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Arun Jaitley to focus on inflation, growth and fiscal consolidation
Restoring investor confidence top priority: Prasad
Amway India CEO arrested
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New Commerce Minister for increasing jobs, boosting export
Oil Minister for reducing oil import bill
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Arun Jaitley to focus on inflation, growth and fiscal consolidation
New Delhi, May 27 After assuming charge today as Finance Minister, Jaitley was briefed on the key initiatives and policy issues by the Secretaries of the different departments of the Ministry of Finance. He also held a meeting with senior officials of the ministry to have a first-hand information regarding the ongoing issues and the forthcoming challenges facing the Indian economy. Stating that the country's economy was passing through difficult times, Jaitley said, “The challenges are very obvious. We have to restore the pace of growth, contain inflation, and concentrate on fiscal consolidation itself." Referring to his priorities as Finance Minister, Jaitley said, "I am conscious of the fact that I am taking over at a very challenging time particularly when there is a need to rebuild the confidence of the Indian economy. "The mandate which our government has received has an inbuilt hope in it. The political change itself sends a strong signal to the global community as also the domestic investors. I think over the next two months by expediting decision-making processes, we will be able to build on that." The minister further said the entire policy of the new government would be spelled out in the next few days. RBI Governor Raghuram Rajan called on the new Finance Minister and discussed the prevailing economic situation and the issues related to the rise in prices.
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Restoring investor confidence top priority: Prasad
New Delhi, May 27 Assuring that he would do his best to restore investor confidence and improving quality of services, Prasad while assuming charge of the Telecom Ministry said, "If I can use a metaphor, if Atal Bihari Vajpayee government was known for national highways, Narendra Modi's government should be known for broadband highways. I have directed the department to work on details of this project.” "I want to assure all investors that the new government will act in a transparent manner. The decision-making shall be fair based upon the twin objective of growth and consumer satisfaction. These are two broad decisions taken today," the Telecom Minister said. The telecom department has been in the news for many wrong reasons and the first priority would be to set things right, he added. "The way things happened in the past have dented investor confidence. We need to restore that. In the telecom industry, 100% FDI is allowed. Therefore, the FDI must be quickened, must be helped to come to India under a transparent regime which is assured, this shall be my endeavour," he said. Industry’s expectations from the new government include tax rationalisation, skill development and conducive business environment for investments and operations. The cash-strapped telecom sector is reeling under tax burden, which aggregates to nearly 30% of revenue. Licence fee and spectrum charge account for about 12% of adjusted gross revenue. These multiple levies significantly deter private investments and it is imperative that the new government rationalise taxes, industry watchers said. With the increased competition and operating costs, the profitability has come down. The industry, including telecom tower companies, are currently said to be sitting on a debt pile of more than Rs 2 lakh crore.
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Hyderabad, May 27 Kurnool SP Raghurami Reddy said Pinckney was apprehended in Gurgoan yesterday and was brought to Kurnool on a warrant. The arrest was based on a complaint alleging unethical circulation of money through Amway's operations. "He will be produced in the court shortly. The CEO has been booked under the Prize Chits and Money Circulation Schemes (Banning) Act," Reddy said. This is the second time that the Amway India CEO has been arrested. A year ago, the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities. Arrest unwarranted, says Amway India
New Delhi: Amway India on Tuesday termed the arrest of its MD and CEO William Scott Pinckney as an "unwarranted act" on "frivolous" charges that gave "a misleading impression" about its business. "We are aggrieved and shocked at the sudden and unwarranted act of detention of our official," Amway India said. The case in which the action has been taken was filed in December, but the company said it had no prior information on it. "The allegations mentioned in the FIR are frivolous and give a misleading impression about our business... Amway is a legitimate direct selling FMCG organisation operating in the country since 1998...," the company said. — PTI |
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New Commerce Minister for increasing jobs, boosting export
New Delhi, May 27 Speaking to mediapersons after taking charge, Sitharaman said there are many things in this Department which should be taken forward with greater enthusiasm given the impetus with which Prime Minister Narendra Modi would like the Department to function. She emphasised that she "will give best of my time" to improve economic and commercial ties with India's trading partners. Sitharaman said she will work to "improve on Indian exports, and ensure that job opportunities emerge because that's a very important plank on which we have contested the elections. The economic situation in this country demands that more jobs be provided for the young, talented, well-educated and even the semi-skilled and unskilled people of India." On the issue of Foreign Direct Investment (FDI), she said there will not be a "blanket approach" for every sector, and that each and every sector would be looked in a "very, very calibrated fashion". On FDI in multi-brand retail, she said that is "not best opened up now because the way in which medium and small sized traders or small farmers have not been adequately empowered, that immediately if you open up the floodgates of FDI in multi-brand retail, it may affect them."
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Oil Minister for reducing oil import bill
New Delhi, May 27 Pradhan said his focus would be to meet the expectations of the poor and the middle-class people of the country. He said the people of the country have large expectations from the new government and this government is dedicated to the welfare of the poor. He added that the country needs to reduce import dependence and secure energy needs, so that it becomes self-reliant. He said he would consult senior colleagues in the Government and would like to formulate holistic policies, in tune with the guidance and vision of the Prime Minister Narendra Modi.
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Re logs biggest drop in two mths, down 33p against $ Gold at fresh 10-month
low of Rs 28,100/10 gm Videocon Telecom grows by 5.31% in April
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I want to assure all investors that the new government will act in a transparent manner. The decision-making shall be fair based upon the twin objective of growth and consumer satisfaction. These are two broad decisions taken today 
