In Budget 2017, Finance Minister Arun Jaitley placed consumers before rigid fiscal discipline as he spelt out a carefully crafted plan to boost people’s spending power, create jobs and improve rural incomes
Jawaharlal Lal Nehru, Indira and Rajiv Gandhi have presented the Budget while serving as the Prime Minister of India.
The high-level meeting was also attended by Principal Secretary to the Prime Minister Nripendra Misra, senior officials of power ministry, SBI chairman Rajnish Kumar, among others, sources said.
The government has decided to infuse Rs 2.11 lakh crore capital in PSBs in the next two years through budgetary provisions of Rs 18,139 crore, Rs 1,35,000 crore through re-capitalisation bonds, and the balance through raising of capital by banks from the market, Jaitley said.
“In terms of the taxation requirement, if we see corporate taxes across the world, the trend is that people are reducing corporate taxes. India is among the highest.,” Confederation of Indian Industries (CII) President Shobhna Kamineni said after the pre-budget meeting with the Finance Minister and top ministry officials.
The Indian economy grew at its slowest pace in three years between April and June at 5.7 percent. A Reuters poll conducted in October showed economists predict South Asia's largest economy will grow by 6.7 percent in the fiscal year ending March 2018.
Speaking at the Singapore Fintech Festival, Jaitley said the ongoing process of digitisation was a result of Aaadhar scheme coupled with financial inclusion, post demonetisation followed by the massive exercise on the improvement in the digital eco-payment system as well as the introduction of the Goods and Services Tax from July 1, 2017.
A look at top cues from domestic and international cues that could have a bearing on D-Street.
Bankers have advocated the idea of differentiated lending to ensure they focus on their strengths relating to their locations and expertise and not be worried about competition.
Queen Maxima of the Netherlands will be speaking on using inclusive technology to build a better future in her capacity as the UN Secretary-General's Special Advocate for Inclusive Finance for Development.
"One distinct feature of India's population is that we have a large number of younger people and therefore we have more hands which can work. The second distinct feature (is) that compared to the rest of the world where population in most developed countries is either stabilising or going down, that (is) not happening in India," he said.
"Excessive dependence on cash has its cost. It is not just cost but it is a curse on both society and economy," he said at an event organised by Punjab National Bank (PNB) here.
Last month, Finance Minister Arun Jaitley had announced an unprecedented Rs 2.11 lakh crore two-year road map for strengthening public sector banks. The plan included re- capitalisation bonds of Rs 1.35 lakh crore.
Chidambaram's remarks that the state of Jammu and Kashmir should be given more rights, are inopportune and reflect the little understanding that Congress has about the Kashmir issue, Jaitley said.
Options are derivatives which give a buyer the right but not the obligation to buy or sell an underlying asset or instrument at a specific price on or before a certain date.
During his three-day stay in Washington, Jaitley will hold bilateral meetings with US commerce secretary and participate in an interactive seminar organised by Ficci. He will also attend the G-20 finance ministers' and central bank governors' working dinner on October 12.
The GST Council, chaired by Finance Minister Arun Jaitley and comprising state counterparts as members, had on Friday last cut rates on 27 items. These included lowering rates on man-made yarn to 12 per cent from 18 per cent as well as zari job work to 5 per cent from the 12 per cent earlier.
The one-hour meeting, which saw participation from various companies, offered the status report on capex (capital expenditure) spending.
When Corporate Social Responsibility (CSR) clause was put in the Companies Bill, there was opposition from the corporates, the minister said.
Toyota Kirloskar Motor, Mercedes-Benz, Audi and BMW were unanimous that increase in cess on large, luxury cars and SUVs that had become cheaper after GST rollout would dampen the spirits of the industry across the entire value chain.
"Even in the case of GST now, we are just having the initial voluntary compliance today going on. When the matching of bills takes place, whether that voluntary compliance is fair and to what extent will become clear," he said while speaking at a book launch event organised by Wolters Kluwer.
A bench of Acting Chief Justice Gita Mittal and Justice C Hari Shankar said the appeal filed by Kejriwal and AAP leader Ashutosh against the July 26 decision of a single judge was "misconceived and is devoid of merit".
The government has given the go-ahead to the RBI to issue Rs 200 notes, a move that is aimed at easing the pressure on lower-denomination currency.
Jaitley said a ministerial panel will be set up to supervise merger proposals from banks' boards, adding that the objective of the planned consolidation was to create strong banks.
Finance Minister Arun Jaitley's fifth Union Budget will sport a different look, starting with a lighter `Part B’ with fewer indirect tax changes because of GST