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India remains insulated from economic fallout: Arun Jaitley

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By NewsGram Staff Writer

Singapore: At the Singapore Summit here, Union Finance Minister Arun Jaitley said despite a global slowdown, India remains insulated from the economic fallout and stands out as a “brighter spot”.

ArunJaitley“India is not a part of the Chinese production chain, significantly. In fact, the two segments – commodities and oil – that been adversely affected certainly don’t adversely impact India (which is) a net importer,” Jaitley said last night at The Singapore Summit 2015 here.

“Therefore, the more we see a low price regime, the more India continues to benefit. Notwithstanding the slowdown globally, we do stand out as one of the brighter spots,” he was quoted as saying by The Straits Times.

Allaying concerns about the pace of the BJP-led Indian regime’s economic reforms, the Union Minister said the government has moved “fairly rapidly”.

“I welcome a certain amount of restlessness,” The Singapore Daily quoted Jaitley as saying.

“I think the government has moved fairly rapidly. The government’s direction is absolutely clear,” he stressed as he told a gathering of around 400 global business leaders, investors and government officials that headway has been made on four fronts – labour, tax, power supply and land reforms.

He also added that the Indian government has solved most of the “legacy issues”.

Jaitley, who arrived here yesterday, called on Singapore Prime Minister Lee Hsien Loong and met Foreign Minister K Shanmugam, state investor Temasek Holdings and international investors during a day-long series of meetings.

(credit: outlookindia)

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India to Withdraw Pakistan’s ‘Most Favoured Nation’ Status

The Ministry of Commerce will issue the necessary communication in this regard, Jaitley added.

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Arun Jaitley
Jaitley said that the CCS observed a two-minute silence for those who made the ultimate sacrifice and expressed their condolences to the bereaved families. Wikimedia

Union Minister Arun Jaitley on Friday said that the government has decided to withdraw the “Most Favoured Nation” status given to Pakistan, in the wake of the worst-ever terror attack in Jammu and Kashmir a day ago when a CRPF convoy in Pulwama was rammed into by an explosive-packed SUV that has left 45 troopers dead.

The decision was taken at a meeting of the Cabinet Committee on Security (CCS) chaired by Prime Minister Narendra Modi after the suicide attack on Thursday that proved to be the most devatating since militancy erupted in 1989.

Speaking to the media after the meeting, Jaitley said: “The most favoured nation status which has been granted to Pakistan stands withdrawn.”

Arun Jaitley
“The most favoured nation status which has been granted to Pakistan stands withdrawn.” Pixabay

The Ministry of Commerce will issue the necessary communication in this regard, he added.

“The Ministry of External Affairs (MEA) will initiate all possible steps, and I am referring to all diplomatic steps, which are to be taken to ensure the complete isolation from the international community of Pakistan of which incontrovertible evidence are available of having the direct hand in this gruesome terrorist attack,” Jaitley said.

The MEA in due course will keep you informed with regard to steps taken, he added.

Jaitley said that the MEA would also engage with the international community to make sure that the Comprehensive Convention on International Terrorism which has been pending for over three decades with the UN, particularly because of the definition of the word terrorism, must be adopted at the earliest.

 

Arun Jaitley
“The most favoured nation status which has been granted to Pakistan stands withdrawn.”, says Jaitley. Pixabay

Besides Modi and Jaitley, External Affairs Minister Sushma Swaraj, Home Minister Rajnath Singh and Defence Minister Nirmala Sitharaman were also present at the meeting.

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Jaitley said that the CCS observed a two-minute silence for those who made the ultimate sacrifice and expressed their condolences to the bereaved families. At least 38 others continue in hospitals with injuries in the attack that has left the security establishment stunned.

He said the CRPF of course will make detailed arrangement with regard to transporting the bodies of the deceased to their families. (IANS)