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Government will carry on reforms with single minded focus: Jaitley

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Visakhapatnam:  Union Finance Minister Arun Jaitley on Sunday said that Narendra Modi government would continue with the economic reforms with single-minded focus.

Addressing the CII partnership summit in this coastal city in Andhra Pradesh, he said the government would continue with reforms which it failed to pursue in recent months.

Some of our reforms, which we have missed out on in the last few months, have to be pursued with a single-minded focus. We cannot afford a change in direction, and in these circumstances, every state has to contribute,

Stating that the world economy was going through an extremely difficult and challenging time and difficulties, he said this had “spilled over into our system also”.

Jaitley pointed out the World Bank has lowered the global growth forecast to 2.9 percent while the growth rates of economies across the world are hovering around extremely low figures.

“Many of our competing economies are facing extremely serious challenges. In an integrated economy, a large number of those challenges and difficulties gets spilled over,” he added

So because of the integrated economy, what happens in China, what happens in oil prices, impact our markets. Our revenues also get impacted, when the price regimes are low because nominal GDP gets reduced,

He, however, said that even under the trying circumstances Indian economy was doing well.

India continues to remain the fastest growing economy in the world. So our 7-7.5 percent growth rate stands out amongst the larger economies as the bright spot among global economy.

The minister said he believed that India can convert these circumstances into an opportunity beacuse some of the factors adversely impacting the world suit the country.

Jaitley said after Start Up India, the government will launch Stand Up India, which will be available to only to women and the SC/ST entrepreneurs.

Every public sector and private sector bank, each branch in the country has to fund one SC, ST and one woman entrepreneur,

Lauding the reforms initiated by Andhra Pradesh, he said the state was recording double-digit growth and it would be one of the key engines of growth.

Responding to a request made by Andhra Pradesh Chief Minister N. Chandrababu Naidu, Jaitley assured all help to the state in dealing with the post-bifurcation challenges.

He noted that Andhra has many assets to become an investors’ destination because of dynamic leadership and ecosystem

Jaitley hailed competition among states, who have been holding investors’ meets to attract investment, and claimed that Prime Minister Narendra Modi is successful in converting cooperative federalism into competitive federalism.

He suggested states improve ease of doing business as investors look for stability of policy and business eco-system.

Nearly 1,600 delegates including 350 from US, China and 39 other countries are attending the three-day summit.

CII director general Chandrajit Banerjee said that this is the largest ever turnout at the Partnership Summit.

Eminent industrialists including Anil Ambani, Baba Kalyani, Naushad Forbes, G.M. Rao and Adi Godej were present at the inaugural session.

(Inputs from IANS)

(Picture Courtesy: www.business-standard.com)

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Is investing in Bitcoin safe? Get the basics first!

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India has not legitimized bitcoin, hence investment returns are totally based on demand i.e. you get your return only if there is another buyer in the market who is ready to pay you more for it. Currently the high-value of the digital currency owes to its high demand, but once people start selling, there is a possibility that rates will drastically fall. Pixabay
India has not legitimized bitcoin, hence investment returns are totally based on demand i.e. you get your return only if there is another buyer in the market who is ready to pay you more for it. Currently the high-value of the digital currency owes to its high demand, but once people start selling, there is a possibility that rates will drastically fall. Pixabay

With the fussy mania of Bitcoin going around and past, your eyes and ears, in the news and peer discussions, you must be having some basic questions about it: What is bitcoin? Is it legal? How can I get it? But most of all, you must be thinking, ‘Is investing in Bitcoin safe?’

Let’s find out!

Pluto Exchange has launched first app that will trade in bitcoins in India
Pluto Exchange has launched the first app that will trade in bitcoins in India. Wikimedia commons

ALSO READ: Bitcoin Worth Millions Stolen Days Before US Exchange Opens

Clearing the basics

  • Bitcoin is the first ever cryptocurrency that existed, it was invented in 2009 by Satoshi Nakamoto.
  • Cryptocurrencies are nothing but computer codes that have monetary value. No Government has any control over them.
  • Bitcoins ‘self-contain’ their value i.e. there’s no need for any bank to move or store the money.
  • Bitcoin currency is completely unregulated and decentralized.
  • Bitcoins are mined, and they can be mined by anyone in the general public who has a strong computer. However, only 21 billion of bitcoins in total can be mined. Currently, there are around 11 million in circulation.
  • Bitcoin has no underlying physical monetary base to support its value, and it is totally subject to its demand in the market.

What are the risks?

  • Low demand: India has not legitimized bitcoin, hence investment returns are totally based on demand i.e. you get your return only if there is another buyer in the market who is ready to pay you more for it. Currently, the high-value of the digital currency owes to its high demand, but once people start selling, there is a possibility that rates will drastically fall.
  • Unregulated: There is no bank or government tax agency that can track your money and its movement. Hence, it can become a tool for money laundering.
  • Irreversible transactions: There is no insurance protection of your bitcoin wallet i.e. if you lose your wallet’s hard drive data or even your password, your wallet’s content is gone forever.
There is no insurance protection of your bitcoin wallet i.e. if you lose your wallet’s hard drive data or even your password, your wallet’s content is gone forever. Pixabay
There is no insurance protection of your bitcoin wallet i.e. if you lose your wallet’s hard drive data or even your password, your wallet’s content is gone forever. Pixabay

ALSO READ: How can you trade in Bitcoin in India?

Status of Bitcoin in India

Finance minister Arun Jaitley highlighted in a statement that cryptocurrencies are not legal tender and have no regulatory permission or protection in the country.

However, there was no announcement banning or imposing any curbs on the same. The government panel is also awaiting a report on tackling cryptocurrencies in India, Jaitley said.

The government has recently cautioned investors to be wary of virtual currencies like bitcoin, saying they are like Ponzi schemes with no legal tender and protection.

“One of the features of cryptocurrency is that there is lack of dependence on the state. It functions with a degree of anonymity. It operates within a virtual community which is created and enjoys the trust of that virtual community,” Finance Minister Arun Jaitley told the Rajya Sabha.

“The government is examining the matter. A Committee under the chairmanship of the Economic Affairs Department Secretary is deliberating over all issues related to cryptocurrencies to propose specific actions to be taken… Instead of taking any knee-jerk action, let’s wait for the report of this committee.” Jaitley added