![\"\"](\"\/\/www.iser-br.com\/Themes\/Release\/images\/responsive\/ettelecom-default.jpg\")
What is the impact of several measures taken by the government and your assessment of the economy?
<\/strong>We are clearly responding to things as they develop. The usual sanctity about fiscal measures being attached to the Budget<\/a>, and therefore waiting for the next Budget<\/a>, was not at all a consideration. We didn’t hesitate to announce measures in between. Second, even for assessments in the private sector’s domain, we didn’t hesitate in getting them to understand (that) if there is anything that the government can do, we will. So, there is a nudge. Third, the measures have been taken after a lot of consideration and going through a whole lot of consultation.
We undertook consultations in such a way that it (a situation) could be responded to within a week or a fortnight. So, a measure like the corporate tax cut did go through the iterations but it happened in a very short period of time. Where sectors are raising different issues, we didn’t just hear and sit quiet. We came up with periodic responses. There was this thing (in industry) about ‘it’s all collapsing, it’s all doom’, but (industry felt) we can approach the government to see if we can get some response. On the issue of surcharge, where they said ‘you have driven away all the investors’, with a minor, calibrated course correction, (whether that was indeed the direct cause or not), you see that in the last month, we had highest-ever FPI inflows.
How long before the measures have impact?<\/strong>
A frequently asked question now is ‘so what happened after corporate tax cut’? Have investments grown? Have people started investing afresh? All that keeps coming. I have been talking to a lot of industry leaders who say it came just at the right time. It’s made a big difference to their books and that decisions on fresh investments are definitely being taken. Then, people say that it is not showing on the ground. It will show...I announced the cut on September 20, industry will take time in announcing major investment decisions. Many of the sectors are coming to us and saying that they are out of the distress they were in. On liquidity, people felt it was not adequate because of systemic problems. I kept proving in the presence of Reserve Bank, with their concurrence, to say that there is no liquidity problem. Liquidity is there but we need to move it. For the flow of liquidity, deliberately, after due consideration, we took the call for an outreach. During Navratras, we did that and followed it during Diwali where I said: ‘It’s all not going to be in Delhi, Mumbai, Kolkata, it will be going to the rural areas’. I said banks should do it along with your local area NBFCs<\/a>. But what happens to those NBFCs which are not in a position to obtain liquidity from the banks? We asked for pooling of assets and partial guarantee was given by the government. So we came up with this idea of co-origination, go through the NBFCs.
When private banks, small finance banks, and microfinance institutions met me, they said their business is going fine and their growth is anywhere between 15% and 45%. And who are accessing loans? They are in the hinterland. Private banks are smelling the opportunity.
Has the Supreme Court ruling in the Essar case brought clarity with regard to the Insolvency and Bankruptcy Code (IBC<\/a>)?<\/strong>
There has been some positive development on the IBC<\/a> front with Friday’s Supreme Court ruling on Essar Steel. During the Budget session, we had to come up with a major amendment and that happened within three days. The narrative in media about the way in which the NCLAT has distorted the IBC spirit was not acceptable, I told the secretary. Yesterday, we had the Supreme Court order also. We see IBC’s constitutionality, legal strength have been established and that interpretation cannot kill the original spirit. And, more than anything else, especially now that we have come with a window for real estate sector, the committee of creditors and their role in giving a resolution has been established in this judgment.
Look at the benefits that banks are going to have. Their balance sheets will look healthy. There is scope for us to believe that the next quarter for banks will absolutely be much better. We are also making sure NCLT and NCLAT do not suffer due to want of resources, resolution professionals, work space. We have taken care of all that. Together with RBI<\/a> we are spending a lot of time monitoring the situation of NBFCs, banks and I am again very glad that almost all banks are out of the prompt corrective action framework. Their health has improved and they are now able to extend support for the kind of demand the government is making of them so that the economy benefits.
We saw that consumer confidence was impacted after some of the data on the economy came in. This became a cycle. Is there a change in consumer confidence?
<\/strong>If consumer confidence is not on way to being restored, what do you think of the amounts that have gone out as loans during the two outreach programmes by banks? In the first round Rs 81,000 crore flowed out and in the second it was more than Rs 1 lakh crore. It is all over the country. Second, look at the way used cars are being bought. Third, car company executives, the big ones, have met me and I asked about their inventory. At least two of them said there is no issue. That could not have been without consumer sentiment. I didn’t meet the third company, but was told that the entire stock was sold and there was a two-three month wait. There is a clear indication that consumer sentiment is on its way to be revived.
There are concerns over revenue.<\/strong>
GST revenue should be better than the last month. Month-on-month comparisons can sometimes lead to a distorted picture. In between, there were concerns about leakages and malpractices, but they are being blown out of proportion. They are all getting plugged periodically.
There is controversy about consumption data…<\/strong>
Controversy over data cannot be for every data. On employment, NITI Aayog and ministry of statistics and the chief economic adviser have explained why in India, labour and employment-related statistics are not wholesome and you can’t really comment on it. The same set of questions may not apply to let’s say consumption. The government itself realised that there may have been some error and decided that we should not release it.
There are questions over RBI<\/a>’s regulatory capabilities given a series of issues starting with PNB to IL&FS and now PMC<\/a> Bank. The systems that they have didn’t seem to catch the alerts. When you address issues around cooperative banks and NBFCs, are you also planning to look at regulatory issues?<\/strong>
I have had discussions with RBI governor on this. I am aware within RBI there has been a lot of introspection. They are also seeing how they can get up to speed.
Are you looking at more steps to speed up investments, address red-tapism?<\/strong>
Improvement in systems, decision making processes, is showing now. Being a federal set-up, lot of decisions that have been taken at the Centre are finding a time lag when they reach the states and further down to local bodies. When factor of production related questions arise, around land and labour, states will have to come together and many of them are moving fast. The next layer of local government, where there are water and landrelated issues, and the last-mile infrastructure related issues around roads and three-phase electricity connections is what you want to be addressed.
Can we expect Air India and BPCL disinvestment this year?<\/strong>
We are moving on both with the expectation that we can complete them this year. The ground realities will play out.
More companies in the pipeline next year?<\/strong>
Let us get the first tranche cleared.
You were directly handling the Rafale discussion before and during the election. Was the SC ruling a matter of satisfaction?<\/strong>
Great satisfaction. Because the questions that were posed justifying a call for review, did not find any merit in the court. When falsehood (on Rafale) comes from that level of leadership, quoting leaders from other countries, and then there are selective media houses and selective leaks, the atmosphere was so vitiated. The courts of course, kept their cool and calm and went into the merit of the issue. I am very glad for that.
Any relief for the middle class in the next Budget?<\/strong>
Well, home-buyers are middle class. We have just made a major announcement on affordable homes.
<\/body>","next_sibling":[{"msid":72092863,"title":"Telegram takes off in India as startups drive adoption","entity_type":"ARTICLE","link":"\/news\/telegram-takes-off-in-india-as-startups-drive-adoption\/72092863","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[{"msid":"72092486","title":"Sitharaman eco","entity_type":"IMAGES","seopath":"news\/economy\/policy\/people-from-many-industries-are-coming-to-us-and-saying-they-are-out-of-distress-nirmala-sitharaman\/sitharaman-eco","category_name":"People from many industries are coming to us and saying they are out of distress: Nirmala Sitharaman","synopsis":"Sitharaman said that the govt expects to complete both the Air India and the BPCL disinvestment by the end of this fiscal.","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-156566\/72092486.cms?width=150&height=112","link":"\/image\/economy\/policy\/people-from-many-industries-are-coming-to-us-and-saying-they-are-out-of-distress-nirmala-sitharaman\/sitharaman-eco\/72092486"}],"msid":72092945,"entity_type":"ARTICLE","title":"People from many industries are coming to us and saying they are out of distress: Nirmala Sitharaman","synopsis":"Commenting on her decision to slash corporate tax, the finance minister said that the industry has told her that the decision was taken at the right time and that it has made a big difference to their books. She said that the decision was announced on September 20 and industry will take time in announcing major investment decisions. ","titleseo":"telecomnews\/people-from-many-industries-are-coming-to-us-and-saying-they-are-out-of-distress-nirmala-sitharaman","status":"ACTIVE","authors":[{"author_name":"Sidhartha","author_link":"\/author\/19875\/sidhartha","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/19875.cms?width=100&height=100&hostid=268","author_additional":{"thumbsize":true,"msid":19875,"author_name":"Sidhartha","author_seo_name":"Sidhartha","designation":"Editor","agency":false}},{"author_name":"Surojit Gupta","author_link":"\/author\/43175873\/surojit-gupta","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/43175873.cms?width=100&height=100&hostid=268","author_additional":{"thumbsize":true,"msid":43175873,"author_name":"Surojit Gupta","author_seo_name":"Surojit-Gupta","designation":"Editor","agency":false}},{"author_name":"Rajeev Deshpande","author_link":"\/author\/12227\/rajeev-deshpande","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/12227.cms?width=100&height=100&hostid=268","author_additional":{"thumbsize":true,"msid":12227,"author_name":"Rajeev Deshpande","author_seo_name":"Rajeev-Deshpande","designation":"Editor","agency":false}}],"Alttitle":{"minfo":""},"artag":"TNN","artdate":"2019-11-17 11:46:54","lastupd":"2019-11-17 11:46:54","breadcrumbTags":["Nirmala Sitharaman","PMC","RBI","IBC","NBFCs","budget","policy"],"secinfo":{"seolocation":"telecomnews\/people-from-many-industries-are-coming-to-us-and-saying-they-are-out-of-distress-nirmala-sitharaman"}}" data-authors="[" sidhartha","surojit gupta","rajeev deshpande"]" data-category-name="" data-category_id="" data-date="2019-11-17" data-index="article_1">
- Telecom乐动扑克News
- 7分钟阅读
很多行业的人都过来了,说他们的痛苦:吧Sitharaman
评论她决定削减公司税,财政部长表示,该行业已经告诉她这个决定是在正确的时间,它已经产生了重大影响。她说,9月20日宣布了这个决定和行业需要时间在宣布重大投资决策。
什么是一些政府采取的措施的影响和经济的评估?
我们显然是对事物的发展。通常对财政措施被附加到神圣预算,因此等待下一次预算,根本不考虑。我们没有犹豫地宣布的措施。第二,即使对私营部门评估的领域,我们不犹豫地让他们理解,如果有任何政府能做的,我们会的。所以,有一个推动。第三,已经采取的措施经过很多考虑和经历很多咨询。
我们进行磋商以这样一种方式,它(的情况)可以一周或两周内回复。所以,衡量企业减税一样经过迭代,但在很短的时间内发生的。部门提出不同的问题,我们不只是听到坐在安静。我们提出了周期响应。有这个东西(行业)的崩溃,这都是注定的,但是我们(行业感到)方法,政府可以看到如果我们能得到一些回应。附加费的问题上,他们说“你赶走所有的投资者”,与未成年人,校准过程中修正,(是否确实是直接导致),可以看到,在过去一个月,我们有最高FPI流入。
多久之前的措施有影响吗?
现在一个常见的问题是“企业减税后发生了什么事”?投资增长吗?人们开始重新投资吗?让未来。我已经跟很多行业领导者说它只是在正确的时间。他们的书产生了重大影响,肯定是被决定新的投资。然后,人们说它不是显示在地上。它会显示…我宣布削减9月20日,行业需要时间在宣布重大投资决策。许多行业都向我们走来,说他们是痛苦的。 On liquidity, people felt it was not adequate because of systemic problems. I kept proving in the presence of Reserve Bank, with their concurrence, to say that there is no liquidity problem. Liquidity is there but we need to move it. For the flow of liquidity, deliberately, after due consideration, we took the call for an outreach. During Navratras, we did that and followed it during Diwali where I said: ‘It’s all not going to be in Delhi, Mumbai, Kolkata, it will be going to the rural areas’. I said banks should do it along with your local areanbfc。但是那些nbfc并不能够从银行获得流动性?我们要求的资产池和部分是由政府提供担保。所以我们co-origination想出了这个主意,穿过nbfc。
当私人银行、小型金融银行和小额信贷机构遇到了我,他们说他们的业务是好的和经济增长在15%到45%之间。谁正在访问贷款?在内陆地区。私人银行正闻着机会。
最高法院的裁决在Essar案件清晰关于破产和破产代码(IBC)?
有一些积极的发展IBC前与周五的最高法院的裁决Essar钢。预算会议期间,我们必须想出一个主要的修正案和发生在三天之内。媒体的叙事的方式NCLAT扭曲了IBC精神是不可接受的,我告诉秘书。昨天,我们也有最高法院的命令。我们看到IBC的合宪性,法律力量已建立和解释不能杀死原来的精神。,更重要的是,尤其是现在,我们已经有房地产行业的窗口,债权人委员会和他们的角色在这个判断给已经建立了一个决议。
看,银行将会有好处。资产负债表会健康。有余地我们相信下个季度银行绝对会更好。我们也确保NCLT和NCLAT不因要资源,解决专业人员,工作空间。我们照顾这一切。在一起印度储备银行我们花很多时间监控nbfc的情况,银行和我又非常高兴,几乎所有银行都及时纠正措施的框架。他们的健康有所改善,他们现在能够扩展支持的需求,政府让他们的经济利益。
我们看到后影响消费者信心的一些经济数据走了进来。这成为了一个循环。有消费者信心的变化吗?
如果没有办法被恢复消费者信心,你认为的数量已经由银行贷款在两个拓展项目吗?在第一轮81000卢比流出,第二是超过1十万的卢比。它是全国各地。第二,看二手车的收购方式。第三,汽车公司高管,大的,遇到我,我询问了他们的库存。至少两人说没有问题。不可能没有消费者信心。我没有达到第三个公司,但被告知整个股票出售和有一个2 - 3月等。有明显的迹象表明,消费者信心正在恢复。
有担忧收入。
销售税收入应该比上个月好。月度价格有时会导致一个扭曲的画面。在之间,有泄漏的担忧和弊端,但他们被炒作出来的。他们都是定期上网。
有争论消费数据…
争议数据不能为每一个数据。就业、镍钛Aayog和统计部门和首席经济顾问解释了为什么在印度,劳动力和有关统计数据是不健康的,你不能评论它。同一组的问题可能不适用于消费。政府自身意识到,有一些错误和决定,我们不应该释放它。
有问题印度储备银行的监管能力给出一系列问题从PNB IL&FS现在开始PMC银行。系统,他们似乎没有赶上警报。围绕合作银行和nbfc解决问题时,你还打算看监管问题吗?
我有与央行行长的讨论。我知道在印度有很多自省。他们也看到他们可以达到的速度。
你在看更多的步骤加快投资,解决繁琐手续?
改善系统、决策过程、现在显示。作为一个联邦体制,很多决策中心已发现滞后到达美国时,进一步下放到地方。当出现问题相关的生产要素,土地和劳动力,国家必须团结起来,他们中的许多人正快速移动。当地政府的下一层,有水和landrelated问题,围绕公路和铁路基础设施相关问题三相电连接需要解决的是你想要的东西。
我们可以预计今年印度航空和BPCL减持?
我们正在与我们的期望今年可以完成它们。事实是怎样的。
更多的公司明年的管道吗?
让我们获得第一笔清除。
你是直接在大选前处理“阵风”的讨论。SC执政满意度的问题?
伟大的满意度。因为带来的问题证明呼吁审查,没有发现任何优点在法庭上。当谎言(“阵风”)来自领导这一水平,引用来自其他国家的领导人,然后有选择性的媒体房屋和选择性泄露,空气很污浊。当然,法院一直保持冷静和平静,进问题的优点。我很高兴。
任何减免中产阶级在未来预算?
嗯,购房者是中产阶级。我们刚刚作出了一个重大宣布负担得起的住房。
评论
现在评论 阅读评论(1)所有评论
找到这个评论进攻?
下面选择你的理由并单击submit按钮。这将提醒我们的版主采取行动