Arun Jaitley press briefing LIVE updates: Finance Minister Arun Jaitley will maintain a press briefing right now the place he’s more likely to handle numerous points together with the rising gasoline costs particularly after a last-minute assembly with oil minister Dharmendra Pradhan final night
Arun Jaitley press briefing LATEST updates: Until now, eight states have decreased gasoline costs. However the Congress has stated that the transfer is sort of a ‘band support on a deep wound’.
Assam, Jharkhand and Chhattisgarh have additionally decreased gasoline costs by Rs 2.50 per litre.
P Chidambaram known as the minimize in gasoline costs ‘belated’ motion taken by the federal government.
The Maharashtra authorities introduced discount in costs of petrol and diesel by Rs 2.50 per litre, which can give shoppers within the state a aid to the tune of Rs 5 a litre.
The announcement was made by Chief Minister Devendra Fadnavis quickly after the central authorities introduced minimize within the costs of petrol and diesel by Rs 2.50 per litre.
Finance Minister Arun Jaitley introduced a minimize of Rs 2.50 in gasoline costs in a press briefing held on Wednesday. Saying the worth minimize on Thursday, Jaitley stated that the minimize in Rs 2.50 in gasoline costs, embrace a Rs 1.50 discount in excise obligation whereas OMCs will must bear the minimize of Re 1.
The press briefing had taken place after a last-minute assembly with oil minister Dharmendra Pradhan final night.
File picture of finance minister Arun Jaitley. Reuters.
Jaitley had met Pradhan to have a look at choices to mitigate the impression of rising gasoline costs on the financial system, sources conscious of the dialogue stated.
The 2 ministers met final night amid considerations of excessive gasoline costs including to farmers’ misery, notably within the upcoming Rabi crops season, sources stated.
Diesel, which is being bought at report excessive costs, is essentially the most used gasoline within the farm sector. Tractors tilling the soil to irrigation pump units – all use diesel, and a spike in its costs is sure so as to add to the fee value of farming.
The 2 ministers are believed to have mentioned choices to mitigate the impression of rising worldwide oil costs and rupee dipping to new lows.
Amongst different matters, the rise in gross tax collections of the primary half of the monetary 12 months, which had been launched earlier right now, is more likely to be a key focus of the the finance minister briefing.
In response to the ministry, provisional figures of direct tax collections as much as September, 2018 (Half-yearly figures) present that gross collections are at Rs 5.47 lakh crore, which is 16.7 % increased than the gross collections for the corresponding interval of final 12 months.
Direct Tax Collections for the Monetary Yr 2018-19 as much as September, 2018 (Half-yearly figures) present that gross collections are at Rs. 5.47 lakh crore which is 16.7% increased than the gross collections for the corresponding interval of final 12 months.
— Ministry of Finance (@FinMinIndia) October 4, 2018
The briefing has additionally come on the day when the finance ministry reported enhance within the credit score development figures for the primary quarter of the present monetary 12 months 2018-19 in addition to a 16.7 % development in gross tax collections, which had been launched earlier right now. In response to the ministry, the Indian banking business witnessed a credit score development of 13.5 % with 12.5 % enhance in development in lending to the agriculture sector and a ten.5 % enhance in development in lending to MSMEs.
There’s appreciable enhance in general Credit score Progress in Q1 of the Present Monetary Yr 2018-19 together with in Agriculture and MSME Sector : pic.twitter.com/iZ9RVzIMPd — Ministry of Finance (@FinMinIndia) October 4, 2018
With the newly constituted IL&FS board assembly being held right now for the primary time to thrash out a turnaround plan, the minister is more likely to Face questions on that as properly.
The federal government had seized management of the debt-trapped firm Monday in a Satyam Laptop fashion takeover and outdated its board and appointed a brand new one led by banker Uday Kotak. An official on the finance ministry had advised PTI that the the precedence for the board can be to evaluate the corporate’s monetary scenario and report the identical to the federal government over the following 15 days.
The federal government has additionally ordered an investigation by the Critical Fraud Investigation Workplace into the affairs of group and its over 160 subsidiaries, the supply added.
The official additional stated the board will look into long-term money owed of the corporate and discover out choices to restructure the identical.
“There’s a want to check out the short-term and long-term debt of IL&FS and the viability of servicing them. The board will take a holistic view and supply a viable decision plan,” the official stated.
One of many focus areas for the board can be to seek out methods to boost money by promoting property, stated one other supply.
Even lenders to the debt-laden firm are awaiting the result of the board assembly to take a call on offering additional funds to the corporate.
Town-headquartered engineering and long-term infra lending conglomerate owes over Rs 91,000 crore to lenders however has been on a defaulting spree since 27 August.
With inputs from PTI
