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

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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”.

(IANS)

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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)