Finance Minister Arun Jaitley will address the media at 4pm on Tuesday. Sources told CNBC-TV18 that Jaitley may announce recapitalization plans for public sector banks.
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Oct 24, 2017 5:44 pm (IST)
Arun Jaitley says the Cabinet felt the government should take a bold step to address the issue of inadequate lending. The nature of recapitalisation bonds will be decided in due course. A series of banking reforms over the next few months is also in the offing.
Oct 24, 2017 5:39 pm (IST)
Those who were used to 2G scam and coal scam will have a lot of problems with legitimate tax: FM Arun Jaitley pic.twitter.com/pKHxcHrALh
Arun Jaitley says between 2008 and 2013, public sector banks engaged in indiscriminate lending, which led to the rise in non-performing assets. He says NPAs were kept under the carpet for long but the situation is now improving. “Public sector banks are flush with funds after demonetization,” says the FM.
Oct 24, 2017 5:20 pm (IST)
Rs 2.11 lakh crore recapitalisation of public sector banks.
Of this, Rs 1.35 lakh crore will come from recap bonds, while 76,000 crore will come from other sources.
Eco Affairs Secy: Current account deficit been very low for India in last two yrs; Small Blip in Q1 of this yr w.r.t. CAD
Oct 24, 2017 4:44 pm (IST)
7 lakh crore to be invested in road infrastructure over the next five years.
Governments' Bharatmala programme will entail the construction of 34,800 KM of roads.
Oct 24, 2017 4:42 pm (IST)
Increased public spending will: More job, more investment, and more growth
Effective and targetted government spending a key priority of governement.
Total expenditure this year is Rs 11.47 lakh crore, an increase of 1.2 lakh crore.
Oct 24, 2017 4:39 pm (IST)
Garg says that real GDP growth is poised to take off and the inflation has come down in the last quarter.
The disinvestment programme is also going strong. The government has already divested Rs 30,000 crore and the target is Rs 72,500 crore, says Garg.
Oct 24, 2017 4:38 pm (IST)
Garg's presentation says that inflation won't cross 4% mark, and temporary economic slowdown bottoming out. Macroeconomy robust, the fiscal deficit under control.
Oct 24, 2017 4:35 pm (IST)
SC Garg, who is presenting government figures currently, says that inflation has come down significantly.
Oct 24, 2017 4:34 pm (IST)
When results of the GDP of the first quarter came out then I had said that we will be ready for the response, says Finance minister Arun Jaitley.
Oct 24, 2017 4:30 pm (IST)
Arun Jaitley speaks:
The finance ministry had detailed meetings with the Prime Minister. India has been the third largest and fastest growing economy in the world. We want this process to continue.
It's obvious that when structural reforms are brought, the economy witnesses a few jitters, but in the long run, these very reforms accrue big benefits to the economy.
Oct 24, 2017 4:26 pm (IST)
Finance Minister Arun Jaitley is a press conference now.
Oct 24, 2017 4:06 pm (IST)
Earlier in the day, Jaitley offered some relief to taxpayers and said the government has decided to waive late fee on the filing of GST returns for August and September. “To facilitate taxpayers, late fee on filing of GSTR-3B for August and September has been waived,” Jaitley tweeted.
Oct 24, 2017 4:03 pm (IST)
Sources tell CNN-News18 that finance minister Arun Jaitley will address the nation on the state of Indian economy. The BJP-led central government has come under severe criticism over the past few months over their handling of Indian economy.
Jaitley and PM Modi had recently discussed non-performing assets management, something former finance minister Yashwant Sinha had also alluded to in his piece for the Indian Express.
Oct 24, 2017 3:54 pm (IST)
According to CNBC-TV18, Arun Jaitley may announce recap bonds for the recapitalisation of banks on the back of weak balance sheets. The meeting between the finance minister and top officials is currently underway.
Oct 24, 2017 3:48 pm (IST)
Finance ministry secretaries are likely to be present at the announcement. The press conference comes after several meetings between the ministry and the Prime Minister over the past few months on supporting banks while they are burdened with worsening of the bad loan mess.
Oct 24, 2017 3:47 pm (IST)
At the press conference, the finance minister is likely to decide the plan for increasing capital to the weak balance sheets of banks, including United Bank of India, UCO bank, Corporation bank, Allahabad Bank, Indian Overseas Bank, and Dena Bank, among other capital starved banks, Moneycontrol reported.