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Modi asks India Inc to keep investment flow going

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credit: www.content.timesjobs.com
Sumit Mazumdar source: timesofindia.com
Sumit Mazumdar
source: timesofindia.com

By NewsGram Staff Writer

New Delhi: Prime Minister Narendra Modi on Tuesday urged India Inc to use the current opportunity offered by global turmoil as an advantage and keep its investment flow going. He said that this situation must not be seen as gaining from someone’s pain.

 

“The prime minister said that somebody’s pain shouldn’t be our gain. Instead, we should make our own efforts domestically to take up the opportunities from the current global situation,” Confederation of Indian Industry president Sumit Mazumdar cited him as saying at a meeting here with union ministers, corporate heads and economists to discuss the global markets’ turmoil sparked off by the Chinese economic slowdown and attendant opportunities for India.

 

Our economic foundations are strong, that is why we have not been affected by recent Chinese events. However, the prime minister told us that in this situation we should, as an industry, also show some risk-taking ability,” he told media persons after the meeting.

 

The meeting, that lasted over three hours, discussed the global situation that impacted India economically like a possible hike in the US Federal Reserve rate, the world powers’ nuclear deal with Iran contributing partly to cheaper oil and the way the Chinese slowdown opens up opportunities.

 

Finance Minister Arun Jaitley remarked that India was transiently impacted by recent events in China. He further added that the global situation instead presented an opportunity for the country as it is a net importer of commodities and oil is in free fall.

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“India is one of the lesser impacted economies (by the China devaluation), partly because our own fundamentals are reasonably strong,” Jaitley said while briefing reporters.

 

“The main thrust of the meeting was that since India is relatively touched little except for a transient impact on the markets, it should therefore strengthen its domestic economy so that the larger benefits of the global economy may come India’s way,” he said.

 

“Being a net importer of commodities globally, the low oil prices are an opportunity for us,” the finance minister added.

 

Global crude oil in free fall touched the $40-a-barrel mark in trading late in August, having already dropped under $50 for the second time this year from the level of over $100 last year.

 

“The general consensus was that the growth of emerging economies is all slowing down, except that we (India) are growing at seven percent. So how can we take advantage of this opportunity (of slowdown elsewhere),” said Mazumdar after the meeting.

 

“The prime minister said this is an opportunity for us to take advantage of and invest. Cost of capital is too high but I don’t know how many people can go ahead to take risk and invest… many of us raised the issue of interest rate,” said Federation of Indian Chambers of Commerce and Industry (Ficci) president Jyotsna Suri.

 

“The Chinese slowdown means that for India, which has a lot of untapped potential in infrastructure, the costs of creating it are going to come down with lower input costs like steel and cement,” said Subramanian.

 

With inputs from IANS

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India: Government Aims to Increase Present $2.7 Trillion Economy to $5 Trillion by 2025

The middle class literally wailed when the petrol prices shot up by Rs 2.50 per litre, diesel prices hiked up by Rs 2.30 per litre

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India, Government, Economy
Instead of making US dollar a bench mark of aspirational currency, why not work on making Indian Rupee stronger? PIxabay

The moment after the “bahikhaata” Union Budget was presented on Friday, people took to social media platforms that erupted with angry and perplexed reactions.

“Your folder is sanskaari, symbolising ‘departure from slavery of western thought’, but your aspirations are 3 trillion ‘US DOLLARS’ economy, huh hypocrite!” tweeted a user.

Finance Minister Nirmala Sitharaman announced that the government aims to increase the present $2.7 trillion economy to $5 trillion by 2025.

“Instead of making US dollar a bench mark of aspirational currency, why not work on making Indian Rupee stronger?” another user posted.

India, Government, Economy
The moment after the “bahikhaata” Union Budget was presented on Friday, people took to social media platforms. Pixabay

Another social media user shared the lines from an old song: “Achcha sila diya tune mere pyar ka”.

The middle class literally wailed when the petrol prices shot up by Rs 2.50 per litre, diesel prices hiked up by Rs 2.30 per litre just hours after the union budget was presented.

“This has been one of the poorest budgets for common honest tax payer and middle class. You are bound to lose many supporters,” a user wrote in reply to former finance minister Arun Jaitley’s tweet on the budget.

“Petrol prices, diesel prices higher. What are the benefits for honest tax payers? What is the tax benefit, pension benefit, gratuity amount holding by corporate companies?? You really care for honest people (Salaried)?” another person tweeted.

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The budget also announced that for I-T returns, PAN and Aadhaar cards would be made interchangeable to help tax payers file their returns.

“So ‘PAN and Aadhaar will become interchangeable’ is somehow a tax benefit to middle-class Indians? So, you first introduce a problem, and then increase the problem, make it more complicated, and then reduce it again (but still keep it confusing) – that somehow becomes a benefit?” a user questioned the decision.

“PAN and Aadhaar interchangeable will not help middle class,” another user tweeted.

People also criticised that the issue of unemployment was not addressed seriously.

India, Government, Economy
Finance Minister Nirmala Sitharaman announced that the government aims to increase the present $2.7 trillion economy to $5 trillion. Pixabay

“Hopeless budget 2019… no help or news for unemployment,” a tweet said.

The millennials, however, had some fun with the budget.

“So, the budget has been declared, still there is no announcement on subsidy for annual subscription of Netflix, Prime and Hotstar. Is this the India we want to live in?” posted a Twitter user.

The funny memes also kept circulating.

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Depicting the “before budget” and “after budget” feelings, a meme showed Prime Minister Narendra Modi first sitting on a rock, and then lying down flat on the rock.

The images and videos of former Congress President Rahul Gandhi looking blank and later dozing off went viral. (IANS)