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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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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.
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.