More reforms in next few days to spur investment: Chidambaram

June 13, 2013
New Delhi, Jun 13: Seeking to accelerate reforms to spur investments, Finance Minister P Chidambaram today said the government will announce host of decisions, including relaxation of FDI caps and resolution of gas and coal prices, in the next few days.

He further said there was no need for panic over declining value of rupee and the domestic currency would regain the losses suffered in last few days and stabilise.

chidu"I am looking forward to more reforms... I expect a number of decision in the next few days and weeks... In June, you can expect number of decisions taken and implemented that will accelerate reforms and spur investments in critical sectors," Chidambaram said.

He said the decision will be taken on coal and gas pricing, coal allocation to power plants, FDI limit in various sectors, including defence, and skill development.

Chidambaram said the Sebi board will take a decision on K M Chandrasekhar committee report on rationalisation of foreign investment norms on June 25.

The Minister was addressing media in the backdrop of steep decline in rupee which on Tuesday touched life-time low of 58.96 intra-day against the US dollar.

Rupee, which touched 58.22 to a dollar in early trade, lost ground during the day, and is currently trading at 58.48 today.

"There is no reason for panic... Countries with large current account deficit have taken a hit on currencies. Rupee will find its level. We are concerned about volatility. Rupee will regain losses suffered in the last few days," he said.

Expressing satisfaction over declining gold imports, Chidambaram appealed to the people to "resist the temptation to buy gold" saying it will dramatically change the CAD position.

Chidambaram, however, ruled out any immediate hike in gold import duty saying he doesnt want to be "too unpopular".

Chidambaram said Prime Minister Manmohan Singh has called a meeting of the Finance Minister and other key advisers to discuss steps to revive investment and stalled projects.

The government should keep in mind the long-term interest while taking important decision relating to pricing of natural resources, he said.

Chidambaram said the steps taken by the government since August last year have yielded results and the fiscal deficit has come down to 4.9 per cent in 2012-13 and inflation has moderated.

The economic condition is stronger today than what it was in the same period last year, he said, adding that lot of people continue to keep faith in India growth.

The government, he said, will leave no stone unturned to achieve the revenue targets in the current financial year and hoped that fiscal deficit of 4.8 per cent is achievable. "If it is better, so be it," he added.

The stocks markets today tanked sharply and the BSE benchmark Sensex was trading down by 217 points to 18,824.86 in the afternoon trade.

Ruling out any expenditure compression in the current fiscal, the Minister said the Ministries have been asked to move ahead with their investment plans, which is necessary for improving investment sentiment and reviving growth.

"Revenue collections are satisfactory. I will achieve my revenue target. I will leave no stone unturned to achieve the revenue target," he said.

Replying to a question on whether government was contemplating a VDIS (Voluntary Disclosure of Investment Scheme) type amnesty scheme to bring out gold, the Minister said: "I have one wish if people of India can fulfil is that don't buy gold."

Chidambaram further said the real concern is the performance of the crude, natural gas and fertilisers sector as they have recorded negative growth in last three years.

"We need to get our act together. I am sure we can share some decisions in July," he said.

On the possibility of issuing NRI Bonds to raise overseas funds, the Minister said: "Can't answer question on which decision have not been taken. We are watching the situation. When we take a decision, we will share it with you".

Asked about disinvestment of Coal India, the Minister said the coal major was on the list of PSUs which have to be divested and the Ministry will try to impress upon the Trade Unions that funds raised would be used for capital expenditure of other state-owned companies.

"I have to put in Rs 15,000-20,000 crore annually for five years into PSU banks," he said.

On the impact of rupee depreciation on subsidies, Chidambaram said it will have a bearing on goods which are imported.

However, as far as the domestic prices of petroleum products are concerned, he said, the impact of rupee decline could be neutralised by a decline in value of crude oil in international markets.

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News Network
July 11,2020

Kochi, Jul 11: Johnny Paul Pierce's five-month stay in Kerala has been a soul-soothing experience for 74-year-old US citizen. He now wants to spend the rest of his life here.

"Kerala is a beautiful place to live in. This is my fifth trip here. I usually stay here for six months. It is such a magical place to be and I want to share that with people from the US," Pierce told ANI.

He came to India on February 26 on a tourist visa and is staying at Kandanadu in Kochi.

According to Pierce's Advocate, his tourist visa is valid up to January 26, 2025. But on this visa, he can only stay consecutively for 180 days.

The guidelines of the Indian government permit continuous stay for only 180 days for foreigners on tourist visas. His 180 days were set to expire on August 24, which the Foreigner Regional Registration Office (FRRO) extended to August 30.

The US citizen has approached the Kerala High Court seeking to convert his tourist visa into a business visa. The petition will be considered next week.

Pierce has sought a directive to the government to permit him to apply for the conversion of his tourist visa into a business visa and also to extend his stay, without having to leave the country.

"I am making a petition for an extra 180 days to stay. And I would also like to get a business visa in order to begin a tour company to bring people from the US to Kerala after the coronavirus. I wish my family could also come here. I am very impressed with what's is happening here. People in the US don't care about COVID-19," he said.

He talked about the risk of going back to his home country saying, "There are only 27 deaths in Kerala and in the US there over 1.3 lakh deaths. I do not want to go back to the US. I am 74 years old and I am at risk. This is a very safe place for me. I hope India embraces and allows me to stay."

"There's chaos in the US due to COVID-19 and government is not taking care like India. I want to stay here," he added.

Pierce further talked about his future plans, saying that if he is allowed to stay, he would like to lease a small resort and make a retirement community, which will be a COVID free zone.

Lastly, he made an appeal to the Indian government to let him stay in India saying that "all the immigration rules were made before COVID-19."

"There should be special consideration for people like me," he added.

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News Network
March 23,2020

New Delhi, Mar 20: Prime Minister Narendra Modi on Monday appealed to state governments to ensure that rules and regulations of the coronavirus lockdown are enforced as he noted that many people are not taking the measure seriously.

"Many people are still not taking the lockdown seriously. Please save yourself, save your family, follow the instructions seriously. I request state governments to ensure rules and laws are followed," he said in a tweet in Hindi.

The Centre and state governments have decided to completely lock down 80 districts across the country where coronavirus cases have been reported.

Uttar Pradesh, Maharashtra, Punjab, Karnataka, Tamil Nadu and Kerala announced lockdown in many districts.

Delhi will be locked down from 6 am on March 23 till midnight on March 31.

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Agencies
February 11,2020

New Delhi, Feb 11: With Election Commission">Election Commission's trends indicating a landslide victory for the Aam Aadmi Party (AAP), party chief Arvind Kejriwal expressed his gratitude towards the people of the national capital and said that this is the victory of the people who consider him as their son.

Making his first public appearance after the day's results, Kejriwal made a brief address to supporters in which, AAP chief thanked supporters, outlined his personal connection with citizens and party workers as well as credited his family for their continued support.

"I thank people of Delhi for reposing their faith in AAP for the third time. This is not my personal victory, this is the victory of Delhiites. This the victory of the people who consider me as their son and voted for us," Kejriwal said at party office here.

He also referred to the trends of the assembly polls, as the beginning of a new kind of politics.

"This is the beginning of a new kind of politics. This is a new sign. Only the party will get vote who will built mohalla clinics and good schools... This is the victory of mother India and India. Today is Tuesday, Hanuman-ji's day. Hanumanji ji blessed Delhi today, I thank him. We pray that Hanuman Ji keeps showing the right path to us so that we continue to serve people for the next five years," he said.

According to Election Commission", AAP won 5 seats while the party is leading on 58 seats in 70-member Delhi Assembly. 

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