Sunday October 21, 2018
Home Business Modi governme...

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

0
//
246
Republish
Reprint

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.”

Click here for reuse options!
Copyright 2015 NewsGram

Next Story

Twitter Celebrates Gandhi Jayanti

The micro-blogging site has also celebrated India's Independence Day, Republic Day, Diwali and International Day of Yoga with customised emojis.

0
Twitter
The Twitter logo appears on a phone post on the floor of the New York Stock Exchange.. VOA

Twitter India on Tuesday celebrated 150th birth anniversary of Mahatma Gandhi with the announcement of a new customised “Gandhi Emoji”.

The “Gandhi Emoji” was officially launched by Prime Minister Narendra Modi on the micro-blogging site, which features a caricature of the Father of the Nation.

“Users in India and across the world can use the “Gandhi Emoji” by using the hashtags #GandhiJayanti, #MKGandhi, #BapuAt150, #MahatmaGandhi, #MyGandhigiri, #MahatmaAt150, #NexusOfGood, among others,” Twitter India in a statement.

twitter
Mahatma Gandhi and Sarojini Naidu at the 1942 AICC session. Wikimedia Commons

The emoji will be live until October 8. It is available on both the actual app and Twitter Lite.

The micro-blogging site has also celebrated India’s Independence Day, Republic Day, Diwali and International Day of Yoga with customised emojis. (IANS)

Next Story