Railroad Minister Piyush Goyal was on Friday given extra charge of the Consumer Affairs, Food and Public Distribution service, a portfolio held by the late Lok Janshakti Party pioneer Ram Vilas Paswan.
A Rashtrapati Bhavan dispatch on Friday said President Ram Nath Kovind, on the counsel of Prime Minister Narendra Modi, coordinated that Goyal be appointed the service notwithstanding his current portfolios.
Paswan, one of India's most noticeable Dalit pioneers and eight-time Lok Sabha MP passed on Thursday at 74 years old. He was essential for a few BJP-drove NDA and Congress-drove UPA governments.
Law and IT Minister Ravi Shankar Prasad will speak to the focal government and the association gathering of clergymen at the memorial service of the veteran chief in Patna on Saturday.
Focusing on that India welcomes and empowers venture, Union Minister Piyush Goyal on Monday stated that the administration needs to permit the free progression of products from different nations however it must be "complementary".
"We welcome and empower speculation. We need to permit the free progression of products however it must be equal. It can't be uneven and that is the exertion that the legislature of India is doing, said Union Commerce and Industry Minister Piyush Goyal at India Virtual Fast-Moving Consumer Goods (FMCG) Supply Chain Expo 2020 on Monday.
Featured that there are nations that don't permit Indian steel to enter their business sectors, he scrutinized that "What right do they need to demand that India ought to be an open import advertise for any and everything that they need to bring into India?"
He included that Indian items merit "reasonable access in their nations" before they can anticipate total boundless access in the Indian market
India’s
government will shortly find itself at a fork in the road. Will it
choose globalisation and export-oriented growth? Or will the
isolationists in the ruling Bharatiya Janata Party win, and keep
India out of a giant Indo-Pacific trading bloc?
This
weekend, New Delhi hosted negotiators for the Regional Comprehensive
Economic Partnership – from the 10 members of ASEAN as well as
Australia, New Zealand, Japan, South Korea and China – in the hope
that it could swing last-minute safeguards for some of its producers.
Indian officials have stalled RCEP’s progress as much as they
could, and the others are now losing patience. One way or another,
the deal will have to be concluded by November, when the leaders of
the 16 RCEP countries will meet in Bangkok. Malaysia’s Mahathir
Mohammed, not a man known for patience, said in June that the other
countries could go on without India, if necessary.
Many
in New Delhi, even within the commerce ministry, would be relieved to
see that happen. The belief that India has “lost” in most of its
trade agreements is pervasive here. Influential lobbies tied to the
country’s laggard producers are happy to remind officials how trade
deficits soared with members of the Association of Southeast Asian
Nations after a free-trade agreement was signed some years ago, for
example. And there has always been a strong isolationist wing within
the Hindu nationalist BJP – right-wing ideologues don’t just want
India out of RCEP; they would prefer existing agreements with Japan,
Korea and ASEAN be renegotiated, if not abandoned.
Of
course, India can only be said to have “lost” if you ignore the
considerable gains to consumers from cheaper imports. Once upon a
time, Indian households had to worry constantly about high and
variable prices of cooking oil....Read
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Union
Commerce Minister Piyush Goyal (pictured) is set to skip the
ministerial meet for the Regional Comprehensive Economic Partnership
(RCEP) in Beijing, later this week.
Official
sources said the latest changes in the minister's schedule was
because of Parliament being extended till August 7.
So
far, 26 rounds of talks have concluded, apart from six minister-level
meets. The upcoming meet is set to see the Asean nations, desperate
to sign the deal by 2019-end, make a crucial push to get both India
and China on the same page when it comes to tariff reduction.
RCEP
is India’s most ambitious trade pact, currently under negotiation.
Based on India’s existing Free Trade Agreement with the 10-nation
Asean bloc, the RCEP will include all the nations with which the
Asean has trade deals — New Zealand, Australia, China, India, Japan
and South Korea.
New
Delhi has consistently focused on services trade norms, such as those
allowing the free movement of trained professionals across national
boundaries. This would effectively allow Indian professionals —
such as chartered accountants, teachers and nurses — to practise in
other RCEP nations without the need for bilateral mutual recognition
agreements...Read
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Railway
Minister Piyush Goyal on Friday said there was "no question"
of privatisation of the railways, but said the ministry will invite
investments for new lines and projects in national interest.
Addressing
the Lok Sabha on the issue of Demands for Grants of the railways,
Goyal said track kilometre grew from 77,609 km to 89,919 km from
1950-2014 and rose to 1,23,236 km in the past five years.
"There
is no question of privatisation of railways. Railways cannot be
privatised. However, if we have to increase the facilities in
railways then obviously we need investments for it. We have taken a
decision to encourage public private partnerships and we will also
corporatise some units," the minister said.
"There
is no question of privatisation of the railways, but we should invite
investment in national interest if there are new projects and lines,"
the minister told the House.
He
also said railway budgets which were earlier presented in Parliament
were designed to mislead the public and show them dreams about new
trains for political gains.
"A
tea vendor selling tea in front of trains during his childhood saw
this country and understood the significance of the railways,"
said Goyal.
During
Congress rule, not one coach was manufactured in Rae Bareli's Modern
Coach Factory, one of the production units of which will be
corporatised, he said. But the first coach was made in August 2014
shortly after the BJP came to power, he added.
"There
is only one difference between winners and losers, losers see
difficulties while winners look at goals," Goyal said...Read
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The
government’s plan to set up a national artificial intelligence
centre is stuck because it is unclear which department will spearhead
the initiative.
The
Ministry of Electronics and Information Technology (MeitY) said in
January such a centre would be set up by July.
The
then finance minister, Piyush Goyal, announced in February the centre
would be developed as a hub along with centres of excellence, for
which nine priority areas had been identified. However, he did not
mention who would execute the larger plan.
Last
month, it was reported that the NITI Aayog had circulated a Cabinet
note, asking for Rs 7,500 crore for three years to set up an AI
framework. Last year, four panels set up by MeitY evaluated the use
of AI for citizens, such as setting up a data platform, skilling and
reskilling, research and development, and examining the challenges
involving legal, regulatory, ethical and cybersecurity aspects.
“Based
on what the four committees gave us, we sent a proposal to implement
a national programme at Rs 470-480 crore. For approval it went to
expenditure (finance committee), which asked us about the difference
between NITI Aayog and our estimate. We have requested them to
resolve this,” said a senior official at MeitY.
The
NITI Aayog released a discussion paper in June last year on the
“National Strategy for Artificial Intelligence”.
MeitY’s
reports have not been made public. A senior finance ministry official
who was part of the Expenditure Finance Committee meetings related to
the requests made by the NITI Aayog and MeitY on the AI centre said
both the departments had been told to get clarity on the matter.
Hitting
back at Rahul Gandhi over his dig at the Make in India programme
after Vande Bharat train experienced trouble during its initial run,
Union Minister Piyush Goyal said the Congress president has insulted
India's intelligence and hardwork by mocking the initiative.
After the
semi-high speed train ran into trouble early Saturday, Gandhi
tweeted, "Modi ji, I think Make in India needs a serious
rethink. Most people feel it has failed. I assure you we in the
Congress are thinking very deeply about how it will be done."
In a quick
response, Goyal tweeted, "Such a shame that you choose to attack
the hard work and ingenuity of Indian engineers, technicians and
labourers. It is this mindset which needs a reset. 'Make In India' is
a success and a part of crores of Indian lives. Your family had 6
decades to think, wasn't that enough?"
In a
Facebook post Sunday, Goyal further said Gandhi has "insulted"
India's intelligence and the hardworking engineers of railways who
have put in backbreaking effort to build the country's first
indigenous semi-high speed train, the Vande Bharat Express.
"Somebody
who was unable to explain why Engineers Day is celebrated, he
insulted the hardworking engineers of railways who have put in
backbreaking effort to build India's first indigenous semi-high speed
train, the Vande Bharat Express. Rather than encouraging them, he has
taunted them," he said.
"Vande
Bharat Express is developed and designed in India whereas earlier
designs (ICF, LHB) were imported. It costs less than half of the cost
to import a similar train. It has set the highest standards in
Railways & is already fully booked for the next two weeks,"
he said.
Personal
Finance News:
Stressing
that tax concessions have been provided with a view to help poor and
middle-class people living on a tight budget, Finance Minister Piyush
Goyal said that now individuals earning up to Rs 9.5 lakh can escape
liability by taking advantage of saving schemes.
Replying
to the debate on the Finance Bill in Lok Sabha, the Minister said he
did not propose any change in the tax rate but only provided few
rebates which will boost spending and help the economy.
The
Finance Bill, which contains tax proposals, was passed by the Lok
Sabha with a voice vote, completing the budgetary process in the
lower house.
In a swipe
at the Congress, the Minister said that unlike the previous UPA
dispensation, the present Modi government in the interim budget did
not reduce levies of SUVs which are used by rich persons.
In the
Finance Bill 2019, the Minister proposed to raise tax rebate for
people having annual income up to Rs 5 lakh from Rs 2,500 to Rs
12,500, which will effectively ensure that they don't have to pay any
tax.
In the
Bill, standard deduction has also been raised from Rs 40,000 to Rs
50,000, besides a host of tax benefits to home buyers.
The
concessions proposed in the Finance Bill, Goyal said, are aimed at
helping "poor and middle-class people living on a tight
budget...This is interim budget. We have not brought any tax
proposal...we will bring them in July," he said.
The next
government, which will be formed after the upcoming general
elections, will come out with a full budget in July. The next
government will also come up with a Finance Bill containing the tax
proposals for 2019-20.
In the
Interim Budget 2019 speech, Finance Minister Piyush Goyal has
reiterated the government's aim to continue technology-led tax
reforms.
Technology
to increase tax base and reduce rates
The use of
technology is the only sustainable measure to increase tax
compliance, tax base and eventually, tax collections. It is only when
the government has reasonable surety of tax collections, can it take
the steps to reduce tax rates and lower the burden on existing tax
payer base.
According
to government data sources, FY18 saw a 26 per cent rise in the number
of income tax returns filed compared to last year, effectively adding
9.95 million new income tax payers. Estimates, according to
statements of senior revenue officials, for new taxpayers to be added
in 2019-20 is around 10 million. Consequently, there has also been a
steady increase in tax collection year-on-year. This has allowed the
government to reduce tax rates, for instance slashing the rates for
companies having turnover below Rs 250 crore to 25 per cent and
recent reductions in GST rates. Major contributors to these
initiatives are technology-led reforms.
Digital
tax administration and taxpayer experience
It is not
too far in history when individual taxpayers had to undergo several
rounds of follow-up with the tax office to initiate refunds. With the
set-up of Bangalore CPC, refunds for individual taxpayers are swift
and relatively quite easy...Read
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The
Budget session of Parliament has begun, a day before the Interim
Budget 2019 will be presented by Finance Minister Piyush Goyal.
With
the Lok Sabha elections around the corner, this year's Budget session
is expected to be a stormy one. While the Opposition will seek to
corner the Bharatiya Janata Party (BJP) -led National Democratic
Alliance (NDA) government on a range of issues, including Rafale, the
problem of farmers and unemployment, the government is expected to
push its legislative agenda that includes the Triple Talaq Bill and
the citizenship (amendment) Bill.
The
session will begin with President Ram Nath Kovind's address to the
joint sitting of the two Houses. Apart from a vote of thanks to the
President's address, the government's legislative agenda for the day
includes replacing three ordinances with Bills. These include the
triple talaq Bill, companies (Amendment) Bill and Medical Council
(Amendment) Bill.
Ahead
of the Budget session, Prime Minister Narendra Modi urged all the
political parties to ensure Parliament runs smoothly.
With eight days to go before the
Narendra Modi government presents its interim Budget on February 1,
the Prime Minister on Wednesday entrusted Railway Minister Piyush
Goyal with ministerial portfolios of finance and corporate affairs
till Arun Jaitley comes back from the US.
Jaitley underwent a surgery in the
US on Tuesday. With doctors having advised him two weeks’ rest,
Goyal is set to present the interim Budget — the final Budget of
the Modi-led government’s current tenure, which comes less than 90
days before the Lok Sabha polls and could contain key announcements.
According to a Rashtrapati Bhavan
communique, issued at 8.55 pm, the President, as advised by the PM,
directed that during the period of Jaitley's indisposition, the
finance and corporate affairs portfolios, held by him, be temporarily
assigned to Goyal. It said Goyal would continue to hold his existing
portfolios: Railways and coal.
The communique stated that Jaitley
“be designated as minister without portfolio during the period of
his indisposition or till such time he is able to resume his work as
minister of finance and minister of corporate affairs.”...Read
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The Union Cabinet approved an integrated income-tax e-filing and centralised processing centre (CPC) portal, which will reduce the return processing time from 63 days to just one day. The new portal is also expected to process the refunds within one day of filing of tax returns, in huge relief for taxpayers. However, one will have to wait for 18 months to see its launch.
“Earlier,
taxpayers would face troubles because of delay in refund processing
and the CBDT used to spend a lot of money every year as interest on
pending refunds, which will be history now,” Union minister Piyush
Goyal told reporters after the Cabinet meeting here.
Last
month, Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra
had said a simplified return form and process would be put in place
soon in which the department would process the self-declaration made
by the taxpayer. The new Rs 4,241-crore project will incorporate
these changes...Read
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