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Business

New Delhi, Piyush Goyal called for de-escalating trade tensions

Union Minister Piyush Goyal has called for de-escalating trade tensions and reviving confidence in the rules-based multilateral trading system.

“The slowdown in global trade and investment is of serious concern to all of us as it adversely affects economic growth, development and job creation. The ongoing trade tensions are affecting confidence of businesses around the world,” said Goyal, who holds the commerce and industry and railways portfolios.

He said India joins other nations in calling for de-escalating trade tensions and reviving confidence in the rules-based multilateral trading system which was created so painstakingly.

Goyal spoke at the two-day ‘G20 Ministerial meeting on Trade and Digital Economy’ from June 8 to 9 in Tsukuba city, Japan.

“India urges G20 to provide preferential market access to MSMEs in developing countries to be part of the Global supply chains,” he said in another intervention at the summit.

Over 50 trade and digital economy ministers met for the first time in G20’s history to discuss “how G20 economies can promote trade and investment and maximize benefits from the development of the digital economy and technologies to ensure sustainable growth of the global economy”.

(IANS)

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Business

Mallya expresses sympathy with Goyal, slams Centre

Embattled liquor baron Vijay Mallya has once again attacked the government for discriminating between public sector and private airlines while extending solidarity with crisis-hit Jet Airways and its founder Naresh Goyal.

In a series of tweets, Mallya said he was sorry that so many airlines had bitten the dust in the country.

“Even though Jet was a major competitor to Kingfisher at the time I feel sorry to see such a large private airline on the brink of failure when government used (Rs) 35K crore of public funds to bail out AirIndia. Just being a PSU is no excuse for discrimination,” Mallya tweeted.

For want of cash and saddled under heavy debt, Vijay Mallya’s Kingfisher Airlines had shut down in October 2012.

Mallya currently owes about Rs 9,000 crore to a clutch of public sector banks. Once the “King of Good Times”, Mallya is now a fugitive economic offender living in London and facing extradition.

The controversial billionaire has extended full sympathy to Naresh Goyal who was recently forced by the public sector lenders to quit the airline board.

“Even though we were fierce competitors, my sympathies go out to Naresh and Neeta Goyal who built Jet Airways that India should be extremely proud of. Fine airline providing vital connectivity and class service,” he wrote.

IANS

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Science & Technology

Local mobile manufacturing generating more jobs than ever

Local mobile manufacturing has taken off big in the last couple of years, generating thousands of jobs across the country, Finance Minister Piyush Goyal said on Friday.

“Mobile and its parts manufacturing companies have grown from two to 268 now, creating thousands of jobs in both urban and rural areas of the country,” Goyal said while presenting the Interim Budget for 2019-20 in the Lok Sabha.

With the help of the government’s phased manufacturing programme to incentivise indigenous production of handsets and their various sub-assemblies, most of such companies are from China who are now manufacturing and assembling flagship smartphones and their parts here.

In 2018, nearly 300 million mobile handsets were produced locally, according to Counterpoint Research.

“In 2015, we set-up our first manufacturing facility that currently employs more than 5,000 people and generates employment for many more,” Nipun Marya, Director, Brand Strategy, Vivo India, told IANS.

“With our recent announcement of an additional manufacturing plant, we are planning to provide additional jobs to 5,000 more in the first phase,” he added.

Samsung India has also set up world’s largest mobile manufacturing facility in Noida that has doubled up the production, generating more jobs.

Goyal said the government aims to have one lakh digital villages in the next five years, adding that the vision is to make India a modern and technology-driven society.

Local mobile manufacturing generating more jobs than ever: Goyal

IANS

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Business

Anti-black money moves brought Rs 1.3 lakh cr income to tax; Goyal

Presenting the Interim Budget 2019-20, Union Finance Minister Piyush Goyal on Friday said the measures taken against black money by the Centre since 2014 have brought income of Rs 1,30,000 crore to tax.

Asserting the Modi government’s commitment to eliminate black money from the economy, he said measures like Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, Fugitive Economic Offenders Act, 2018 and demonetisation were taken that have started showing results.

“The measures taken by the government in the last four and a half years have also led to seizure and attachment of assets worth about Rs 50,000 crore.

“During this period, benami assets worth Rs 6,900 crore and foreign assets worth Rs 1,600 crore have also been attached,” Goyal said.

“As many as 3,38,000 shell companies have been detected and deregistered and their directors have been disqualified,” he added.

Further, Goyal said the direct tax collections went up by 18 per cent in 2017-18 and the tax base expanded by 1.06 crore with more than one crore filing tax returns in the financial year 2017-18.

Anti-black money moves brought Rs 1.3 lakh cr income to tax: Goyal

IANS

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Business

Goyal announces single window clearance for Indian filmmakers

Finance Minister Piyush Goyal on Friday announced that there will be a single window clearances for Indian filmmakers for smooth shooting of films.

While presenting the Interim Budget for 2019-20 in the Lok Sabha, he said: “Entertainment industry is a major employment generator. To promote the entertainment industry, there will be single window clearance to ease shooting of films.

“This was earlier available only to foreigners (and) is now going to be made available to Indian filmmakers as well.”

Goyal also said that the government will include anti-camcording provisions in the Cinematography Act to control piracy.

IANS

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Business

Rs 64,587 cr budgetary support for railways in 2019-20; Goyal

Finance Minister Piyush Goyal on Friday said the government has allocated Rs 64,587 crore for railways in the Interim Budget for 2019-20.

Presenting the Interim Budget in Parliament, Goyal said: “Indian Railways has experienced its safest year in history. We are introducing container cargo movement to the North East.

“All unmanned level crossings on broad gauge network have been completely eliminated,” he said.

Speaking about the manufacture of engineless Train 18, Goyal said: “Vande Bharat Express will give Indian passengers world class facility, with speed, safety and service. This major leap developed by our engineers will give an impetus to Make in India programme and create jobs.”

He said: “Capital support from Budget for railways is proposed at Rs 64,587 crore for railways in 2019-20.

“In fact, railways’ overall capital expenditure programme is historic at Rs 1,58,658 crore.”

Goyal also said that the operating ratio of railways will come down to 95 per cent in 2019-20 from 96.2 per cent in 2018-19.

Rs 64,587 cr budgetary support for railways in 2019-20: Goyal

IANS

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Business

Goyal announces pension scheme for unorganised sector workers

Finance Minister Piyush Goyal on Friday announced the “Pradhan Mantri Shram Yogi Mandhan”, a scheme to provide assured monthly pension of Rs 3,000 per month for workers in the unorganised sector.

While presenting the Interim Budget for 2019-20 in the Lok Sabha, Goyal said the scheme will benefit 10 crore workers and might become the world’s biggest pension scheme for the unorganised sector in the next five years.

Under the scheme, the workers will receive a monthly pension of Rs 3,000 after 60 years of age. The workers will then have to contribute Rs 100 per month towards the scheme.

IANS

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India

Rs 6,000 investment support to farmers says Goyal

 

New Delhi, Feb 1 (IANS) Finance Minister Piyush Goyal on Friday announced direct annual income support of Rs 6,000 to farmers with land holding of two hectares.

Presenting the Interim Budget for 2019-20 in the Lok Sabha, Goyal said the Pradhan Mantri Fund Scheme has been constituted with an aim to double farmers’ income by 2022.

He said Rs 75,000 crore will be allocated for the scheme for 2019-20 and Rs 20,000 crore has been set apart in the revised estimates for the current year 2018-19.

The money will be transferred in three instalments through direct benefit transfer. The scheme, to be implemented from December 1, 2018, will be notified shortly.

He also said that Rs 1.7 lakh crore has been allocated on food subsidy and Rs 60,000 crore for the Mahatma Gandhi National Rural Employment Guarantee Scheme.

IANS