Cattle trade ban has nothing to do with state laws, says Arun Jaitley | business news | Hindustan Times
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Cattle trade ban has nothing to do with state laws, says Arun Jaitley

Union finance minister Arun Jaitley on Thursday held a press conference to detail the ministry’s performance over the past three years. Mentioning demonetisation and the GST bill, Jaitley said the key initiatives were taken to reduce scope for corruption and discretion in governance.

business Updated: Jun 01, 2017 13:14 IST
Suchetana Ray and Saubhadra Chatterji
Suchetana Ray and Saubhadra Chatterji
Hindustan Times, New Delhi
Arun Jaitley,Narendra Modi,economic slowdown
Finance minister Arun Jaitley addressing a press conference.(PTI)

The Narendra Modi government completed 3 years of coming to power in May and Arun Jaitley on Thursday highlighted the key initiatives taken by his ministry. When Jaitley had taken over in 2014, India had multiple economic battles to fight. From policy paralysis, to a global slowdown that had reached the country’s shores to high inflation, Arun Jaitley had a tough task ahead of him. How has he fared?

Here are the live updates from the finance minister’s address:

12:57pm: The Centre’s clarification on cattle trade ban has nothing to do the state laws. This only deals with who can buy in farmer’s market.

12:54pm: I don’t want to get into the details of an individual cases. The court will decide if these investigations are done on the basis of evidence or politics: Arun jaitley on cases against RJD leader Lalu Yadav and Congress leader, P Chidambaram.

12:50pm: Different agencies act rationally, only when a case exists. These agencies have accountability before courts.

12:47pm: CRPF, local police is dominating the situation by a large extent in Kashmir.

12:45pm: Our efforts to reach out to Pakistan has been thwarted by them with responses such as Pathankot or Uri. So our overtures for peace have been successfully avoided by Pakistan.

12:44pm: In the past few days our armed forces have been dominating the LoC.

12:39pm: The only aim through disclosure schemes is to crackdown on black money.

12:34pm: States will have to provide for farm loan waiver from their own resources.

12:34pm : People need some issues for propaganda. Jobs don’t get created outside economic sector. If growth increases, jobs will also grow.

12:32pm: First there were allegations about lack of big bang reforms. Now the new allegation is about jobless growth.

12:30pm: In state of preparedness for July1 roll out of GST.Using media propaganda fr getting rates varied wont make significant impact on council’s decision

12:30pm: GST decisions are consensus based. At the Srinagar meeting, ministers from almost every state expressed confidence on the July 1 deadline.

12:29pm: The system we inherited was weak in terms of credibility mainly due to corruption and indecisiveness

12:29pm: There are several factors which affect GDP. Even before demonetisation, there was some slowdown. I do believe, that in the current global situation, a 7 to 8% growth which is at the moment an Indian normal, is a reasonable growth. I don’t see any adverse impact of the GST.

12:27pm: 7-8% of growth is good by both global standards and our standards.

12:24pm: We are working on resolving the issue of banking NPAs. It is a major challenge. To increase private sector investment is a challenge.

12:23pm: Earlier, there was a parallel, shadow economy heavily depending on cash. We have ended that. There is now a greater focus on digitisation. The tax payers’ base has increased, post our reforms against black money.

12:21pm: We set a new normal after demonetisation. It is no longer safe to deal in cash. We have shown decisiveness in policy making.

12:20pm: We have tried transparent decision making, left many things to market mechanism.

12:19pm: GST is in its last leg. When it is implemented, it will be a major reform in taxation.

12:19pm: The direction of our policy is clear. Scope of corruption has been reduced through reform.

12:18pm: We have reduced corruption by changing rules of government discretion.

12:15pm: Three years ago there was a slowdown in policy reform, we have restored the credibility of the economy.