"Perhaps, the golden jubilee meeting should also introspect a little as to why the consensus is fraying more than a bit for the Supreme Court having to remind both the constituents of the Council of the “grand bargain” they had entered."
Drabu, was sacked yesterday following his remark that people were "barking up the wrong tree" as the Kashmir issue was not a political issue.
Drabu has been a part of the political tapestry of Jammu and Kashmir since 2002 when he was appointed the economic advisor to the PDP-Indian National Congress government.
"Government is providing all necessary support in terms of financial help or administrative support, but real responsibility lies with the persons heading these units to transform them into a pure profit earning unit," Finance Minister Haseeb Drabu said reviewing the functioning of various PSUs in the state here.
In an interview to CNBC-TV18, Haseeb Drabu, Finance Minister of Jammu & Kashmir spoke about the latest happenings on the GST front and the meeting agenda for day two.
As the deadline nears for the rollout of India's biggest tax reform, Haseeb Drabu, FM, Jammu & Kashmir told CNBC-TV18 that panel might spend 2 days in clearing the GST law so that it can go to the Parliament.
The Jammu and Kashmir government, in its State Budget, reserved this amount for the bank as capital infusion. The stock has been up over 5 percent in the past 15 days.
Here‘s a low-down on what top ministers from different states expect from upcoming Budget and their views on GST rollout.
Jammu and Kashmir Finance Minister Haseeb Drabu today said while demonetisation has caused short-term pains to the people, its long-term impact is going to be far more important than what is seen at the moment.
Speaking to CNBC-TV18 Haseeb Drabu, Finance Minister of Jammu & Kashmir, expressed hope that the April 1, 2017 deadline will be kept for the GST rollout. He believed that the only issue hanging fire is cross empowerment.
Demonetisation, says Drabu, is a separate issue altogether and will not affect the functioning of GST in the country. But he points out the inadequate IT preparedness for GST of the country.
Haseeb Drabu, Finance Minister of J&K said that the government thought that cess should be used as a mode to finance any shortfall. The additional cesses are not complicating the GST structure according to him.
In its second meeting, the Goods and Services Tax (GST) Council approved five set of draft rules including those for registration, payments, returns and refunds.
The fact that the Centre will only govern GST on services is a good move as it will take time to train the states, till then it makes sense for the Centre to administer GST on services, says Harishanker Subramaniam of EY.
To discuss the nitty-gritty of the Constitutional Amendment Bill CNBC-TV18‘s Shereen Bhan spoke to Haseeb Drabu, Finance Minister of Jammu And Kashmir, Satya Poddar, Partner, EY and Naushad Forbes President CII.
Predicting that Goods and Services Tax (GST) regime would come in 6-8 months, Jammu and Kashmir government today expressed its willingness to join it but said the state would have to protect its constitutional position which allows it to tax services in the state.
J&K finance minister Haseeb Drabu last month said the state wanted to take over the two power projects of NHPC, citing such an agreement in the ruling PDP-BJP alliance's agenda and that he had held extensive discussions with the Centre on the modalities of the takeover.
The Planning Commission has been replaced by a new institution named Niti Aayog or the National Institution for Transforming India. But veteran economist Haseeb Drabu sees it as an exercise in rebranding rather than restructuring
After Prime Minister Jawaharlal Nehru created the commission in 1950, then Finance Minister John Mathai resigned protesting that the task of allocating money between ministries was the right of an elected cabinet and Finance Minister and not a body selected personally by the Prime Minister and responsible only to him.
Corporate governance standards for state-run banks is poor because there is not separation of ownership and management, says ex-banker Haseeb Drabu. But some change is on the cards.
Experts feel the corporate governance in PSU banks is not as strong as private banks and there is lot of involvement and interfering by government officials.
According to Shaibal Gupta, the report is very historic though there are objections related to the variables chosen for the state ranking.
Drabu says the industry and the government was ignoring the problem of declining public investments in key sectors, which had contributed to the 8-9 percent growth seen till a couple of years back.
The Reserve Bank of India (RBI) relaxed the provisioning norms for banks with retrospective effect from September 30, 2010, which in turn could help banks post higher profits. In an interview with CNBC-TV18, Haseeb Drabu, Economist and Vaibhav Agarwal, Angel Broking, speak about the new provisioning norms and give their outlook going forward.