COUNTRY’S FISCAL DEFICIT WILL NOT BE COMPROMISED: NIRMALA SITHARAMAN

ANM News Desk: Finance Minister Nirmala Sitharaman has assured that there will not be any compromise with respect to the country’s Fiscal Deficit. She said, the FRBM Act has been kept in view and has been abided by while preparing the Budget 2020-21. The Finance Minister was interacting with trade and industry representatives in Hyderabad on the second leg of her ‘Jan Jan Ka Budget 2020-21’. She stated that the interests of all sections of people from all sectors have been kept in mind while preparing the Budget. 

The finance minister stated that for the first time the finance ministry is visiting various places and explaining the budget to the people directly. 

WE ARE WILLING TO WORK BEYOND THE UNION BUDGET: NIRMALA SITHARAMAN

ANM News Desk: Finance Minister Nirmala Sitharaman on Friday stated that if required, the government would take more steps beyond the announcements made in the Union Budget 2020-21.

At an interactive session on ‘Budget and Beyond’ with professionals from financial related industries, the minister also stated that the Budget 2020-21 was a budget where the impact on equity, bond and currency markets was positive. The participants have also made several suggestions to boost economic activities in the country.

The government announced a host of steps in the Union Budget, presented on February 1 in Parliament, to expand the economic activities at a time when the country faced an economic slowdown.

BUDGET 2020: FIVE TRILLION DOLLARS ECONOMY – HIT OR A MISS FOR INDIA?

Manju Dagar, ANM News, Ireland: Following the Budget of 2020-21, ANM News had the opportunity to interact with business tycoon Dr. Ajay Kumar, chairman of Fox Petroleum regarding his views on the Budget. He said that the country has stepped into a new era of innovation and that the business around the globe will continue to display more change , as the technology revolution gains new momentum. ANM News further asked him questions:

– What is your take on Prime Minister Narendra Modi aim to become 5 Trillion Dollar Economy by 2025 , Can he rely on this Budget 2020 if it goes in the right direction ?

Dr. Kumar: I think, it’s not easy to become Five-trillion dollar economy in one go with 5 % GDP growth. A lot needs to be done . But it is achievable if we continue the growth at a minimum of 9 % that too fixed for complex five years without a duck. To become a USD five trillion economy in 2025 , India must achieve USD 3.3 trillion economy status by 2021 ; USD 3.6 trillion economy status by 2022 ;USD 4.1 trillion economy status by 2023 ; USD 4.5 trillion status by 2024 and USD 5 trillion economy status in 2025 . However , the current trends and prospects do not favour this dream .

– Which sector needs to be addressed sincerely for the target of 5 trillion dollars economy as Prime Minister Modi had said this in a rally conference too?

Dr. Kumar: Prime Minister said this after getting confidence from his Finance Ministry Top to Bottom Staffs . He may not be meeting everyone , but for sure he must have taken input from all . He must have no reason to see his vision with a mistrust . Many sectors that contribute to the Indian Economy’s growth path , like Automobile , Real Estate , FMCG , Manufacturing , Agriculture are lagging behind in achieving desired growth rate and jobs in these sectors are not only going down but are also trimmed . Hence Government has tried its best to fill pockets of middle class by many ways in this budget . Giving tax slab a new structure , big investments in tourism, Fund allocation for farmers etc . He has tried to encourage home buyers too .

– How come you still so optimistic about to become 5 Trillion Dollar Economy , when you himself are not quite sure of growing economy by 9 % to achieve the target . Are you sure next year you will see 9 % growth  and when almost all sectors you know is falling down ?

Dr. Kumar: See I am not a pessimist . Yes! it is a difficult task , but who said – Indians were not bound for difficult task . If the Prime Minister can become ‘Chaiwala’ To Chief Minister to Prime Minister and Hopefully the Next President of India (He Smiled). Then it is very easy task for him . But yes , I am finding hard to answer this question because next year 9 % growth is very hard to achieve . I have a solution to this . In this broken economy , if Prime Minister draws 30 percent of the investments promised during his visit from different Governments under Make in India or PPP or FDI or ECB – it will take GDP by +2% rest one  percent only market sentiment can bring it there . Market needs a little feel good factor. Frankly Speaking, I am not happy with IMF statements , they were misleading .  Indian economy has complex structure. It can be taken up even with a mood swing of middle class . That’s what Finance Minister Budget 2020 reveals .

– Mr. Kumar (Western dr.) and Dr . Kumar (Ayurvedic treatment) are two things – If Prime Minister of India says – get my economy back on track with GDP 9 % – Which one of the ‘ Kumar ‘ will do it fast and how – in short ?

Dr. Kumar: Yes ! Mr. Kumar will do it best and Dr. Kumar will take time consulting and waiting for too many opinions , in a same time Mr. Kumar – is to be achieved by any means -Yes by increase the sentiments of the market . Diagnose , Cure and care as mythological ways as Indian can trust that more then a medicated cure by Dr. Kumar . See India is like that, I referred to an ad- ‘ Mood hone pe khate hai , Bhookh lagne pe west mei khate hai . ‘

– Mr. Kumar i will say , you Mr. Kumar – Please come out with factual answers . 1- Is India recession hit – Yes or No ? 2-Do you agree that – Whatever you said can not bring GDP to 9 % that means you will not achieve 5 trillion dollar status – if Yes okay .. No then please clarify in details .

Dr. Kumar: Yes ! India hit by nominal recession after Demonetization and GST but its not that kind of recession – it’s a sentimental recession only . A kind of silence in the investors and public at large from the middle east . and Prime Minister Modi is good at breaking this type of mental blockage . Its over till date . Secondly , I agree Indian Economy , no doubt is passing through a sluggish economic growth since 2016 post demonetization as compared to earlier years, although efforts are being made to improve the Indian Economy’s growth to achieve the rate which may not be considered as very slow . Government however , is of global economic slowdown , if we go by the global economic growth standards . This budget is mood changer . and I am hopeful about achieving, the targets. I must say when our attitudes are right , there is no barrier too high , no valley too deep , no dream too extreme and no challenge too great for us.

21ST CENTURY IS THE CENTURY OF INDIA: JEFF BEZOS

ANM News Desk: Amazon CEO Jeff Bezos, during his visit to India has decided to make major investments in small and medium businesses and has stated that 21st century will be the “century of India”. Bezos has announced that Amazon would invest $1 billion in digitising SMBs in the country. Supporting the ‘Made in India’ initiative he stated that the e-commerce will use it to create a global footprint of Indian goods worth $10 billion by 2025.

Bezos reiterated that in terms of alliances, the 21st century would be about the bilateral relations between the US and India.

Bezos’ visit to India comes following the Competition Commission of India’s order of an enquiry into the business practices of the e-commerce giants including Amazon and Flipkart.

PM MODI CALLS FOR FOREIGN INVESTMENTS IN INDIA

ANM News Desk: Prime Minister Narendra Modi was in Saudi Arabia attending the Future Investment Initiative (FII). He called on global investors to benefit from India’s vibrant start-up ecosystem that, quoting it to be the third-largest in the world, adding that he firmly believes that any investment in India’s innovation sector would yield huge returns.

INFOSYS CEO ACCUSED OF ALLEGED ‘UNETHICAL PRACTICES’ FOR BOOSTING PROFITS

ANM News Desk: Shares of Infosys tanked 16 percent on October 22 after a whistleblower complaint alleged “unethical practices” by its top executives to boost the Indian software giant’s profits and revenue. The fall in the early trade on October 22 was the biggest single day drop in the last six years for Infosys.

A group of Infosys employees have anonymously written to the US Securities and Exchange Commission (SEC), alleging that the IT major took unethical measures to boost profits and short-term revenue.

The employees have allegedly accused chief executive officer Salil Parekh of bypassing reviews and approvals of large deals.

WORLD BANK PREDICTS INDIA’S ECONOMIC GROWTH TO DIP BY 6%

ANM News Desk:, According to the World Bank, India’s growth rate is projected to fall to 6 per cent.

In 2018-19, the growth rate of the country stood at 6.9 per cent.

However, the bank in its latest edition of the South Asia Economic Focus mentioned that India was expected to gradually recover to 6.9 per cent in 2021 and 7.2 per cent in 2022 as it assumed that the monetary stance would remain accommodative, given benign price dynamics.