New Delhi: The macro financial fundamentals of the financial system are robust Finance Minister Arun Jaitley said today as he held a press conference flanked through top officials of his ministry. Finance Ministry officers made distinctive displays on their departments. The venue for the press conference become shifted from Shastri Bhawan to the National Media Centre which has a better facility for audio-visual presentations. The authorities has been beneath attack from the Opposition as nicely former union ministers Yashwant Sinha and Arun Shourie who have attributed the economic slowdown to what they are saying is the terrible handling of key reforms like demonetisation and the Goods and Services Tax (GST). Economic boom slumped to a 3-year-low of five.7 in step with cent inside the June area the bottom in 3 years. Earlier nowadays Mr Jaitley tweeted that the satisfactory for not on time filing of GST returns would be waived for August and September. Here are the highlights of Arun Jaitley s speech:Last month I had stated that we can correctly reply to the challenges on GSTIndia has remained international s fastest growing huge financial system for the final 3 yearsMacro-economic fundamentals are strongSometimes fundamental reforms carry minor hiccups but within the mid and lengthy phrases these show to be a long way more beneficialIf you notice from 2014 you ll see a constant decline in inflation. Some is the case for our modern account deficits... Remaining 12 months it became as low as 0.7 %....Subhash Chandra Garg Department of Economic Affairs Ministry of Finance briefing mediaThere has been a constant low inflation storySome is the case for our current account deficits... Final year it turned into as low as 0.7 %...We have crossed four hundred billion forex reservesGST has been the largest reform at the side of different ones like deonetisation and the war against black moneyThere could be very low degree of present day account deficit in safe tiers of much less than around 2percentWe are taking on a mega and historical road and infrastructure constructing programmeEffective and targeted Government spending is the primary precedence of GovernmentAshok Lavasa Finance SecretaryEffective and centered Government spending is the primary precedence of GovernmentThe biggest thing of road constructing software the Bharat Mala programme34 800 kms of roads to be constructed and it'll see investment of Rs 5 35 000 over subsequent five years LIVE: Shortest route identified 20% of them distinct from fastest path: @FinMinIndiahttps://t.Co/5qKs8ieG3Vpic.Twitter.Com/EbSJStcXbl- PIB India (@PIB_India) October 24 2017 Inter-country exchange to be facilitated via enhancing infra main to border pointsAbout 2000 km of coastal roads may be built in first section of Bharat MalaStronger fundamentals will fuel public spending and which in flip will result in more potent banks LIVE: Renewed recognition on Indian Railways: @FinMinIndiahttps://t.Co/5qKs8ieG3V#NewIndiaTakeOffpic.Twitter.Com/mhxwjPJbQ1- PIB India (@PIB_India) October 24 2017 LIVE: Secretary DFS explains Govt. S plan to reinforce Indian banking region https://t.Co/5qKs8ieG3V#NewIndiaTakeOffpic.Twitter.Com/dTHSVVPivo PIB India (@PIB_India) October 24 2017 Financial Services Secretary Rajiv Kumar on two-12 months roadmap for PSBsCabinet has accredited an extraordinary PSB capitalisation plan of Rs. 2 lakh 11 thousand croresA have a look at the lending by means of Public Sector Banks from the presentation with the aid of @FinMinIndiaLIVE: https://t.Co/5qKs8ieG3Vpic.Twitter.Com/Jh1JmtmdUw- PIB India (@PIB_India) October 24 2017 Various capital infusion measures taken by means of Govt. To ensure health of Public Sector BanksLIVE: Various capital infusion measures taken via Govt. To make certain fitness of Public Sector Banks: @FinMinIndiahttps://t.Co/5qKs8ieG3Vpic.Twitter.Com/vHyov5Lwaa PIB India (@PIB_India) October 24 2017 Increased provisioning completed by using PSBs to cover expected losses improving banks healthLIVE: Increased provisioning completed by means of PSBs to cowl expected losses improving banks fitness: @FinMinIndiahttps://t.Co/5qKs8ieG3Vpic.Twitter.Com/R4Q6ziFEqS PIB India (@PIB_India) October 24 2017Arun Jaitley We have reinforced the banks unlike what we saw between 2008 and 2014 whilst the loans were given by the dozen and the real state of affairs of the banks were not discussedIt is simplest given that 2015 that the ground truth in banks have changed... They've come to be robustNeed to step up public expenditure. Measures these days will raise infra spending in a big wayThe massive spending on infrastructure announced nowadays will deliver a fillip to non-public sector investmentThere is a public sector bank capitalization plan of 2.Eleven lakh crore. Public Sector Banks Have Adequate Lending Capacity Now Post DemonetisationOnce you strengthen banks appetite for their inventory will improveIt become decided that a formidable step wishes to be taken by using the authorities to recapitalise banksPart of capital of PSU banks to come back with the aid of raising funds; to determine nature of recapitalisation bonds in due courseArun Jaitley on willful defaulters:Over eight a hundred willful defaulters owe banks over Rs seventy six six hundred croreThere is not any embargo as a ways as willful defaulters are concernedUnder our banking law names of willful defaulters are to be had Updated: October 24 2017 five:fifty four pm Finance Minister Arun Jaitley at a press conference inside the country wide capital. (PTI Photo) Top News Tables turned: India loses momentum as different economies collect paceGovernment unveils Rs 9 lakh crore bundle to enhance economyKapil Sharma on his
http://vasudhabus.beep.com/ alleged breakup: I haven t opened up so much that I ll speak about thisFinance Minister Arun Jaitley is maintaining a press convention at National Media Centre in New Delhi. Addressing the media Jaitley stated that there was discussions and opinions of the financial system in the beyond few weeks in the ministry. He delivered that India has been the sector s quickest-developing large economic system for the past 3 years. Speaking about the modern financial scenario Jaitley stated We will accurately reply to the state of affairs because it develops. Arun Jaitley s press convention LIVE UPDATES: The press convention has been concluded. Thanks for becoming a member of our stay blog. A follow up replica may be up quickly. 5: 50 pm: Arun Jaitley said that the finance ministry will announce a fixed of banking reforms inside the following few months. 5:50 pm: Speaking on the recent feedback by means of Revenue secretary that there might be a rejig in GST rules quickly Jaitley said that it's been a steady stand of the authorities. When requested approximately the opposition s choice to celebrate November eight as a black day he stated that if all and sundry wants to have a good time November eight as a black day they can fortuitously accomplish that. 5:45 pm: There changed into no authentic facts available on demonetisation and its effect on job loss. By giving a push to MSMEs considered one of our predominant goals is the creation of latest jobs Jaitley said when asked about the present day slowdown in technology of jobs. 5:40 pm: When requested approximately whether he changed into glad with the GST collections Jaitley stated that the response of traders in the direction of registering for GST has been first rate up to now. He additionally stated that among 2008
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