Thursday, December 3, 2020
Home Business Modi government came in power with a ‘probably unrealistic’ promise: RBI Governor...

Modi government came in power with a ‘probably unrealistic’ promise: RBI Governor Raghuram Rajan

By NewsGram Staff Writer

Addressing the audience of the Economic Club of New York on Tuesday, Reserve Bank of India (RBI) Governor, Raghuram Rajan, said that the Modi Government came in power with a ‘probably unrealistic’ promise, but the government is taking steps to create an environment for investment and is “sensitive” to the concerns of investors.

“The government has taken steps to create the environment for investment, which I think is important,” said RBI Governor.

Rajan said that the government is creating an environment for investors and that will be a boon for thousands of unemployed youths of India. A “big part” of the business environment is taxes and the government has made it clear that it will not bring retrospective taxation again.

“However, once the tax authority levies a demand on you, there is a quasi-judicial nature of that proceeding and therefore it has to go through the courts before it is resolved. The government cannot intervene,” Rajan added, while adding, “Legacy issues are winding their way through the courts, including issues based on laws that existed before they were changed.”

Rajan also praised government’s different policies from Land Acquisition Bill to monetary reforms.

He said that since different states have their own Land Acquisition Bills, some commentators have suggested the possibility that the states should decide for themselves as to how to implement their respective land acquisition provision, as per the report of The Financial Express.

He stated that inflation “has come down tremendously in India” and the rupee has basically stayed relatively flat since the beginning of the year.

“If you look at rupee’s volatility relative to other currencies, you’d have to argue that the rupee has been one of the most stable currencies (against) the dollar,” Rajan said.

The RBI governor’s statement came in the note of Modi’s one year in office.

Rajan commented, “It is appreciable the way the government tried to implement its ‘probably unrealistic’ promise and to create a friendly relation with its neighbors.”

STAY CONNECTED

19,120FansLike
362FollowersFollow
1,778FollowersFollow

Most Popular

World Needs To Decrease Fossil Fuels Production By 6%

Even though countries plan to increase their fossil fuel production over the next decade, research shows that the world needs to decrease the production...

The Oscar Awards Gala Will Not Go Virtual, In-Person Telecast Will Happen

There were a lot of speculations around how the Oscars would be held amid the Covid pandemic, and it is now confirmed the award...

India Is A Key Market For The Japanese Entertainment Industry

Indian interest towards Japanese culture has been growing significantly over the last few years, especially amongst Gen Z, believes Kaoru Miyamoto, Director General, Japan...

Tips To Follow While Protecting Your Kids From Potential Health Effects

Children are more sensitive to the effects of smog and air pollution than adults. Here are some practical tips for you to follow to...

AWS Is A Game Changer For Artists On Netflix

As video streaming turns out to be the savior for millions of people working from homes to refresh their minds, Amazon Web Services (AWS)...

Twitch And Beauty: Could The Streaming Site Rival Instagram’s Hold On The Influencer Market

By Harry Green The key to influencing is access to the audience. Instagram is flexible, in this regard: posts, stories, and live streams are integral...

Is The Previous Generation iPhone Best For You

By Zedd Salem Apple’s iPhones are undoubtedly some of the best smartphones out there. From responsive performance to compelling hardware designs, you can never go...

3 Real Estate Investment Types You Can’t Overlook in 2021

By Sana Faisal Real estate is an incredibly profitable investment. Understanding the difference between residential, commercial, and raw land real estate is essential to selecting...

Recent Comments