24Jul

World Bank Group President Visit To India Will Support To India’s Development?

Jim Yong Kim, World Bank’s group president was on a three day visit to India from 21-23 July 2014. He came to India to analyze the projects supported by the bank and recognize the development related concerns of Indian government. This will further help to decide about the allocation of funds and resources allocated by the World Bank group to support us well so they can be utilized in more optimal way.

This visit is special because India counts on the top beneficiaries of the World Bank and this is the first meeting of the Modi’s government after came into rule. Also, India has been amounted 6.4 billion dollars by the Bank during last fiscal (June 2013- June 2014).

India received 2 billion dollars from International Bank for Reconstruction and Development (IBRD), 3.1 billion dollars from the International Development Association (IDA), and 100 million dollars from the Clean Technology Fund that the World Bank Group administers. All in a group of World Bank which makes a total figure of 6.4 billion dollars

The meetings of Jim are scheduled with Prime Minister Narendra Modi and Finance Minister Arun Jaitely to discuss about the developmental policies and financial resources. There are two aims of the World Bank Group – ending the poverty from the world and help to increase the prosperity. In order, to fulfill those aims he also planned to go to the sites in Tamil Nadu where where bank-supported projects are under process to see the challenges of India’s rural-urban transformation.

After the meeting with Finance Minister he said in a statement that World Bank understands the importance of the relationship and assures the pledge to support India in all the way to develop the nation. He insisted that India is the land of great innovation and knowledge at global level and our growth contains a great importance in the global growth. Thus the bank use to support India for growth and development as it support us for so many years.

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23Jul

Revenue Collection Targets For The Fiscal 2014-15 Would Be Surpassed : Jaitely

Revenue generated after the collection of total taxes was set as Rs.736,221 crore by the Finance Minister Arun Jaitley in the national budget 2014-15 presented in the parliament dated 10th July 2014. In this budget all the revenues and expenditures are introduced publicly and a collection target of Rs. 736,221 crore was estimated for the financial year 2014-15 from various sources and taxes launched.

Mr. Jaitley was attending a two-day Annual Conference of the senior officers of Income Tax Department is held every year and this year it was held in New Delhi 21 – 22 July 2014. Along with the FM this conference was attended by the senior officers of the Revenue Department Shri Shaktikant Das, Revenue Secretary, Shri G.S. Sandhu, Secretary, Financial Services, Shri Ravi Mathur, Secretary (Disinvestment), Chairman and Members of CBDT, Chairperson and Members of CBEC.

After the inaugural ceremony of the conference, while addressing the senior members and other officers of the Income tax department Jaitely denoted the department’s credibility and accountability as country’s biggest asset. He shows that the government is hoping that the revenue target of Rs. 736,221 crore can be surpassed by the good techniques and dedication of the department. He further added that, “highest standards of ethics are expected from officers of the department.” to achieve the set target and increase the reputation too.

Further in the conference, Mr, Shaktikanta Das the Revenue Secretary said that the role play of the senior officers works as a guide for the junior and other staff working under them. Thus, it is necessary to use the fair and transparent means to facilitate and achieve the targets. There is a need to find the innovative ways to increase the collection of revenue without litigation.

However, other speakers added that various steps to be taken to smoothen the tax paying activity. The utmost efforts are required to improvise the quality of the tax payer services and achieve the targets. It is also important to brought efficiency and transparency in the whole process to attract tax payers towards their duty of paying tax on time. This will not only helpful to sustain the laws but also enhance the economic condition of the country to implement the growth driven strategies.

For more updates on Budget or post effects of Budget on stock market, keep reading further posts.

22Jul

BRICS Development Bank Helps To Build The Financial Independence and Cut Out Western Dominance

The most awaiting, 6th BRICS Summit was held from 14 July to 16 July 2014. The host city was Fortaleza in Brazil, one of the member country out of five. It was hosted with Cristina Kirchner, Argentinian President as the special guest at the summit.

Some Basic Facts
BRICS consists of a group of major emerging economic countries – Brazil, Russia, India, China and South Africa.
It was previously known as BRIC, consist of four participating countries. South Africa is the newest among them to join the group and formed BRICS, which got its full membership in December 2010.
The main concern behind to form this group is to support each other on various issues like food crisis, world economy, growth, infrastructural development and so on.

Sixth BRICS Summit
This was the sixth and PM Narendra Modi’s first summit. This year it played a very important role to make the grouped countries financially independent by inaugurating the DEVELOPMENT BANK. The teamed countries were working on the same idea for few years. This year the site for headquarter and few different things were decided .

Joy and Disappointment of India
India miss the opportunity to set the headquarter on the choice between China’s Shanghai and India’s New Delhi. As Shanghai and New Delhi were the closest competitor. Shanghai has been decided to take the privilege of having the headquarter of the development bank. India has been granted presidency of the bank for the first five years, so the first president of the bank is from Indian origin. Also, BRICS bank having a rotating five-year presidency among the members countries.

About Development Bank
This bank is a $100 billion bank act as a reserve currency pool and help the nations involved in the Summit. This bank supports the BRICS countries infrastructural and sustainable development projects such as power stations and electricity supply grids, ports, roads, telecommunications networks, water and sewerage by lending money from the bank.
This BANK is a step towards cut out the influence of Western-based lending institutions like IMF and World bank as well as the dollar. The initial contribution of the BRICS countries is as follows -
Brazil : $18 billion
Russia : $18 billion
India : $18 billion
China : $41 billion
South Africa : $5 billion

There are plans to provide loans to other countries too in future depending on the growth and success of the step. This is really a big decision which will affect the value of dollar against various currencies which were influenced at the time when a country use to take loan from the institutions like IMF and World Bank, as both are situated in Washington thus having great influence at the time of negotiation.

The effect of this bank and its impact on the Indian currency can be seen in few days in the Indian currency market. Hoping for the best results.

19Jul

“Budget 2014-15 is a directional budget, we have laid down a roadmap” – Arun Jaitley

When there are chaos everywhere regarding the budget presented last week and mixed reactions are found on different channels of media it is interesting to know the views of the minister who prepared and presented it. Thus there are few interviews in a row after the budget session in which the minister explains about his perspective and planning for the whole financial year. The Finance Minister Arun Jaitley after presenting the budget in parliament turned to media and stated that, it is the best possible budget with the limited funds left by the previous government. All the measures taken for the uplift of the economic condition of the country.

In an interview Arun Jaitley said that, it is a directional and focused budget contains a roadmap which may lead our country to a successful future. When a question asked by the interviewer, “how volatile the budget is?”. He answered, when talking about policies it is volatile and unlimited but if look towards existing money and resources then it is quite limited.

He further explained the interpretation of the maneuverability as, when it is about policies it is unlimited due to implementation of new ideas and opportunities made by the new government. There are lots of things which are simplified and lots were modified for the convenience of common taxpayer. According to him, it is not easy and practical to pleased everyone at the same time but the government tried the best to cover every sector in the budget.

Also there are certain things which are left complicated by the UPA Government, he tried to resolve some of them by certain new ideas. As it were previously explained that the money in vault is limited for the execution, he use to try the optimum utilization of it.

He further added that, when the media go through the first part of his speech they will notice that, he denoted the budget as the directional one because the changes introduced are keeping the growth bar of 8% in mind. The government used to expect and working very seriously towards achieving that target.

On the question about tax policies and reforms he specified that, the new tax policies are very essential to increase the income and use it in the various fields like infrastructure development. If the basic manufacturing section is not growing, they insert some relaxation on the raw materials to increase the productivity and meanwhile consumption of the products. The government want the people will save as well as buy more with the present budget.

He joined in further interview that, most of the changes are inserted to support every class of the people. Tax slabs got increased to lessen the burden and provide relaxation in the saving schemes to increase the habit of secured investment among the people.

He stated to the interviewer that, “I have gone in that direction which I think is the correct direction and the beginning of the journey.” indicating towards the journey of growth.

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