Finance Minister Arun Jaitley today said making taxation reasonable and ease of doing business will be priority of the NDA government at centre.
Outlining economic road map for NDA’s second year in office, Mr Jaitley in an interview to a news agency said that maintaining speed of reforms and eliminating discretions will also be thrust areas of government.
Dismissing any perception that nothing has moved on the ground on the policy front in reviving the economy, Mr Jaitley said that view was confined only to a section of critics. He said the government proposes to roll out the Goods and Services Tax by 1st April next year.
On the direct taxes, the Minister said that the rates for corporate tax would be brought down to 25 per cent from 30 per cent over a period of four years.
The Finance Minister said the government also intends to eliminate exemptions while reducing the rate of corporate tax, though these would be retained for individual taxpayers.
Mr Jaitley dismissed suggestions that the BJP and the government have lost in the battle of perception on the land bill. He said, Congress leadership lacks legislative literacy.
Ahead of RBI’s second bi-monthly monetary policy review in June, Finance Minister Arun Jaitley today said he expects rate cut by the RBI. Talking to a news agency, Mr Jaitley said his expectation from RBI Governor Raghuram Rajan was the same as general expectation on an interest rate cut. The RBI has lowered its policy rate twice so far in 2015.
However, RBI maintained a status quo in its first bi-monthly monetary policy released on April 7 on fears of unseasonal rains impacting food prices.
The repo rate, at which the RBI lends to the banking system, currently stands at 7.5 per cent. The cash reserve ratio, which is the amount of deposits parked with the central bank, is 4 per cent.
| Abu Sayyaf, top ISIS commander in Syria, killed in US raid |
May 17,
American Defence Secretary says US special forces have dealt a significant blow to Islamic State by killing one of its senior leaders in Syria. Abu Sayyaf died during a clandestine raid launched from Iraqi territory. His wife was taken prisoner during the raid. This will be the first time the US special forces have launched an operation inside Syria to attack Islamic State.
Islamic State militants are continuing to fight for control of strategic cities in both Iraq and Syria. There are reports that they fought their way into the Syrian desert city of Palmyra.
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| 5.5-magnitude aftershock shakes Nepal again |
 A tremor of moderate intensity and seven milder aftershocks jolted Nepal today.
The latest 5.5-magnitude aftershock was felt across the border in India and Bangladesh.
It triggered a fresh wave of panic among the devastated people in the Himalayan nation who have been forced to stay in the open for over three weeks now.
Meanwhile, charred bodies of all eight soldiers on board a US Marine chopper that crashed in a remote hilly area while delivering aid in the country have been recovered.
The Nepal Army rescue team had yesterday spotted wrecked parts of the chopper which went missing since Tuesday when the second powerful temblor struck.
Three of the eight bodies were recovered from its wreckage on Friday soon after it was located.
According to the Army statement, investigation is underway in this regard.
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May 17
Assembly elections in Bihar are likely to be held some time in September-October. In an interview to PTI in New Delhi today, the Chief Election Commissioner Nasim Zaidi said extensive central forces and a reworked expenditure monitoring system will be deployed to curb money and muscle power during the polls in the state. He said the electoral rolls will be ready by July 31st.
May 17
Communications and Information Technology Minister Ravishankar Prasad has said that Centre is planning to open 1,000 Automated Teller Machines, ATMs in post offices all over the country to provide round the clock cash withdrawal facility. Inaugurating the first postal ATM in Bihar at Patna, Mr Prasad said the facility is part of efforts to increase the point of presence for customers, particularly in rural areas. He said, efforts are on to link post offices with the digital India Mission. The Minister said, there are around 98 crore mobile phones in the country at present and 30 crore people are availing Internet facility. He said, the government wants 1.54 lakh post offices in the country to be part of the government’s digital India mission. Mr Prasad said, Prime Minister Narendra Modi during a review meeting of the Postal Department had said it has to change with times by adopting latest technology and assured nobody would lose jobs but, the employees need to catch up with the latest technology. Mr Prasad said, hand-held devices would soon be used by postmen to ensure last-mile connectivity for banking transactions of India Post across its branches.
May 17,
Delhi Chief Minister Arvind Kejriwal today accused acting Chief Secretary Shakuntala Doley Gamlin of lobbying for power companies. Talking to media, Mr Kejriwal said that he has proof about this.
The chief minister, who is at loggerheads with the Lt Governor over the appointment of acting chief secretary has sought a meeting with President Pranab Mukherjee on the issue.
Earlier, minister of state for Home Kiren Rijiju accused Arvind Kejriwal led Delhi government of indulging in defaming a lady IAS officer from the Northeast.
The Minister’s comments came in the wake of the controversy over Delhi government’s opposition to the appointment of Ms Gamlin as acting Chief Secretary of Delhi. Mr Rijiju said Gamlin’s appointment was made by the Lt Governor as per rules and Delhi government is insulting people from North East by making allegations against her without any proof.
May 17
Prime Minister Narendra Modi, who is in Mongolia as part of the 3-nation tour, addressed the Mongolian Parliament, the Great Hural in Ulan Bator today. Mr Modi said that the convergence of Buddhism and democracy provides a path to build an Asia of peace and co-operation, harmony and equality. He said that no other region in the world has seen so much progress in the last half century as Asia and is expected to lead the world in the 21st century.
Highlighting the common cultural heritage of Buddhism, the Prime Minister said that the bond thrives through the monks from Mongolia who come to India each year for spiritual learning; and, the hundreds of others who go there for education and training. He said, mineral rich Mongolia can be a partner to India and as Indian economy grows, it will also benefit Mongolia.
Earlier today, India and Mongolia signed 13 agreements to further strengthen bilateral ties in different sectors, including renewable energy, IT, education, healthcare and cyber security.
It was also decided that India will establish a Cyber Security Training Centre for Defence Ministry of Mongolia.
Other decisions include, Indian and Mongolian National Security Council’s will hold regular consultations on traditional and non-traditional security issues, counter terrorism and intelligence co-operation.
Other decisions include, Indian and Mongolian National Security Council’s will hold regular consultations on traditional and non-traditional security issues, counter terrorism and intelligence co-operation.
Under the Treaty on the Transfer of Sentenced Persons, Indian prisoners convicted in Mongolia can be brought to India to serve the remaining part of their sentence. Similarly Mongolian citizens convicted in India can be sent to their home country to serve their sentence.
Both the countries will undertake joint cooperation activities in the areas of dairy, quality control, modern technical application and other areas.
Both the sides have also agreed to enhance cooperation in the field of culture through organization of exhibitions, film festivals and exchange of experts.
Both the sides have also agreed to enhance cooperation in the field of culture through organization of exhibitions, film festivals and exchange of experts.
India also announced a line of credit of one billion US Dollars to support expansion of Mongolia’s economic capacity and infrastructure. In his joint press statement with Mongolian Prime Minister Saikhanbileg, Mr Modi said, Mongolia is an integral part of India’s Act East Policy.
The Prime Minister said that India and Mongolia have decided to upgrade their Comprehensive Partnership to ‘Strategic Partnership’ and have agreed to renew their Treaty of Friendly Relations and Cooperation. Mr. Modi also announced to increase the Indian Technical & Economic Cooperation, ITEC training slots for Mongolia from 150 to 200.
India will also establish an India-Mongolia Joint School. He said, the agreements between the two countries will deepen cooperation in border security and cyber security. Mr. Modi said, there is a huge potential in civil nuclear sector, mining, healthcare and other areas.
The Prime Minister also handed over a Bhabhatron equipment to Mongolian authorities for treatment of cancer patients. He also laid foundation stone for an IT Centre.
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