by admin | May 25, 2021 | Economy, News, Politics
Arun Jaitley
New Delhi : Buoyed by recent World Bank figures, Union Finance Minister Arun Jaitley has said India is likely to become the fifth largest economy next year, surpassing Great Britain, if the country continues its projected growth trajectory.
The World Bank has forecast a growth rate of 7.3 per cent for India this year and 7.5 per cent for the next year.
In an article appearing on the BJP website, Jaitley said the recently released World Bank data revealed that India has now become the sixth largest economy relegating France to the seventh position. He acknowledged that there would be a very significant difference in the per capita income of the two countries on account of a disparity in the size of the population.
“If we keep growing at the rate which is being projected, it is likely that next year we will be the fifth largest economy ahead of Great Britain. This is in consonance with the rest of the narrative. Being the fastest growing economy for the last four years, we can look at the next decade as one of economic expansion,” Jaitley said.
He said India has already seen a significant upward movement in its ranking in the ease of doing business and as a preferred investment destination.
“Today we stand to be tested in the midst of a global challenge thrown up on account of the international crude oil prices and the trade war,” he said.
Jaitley said the country has started witnessing many of the advantages of a fast growing economy. He said since Prime Minister Narendra Modi took over, the Government’s own yardstick for performance has become stiffer.
“How quickly we are able to deplete poverty levels of a section of our people poses a major challenge,” he said. The minister said India’s growth story is likely to continue as per assessment of all credible agencies.
—IANS
by admin | May 25, 2021 | News, Politics
New Delhi : Union Minister Arun Jaitley’s allegation that “jehadists and Maoists” have earned the sympathy of Congress chief Rahul Gandhi is “laughable and absurd” former Finance Minister P. Chidambaram said on Saturday, adding that the party is “stoutly opposed” to the two groups.
Jaitley, in his hard-hitting blog post on Friday had said while “jehadis and Maoists” were threatening the rights of citizens, human rights organisations “taken over by the ultra-left” never spoke of this.
He alleged that even though the Congress historically and ideologically would have been opposed to these groups, they have earned sympathy in Rahul Gandhi’s heart.
“He had no qualms about joining those who raised subversive slogans at JNU (Jawaharlal Nehru University) and Hyderabad.
“With this initial success, the others amongst the so-called federal front have forgotten the dangers of these groups to India and Indian democracy.
“The political adventurists in parties like AAP (Aam Aadmi Party), TMC (Trinamool Congress) and the like only look for a political opportunity in these groups,” he wrote in his blog.
Senior Congress leader Chidambaram, hit out at Jaitley saying the United Progressive Alliance government led by the Congress had fought the jehadis in Jammu and Kashmir and brought down the level of violence substantially.
“The allegation that jehadists and Maoists have earned the sympathy of Rahul Gandhi is laughable and absurd. Congress is stoutly opposed to the two groups,” Chidambaram said in a series of tweets.
“Who can forget that Congress practically lost its entire leadership in Chhattisgarh to Maoist violence? Under UPA, the government fought the jehadists in Jammu and Kashmir and brought down the level of violence substantially,” he added.
The Union Minister, who underwent kidney replacement in May and is yet to rejoin his office, in his blog had said that the terrorists and the jehadis were threatening the human rights of the citizens in Jammu and Kashmir.
“They terrorise courts; they kill editors; they kill innocent citizens and they don’t allow any alternate religion to be practised. Who is threatening the human rights of the citizens of Kashmir? It is obvious that it is the terrorists and the jehadis.”
Meanwhile, Maoists don’t allow any development activity in tribal regions, he said. “They kill innocent tribals who don’t agree with them; they destroy public buildings; they kill security personnel and they even charge a parallel tax from helpless citizens.”
He said human rights were at the core of India’s Parliamentary democracy and the Constitution guaranteed these to every citizen. “Our policy has to be ‘save the human rights of every Indian – be it a tribal or a Kashmiri’ from terrorists,” Jaitley had written.
However, he had accused the human rights organisations of being taken over by the ultra-left and said they never spoke about the deprivation of the human rights of the citizens, and “never shed a tear for the indiscriminate killing of the security personnel”.
“These human right organisations are an over-ground face of the underground. In the system that they believe in, there is no place for life, liberty, equality and free speech, election or Parliamentary democracy.”
—IANS
by admin | May 25, 2021 | News, Politics
New Delhi : The Chief Economic Advisor (CEA), Arvind Subramanian’s term would not be extended any further as he wants to go back to the US due to family commitments, Finance Minister Arun Jaitley said in a Facebook post on Wednesday.
Subramanian had joined as the CEA on October 16, 2014 for a period of three years.
“Few days ago Chief Economic Advisor Arvind Subramanian met me over video conferencing. He informed me that he would like to go back to the United States on account of pressing family commitments,” Jaitley said, adding that his reasons were “personal but extremely important” to him.
“He left me with no option but to agree with him.”
On the expiry of the three year term also Jaitley had requested the CEA to continue for some more time, he said, adding: “Even at that stage he told me that he was torn between family commitment and his current job which he considered the best and most fulfilling he has ever done.”
—IANS
by admin | May 25, 2021 | Corporate, Corporate Governance, Economy, Investing, News, Politics, Property
New Delhi : Union Minister Arun Jaitley on Friday said the new ordinance amending the Insolvency and Bankruptcy Code (IBC) to treat home buyers as financial creditors will eliminate “fly by night” operators and will force the real estate industry to eventually formalise itself.
Listed as “minister without portfolio” in the Prime Minister’s official website, he said the ordinance would help reform the real estate sector and would benefit home buyers in multiple ways.
“He (home buyer) is now treated as financial creditor. He can initiate a corporate insolvency for a resolution against the errant developer.
“He acquires the right to be on the Committee of Creditors. He gets voting right. He can influence the resolution process. In the unlikely eventuality of liquidation, he stands at par with other financial creditors,” Jaitley wrote in a Facebook post.
President Ram Nath Kovind had on Wednesday given assent to the ordinance amending the IBC to recognise the status of home buyers as financial creditors.
Being treated as financial creditors would bring home buyers at par with banks and other institutional creditors as they would now have a share in the proceeds earned by sale of assets of bankrupt real estate companies.
Jaitley said that construction was already growing at a double digit rate and that the new ordinance — along with Real Estate (Regulation and Development) Act — would catalyse this process further.
He added that just as the film industry, in the last few years, had increasingly formalised itself, the real estate industry would eventually have to formalise itself as well.
“Sound and structured real estate developers would remain. The ‘fly by night’ operators would be eliminated. Projects would be completed in reasonable time and investors would get their share of allotments expeditiously,” the Minister said.
According to Jaitley, there had been a phenomenal growth in urbanisation post 1991 economic liberalisation leading to construction of more townships, a trend that is likely to accelerate.
“This is also an area where many ‘fly by night’ operators have entered. Some developers have very little resources of their own. They use the home buyer’s money to develop, invest in land banks and then get caught in debt trap,” he said.
“The home buyer is the worst sufferer. He has a triple whammy. He has invested his savings with the developer. He may be paying EMIs on the loans taken and may continue to pay either rent of his currently occupied property or live in some alternate accommodation under compulsion,” the Minister added.
Jaitley underwent a successful kidney transplant surgery last month and has been out of action ever since. However, he had been frequently expressing his views on several issues through his Facebook page.
He returned home on Monday after being discharged from the AIIMS. He is expected to resume work in the Finance Ministry after he fully recovers.
In the meanwhile, Railways and Coal Minister Piyush Goyal has been given the additional charge of the Finance and Corporate Affairs ministries.
—IANS
by admin | May 25, 2021 | Corporate, Corporate Governance, News, Politics
Smriti Irani has a word with MoS Rajyavardhan Singh Rathore at the Parliament. (File photo: PTI)
New Delhi : Prime Minister Narendra Modi on Monday effected a reshuffle in his Cabinet by replacing Smriti Irani as Information and Broadcasting Minister with Rajyavardhan Singh Rathore, who was a Minister of State in the ministry.
In other changes, portfolios of Finance and Corporate Affairs Minister Arun Jaitley, who underwent kidney transplant on Monday, have been temporarily assigned to Railway Minister Piyush Goyal.
Goyal will hold the portfolios during the period of Jaitley’s indisposition.
S.S. Ahluwalia has been relieved of the charge of Minister of State, Drinking Water and Sanitation, and assigned the portfolio of Minister of State, Electronics and Information Technology.
Alphons Kannanthanam, Minister of State, has been relieved of the charge of Minister of State of Electronics and Information Technology.
Rathore will be Minister of State (Independent Charge) of Information and Broadcasting Ministry.
—IANS
