Union Finance Minister Nirmala Sitharaman on Monday said the government was making every effort to be on track to reach its goal of making India a $5 trillion economy in the stipulated timeline. In order to spur growth, the government is trying to frontload infrastructure spend as much as possible, she told the India Economic Conclave in an address delivered through satellite link. The FM’s statement came days after official data showed India’s economic growth slumped to over six-year low in July-September quarter at 4.5 per cent. In order to reach the $5 trillion GDP goal by 2025, India needs to grow nearly triple that rate from here on. Sitharaman said the government was pushing hard on plans that have a bearing on the rural economy. “It is ensuring suitable stimulus to improve consumption in the economy,” she said. The government is also seeing a below-par GST collection. Sitharaman said the growth in GST collection has lagged target due to various … [Read more...] about Centre working with states to improve GST collection: FM
Puntland finance minister
Facing heat over delay in compensation cess, the government today released Rs 35,298 crore to states. The matter was likely to be taken up in the upcoming GST Council meeting where states, especially the Opposition-ruled ones, expected to try and pin the Centre down over the delay in the release of compensation. Speaking at the Indian Economic Conclave event of the Times Network, finance minister Nirmala Sitharaman, today, acknowledged the delay in payment of cess on account of shortfall in GST collection. She said that the government at the Centre and the states are working to augment the GST revenue. She said that the shortfall is due to extension granted in filing of returns to flood-hit states and slowdown in consumption faced by certain sectors. The GST Council will meet on December 18 where it will take up the matter of falling GST revenue. … [Read more...] about Government releases Rs 35,298 crores GST compensation cess to states
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The government will continue to intervene in the economy for as long as it is necessary till it achieves its target of $5 trillion economy, finance ministry Nirmala Sitharaman said. The government is working on expediting payments, putting more money in the hands of the people and addressing the challenges due to lower tax receipts which will yield results, Sitharaman said. "I am in constant touch with the industry and various sections seeking out interventions. I expect to be on track for $5 trillion target. We need to address the challenges and difficulties. I am not comparing our numbers today to what it should be but focussing on moving towards achieving the target," Sitharaman said at the Times Network India Economic Conclave. Sitharaman acknowledged that GST collection has been slow this year because of which the central government's compensation to states has been impacted. But she expressed hope that the prospects of GST collection will go up. Sitharaman however said there … [Read more...] about Govt will continue to intervene as long as needed: Nirmala Sitharaman
Follow our live Brexit blog FIRST, FIND A NEW PM UK Prime Minister David Cameron has resigned from his position after the shock decision to leave the EU. He said he would remain as caretaker until October before handing over to a new leader to negotiate Britain’s withdrawal from the EU. THEN FOR A BIT, NOTHING ... The referendum vote is not binding and so nothing changes immediately. It’s up to the government to move forward - but Cameron’s resignation recognises the pressure on officials to act on the result. Leave EU supporters wave Union flags and cheer as the results come in. Picture: Geoff CaddickSource:AFP “Nothing happens automatically, that’s part of the reason there’s so much uncertainty,” Ryan Goss of the Australian National University Law School told news.com.au. “What happens next will rely on the political choices made by politicians and diplomats.” NEXT STEPS If they do act, it’s likely to involve … [Read more...] about What happens now the UK has voted to leave the EU?