Here are the highlights of Arun Jaitley's speech:
- Last month, I had mentioned that we will appropriately respond to the challenges on GST
- India has remained world's fastest growing large economy for the last three years
- Macro-economic fundamentals are strong
- Sometimes major reforms bring minor hiccups, but in the mid and long terms, these prove to be far more beneficial
- If you see, from 2014, you'll see a steady decline in inflation. Some is the case for our current account deficits... last year it was as low as 0.7 %....
Subhash Chandra Garg, Department of Economic Affairs, Ministry of Finance, briefing media
- There has been a consistent low inflation story
- Some is the case for our current account deficits... last year it was as low as 0.7 %...
- We have crossed $400 billion forex reserves
- GST has been the biggest reform, along with other ones like deonetisation and the battle against black money
- There is very low level of current account deficit, in safe ranges of less than around 2%
- We are taking up a mega and historic road and infrastructure building programme
- Effective and targeted Government spending is the main priority of Government
Ashok Lavasa, Finance Secretary
- Effective and targeted Government spending is the main priority of Government
- The biggest component of road building program, the Bharat Mala programme
- 34,800 kms of roads to be built and it will see investment of Rs 5, 35,000 over next five years
LIVE: Shortest route identified, 20% of them different from fastest route: @FinMinIndia https://t.co/5qKs8ieG3V pic.twitter.com/EbSJStcXbl
- PIB India (@PIB_India) October 24, 2017
- Inter-country trade to be facilitated by improving infra leading to border points
- About 2000 km of coastal roads will be constructed in first phase of
Bharat Mala - Stronger fundamentals will fuel public spending and which in turn will lead to stronger banks
LIVE: Renewed focus on Indian Railways: @FinMinIndia https://t.co/5qKs8ieG3V #NewIndiaTakeOff pic.twitter.com/mhxwjPJbQ1
- PIB India (@PIB_India) October 24, 2017
LIVE: Secretary, DFS explains Govt.'s plan to strengthen Indian banking sector https://t.co/5qKs8ieG3V #NewIndiaTakeOff pic.twitter.com/dTHSVVPivo
— PIB India (@PIB_India) October 24, 2017
Financial Services Secretary Rajiv Kumar on two-year roadmap for PSBs
- Cabinet has approved an unprecedented PSB capitalisation plan of Rs. 2 lakh 11 thousand crores
A look at the lending by Public Sector Banks, from the presentation by @FinMinIndia
- PIB India (@PIB_India) October 24, 2017
LIVE: https://t.co/5qKs8ieG3V pic.twitter.com/Jh1JmtmdUw
- Various capital infusion measures taken by Govt. to ensure health of Public Sector Banks
LIVE: Various capital infusion measures taken by Govt. to ensure health of Public Sector Banks: @FinMinIndia https://t.co/5qKs8ieG3V pic.twitter.com/vHyov5Lwaa
— PIB India (@PIB_India) October 24, 2017
- Increased provisioning done by PSBs to cover expected losses, improving banks' health
LIVE: Increased provisioning done by PSBs to cover expected losses, improving banks' health: @FinMinIndia https://t.co/5qKs8ieG3V pic.twitter.com/R4Q6ziFEqS
— PIB India (@PIB_India) October 24, 2017
Arun Jaitley
- We have strengthened the banks unlike what we saw between 2008 and 2014, when the loans were given by the dozen and the real situation of the banks were not discussed
- It is only since 2015 that the ground reality in banks have changed... they have become robust
- Need to step up public expenditure. Measures today will boost infra spending in a big way
- The huge spending on infrastructure announced today will give a fillip to private sector investment
- There is a public sector bank capitalization plan of 2.11 lakh crore. Public Sector Banks Have Adequate Lending Capacity Now, Post Demonetisation
- Once you strengthen banks, appetite for their stock will improve
- It was decided that a bold step needs to be taken by the government to recapitalise banks
- Part of capital of PSU banks to come by raising funds; to decide nature of recapitalisation bonds in due course
- Over 8,100 willful defaulters owe banks over Rs 76,600 crore
- There is no embargo as far as willful defaulters are concerned
- Under our banking law, names of willful defaulters are available publicly
Track Latest News Live on NDTV.com and get news updates from India and around the world