Hindustan Petroleum Corp Ltd (HPCL) will remain a public sector unit with a separate board and brand identity post Oil and Natural Gas Corp (ONGC) acquiring government's entire 51.11 per cent stake, which at current prices is valued at about Rs 28,800 crore.
"The matter of changing financial year is under consideration," Jaitley told lawmakers in a written reply to the lower house of parliament.
Finance Minister Arun Jaitley, who was speaking on the issue of lynchings in the Rajya Sabha on behalf of ailing Home Minister Rajnath Singh, made it clear that the central government could not be blamed for violence by some people.
Pitching the GST as a measure beneficial for the country at a meeting of the BJP parliamentary party attended by Prime Minister Narendra Modi, senior leaders and party MPs, Jaitley said prices of goods has come down between four to eight per cent since its roll-out on July 1.
At the meeting, the commerce and industry ministry will make a detailed presentation on proposed changes to streamline the FDI regime in the country.
"It is a fact that people in the unorganised sector are much higher than the organised sector, but the former gets credit with a lot of difficulty," he said at an event organised by the National Bank for Agriculture and Rural Development (Nabard) here.
The legislator, Parul Sahu, said she wrote a letter to the finance minister two days back after talking to working women, young students and social workers over the issue.
"The overall incidence of tax after implementation of GST will be less especially in case of the consumer goods than the present incidence of tax, therefore, it is imperative on part of the trade and industry to pass on these benefits to the consumers at large," Jaitley said.
Jaitley had invited Russian firms to come forward with proposals for technology transfer to Indian companies and facilitate joint manufacturing of advanced military platforms.
Announcing that the switchover to the good and services tax (GST) will kick in at the stroke of mid-night, Finance Minister Arun Jaitley said the hour-long function will mirror the contribution made by different political parties and states to the revolutionary new tax regime.
Besides NPA resolution and bank finances, the meeting also featured the government's financial inclusion schemes.
The meeting assumes significance as it will be the first after promulgation of the ordinance amending the Banking Regulation Act, 1949, last month.
In a letter to the presidents of various political parties, Jaitley thanked them for their cooperation and contribution in making the GST a reality.
In a terse one-line statement, the Reserve Bank of India (RBI) Governor Urjit Patel today sent out a message that can be seen as underscoring the importance of the central bank’s autonomy.
India lost the tag of the fastest growing economy to China in the March quarter with a GDP growth of 6.1 per cent, which pulled down the 2016-17 expansion to 7.1 per cent.
"This year, before the budget was being prepared, the prime minister had told us to take some steps in the budget to cleanse the political parties, and out of that the electoral bonds scheme was born," he said addressing BJP workers here.
Jaitley had filed the criminal defamation complaint alleging that the accused, including Ashutosh, Kumar Vishwas, Sanjay Singh, Raghav Chaddha and Deepak Bajpai apart from Kejriwal, had defamed him in a controversy regarding Delhi and District Cricket Association (DDCA) when he headed it for over a decade.
In November 2016, the government junked 500 and 1,000 rupee notes, which made up 86.4 per cent of the country's circulating currency.
"But once the health of the banks themselves improve, we have also announced that the government will be willing to bring down its own equity in the banks to 52 per cent and that can be used for banks' recapitalisation," he said at a CII-Kotak investor roundtable here.
Jaitley also said he expects India to achieve economic growth of 7 percent or above despite any possible negative impact on private consumption from the demonetisation of high-value currency.
Jaitley, who also holds the additional charge of defence minister, is however scheduled to travel to Tokyo this weekend seeking Japanese investment into India. He was scheduled to attend ADB's 50th annual meeting here from May 4-7.
The Securities and Exchange Board of India (Sebi) has operationalised the portal for intermediaries to submit all the registration applications online.
Appreciating the rural masses for being flexible in adapting to technologies, the Finance Minister said, "One great advantage of this whole exercise (demonetisation) was the movement towards digitisation. And movement towards digitisation itself has created newer technologies, newer form of electronic modes of payments."
Speaking at the Council on Foreign Relations here, Jaitley termed the resolution of the Non-Performing Assets (NPAs) as the "one very big challenge" going forward and the government's "top priority" at the moment.