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G20 finance ministers affirms steps to keep economic recovery sturdy

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credit: www.worldculturepictoral.com

By NewsGram Staff-Writer

Finance ministers and central bank governor of G20 nations met for a two-day meeting at Ankara. They pledged take appropriate action to maintain and strengthen the economic recovery.

The communique said that G20 finance ministers and central bank governors will try to avoid persistent exchange rate misalignments and continue to monitor developments, assess spillovers and address emerging risks as needed to foster confidence and financial stability, Xinhua reported.

“Monetary policies will continue to support economic activity consistent with central banks’ mandates,” the communique said, adding “monetary policy tightening is more likely in some advanced economies”.

On the issue of currency wars, they said: “We reiterate our commitment to move toward more market-determined exchange rate systems and exchange rate flexibility to reflect underlying fundamentals, and avoid persistent exchange rate misalignments. We will refrain from competitive devaluations, and resist all forms of protectionism.”

Facing the worldwide challenges, finance ministers and central bank governors said that they will carefully calibrate and clearly communicate their actions, especially against the backdrop of major monetary and other policy decisions, to minimize negative spillovers, mitigate uncertainty and promote transparency.

13083532363_f1b4bdd38b_bThe communique said: “We remain committed to timely and effective implementation of our growth strategies that include measures to support demand and lift potential growth.”

International Monetary Fund (IMF) managing director Christine Lagarde said: “Downside risks to the outlook have increased, particularly for emerging market economies. Against this backdrop, policy priorities have taken on even more urgency since we last met in April.”

The major challenge facing the global economy is that growth remains moderate and uneven, she said. For the advanced economies, activity is projected to pick up only modestly this year and next.

For the emerging market economies, prospects have weakened in 2015 relative to last year, though some rebound is projected next year. For both the advanced and emerging economies, productivity growth continues to be low,” she said.

The IMF chief called for a concerted policy effort from the members states to address these challenges, including continued accommodative monetary policy in advanced economies; growth-friendly fiscal policies; and structural reforms to boost potential output and productivity.

With inputs from IANS

 

 

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GST Council Actively Discusses Relief Measures for Traders and Quarterly Return Filing

The state Finance Minister said that the Council was discussing the issues being faced by small traders.

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Goods and Services Tax (GST) Council is actively discussing relief measures for traders, (ians)

New Delhi, October 6, 2017 : The Goods and Services Tax (GST) Council is actively discussing relief measures for traders, including quarterly return filing and increasing threshold limit for Composition Scheme, sources said on Friday.

“Council members requested quarterly return filings for businesses with turnover less than Rs 1.5 crore,” a Council member said on the sidelines of its ongoing meeting.

The state Finance Minister said that the Council was discussing the issues being faced by small traders.

Raising the threshold limit for Composition Scheme from the current Rs 75 lakh to Rs 1 crore is also under discussion.

“Rs 1 crore threshold in the Composition Scheme is also supported by the GST Council members,” he said. (IANS)

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Delhi CM Arvind Kejriwal Rapped by Delhi High Court for Questioning Judge’s Decision

Arun Jaitley, represented by advocates Rajiv Nayar and Sandeep Sethi, filed a defamation suit against Kejriwal

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Arvind Kejriwal
Arun Jaitley filed a defamation suit against Kejriwal and other AAP leaders. Wikimedia

August 26, 2017: Arvind Kejriwal, the Delhi Chief Minister, was rapped by the Delhi High Court today for questioning a judge’s decision to expedite defamation case filed by Finance Minister Arun Jaitley.

Also Read: Kapil Mishra Questions Arvind Kejriwal’s Absence in the Assembly Meet as Delhi CM skips Fourth Day in a row

Arun Jaitley accuses the AAP leaders of going against DDCA irregularities and disparaging Jaitley and his family on social media. Jaitley alleges that the AAP leaders have harmed his reputation and made defamatory statements.

The accused are Arvind Kejriwal, Kumar Vishwas, Sanjay Singh, Ashutosh, Raghav Chadha and Deepak Bajpai. The five AAP leaders had accused Jaitley of corruption charges as President of Delhi and District Cricket Association (DDCA).

Arun Jaitley, represented by advocates Rajiv Nayar and Sandeep Sethi, filed a defamation suit against Kejriwal.

On 26th July, the joint registrar was directed by the court to expedite the civil defamation suit.

Arvind Kejriwal’s advocate Anoop George Chaudhary was asked by the Judges why Arvind Kejriwal would file such a plea.

The bench comprising of Justice C Hari Shankar and Justice Gita Mittal explained that the high court was answerable to the Supreme Court about the delay of the case.


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UP Chief Yogi Adityanath Hails Centre’s Action for Raising Creamy Layer Bar for the Other Backward Classes (OBCs)

The government is going to set up a commission to implement sub-categorization within the central government reservation bracket for Other Backward Classes

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Yogi Adityanath, Wikimedia
  • Uttar Pradesh CM Yogi Adityanath hailed the actions of the government for raising the creamy layer bar for the Other Backward Classes
  • The central government raised the creamy layer bar from Rs 6 lakh to Rs 8 lakh p.a for OBCs
  • The decision is based on the recommendation of the National Commission for Backward Classes

Lucknow, Aug 24, 2017: Uttar Pradesh CM Yogi Adityanath hailed the actions of the government for raising the creamy layer bar for the Other Backward Classes (OBCs) for an equal distribution of reservation benefits.

“We are thankful to the Prime Minister and the Central Government for further categorizing the OBC and other castes as some of them weren’t able to avail the policies of reservations earlier,” he told ANI.

The central government on Wednesday raised the creamy layer bar from Rs 6 lakh to Rs 8 lakh p.a for OBCs for central government jobs and also declared setting up of a commission to work out sub-categorization.

ALSO READ: Decoding Reservation in India: Is it a Constitutional Flaw or Unnecessary Favor? 

The Commission will work on the following:  identifying the castes, sub-castes, and communities in the central list of the OBCs and dividing them into their corresponding sub-categories. The Commission will present the report within 12 weeks from the date of authorization of the chairman.

According to ANI, Finance Minister Arun Jaitley said the decision is based on the recommendation of the National Commission for Backward Classes (NCBC).

The ‘creamy layer’ is a ceiling which prohibits members of the OBC from availing reservations in employment. Currently, 27 per cent reservation in government jobs and seats in educational institutes if the income of the OBC family is up to Rs. 6 lakh.


NewsGram is a Chicago-based non-profit media organization. We depend upon support from our readers to maintain our objective reporting. Show your support by Donating to NewsGram. Donations to NewsGram are tax-exempt.