1Jul

Budget 2014: FM Arun Jaitley needs to consider easing gold import curbs, says Nirmala Sitharaman

Commerce minister Nirmala Sitharaman said that her ministry has recommended that the finance ministry seriously consider easing import curbs on gold to help the beleaguered gems and jewelery export sector.

Speaking to ET, Sitharaman, who is also minister of state for finance, said that while the current account deficit (CAD) crisis had been somewhat ameliorated by the import curbs on gold, it had deeply affected revenues generated by the gems and jewellery’s sector, an important earner of foreign exchange.

“During the pre-budget consultation, there has been a lot of thinking going on, on the gold issue. We have had so many of our exporters telling us, especially our gems and jewellery exporters who have made significant contributions to our balance of payments situation, that they have suffered. We don’t want that,” she said.

She added that the contribution of this sector to export revenues meant that the issue of curbing gold imports has to be looked at afresh. “They are telling us, that very well there is a crisis due to which these curbs were brought in, but now this is a new crisis, that of exports getting hit,” she said.

On that count we have strongly recommended to the finance minister that a fresh look has to be taken at import curbs on gold, that a sector which is instrumental in bringing in so much revenue cannot be hit like this,” she added.

While the crisis in Iraq was troublesome as far as hardening of oil prices was concerned, she said that the petroleum ministry had assured the government that “alternative sourcing of fuel” was going on and that it would be possible to control¬†inflationary pressures of that.

On the question of food security and differences with developed countries over food security which came to the fore at the Bali Round of the WTO talks, Sitharaman said she had spoken to the US trade secretary, and had communicated that the position taken by the government of India had been absolutely consistent with the WTO.

1Jul

Narendra Modi’s government plans image facelift to pull in slew of investments

The Narendra Modi government is considering the option of formally approaching the judiciary to find a way of dealing with tricky litigation and disputes that are holding up investments in the country, as it prepares an action plan for reviving the investment climate in the country.

This option was discussed at a meeting between the prime minister’s Principal Secretary Nripendra Misra and top officials of key economic ministries two weeks ago as part of a strategy the administration has drawn up to improve India’s battered global image and revive confidence among large domestic investors who have preferred to invest funds abroad rather than at home in recent years.

The Prime Minister’s Office has asked the industry ministry to urgently prepare a report on the ramifications of various disputes, including contentious tax demands, and the impact of interminable delays dogging ambitious investment projects such as Posco’s $12-billion steel plant in Odisha.

 

28Jun
indian economy

Indian Economy Is Ready For A Strong Comeback Under New Government

Not long ago when the new government was formed, and now all its positive effects are reflected all over the country in every sector. People appears to be more confident and optimistic for the growth of India in near future than before. This behavior of consumers are seen after a long duration of time. People are investing, purchasing goods and using their money to borrow new things now-days not like in the previous government. Read More »

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