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Jaitley: Stock Market crisis an opportunity for India’s growth


New Delhi: Finance Minister Arun Jaitley on Tuesday said market turbulence caused by the China situation was not a cause of worry for India, while the crisis should be converted into an opportunity to grow by speeding up the reforms. “Can we convert this (markets turmoil) into an opportunity? Now can we? Wherever we are lacking in further reforms, can we just speed them up? (Can we) expedite our own expenditure?” he asked while addressing an event here of the Society of Indian Law Firms.

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The Bombay Stock Exchange experienced its steepest ever fall on Monday, of 1624.51 points or 5.94 percent. The rupee also hit a fresh two-year low on Monday of 66.47 to a dollar. Jaitley said China was responsible for almost half the global growth in the last few years and it was switching from manufacturing to services.

“Their low-cost manufacturing products were not selling to that extent. They had built surplus capacity and not been able to serve. They are trying to switch from export-oriented economy to consumer-centric economy,” he said. Noting that Chinese growth figures were not even close to the pessimistic projections, Jaitley said: “Suddenly, one day, you have a collapse from Japan, the West coast. All markets collapse.”The finance minister on Monday also stressed the need to maintain course on economic reforms in the face of such “transient crisis”.


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Court Asked Arvind Kejriwal if He Lied about Calling Arun Jaitley, a Crook

The court asked Kejriwal to abstain from "scandalous" and "indecent language"

Arvind Kejriwal
Delhi Chief Minister Arvind Kejriwal. Wikimedia
  • Arvind Kejriwal was asked to clarify if he lied about calling Finance Minister, Arun Jaitley a crook
  • The Chief Minister is now supposed to offer his defense to the Delhi High Court
  • Jethmalani says that the Chief Minister owes him two crores for his appearances

New Delhi, Aug 23, 2017:  Aam Admi Party Chief Arvind Kejriwal was asked to clarify if he lied in court by pretending that he did not ask for abusive language to be used against Finance Minister Arun Jaitley, mentioned NDTV report.

Previously, Kejriwal stated in the court that he had not instructed his former counsel Ram Jethmalani to use  “crook” to describe the union minister in court. But Jethmalani claims that the Chief Minister used harshly insulting words to attack Jaitley.

Jethmalani declared that according to Jaitley, Kejriwal had misled the court by denying the allegations. In fact, he says Jethmalani has written to him to insist that was the case.
The Chief Minister is now supposed to offer his defense to the Delhi High Court.

In 2015, Jaitley sued Kejriwal and five top leaders of his Aam Aadmi Party for defamation after they accused him of corruption during his 13-year tenure as the top boss of the DDCA, the powerful cricket association that handles Delhi and its surrounding areas.  In two separate cases – criminal and civil – Jaitley has sought damages of 10 crores.

Also Read: Ram Jethmalani Exposes Arvind Kejriwal. Says, Kejriwal was Fixated on calling Jaitley Crooked 

During court the proceedings last month, Jaitley complained to Jethmalani’s language and said ‘Kejriwal’s team is delaying hearings in the Delhi High Court.’

The court asked Kejriwal to abstain from “scandalous” and “indecent language.”

After the Chief Minister said that he had not approved the abusive words, the lawyer riposted in a blog: “Ask your conscience how many times you used worse abuses than a mere ‘crook.’ You have hundred times asked me to teach this crook a lesson.”

Jethmalani says that the Chief Minister owes him two crores for his appearances. It seems that, in his new enmity with Kejriwal, he has become an indirect ally of Jaitley.

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Indian Army vows to take Revenge on Mutilation of 2 Soldiers by Pakistan

Indian Army (representative image), Wikimedia

Jammu, May 3, 2017: Last week on Monday at 8:30 am, two Indian soldiers along with their captain were killed after Pakistani terrorists attacked an army camp in Kupwara.

The soldiers who were killed, trapped and ambushed were Naib Subedar Paramjeet Singh, an army soldier, and Prem Sagar, a Border Security Force constable. Indian army’s Northern command reported that Pakistan used rockets and mortar bombs on 2 posts along Line of Control where these soldiers were patrolling.

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“Pakistan fired unprovoked on two army posts in the Krishna Ghati sector in Poonch along the Line of Control,” said the army. Following Pakistan firing that killed 2 soldiers, India retaliated with heavy mortar firing immediately.

Pakistan mutilated 2 Indian soldiers along the Line of Control when they were patrolling.(Twitter)

Calling India’s allegation as “false”, Pakistan has denied violating ceasefire and disrespecting Indian army. After India vowed revenge for the mutilation of its two soldiers killed in firing along the LOC and promised to respond strongly as well as firmly.

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According to NDTV report, Indian Union Minister Arun Jaitley has described the mutilation as “reprehensible and inhuman” calling them to be unfit even during wars. He further continued, “the incident is set to worsen ties between the two countries, which have been deeply strained after repeated ceasefire violations by Pakistan, the terror attacks in Jammu and Kashmir and the death sentence handed to Indian man Kulbhushan Jadhav, who was arrested in Pakistan last year.”

It is to be noted that last year in September, Indian soldiers have crossed the Line of Control late at night to attack staging areas for terrorists in Pakistan-Occupied Kashmir and returned home safely before dawn under the banner of “Surgical strike”. This action came 10 days after “Uri Pakistani attacks” which left 19 military personnel dead.

– prepared by Himanshi Goyal of Newsgram, Twitter: @himanshi1104




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2016 has started on a challenging note says Jaitley


Kolkata: Union Finance Minister Arun Jaitley on Friday said economic volatility manifested in the oil price collapse and the Chinese crisis have become the norm, pointing towards the world starting 2016 on a challenging note.

“The new year 2016 has started for the world as a whole on a very challenging note. I have been repeatedly saying that there was a time and period in the past where challenges and crisis used to emerge occasionally… once in a decade.”

“But with the global economy so critically integrated, volatility is the new rule, it’s the new norm. We have seen in last few days price of oil collapsed. We have seen the currency crisis currently on in china. And obviously, the Global slowdown,” Jaitley said addressing the inaugural session of the Bengal Global Business Summit here.

He also referred to the World Bank’s downgrading global growth rate of 2.9 percent in 2016, on Thursday.

Turning to the national scenario, he said there were still many challenges.

The minister said though the service sector has significantly improved and remained more or less consistent, green shoots were visible in the manufacturing sector, which after some period of a slowdown is now picking up.

However, Jaitley said the continuous lack of monsoon resulted in decreased agricultural growth rate.

“But we have had two continuous less than normal monsoons, which pulled down the agricultural growth rate, which in fact impacted purchasing power in the rural area,” he added.(IANS)