Sunday October 21, 2018
Home India Jaitley: Seri...

Jaitley: Serious challenges to steel, power, discoms, sugar industries

0
//
38
Republish
Reprint

Kolkata: Union Finance Minister Arun Jaitley on Sunday said the steel, power and the sugar sector along with the discoms remain stressed sectors and the government is addressing the challenges involved. “There are serious challenges in steel, power, discoms and sugar these are the key areas where we are addressing the challenges of the industry,” he said during an interactive session of the Indian Chamber of Commerce here.

Arun-Jaitley
timesofindiaindiatimes.com

With Chinese imports flooding the Indian steel industry, nearly all steel-makers in the country have posted a negative balance sheet for the quarter ended June 30 while power availability and its connectivity to rural areas remain a concern. However, the minister stressed on boosting the manufacturing sector to help India attain a 8-10 percent growth. “If we are able to increase our pace of manufacturing, our services are going to be reasonably high,” he said.

Thanking the rain-gods for being “kinder this year”, Jaitley said the agro-based industry will register “significant improvement” as compared to the last year. Further, the minister said changes in the Chinese economy will help India further its manufacturing capabilities. “There is a transformation of their (Chinese) economy taking place. Besides manufacturing, they are also getting into services and are also becoming consumption-oriented rather than export-oriented,” he said. Jaitley also said wages in China are increasing which might present a scope for India to enhance its manufacturing competitiveness.

(IANS)

 

Click here for reuse options!
Copyright 2015 NewsGram

Next Story

Harsh Penal Proceedings For Illegal Swiss Bank Deposit Holders: Arun Jaitely

A news item has appeared today indicating an increase of money by ‘Indians’ in the Swiss banking system

0
Harsh Penal Proceedings For Illegal Swiss Bank Deposit Holders: Arun Jaitely
Harsh Penal Proceedings For Illegal Swiss Bank Deposit Holders: Arun Jaitely. flickr

Union Minister Arun Jaitley today warned that Indians having illegal deposits in Swiss banks would face harsh penal proceedings under the black money law after Switzerland starts real time sharing of details of accounts from January onwards. Latest data from the Swiss National Bank showed that money parked by Indians in Swiss banks rose over 50 per cent to CHF 1.01 billion (Rs 7,000 crore) in 2017, reversing a three-year downward trend amid India’s clampdown on suspected black money stashed by its citizens overseas.

“A news item has appeared today indicating an increase of money by ‘Indians’ in the Swiss banking system. This has led to misinformed reaction in certain circles raising a query whether the government’s anti-black money steps have yielded results,” Jaitley said in a blog. Noting that Switzerland in financial disclosures was always a reluctant state, Jaitley said the Alpine nation has amended its domestic laws involving all disclosures and entered into a treaty even with India and real time flow of information with regard to Indians would be made. “The flow of information is starting in January, 2019. Any illegal depositor knows that it is a matter of months before his name becomes public and he will be subjected to the harsh penal provisions of the black money law in India,” said the senior BJP leader and an eminent lawyer.

Jaitley said the Alpine nation has amended its domestic laws
Jaitley said the Alpine nation has amended its domestic laws. Flickr

Also read: Under Arun Jaitley corruption grew manifold in DDCA: Bishan Singh Bedi

Further, Jaitley said those who participate in a public discourse must understand these basic facts before expressing an opinion which may be ill-informed. “To assume that all the deposits are per se tax evaded money or that Switzerland in the matter of illegal deposits is what it was decades ago, is to start on a shaky presumption,” he added. (IANS)

Next Story