Note ban just a short-term pain; more 'reforms' ahead: Modi

December 24, 2016

Patalganga, Dec 24: Prime Minister Narendra Modi today hinted at unleashing more radical reforms, saying his government will not shy away from taking difficult decisions that are in national interest and admitted the note ban caused "short-term pain".

pmInaugurating a new educational and training campus of the Sebi-run National Institute of Securities Markets (NISM) in this industrial township near Mumbai, Modi said "the government will unveil more long-term policies that are stable and sound" so as to sustain the higher economic growth rate.

"Our government will continue to follow sound and prudent economic policies and we will not take decisions for short-term political point scoring."

Admitting that the demonetisation drive has caused some "short-term pains" to the public, Modi said this "will bring in benefits in the long-term".

Despite the lingering disagreements between the Centre and the states over the dual control of the GST mechanism, Modi expressed hope that the biggest tax reform the nation has seen till date will be a reality shortly.

Claiming he has transformed the economy since assuming office over 30 months ago, the PM said when he took over the economy was in dire straits with high current account and fiscal deficits, near-double digit inflation and low forex reserves.

In spite of all difficulties, he said his government has improved these key metrics massively since assuming office in May 2014 and today the country is a bright spot in otherwise a gloomy global environment.

Even as the whole world is fighting a prolonged slowdown, "India is being seen as a bright spot with growth projected to be highest amongst the large economies", he said.

Modi said advancing budget presentation will help improve productivity by ensuring adequate resources to all productive sectors of the economy.

Lauding Sebi for facilitating a large number of IPOs this year and helping the capital markets to grow, he said the financial markets are very important for a fast-growing economy.

He underlined the need for developing a robust corporate bond markets so that banks funds can be utilised for other less organised sectors.

Modi asked market watchdog Sebi and Finance Ministry to enable municipalities to tap markets. Stock markets should help in raising capital for productive purposes while the bond market could become a source of long-term infra finance.

The event was attended by Union Finance Minister Arun Jaitley, Maharashtra Governor Vidyasagar Rao, state Chief Minister Devendra Fadnavis, Sebi Chairman U K Sinha and many other officials and senior bankers.

Comments

Fairman
 - 
Saturday, 24 Dec 2016

Dammaya
No need any surprises
Citizens have no more strength to face your crazy adventures.

If you don't have work or boring for God sake please go tour to any country.
If all countries already finished go to Gujrat. Take leave.you need rest

You are very tired of doing crazy chamatkars

Skazi
 - 
Saturday, 24 Dec 2016

low forex reserves ???????????????????????????????????......Blatant lier.....let him quote the figures of Forex reserve now and old .....

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News Network
April 12,2020

New Delhi, Apr 12: With 34 deaths and 909 new positive COVID-19 cases in the last 24 hours, the total number of coronavirus cases in India on Sunday climbed to 8356, including 716 cured and discharged and 273 deaths, said the Ministry of Health and Family Welfare.

At present, there are 7367 active COVID-19 cases in the country.

"A total number of COVID-19 positive cases rises to 8356 in India, including 716 cured/discharged, 273 deaths and 1 migrated," said the Health Department.

The highest number of positive cases of coronavirus was reported from Maharashtra at 1761, including 127 deaths, followed by Delhi (1069 and 19 deaths), Tamil Nadu (969 and 10 deaths) and Rajasthan (700 and 3 deaths).

There are 452 coronavirus positive cases in Uttar Pradesh, including 45 cured and discharged and 5 deaths.

The states which have crossed 200-mark for COVID-19 positive cases also include Madhya Pradesh (532), Telangana (504), Gujarat (432), Andhra Pradesh (381) and Kerala (364).

While 19 people were detected positive for coronavirus in Chandigarh, 207 cases were confirmed from Jammu and Kashmir and 15 from Ladakh.

In North-East, Assam has confirmed the highest number of corona positive cases at 29, followed by Manipur and Tripur at two each and Mizoram, Arunachal Pradesh at one each.

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News Network
June 18,2020

New Delhi, Jun 18: Prime Minister Narendra Modi on Thursday launched the auction process for 41 coal blocks for commercial mining, a move that opens India’s coal sector for private players, and termed it a major step in the direction of India achieving self-reliance.

Launching the auction of mines for commercial mining, that is expected to garner ₹33,000 crore of capital investment in the country over next five to seven years, the Prime Minister said India will win the coronavirus war and turn this crisis into an opportunity, and the pandemic will make India self-reliant.

The launch of the auction process not only marks the beginning of unlocking of the country’s coal sector from the lockdown of decades , but aims at making India the largest exporter of coal, the Prime Minister said.

Presently, despite being the world’s fourth largest producer, he said India is the second largest importer of the dry-fuel.

“Allowing private sector in commercial coal mining is unlocking resources of a nation with the world’s fourth-largest reserves,” he pointed out.

Major scams had taken place in coal action earlier, but the system has been made “transparent” now, the Prime Minister said lambasting past policies of keeping the sector closed.

Mr. Modi said that this auction process will result in major revenues to states and create employment besides developing the far-flung areas.

The commencement of auction process of these blocks, part of the series of announcements made under ‘Atmanirbhar Bharat Abhiyan’, is likely to contribute ₹20,000 crore revenues annually to the state governments.

In line with the Prime Minister’s self-reliance call, the aim behind the auction process is to achieve self-sufficiency in meeting energy needs and boosting industrial development.

The government has taken an important decision to open up coal and mining sector to competition, capital and technology, he said.

Coal and Mines Minister Pralhad Joshi, who was also be present during the launch event, said ₹50,000 crore is being invested in the sector to jack up India’s coal output to 1 billion tonne.

With a view to achieve self-reliance in the coal sector, the Ministry of Coal in association with FICCI launched the process of auction of 41 coal mines under the provisions of Coal Mines (Special Provisions) Act and Mines and Minerals (Development and Regulation) Act.

Upon attainment of peak rated capacity of production of 225 million tonnes (MT), the government said, these mines will contribute about 15% of the country’s projected total coal production in 2025-26.

It will also lead to employment generation for more than 2.8 lakh people — direct employment to approximately 70,000 people and indirect employment to approximately 2,10,000 people, as per the government.

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News Network
April 15,2020

New Delhi, Apr 15: A day after Prime Minister Narendra Modi announced the extension of COVID-19 lockdown till May 3, the Ministry of Home Affairs (MHA) on Wednesday issued consolidated revised guidelines on measures to be taken by Ministries and Departments of Government of India, state and Union Territory governments and authorities for the containment of COVID-19.

As per the guidelines, all domestic and international air travel of passengers (except for security purposes), passenger movement by trains (except for security purposes), buses for public transport, metro rail services will remain prohibited.

It stated that all educational, training, coaching institutions etc. shall remain closed. Inter-district and inter-state movement of individuals except for medical reasons or for activities permitted under guidelines shall remain prohibited.

Taxis (including auto-rickshaws and cycle rickshaws) and services of cab aggregators to remain prohibited until May 3.

Also, all cinema halls, malls, shopping complexes, gymnasiums, sports complexes, swimming pools, entertainment parks, theatres, bars and auditoriums, assembly halls and similar places shall remain closed.

All social/political/sports/entertainment/academic/cultural/religious functions/other gatherings will also not be allowed.

"All religious places or places of worship shall be closed for public. Religious congregations are strictly prohibited. In the case of funerals, a congregation of more than 20 persons will not be permitted," the guidelines stated.

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