Jaitley promises credibility of decision-making, easing processes to make India's tax structure non-adversarial
GN Bureau | April 2, 2015
Prime minister Narendra Modi on Thursday asked the Reserve Bank India to prepare 20-year roadmap for financial inclusion while focusing on the success of the prime minister’s jan dhan yojan, which has Rs 14,000 crore deposits. The jan dhan yojana has made the country see the wealth of the poor. "We have only seen the prosperity of the rich but the Jan Dhan Yojana makes us see the wealth of the poor," said Modi.
Modi said he will meet RBI Governor Raghuram Rajan once in every two months and informed that the RBI has taken up the issue of financial inclusion in a very big way.
Speaking at the financial inclusion conference of the RBI in Mumbai, Modi asked banks to take a considerate view in lending to the poor."We should target to make paper and ink used to print Indian currency within the country as part of ‘Make In India’, he said.
He spoke on the farmers problems and said the farmers should not have to resort to suicides because of a lack of funds in a speech delivered in Hindi at an event on financial inclusion at the apex bank.
Over a dozen debt-laden farmers in the country have committed suicide in recent weeks, and discontent in many rural areas against government policies is turning into anger against Modi less than a year after he swept into office.
The Prime Minister also said that the RBI's thinking on financial matters was often quite similar to the government's.
Union Finance Minister Arun Jaitley, addressing the conference, said the government would restore the credibility of decision-making, while easing processes and making India's tax structure non-adversarial. It reiterates government promises to make India more business- and investor-friendly.
Governor said the country's push to finance infrastructure should not override the need for financial stability. India is keen to ramp up infrastructure investment to help support economic growth, which will require a big push to fund projects.
RBI governor's speech: http://www.rbi.org.in/scripts/bs_viewspeeches.aspx
An underground rapper who grew up on Mumbai streets, Divine spins his music around his environment and poverty. His breakout single, ‘Meri Gully Mein’, along with fellow rapper Naezy caught Bollywood’s attention. The Hindi film ‘Gully Boy’ is inspired by their lives and gr
Anil Swarup, an IAS officer of Uttar Pradesh cadre who retired in 2018, is a model bureaucrat who retained his optimism right till the end of service and exemplified dedication and commitment. His excitement at the opportunities that a job in the IAS provided is evident on every page of his new book publis
The question of reform of the civil services has been debated extensively at all levels at least over the last five to six decades after independence. Indeed, it was soon perceived that the Indian Administrative Service (IAS) may not be well equipped to deal with the problems of an emerging developing coun
Shouting vengeance at all and sundry while wriggling out of holes of our own making seems to be our very special national characteristic. Some recent instances are illustrative of this attribute. A number of business tycoons with thousands of crores of unresolved debts have fled abroad with the government
The Central Bureau of Investigation (CBI) came into existence, based on a Resolution of the home ministry, dated April 1, 1963 – a sheer coincidence that it also happens to be April Fool’s day. Over the past few months, we have seen the CBI live up to its founding day with great zeal, being i
Gujarat was passing through a turbulent phase in the 1980s. The decade began middle class agitations against new reservation policies, and the caste friction turned communal under the watch of chief minister Madhavsinh Solanki, alienating majority of urban population on both counts. The ground was ripe for