these actions are for the betterment of the bank account holders.

"Today there has been a structural change in the way in which businesses have run their affairs over the millennia. Indian businesses have largely remained in the informal sector. The formalisation of the Indian economy is a big journey, which is having a bearing on the medium and small entrepreneurs," she said.

The minister said that non-performing assets (NPAs) multiplied between 2007-08 and 2013 and had become a burden on the banks' books. Retorting to the "mini-budget" remark of the Opposition parties, Sitharaman said that actions were being announced every Friday to reassure the sectors in a challenging situation.

"We have to respond in time and each time so that the mood in the country is that there is a government that wants to respond and is committed to structural reform," Sitharaman said.

She said that expectations from bureaucracy are far more than it was earlier as the government is bringing experts from outside to work with the bureaucrats.

"Industrial policy and export policy are also things in which we are moving ahead, being compliant of everything the WTO wants us to do. We will be ensuring that the Indian exporters are facilitated and helped out so that they are far more competitive in the market," Sitharaman added.&nbsp;

Union Finance Minister Nirmala Sitharaman has said that the Central government is making efforts to ensure better regulatory mechanism in the banking sector in the backdrop of PMC and IL&FS debt issues.

Union Finance Minister Nirmala Sitharaman has said that the Central government is making efforts to ensure better regulatory mechanism in the banking sector in the backdrop of PMC and IL&FS debt issues. "There have been a lot of questions in the context of PMC Bank and earlier in that of IL&FS issue. The Reserve Bank of India is looking at the issues and ensuring that steps are taken within the RBI, which will strengthen their supervisory and regulatory roles," Sitharaman said on Saturday. The Finance Minister indicated that there is a consensus in the government to make legislative changes or amendments to enable and empower the regulatory bodies. "Such measures are required to make sure that the markets and banks are better regulated and any anomalies because of the misnomer or because of the way in which chief of these institutions have taken liberty with the existing rules are all corrected," she said addressing the 6th G Ramachandran Memorial Lecture here. Sitharaman said that these actions are for the betterment of the bank account holders. "Today there has been a structural change in the way in which businesses have run their affairs over the millennia. Indian businesses have largely remained in the informal sector. The formalisation of the Indian economy is a big journey, which is having a bearing on the medium and small entrepreneurs," she said. The minister said that non-performing assets (NPAs) multiplied between 2007-08 and 2013 and had become a burden on the banks' books. Retorting to the "mini-budget" remark of the Opposition parties, Sitharaman said that actions were being announced every Friday to reassure the sectors in a challenging situation. "We have to respond in time and each time so that the mood in the country is that there is a government that wants to respond and is committed to structural reform," Sitharaman said. She said that expectations from bureaucracy are far more than it was earlier as the government is bringing experts from outside to work with the bureaucrats. "Industrial policy and export policy are also things in which we are moving ahead, being compliant of everything the WTO wants us to do. We will be ensuring that the Indian exporters are facilitated and helped out so that they are far more competitive in the market," Sitharaman added.

Government making efforts to ensure better regulatory mechanism in banking sector: Nirmala Sitharaman

India&nbsp;has agreed to&nbsp;sell&nbsp;stakes in five&nbsp;state-run companies, including oil refiner&nbsp;<a href="https://www.wionews.com/business-economy/sensex-closes-in-the-green-at-40345-nifty-bank-gains-by-12-per-cent-261425">Bharat&nbsp;Petroleum&nbsp;Corp </a>(BPCL), finance minister <a href="https://www.wionews.com/india-news/indias-state-run-banks-report-frauds-of-more-than-13-billion-in-six-months-finance-minister-263160">Nirmala Sitharaman </a>said on Wednesday, a move that could help bridge a widening fiscal gap.

Prime Minister <a href="https://www.wionews.com/india-news/aap-protests-in-parliament-demands-inclusion-of-bill-on-unauthorised-colonies-in-winter-session-263360">Narendra Modi</a>'s government has also approved the sale of holdings in logistics firm Container Corp of&nbsp;India&nbsp;Ltd and Shipping Corp of&nbsp;India, Sitharaman told reporters after a cabinet meeting.

India&nbsp;has set a target of raising 1.05 trillion rupees ($14.6 billion) through the sale of&nbsp;state&nbsp;stakes in companies by March 2020. It has reached 173.64 billion rupees since April by&nbsp;selling minority&nbsp;stakes in government companies.

Watch: Indian government to&nbsp;divest stake in BPCL&nbsp;

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/indian-government-to-divest-stake-in-bpcl-263488/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The government owns 63.75 per cent&nbsp;of Shipping Corp and a&nbsp;stake&nbsp;of 53.29 per cent&nbsp;in&nbsp;India's second-biggest&nbsp;state&nbsp;refiner BPCL, which industry sources estimate could fetch $8 billion to $10 billion.

Sitharaman said management control of BPCL's subsidiary, Numaligarh Refinery Ltd (NRL), in the eastern&nbsp;Indian&nbsp;state&nbsp;of Assam, will be given to another oil company for consolidation.

India, which has already announced a plan to&nbsp;sell&nbsp;national carrier Air&nbsp;India, faces tax shortfalls of around 2 trillion rupees in the current fiscal year, making the&nbsp;stake&nbsp;sales critical to relieving the deficit.

Modi's government has set a fiscal deficit target of 3.3 per cent&nbsp;of gross domestic product (GDP) for the current year, but economists and government sources say this is likely to slip to around 3.8 per cent.

New Delhi also plans to&nbsp;offload&nbsp;stakes in Tehri Hydro Development Corporation&nbsp;India&nbsp;Ltd (THDCIL) and North Eastern Electric Power Corp Ltd (NEEPCO), which the government plans to hand over to&nbsp;state-run power producer NTPC.

India&nbsp;plans to invite international energy firms to participate in the privatisation of&nbsp;state-owned oil companies, oil minister Dharmendra Pradhan said last week.

Separately, the cabinet approved the import of 1.2 million tonnes of onions to curb local price rises, as well as a two-year moratorium for telecom companies to pay their spectrum dues.

India has agreed to sell stakes in five state-run companies, including oil refiner Bharat Petroleum Corp (BPCL), finance minister Nirmala Sitharaman said on Wednesday, a move that could help bridge a widening fiscal gap.

India has agreed to sell stakes in five state-run companies, including oil refiner Bharat Petroleum Corp (BPCL), finance minister Nirmala Sitharaman said on Wednesday, a move that could help bridge a widening fiscal gap. Prime Minister Narendra Modi's government has also approved the sale of holdings in logistics firm Container Corp of India Ltd and Shipping Corp of India, Sitharaman told reporters after a cabinet meeting. India has set a target of raising 1.05 trillion rupees ($14.6 billion) through the sale of state stakes in companies by March 2020. It has reached 173.64 billion rupees since April by selling minority stakes in government companies. Watch: Indian government to divest stake in BPCL The government owns 63.75 per cent of Shipping Corp and a stake of 53.29 per cent in India's second-biggest state refiner BPCL, which industry sources estimate could fetch $8 billion to $10 billion. Sitharaman said management control of BPCL's subsidiary, Numaligarh Refinery Ltd (NRL), in the eastern Indian state of Assam, will be given to another oil company for consolidation. India, which has already announced a plan to sell national carrier Air India, faces tax shortfalls of around 2 trillion rupees in the current fiscal year, making the stake sales critical to relieving the deficit. Modi's government has set a fiscal deficit target of 3.3 per cent of gross domestic product (GDP) for the current year, but economists and government sources say this is likely to slip to around 3.8 per cent. New Delhi also plans to offload stakes in Tehri Hydro Development Corporation India Ltd (THDCIL) and North Eastern Electric Power Corp Ltd (NEEPCO), which the government plans to hand over to state-run power producer NTPC. India plans to invite international energy firms to participate in the privatisation of state-owned oil companies, oil minister Dharmendra Pradhan said last week. Separately, the cabinet approved the import of 1.2 million tonnes of onions to curb local price rises, as well as a two-year moratorium for telecom companies to pay their spectrum dues.

India to offload Bharat Petroleum in state stake sell-off

Indian Finance minister Nirmala Sitharaman says that government will retain control of BPCL.

Indian government to divest stake in BPCL

&nbsp;India's state-run banks reported fraud worth 958 billion rupees ($13.3 billion) from April to end-September of this year, the country's finance minister said on Tuesday, as the government struggles to help banks recoup losses.

State banks reported 5,743 cases of fraud in the period, most of which had taken place over the last several years, although 1,000 cases worth 25 billion rupees had just taken place, Nirmala Sitharaman told the upper house of parliament.

"Government has taken comprehensive measures to curb the incidence of fraud in banks," the minister said.

Measures included the freezing of 338,000 bank accounts of inoperative companies in the last two financial years and the enactment of a law with a provision to confiscate the property of those found to have committed fraud and who have fled the country.

State Bank of India reported fraud of 254 billion rupees followed by Punjab National Bank of 108 billion rupees and Bank of Baroda of 83 billion rupees, she said.

Bankers have blamed lax regulations and said some bank officials were working in league with fraudsters.

Prime Minister Narendra Modi introduced a tough bankruptcy and insolvency law in 2016, and fugitive economic offenders law aiming to help banks recover losses from fraud amounting to near $140 billion.

Punjab National Bank, India's second-biggest state-run bank, reported more than $2 billion losses through fraud last year alleging that a few rogue employees had issued fake bank guarantees over several years to help jewellery groups raise funds in foreign credit.

India's state-run banks reported fraud worth 958 billion rupees ($13.3 billion) from April to end-September of this year, the country's finance minister said on Tuesday, as the government struggles to help banks recoup losses.

India's state-run banks reported fraud worth 958 billion rupees ($13.3 billion) from April to end-September of this year, the country's finance minister said on Tuesday, as the government struggles to help banks recoup losses. State banks reported 5,743 cases of fraud in the period, most of which had taken place over the last several years, although 1,000 cases worth 25 billion rupees had just taken place, Nirmala Sitharaman told the upper house of parliament. "Government has taken comprehensive measures to curb the incidence of fraud in banks," the minister said. Measures included the freezing of 338,000 bank accounts of inoperative companies in the last two financial years and the enactment of a law with a provision to confiscate the property of those found to have committed fraud and who have fled the country. State Bank of India reported fraud of 254 billion rupees followed by Punjab National Bank of 108 billion rupees and Bank of Baroda of 83 billion rupees, she said. Bankers have blamed lax regulations and said some bank officials were working in league with fraudsters. Prime Minister Narendra Modi introduced a tough bankruptcy and insolvency law in 2016, and fugitive economic offenders law aiming to help banks recover losses from fraud amounting to near $140 billion. Punjab National Bank, India's second-biggest state-run bank, reported more than $2 billion losses through fraud last year alleging that a few rogue employees had issued fake bank guarantees over several years to help jewellery groups raise funds in foreign credit.

India's state-run banks report frauds of more than $13 billion in six months: Finance minister

The Company Law Committee submitted a report on steps needed to be taken to further decriminalise the provisions of the Companies Act, 2013 to Union Finance Minister Nirmala Sitharaman.

The report was presented to the Union Minister by Injeti Srinivas, Secretary, Ministry of Corporate Affairs and the chairman of the Committee on Monday.

The Committee was constituted by the Ministry of Corporate Affairs in September 2019 "to decriminalise the provisions of the Companies Act, 2013 based on their gravity and to take other concomitant measures to provide further Ease of Living for corporates in the country."

"The Committee took note of the progress made consequent to the Companies (Amendment) Act, 2019, which had resulted in de-criminalisation of 16 minor procedural or technical lapses under the Companies Act, 2013 into 'civil wrongs', and adopted a principle-based approach to further remove criminality, in case of defaults which can be determined objectively and which, otherwise, lack the element of fraud or do not involve larger public interest," according to a release by the PIB on Monday.

"The Committee has proposed amendments in 46 penal provisions, so as to either remove criminality, or to restrict the punishment to only fine, or to allow rectification of defaults through alternative methods, which would lead to further de-clogging of the criminal justice system in the country," the release added.

In the report, the committee has also made recommendations aimed at providing further ease of living for law-abiding corporates, which include the power to exclude a certain class of companies from the definition of 'listed company', mainly for the listing of debt securities, in consultation with SEBI, among others.

The Company Law Committee submitted a report on steps needed to be taken to further decriminalise the provisions of the Companies Act, 2013 to Union Finance Minister Nirmala Sitharaman.

The Company Law Committee submitted a report on steps needed to be taken to further decriminalise the provisions of the Companies Act, 2013 to Union Finance Minister Nirmala Sitharaman. The report was presented to the Union Minister by Injeti Srinivas, Secretary, Ministry of Corporate Affairs and the chairman of the Committee on Monday. The Committee was constituted by the Ministry of Corporate Affairs in September 2019 "to decriminalise the provisions of the Companies Act, 2013 based on their gravity and to take other concomitant measures to provide further Ease of Living for corporates in the country." "The Committee took note of the progress made consequent to the Companies (Amendment) Act, 2019, which had resulted in de-criminalisation of 16 minor procedural or technical lapses under the Companies Act, 2013 into 'civil wrongs', and adopted a principle-based approach to further remove criminality, in case of defaults which can be determined objectively and which, otherwise, lack the element of fraud or do not involve larger public interest," according to a release by the PIB on Monday. "The Committee has proposed amendments in 46 penal provisions, so as to either remove criminality, or to restrict the punishment to only fine, or to allow rectification of defaults through alternative methods, which would lead to further de-clogging of the criminal justice system in the country," the release added. In the report, the committee has also made recommendations aimed at providing further ease of living for law-abiding corporates, which include the power to exclude a certain class of companies from the definition of 'listed company', mainly for the listing of debt securities, in consultation with SEBI, among others.

Company Law Committee bats to decriminalising provisions of Company Act 

Union Finance Minister Nirmala Sitharaman on Saturday held a meeting with Chartered Accountants and traders' body to address the concern raised on the process of filling Goods and Services Tax (GST) forms and make them more user-friendly.&nbsp;

Representatives of Rajasthan Tax Consultants' Association, Institute of Chartered Accountants of India (ICAI), The Confederation of All India Traders (CAIT) and Laghu Udyog Bharti were present in the meeting.

"Nirmala Sitharaman would like to thank ICAI, CAIT, Laghu Udyog Bharti, Rajasthan Tax Consultants` Association and other professionals for their valuable inputs on simplification of GST forms and returns," office of Nirmala Sitharaman tweeted.&nbsp;

In a follow-up tweet, it said that based on today's consultations, Sitharaman has directed that extensive nation-wide consultations should be held on the new GST return system to be launched from April 2020.

Union Finance Minister Nirmala Sitharaman on Saturday held a meeting with Chartered Accountants and traders' body to address the concern raised on the process of filling Goods and Services Tax (GST) forms and make them more user-friendly.

Union Finance Minister Nirmala Sitharaman on Saturday held a meeting with Chartered Accountants and traders' body to address the concern raised on the process of filling Goods and Services Tax (GST) forms and make them more user-friendly. Representatives of Rajasthan Tax Consultants' Association, Institute of Chartered Accountants of India (ICAI), The Confederation of All India Traders (CAIT) and Laghu Udyog Bharti were present in the meeting. "Nirmala Sitharaman would like to thank ICAI, CAIT, Laghu Udyog Bharti, Rajasthan Tax Consultants` Association and other professionals for their valuable inputs on simplification of GST forms and returns," office of Nirmala Sitharaman tweeted. In a follow-up tweet, it said that based on today's consultations, Sitharaman has directed that extensive nation-wide consultations should be held on the new GST return system to be launched from April 2020.

Finance Minister Nirmala Sitharaman holds meeting on GST simplification in Delhi

Finance Minister Nirmala Sitharaman on Tuesday urged farmers to produce oilseeds in place of other crops as India particularly imports edible oil and palm oil.

"We are telling farmers which crops will give them a better price in the area. We are also telling them what all crops can be irrigated or cannot be irrigated on the rain-fed land," she said while addressing the sixth World Congress on Rural &amp; Agriculture Finance in New Delhi.

"The support price may be given for other things but please do produce oilseeds because they have a great demand in India. Edible oil consumption is also a matter of great concern, as we still import quite a lot quantity particularly palm oil," she said.

The Union Minister also requested National Bank for Agriculture and Rural Development (NABARD) Chairman Dr Harsh Kumar Bhanwala to visit Jammu and Kashmir to ensure that the farmers get the correct price of their produce in the next season.

"You are aware that recently we used NAFED to procure apples from Jammu and Kashmir so that there is no single farmer left with his unsold apples. I am ensuring that I will take the Chairman of NABARD to Jammu and Kashmir so that the agri producers can get the right price for their next crop of saffron, peaches and walnuts," she added.

The Union Minister also stated that the Central government is making efforts to push sustainable and renewable energy sources in rural areas in order to provide farmers with an additional source of income.

"I want anna datta to be urja datta also. We are working in a direction where we can install solar panels, turbines etc so that farmers can generate power on those pieces of land where they are unable to grow the produce," she said.

Sitharaman also announced that 10,000 farmers produce organisations will be formed so that the agriculturalists can get the correct price for their produce and also "credit and other assistance from the government can be extended to them."

After Sitharaman's address, the NABARD Chairman also spoke to ANI about the upliftment of farmers and said that his organisation will ensure that cooperative banks and rural regional banks give short term loans and credit to the farmers for growing oilseeds.

"We will ensure that cooperative banks and rural regional banks have enough credit to lend short terms loans to farmers for growing oil seeds. We will fix the scale of finance for producing oilseed crops. Also, we will provide an alternate approach to farmers so that they can get good income by producing oilseeds. We can encourage farmers in rain-fed areas to grow the same," he said.

"With the help of agricultural universities, we will focus on agriculture extension in Jammu and Kashmir. With the help of digital platforms, we will deliver the produce to bulk buyers, so that farmers of Jammu and Kashmir get better prices of their produce," the NABARD Chairman added.&nbsp; 
&nbsp;

Finance Minister Nirmala Sitharaman on Tuesday urged farmers to produce oilseeds in place of other crops as India particularly imports edible oil and palm oil. "We are telling farmers which crops will give them a better price in the area.

Finance Minister Nirmala Sitharaman on Tuesday urged farmers to produce oilseeds in place of other crops as India particularly imports edible oil and palm oil. "We are telling farmers which crops will give them a better price in the area. We are also telling them what all crops can be irrigated or cannot be irrigated on the rain-fed land," she said while addressing the sixth World Congress on Rural & Agriculture Finance in New Delhi. "The support price may be given for other things but please do produce oilseeds because they have a great demand in India. Edible oil consumption is also a matter of great concern, as we still import quite a lot quantity particularly palm oil," she said. The Union Minister also requested National Bank for Agriculture and Rural Development (NABARD) Chairman Dr Harsh Kumar Bhanwala to visit Jammu and Kashmir to ensure that the farmers get the correct price of their produce in the next season. "You are aware that recently we used NAFED to procure apples from Jammu and Kashmir so that there is no single farmer left with his unsold apples. I am ensuring that I will take the Chairman of NABARD to Jammu and Kashmir so that the agri producers can get the right price for their next crop of saffron, peaches and walnuts," she added. The Union Minister also stated that the Central government is making efforts to push sustainable and renewable energy sources in rural areas in order to provide farmers with an additional source of income. "I want anna datta to be urja datta also. We are working in a direction where we can install solar panels, turbines etc so that farmers can generate power on those pieces of land where they are unable to grow the produce," she said. Sitharaman also announced that 10,000 farmers produce organisations will be formed so that the agriculturalists can get the correct price for their produce and also "credit and other assistance from the government can be extended to them." After Sitharaman's address, the NABARD Chairman also spoke to ANI about the upliftment of farmers and said that his organisation will ensure that cooperative banks and rural regional banks give short term loans and credit to the farmers for growing oilseeds. "We will ensure that cooperative banks and rural regional banks have enough credit to lend short terms loans to farmers for growing oil seeds. We will fix the scale of finance for producing oilseed crops. Also, we will provide an alternate approach to farmers so that they can get good income by producing oilseeds. We can encourage farmers in rain-fed areas to grow the same," he said. "With the help of agricultural universities, we will focus on agriculture extension in Jammu and Kashmir. With the help of digital platforms, we will deliver the produce to bulk buyers, so that farmers of Jammu and Kashmir get better prices of their produce," the NABARD Chairman added.

Finance Minister Nirmala Sitharaman urges farmers to produce oilseeds

Decoding The Potential Impact Of Government's Announcement On Real Estate Sector.

Gravitas: Analysing government's decision to revive stalled realty projects

Govt's big announcement for home buyers; approves special fund for housing sector. Watch video to know more

Govt's big announcement for home buyers; approves special fund for housing sector

Summarising The Legacy & Structural Problems In Indian Bureaucracy.

Gravitas: Indian bureaucrats: growth enablers or roadblocks?

Government Announces A Major Move To Revive India's Real Estate Sector.

Gravitas: Rs. 25,000 cr alternate fund for stalled housing projects

Finance Minister Nirmala Sitharaman on Wednesday announced that the Union Cabinet had approved a Rs 25,000-crore fund for stalled middle and low-income housing projects.

The government plans to give a boost to the housing market to revive over 1600 stalled housing projects covering 4.58 lakh units.

"A special window will be made, that will be an alternative investment fund (AIF). The government will first fund Rs 10,000 crore. There will be participation from SBI and LIC to place funds. The total funding from the government and SBI and LIC put together is expected to have a starting value at around Rs 25,000 crore," said Finance Minister.

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Addressing a press conference after the cabinet meeting, Finance Minister Nirmala Sitharaman said the fund will provide relief to developers with unfinished projects and ensure delivery of homes to buyers.

The minister said over 1,600 housing projects are stalled and about 4.58 lakh housing units are stuck in it. She said the fund will be set up as a Category-11 AIF (Alternate Investment Fund) debt fund registered with SEBI and would be professionally run.

For the first AIF under the Special Window, it is proposed that SBICAP Ventures Limited shall be engaged to be the Investment Manager. She said State Bank of India, Life Insurance Corporation and other institutions will make further contributions and the corpus of the fund will go beyond Rs 25,000 crore.

"The government is giving Rs 10,000 crores. We have spoken with SBI and LIC so on which together will also put money. I think it will touch Rs 25,000 crores. There are a lot of sovereign funds which have expressed their interests to come into it. Gradually, we will keep adding to AIF corpus," she said.

The minister said that the money will be put into an escrow account to fund incomplete housing projects.

"For these incomplete projects, we will put money into an escrow account. Those incomplete projects registered with RERA will get funded for the last finishing projects after assessing their net worth if it is positive. The money will be given in stages. So, people will not have to worry about projects getting completed or not," she said.

Sitharaman announced that those projects which are declared NPAs (non-performing assets) can also get benefit under the new scheme.

"If the project is declared NPA even then they can get benefit from this. Earlier, we came up with two conditions- those who are under NPAs and NCLT can benefit. In NCLT, if the project is not declared as liquidation worth, they are eligible to come under the scheme," she said.

The minister said the move will help relieve financial stress faced by a large number of middle-class homebuyers who have invested their hard-earned money in housing projects.

"The main intention is to complete the stalled projects in the affordable and middle-income housing category," she said.

Sitharaman also said that the Investment Manager will be responsible to ensure that the funds are used only for construction through appropriate safeguards mandated by RERA and also through the deployment of external project monitoring agencies.

She said the creation of a special window for housing projects would revive the real estate sector and generate considerable employment.

An official release said the Special Window will provide last-mile funding to projects whose net-worth is positive, affordable and middle-income housing project and ongoing projects registered with RERA (Real Estate Regulation and Development Act).

The Special Window will also cover projects that are classified as NPA or where NCLT proceedings have already started, but the project meets the other eligibility criteria.

The release said that the decision is aimed to restore trust between buyers and developers and boost the sentiments of the housing sector as a whole and release a large number of funds stuck in these projects for productive use in the economy.

"Besides, the revival of the sector will also lead to the demand of cement, iron and steel industries giving further impetus to generate more employment. This initiative will have a positive effect in releasing stress in other major sectors of the Indian economy as well," it said.

The release said that the real estate industry is intrinsically linked with several other industries and growth in the sector will have a positive effect in releasing stress in other major sectors of the Indian economy as well.

"The Special Window is being structured as an AIF to pool investments from other government-related and private investors including public financial institutions, sovereign wealth funds, public and private banks, domestic pension and provident funds, global pension funds and other institutional investors. The fund is therefore expected not only to support the sector but also generate a commercial return for its investors," it said.

Funds created under the Special Window will be set up as priority debt funds.

"A detailed Investment Policy will be laid down to guide the selection of projects to be financed through a detailed due-diligence process that will include legal due-diligence, title due diligence, micro-market analysis and financial analysis. The final decision will be taken by the Investment Committee of each Fund comprising of experienced professionals and industry experts," the release said.

Sitharaman had in September announced that a special window for affordable and middle-income housing will be created which will provide last-mile funding for housing projects which are stressed.

Subsequently, inter-ministerial consultations and several stakeholder consultations were held with the housing industry including housing finance companies, banks, NBFCs, investors, and real estate developers. Problems being faced by homebuyers, developers, lenders, and investors were ascertained that could be addressed through the Special Window, the release said.

(With inputs from ANI)

Finance Minister Nirmala Sitharaman on Wednesday announced that the Union Cabinet had approved a Rs 25,000-crore fund for stalled middle and low-income housing projects.

Finance Minister Nirmala Sitharaman on Wednesday announced that the Union Cabinet had approved a Rs 25,000-crore fund for stalled middle and low-income housing projects. The government plans to give a boost to the housing market to revive over 1600 stalled housing projects covering 4.58 lakh units. "A special window will be made, that will be an alternative investment fund (AIF). The government will first fund Rs 10,000 crore. There will be participation from SBI and LIC to place funds. The total funding from the government and SBI and LIC put together is expected to have a starting value at around Rs 25,000 crore," said Finance Minister. Union Finance Minister Nirmala Sitharaman holds press conference in Delhi https://t.co/pGY3QmaHx6 — ANI (@ANI) November 6, 2019 × Addressing a press conference after the cabinet meeting, Finance Minister Nirmala Sitharaman said the fund will provide relief to developers with unfinished projects and ensure delivery of homes to buyers. The minister said over 1,600 housing projects are stalled and about 4.58 lakh housing units are stuck in it. She said the fund will be set up as a Category-11 AIF (Alternate Investment Fund) debt fund registered with SEBI and would be professionally run. For the first AIF under the Special Window, it is proposed that SBICAP Ventures Limited shall be engaged to be the Investment Manager. She said State Bank of India, Life Insurance Corporation and other institutions will make further contributions and the corpus of the fund will go beyond Rs 25,000 crore. "The government is giving Rs 10,000 crores. We have spoken with SBI and LIC so on which together will also put money. I think it will touch Rs 25,000 crores. There are a lot of sovereign funds which have expressed their interests to come into it. Gradually, we will keep adding to AIF corpus," she said. The minister said that the money will be put into an escrow account to fund incomplete housing projects. "For these incomplete projects, we will put money into an escrow account. Those incomplete projects registered with RERA will get funded for the last finishing projects after assessing their net worth if it is positive. The money will be given in stages. So, people will not have to worry about projects getting completed or not," she said. Sitharaman announced that those projects which are declared NPAs (non-performing assets) can also get benefit under the new scheme. "If the project is declared NPA even then they can get benefit from this. Earlier, we came up with two conditions- those who are under NPAs and NCLT can benefit. In NCLT, if the project is not declared as liquidation worth, they are eligible to come under the scheme," she said. The minister said the move will help relieve financial stress faced by a large number of middle-class homebuyers who have invested their hard-earned money in housing projects. "The main intention is to complete the stalled projects in the affordable and middle-income housing category," she said. Sitharaman also said that the Investment Manager will be responsible to ensure that the funds are used only for construction through appropriate safeguards mandated by RERA and also through the deployment of external project monitoring agencies. She said the creation of a special window for housing projects would revive the real estate sector and generate considerable employment. An official release said the Special Window will provide last-mile funding to projects whose net-worth is positive, affordable and middle-income housing project and ongoing projects registered with RERA (Real Estate Regulation and Development Act). The Special Window will also cover projects that are classified as NPA or where NCLT proceedings have already started, but the project meets the other eligibility criteria. The release said that the decision is aimed to restore trust between buyers and developers and boost the sentiments of the housing sector as a whole and release a large number of funds stuck in these projects for productive use in the economy. "Besides, the revival of the sector will also lead to the demand of cement, iron and steel industries giving further impetus to generate more employment. This initiative will have a positive effect in releasing stress in other major sectors of the Indian economy as well," it said. The release said that the real estate industry is intrinsically linked with several other industries and growth in the sector will have a positive effect in releasing stress in other major sectors of the Indian economy as well. "The Special Window is being structured as an AIF to pool investments from other government-related and private investors including public financial institutions, sovereign wealth funds, public and private banks, domestic pension and provident funds, global pension funds and other institutional investors. The fund is therefore expected not only to support the sector but also generate a commercial return for its investors," it said. Funds created under the Special Window will be set up as priority debt funds. "A detailed Investment Policy will be laid down to guide the selection of projects to be financed through a detailed due-diligence process that will include legal due-diligence, title due diligence, micro-market analysis and financial analysis. The final decision will be taken by the Investment Committee of each Fund comprising of experienced professionals and industry experts," the release said. Sitharaman had in September announced that a special window for affordable and middle-income housing will be created which will provide last-mile funding for housing projects which are stressed. Subsequently, inter-ministerial consultations and several stakeholder consultations were held with the housing industry including housing finance companies, banks, NBFCs, investors, and real estate developers. Problems being faced by homebuyers, developers, lenders, and investors were ascertained that could be addressed through the Special Window, the release said. (With inputs from ANI)

Government announces Rs 25,000 crore stimulus package for ailing real estate sector

Finance Minister Nirmala Sitharaman on Wednesday announced that the Union Cabinet had approved a Rs 25,000-crore fund for stalled middle and low-income housing projects. The government plans to give a boost to the housing market to revive over 1600 stalled housing projects covering 4.58 lakh units.

Indian govt announces funds to boost the housing sector

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World Bank President David Malpass on Saturday appreciated the government's decision to slash corporate tax and said the move will help in the further growth of the economy.

"India has taken a good step with the recent cut in the corporate tax rate that will add to growth," Malpass said while addressing media after his meeting with Prime Minister Narendra Modi.

In September, Finance Minister Nirmala Sitharaman had announced a reduction in the country's effective corporate tax rate from around 35 per cent to 25 per cent. For companies that do not avail of any other incentive or commission, the effective tax rate would be just 22 per cent.

Malpass, who is on a visit to India, met Prime Minister Modi and discussed various topics including the financial sector, water, education, skilling and importance of data.

"I had an interesting meeting with Prime Minister Modi and discussed varied topics We talked about the financial sector, data...We talked about water, education, and skilling," he said.

Modi and Malpass also discussed various aspects of the financial sector. "We discussed ways that the financial sector can move forward and add to growth within India," he said.

Lauding the Indian economy's growth and progress, World Bank President said, "India's financial sector has made financial progress in terms of monitoring of assets, bankruptcy process. In terms of deepening of the banking system and looking for ways to the way forward. "

Malpass's visit to India comes in the backdrop of the recently released World Bank report on Ease of Doing Business 2020. As per the survey, India has remarkably improved in ease of doing business. The country is placed in the 63rd position among 190 countries.

According to the report issued by the World Bank on Thursday, India appeared among the top 10 improvers for the third time in a row. The Bank lauded New Delhi for a "remarkable reform effort".

"I should note India made progress and move up to 63 in the ranking and there was progress on registering the business on trading across borders, resolving insolvency, dealing with construction permits, registering property, trading across boards and paying taxes indicators," the World Bank president said.&nbsp;
</div>

World Bank President David Malpass on Saturday appreciated the government's decision to slash corporate tax and said the move will help in the further growth of the economy.

World Bank President David Malpass on Saturday appreciated the government's decision to slash corporate tax and said the move will help in the further growth of the economy. "India has taken a good step with the recent cut in the corporate tax rate that will add to growth," Malpass said while addressing media after his meeting with Prime Minister Narendra Modi. In September, Finance Minister Nirmala Sitharaman had announced a reduction in the country's effective corporate tax rate from around 35 per cent to 25 per cent. For companies that do not avail of any other incentive or commission, the effective tax rate would be just 22 per cent. Malpass, who is on a visit to India, met Prime Minister Modi and discussed various topics including the financial sector, water, education, skilling and importance of data. "I had an interesting meeting with Prime Minister Modi and discussed varied topics We talked about the financial sector, data...We talked about water, education, and skilling," he said. Modi and Malpass also discussed various aspects of the financial sector. "We discussed ways that the financial sector can move forward and add to growth within India," he said. Lauding the Indian economy's growth and progress, World Bank President said, "India's financial sector has made financial progress in terms of monitoring of assets, bankruptcy process. In terms of deepening of the banking system and looking for ways to the way forward. " Malpass's visit to India comes in the backdrop of the recently released World Bank report on Ease of Doing Business 2020. As per the survey, India has remarkably improved in ease of doing business. The country is placed in the 63rd position among 190 countries. According to the report issued by the World Bank on Thursday, India appeared among the top 10 improvers for the third time in a row. The Bank lauded New Delhi for a "remarkable reform effort". "I should note India made progress and move up to 63 in the ranking and there was progress on registering the business on trading across borders, resolving insolvency, dealing with construction permits, registering property, trading across boards and paying taxes indicators," the World Bank president said.

World Bank president praises India's decision to slash corporate tax

Bank Employees Association on Tuesday participated in a one day strike against the central government`s proposal of merger of 10 government banks into four.

Protestors raised slogans and held placards which read `Stop attack on job and job security` and `strengthen public sector`.&nbsp;

"Today as per the call given by our apex organization All India Bank Employees Association and Bank India Federation we are observing a day-long strike against the proposed mergers of Government on August 30," Ajay Kumar, General Secretary Bank of Baroda Employees Union told ANI.

"We are not only opposing the proposal of merger but also demanding the recovery of bad loans to a tune of Rs 10 lakh crores accumulated throughout the country, defaulted by big corporate houses. We are also demanding higher recruitment and strengthening the banking sector," Ajay Kumar, General Secretary Bank of Baroda Employees Union told ANI.

"We are also opposing on behalf of the customers to wave off the heavy charges levied upon them by virtue of minimum balance charges, cash handling charges or whatsoever it maybe," he added.

Charylu, President of Dena Bank Union while speaking to ANI said, "We are participating in this strike. We are against the government policies towards employees and customers. We also demand the removal of extra charges levied on transactions by the customers. These charges are reducing our customers. We also want the wage revision to be considered by the government as well as higher recruitment in banks."&nbsp;

The protestors claimed that the strike is being successfully conducted all over India against the central government`s proposal of merger of banks.&nbsp;

Bank Employees Association on Tuesday participated in a one day strike against the central government`s proposal of merger of 10 government banks into four. Protestors raised slogans and held placards which read `Stop attack on job and job security` and `strengthen public sector`.

Bank Employees Association on Tuesday participated in a one day strike against the central government`s proposal of merger of 10 government banks into four. Protestors raised slogans and held placards which read `Stop attack on job and job security` and `strengthen public sector`. "Today as per the call given by our apex organization All India Bank Employees Association and Bank India Federation we are observing a day-long strike against the proposed mergers of Government on August 30," Ajay Kumar, General Secretary Bank of Baroda Employees Union told ANI. "We are not only opposing the proposal of merger but also demanding the recovery of bad loans to a tune of Rs 10 lakh crores accumulated throughout the country, defaulted by big corporate houses. We are also demanding higher recruitment and strengthening the banking sector," Ajay Kumar, General Secretary Bank of Baroda Employees Union told ANI. "We are also opposing on behalf of the customers to wave off the heavy charges levied upon them by virtue of minimum balance charges, cash handling charges or whatsoever it maybe," he added. Charylu, President of Dena Bank Union while speaking to ANI said, "We are participating in this strike. We are against the government policies towards employees and customers. We also demand the removal of extra charges levied on transactions by the customers. These charges are reducing our customers. We also want the wage revision to be considered by the government as well as higher recruitment in banks." The protestors claimed that the strike is being successfully conducted all over India against the central government`s proposal of merger of banks.

Hyderabad: Bank Employees Association hold strike against bank merger policy

Finance Minister Nirmala Sitharaman has reacted sharply to Raghuram Rajan's views on the slowdown of the Indian economy. Rajan was appointed Governor of Reserve Bank of India in 2013 during UPA 2, headed by Manmohan Singh.

Now, he is going about saying that the Modi Government lacks vision on economic growth.

Addressing a select gathering at the Consulate General of India in New York City recently, the Finance Minister hit back by categorically stating that it was during Raghuram Rajan's time that huge loans were disbursed only on a phone call from crony leaders.

Taking a dig at Manmohan Singh, who was the Prime Minister when all this was happening, Sitharaman said that Manmohan Singh is supposed to have an articulated vision of the Indian economy. She also observed that Indian Public Sector banks did not have the worst phase than when there was this combination of Manmohan Singh as Prime Minister and Raghuram Rajan as Governor of Reserve Bank of India.

On what ails our banks today and what is the genesis of the bad loan crisis. the Finance Minister said Dr Rajan had himself told a Parliamentary Panel that a large number of bad loans could be linked to the period between 2006 and 2008. This is the time when Manmohan Singh was the Prime Minister - so where should the buck stop?

After winning the Nobel Prize in Economics, Abhijit Banerjee is reported to have said: "Indian economy is on shaky ground." "In the last five-six years, at least we could witness some growth, but now that assurance is also gone."

According to Banerjee, in the short term, Modi government policies are not highly simulating. Besides Ujjwala, the other flagship schemes of the Modi Government are not putting cash in the hands of anybody.

If the Finance Minister were to take his advice, Banerjee said that he would probably say, "Get some more money in the hands of the poor and they will spend it."

Its all about increasing consumption but we don’t increase consumption by increasing bank accounts. On the consumption front, both Banerjee and Raghuram Rajan perfectly gel and have the same take. But this is looking at the problem - the state of the national economy - through the keyhole.

Running a country with a vision is more important than building a short-term road map only to woo the voters. The pitfalls of short term policies notwithstanding, Congress leader Rahul Gandhi has chosen to stick to the same plank crafted by the likes of Banerjee and Rajan.

During campaigning for the Maharashtra and Haryana State Assembly election, Rahul Gandhi again took a jibe at Prime Minister Narendra Modi and his Government while taking credit for Mahatma Gandhi Rural Employment Guarantee Scheme that was introduced by the Manmohan Singh Government to ensure money directly reached the poor in the countryside.

Then Rahul had also upped his campaign for the 2019 Parliamentary election by announcing the NYAY scheme, which Abhijit Banerjee had helped conceptualise. After the people of India have rejected this scheme and shown the Congress party its place, Banerjee is again advocating the idea of direct money transfer in a big way. And Rahul is trying to play the game of one-upmanship with Modi on the agenda of neo-patrimonialism.

People appear fully capable of seeing through all this and as far as the outcome of the general election to the State Assemblies of Maharashtra and Haryana is concerned, for the main Opposition Congress, the writing is clear on the wall.

More about Abhijit and his observations about the present state of Indian economy would follow on the basis of analysis of past follies, including the way policies influenced by the Global Research Centre founded by Banerjee and company in the US were tested in a State like Madhya Pradesh - the central Indian State - 1999 onwards and how the people had rejected a popularly elected government moving on this path in the 2003 election, when Madhya Pradesh had the potential but was still devoid of the economic infrastructure and lacked a positive track record in terms of human resource development, which is so essential for economic growth.

1999 was the starting point in Madhya Pradesh when the then State government focused only on imparting training to teachers at the primary school level and totally neglected the issue of schools devoid of basic facilities. There was also a lopsided approach when it came to building the infrastructure and human resource development for the sake of economic growth. In the process, a whole generation has now multiplied in geometric progression, which is barely able to sustain itself and the quality of life for a big section of the population remains a far cry. It is unfortunate that political games are being played over&nbsp;the state of the economy and even acclaimed economists have become a party to political machinations.

 
(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL) &nbsp; 
&nbsp;

 
&nbsp;

Finance Minister Nirmala Sitharaman has reacted sharply to Raghuram Rajan's views on the slowdown of the Indian economy. Rajan was appointed Governor of Reserve Bank of India in 2013 during UPA 2, headed by Manmohan Singh.

Finance Minister Nirmala Sitharaman has reacted sharply to Raghuram Rajan's views on the slowdown of the Indian economy. Rajan was appointed Governor of Reserve Bank of India in 2013 during UPA 2, headed by Manmohan Singh. Now, he is going about saying that the Modi Government lacks vision on economic growth. Addressing a select gathering at the Consulate General of India in New York City recently, the Finance Minister hit back by categorically stating that it was during Raghuram Rajan's time that huge loans were disbursed only on a phone call from crony leaders. Taking a dig at Manmohan Singh, who was the Prime Minister when all this was happening, Sitharaman said that Manmohan Singh is supposed to have an articulated vision of the Indian economy. She also observed that Indian Public Sector banks did not have the worst phase than when there was this combination of Manmohan Singh as Prime Minister and Raghuram Rajan as Governor of Reserve Bank of India. On what ails our banks today and what is the genesis of the bad loan crisis. the Finance Minister said Dr Rajan had himself told a Parliamentary Panel that a large number of bad loans could be linked to the period between 2006 and 2008. This is the time when Manmohan Singh was the Prime Minister - so where should the buck stop? After winning the Nobel Prize in Economics, Abhijit Banerjee is reported to have said: "Indian economy is on shaky ground." "In the last five-six years, at least we could witness some growth, but now that assurance is also gone." According to Banerjee, in the short term, Modi government policies are not highly simulating. Besides Ujjwala, the other flagship schemes of the Modi Government are not putting cash in the hands of anybody. If the Finance Minister were to take his advice, Banerjee said that he would probably say, "Get some more money in the hands of the poor and they will spend it." Its all about increasing consumption but we don’t increase consumption by increasing bank accounts. On the consumption front, both Banerjee and Raghuram Rajan perfectly gel and have the same take. But this is looking at the problem - the state of the national economy - through the keyhole. Running a country with a vision is more important than building a short-term road map only to woo the voters. The pitfalls of short term policies notwithstanding, Congress leader Rahul Gandhi has chosen to stick to the same plank crafted by the likes of Banerjee and Rajan. During campaigning for the Maharashtra and Haryana State Assembly election, Rahul Gandhi again took a jibe at Prime Minister Narendra Modi and his Government while taking credit for Mahatma Gandhi Rural Employment Guarantee Scheme that was introduced by the Manmohan Singh Government to ensure money directly reached the poor in the countryside. Then Rahul had also upped his campaign for the 2019 Parliamentary election by announcing the NYAY scheme, which Abhijit Banerjee had helped conceptualise. After the people of India have rejected this scheme and shown the Congress party its place, Banerjee is again advocating the idea of direct money transfer in a big way. And Rahul is trying to play the game of one-upmanship with Modi on the agenda of neo-patrimonialism. People appear fully capable of seeing through all this and as far as the outcome of the general election to the State Assemblies of Maharashtra and Haryana is concerned, for the main Opposition Congress, the writing is clear on the wall. More about Abhijit and his observations about the present state of Indian economy would follow on the basis of analysis of past follies, including the way policies influenced by the Global Research Centre founded by Banerjee and company in the US were tested in a State like Madhya Pradesh - the central Indian State - 1999 onwards and how the people had rejected a popularly elected government moving on this path in the 2003 election, when Madhya Pradesh had the potential but was still devoid of the economic infrastructure and lacked a positive track record in terms of human resource development, which is so essential for economic growth. 1999 was the starting point in Madhya Pradesh when the then State government focused only on imparting training to teachers at the primary school level and totally neglected the issue of schools devoid of basic facilities. There was also a lopsided approach when it came to building the infrastructure and human resource development for the sake of economic growth. In the process, a whole generation has now multiplied in geometric progression, which is barely able to sustain itself and the quality of life for a big section of the population remains a far cry. It is unfortunate that political games are being played over the state of the economy and even acclaimed economists have become a party to political machinations. (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Indian economy not immune to blemishes of politicisation

The trade negotiations between India and the United States are going in full swing, Finance Minister Nirmala Sitharaman has said, expressing hope that the two sides will reach a trade deal soon.

Responding to a question by ANI on where the trade negotiations between the two countries stand, Sitharaman said, "That is something on which Robert Lightizher, the US Trade Representative, and Wilbur Ross, US Commerce Secretary, are working on. My inputs are that (the) negotiations are going in full speed and there's a great intensity with which both the sides are engaging."

"Hopefully, the deal will be struck soon," she said on Saturday. Tensions on the trade front between the two countries had emerged in June after US President Donald Trump revoked preferential trade privileges, in response to which India imposed tariffs on 28 US products, including almonds and apples.

India had been the biggest beneficiary of the Generalised System of Preferences (GSP), a programme designed to help developing countries sell to US consumers.

The Finance Minister stated that US Treasury Secretary Steven Mnuchin is expected to visit India soon. "I expect to have a lot more detailed discussion with him then," she said.

The Finance Minister's remarks came following her address at the annual meetings of the International Monetary Fund and the World Bank in Washington.

Sitharaman said that she will prepare a blueprint for the businesses contemplating to move out of China are considering India as their preferential investment destination.

"India is one of the biggest options to consider for investors. Vietnam is getting saturated. They do not have enough manpower to address expansionary programs of investment There is saturation," she said."Businesses getting out of China are certainly looking at India. It's now important for the government to meet up with them," she added.

"I will design a blueprint and approach them, put forward to them why India is a more preferable destination."

That could also be in specific areas in which India has common capacity ecosystem building, whether it's electronics, lithium-ion battery or any other semiconductors and so on, she added.

The Finance Minister said that the government's decision regarding the same is not just going to be purely on the basis of what is happening presently between the United States and China.

"That could either aggravate the situation or probably just influence at some level. But the fact remains that there are companies which are looking at relocating for various other reasons also," she said.

"That is why I gave that little fine line that I'm drawing about companies which would want to locate elsewhere outside of China. Even as I said that, I said that not every company wants to lock, stock and barrel get out of China, there are companies which will remain there to service the Chinese market."

After all, China has a very big domestic market. Their purchasing power and consumption style may be very different from what it is in India. But I'm making that margin already.

Companies will probably be there to service the Chinese market, tension or no tension," the Union minister said referring to the tensions between US and China.

The minister emphasised that the government wants to create an ecosystem to invite these companies.

Sitharaman said that the global economic slowdown and the estimates for growth next year are largely dependent on India and China's growth estimates.

"I'm saying this with a sense of responsibility that the global economic slowdown and the estimates about the growth for the next year are largely pegging on India and China`s growth estimates. On their performance depends the rest of the global growth also," she said.

"The slowdown, while it is affecting the rest of the world in a particular fashion, at least in India and China, the slowdown is not so bad. In fact, when you talk about next year, the impact of India's growth is much better than even that is shown (in the IMF's World Economic Outlook report) of China's," she added.&nbsp;

 
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The trade negotiations between India and the United States are going in full swing, Finance Minister Nirmala Sitharaman has said, expressing hope that the two sides will reach a trade deal soon.

The trade negotiations between India and the United States are going in full swing, Finance Minister Nirmala Sitharaman has said, expressing hope that the two sides will reach a trade deal soon. Responding to a question by ANI on where the trade negotiations between the two countries stand, Sitharaman said, "That is something on which Robert Lightizher, the US Trade Representative, and Wilbur Ross, US Commerce Secretary, are working on. My inputs are that (the) negotiations are going in full speed and there's a great intensity with which both the sides are engaging." "Hopefully, the deal will be struck soon," she said on Saturday. Tensions on the trade front between the two countries had emerged in June after US President Donald Trump revoked preferential trade privileges, in response to which India imposed tariffs on 28 US products, including almonds and apples. India had been the biggest beneficiary of the Generalised System of Preferences (GSP), a programme designed to help developing countries sell to US consumers. The Finance Minister stated that US Treasury Secretary Steven Mnuchin is expected to visit India soon. "I expect to have a lot more detailed discussion with him then," she said. The Finance Minister's remarks came following her address at the annual meetings of the International Monetary Fund and the World Bank in Washington. Sitharaman said that she will prepare a blueprint for the businesses contemplating to move out of China are considering India as their preferential investment destination. "India is one of the biggest options to consider for investors. Vietnam is getting saturated. They do not have enough manpower to address expansionary programs of investment There is saturation," she said."Businesses getting out of China are certainly looking at India. It's now important for the government to meet up with them," she added. "I will design a blueprint and approach them, put forward to them why India is a more preferable destination." That could also be in specific areas in which India has common capacity ecosystem building, whether it's electronics, lithium-ion battery or any other semiconductors and so on, she added. The Finance Minister said that the government's decision regarding the same is not just going to be purely on the basis of what is happening presently between the United States and China. "That could either aggravate the situation or probably just influence at some level. But the fact remains that there are companies which are looking at relocating for various other reasons also," she said. "That is why I gave that little fine line that I'm drawing about companies which would want to locate elsewhere outside of China. Even as I said that, I said that not every company wants to lock, stock and barrel get out of China, there are companies which will remain there to service the Chinese market." After all, China has a very big domestic market. Their purchasing power and consumption style may be very different from what it is in India. But I'm making that margin already. Companies will probably be there to service the Chinese market, tension or no tension," the Union minister said referring to the tensions between US and China. The minister emphasised that the government wants to create an ecosystem to invite these companies. Sitharaman said that the global economic slowdown and the estimates for growth next year are largely dependent on India and China's growth estimates. "I'm saying this with a sense of responsibility that the global economic slowdown and the estimates about the growth for the next year are largely pegging on India and China`s growth estimates. On their performance depends the rest of the global growth also," she said. "The slowdown, while it is affecting the rest of the world in a particular fashion, at least in India and China, the slowdown is not so bad. In fact, when you talk about next year, the impact of India's growth is much better than even that is shown (in the IMF's World Economic Outlook report) of China's," she added.

Trade negotiations between India, US going in full swing: Sitharaman