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
Union Minister of Road Transport and Highways Nitin Gadkari has emphasised deciding driving hours for truck drivers of commercial vehicles, similar to pilots, to reduce fatigue-induced road accidents. In a Na
In a step towards Telecom Reforms which aim to provide internet and tele connectivity for the marginalised section, the Department of Telecommunications, Ministry of Communica
Raising concerns over rising seawater levels and climate change, Mumbai First, a 25-year-old public-private partnership policy think tank, has written letters to Maharashtra chief minister Uddhav Thackeray, minister for environment and climate change, tourism and protocol, Aditya Thackeray and Mumbai munic
After the recent announcement of the government guarantee for Security Receipts (SRs) to be issued by a public sector-owned National Asset Reconstruction Company Ltd (NARCL), there is a surge of interest around this desi version of a super bad bank. The entity will acquire around ₹2 trillion bad debts fr
The notion of a V-shape economic recovery is an exaggeration, and the informal economy and the poor have been terribly hurt during the Covid-19 period, says Gurcharan Das, author, commentator and public intellectual. “A V-shape recovery is an exaggeration. The informal economy and the
As many as 86.64% citizens of the city of Greater Mumbai have antibodies, according to the fifth sero-prevalence survey. Among the people who are fully or partially vaccinated, the antibodies were found in 90.26%, while among the unvaccinated citizens, 79.86% had antibodies. The Municipal C