Finance Minister News
RBI will take appropriate steps to keep inflation in a range, Sanjeev Sanyal, Member of the Economic Advisory Council to the Prime Minister. Sanyal pointed out that in several countries inflation is much higher. Finance Minister last week said inflation management can`t be singularly left to monetary policy.
Sitharaman on Friday urged women entrepreneurs and corporate leaders to take up leadership roles in large numbers. According to data, the average number of women on boards of domestic companies was 1.03. She said globally it proved that companies with more women leaders on their boards are more profitable and more inclusive.
The FDI inflow in 2020-21 was USD 81.72 billion compared to USD 74.9 billion in the preceding financial year. She said the government did not resort to taxes for resource mobilisation and no tax was increased to fund the economic recovery. Sitharaman also highlighted that the war between Russia and Ukraine is affecting all countries like the pandemic had.
The EPFO has proposed cutting down the interest rate on provident fund deposits from 8.5 per cent in 2020-21 to 8.1 per cent for 2021-22. On excess spending approval being sought, she said that the government has borne higher cost of urea, and not passed it on to farmers. She further said that Rs 5,000 crore is proposed for recapitalisation of state insurance companies in the third batch of supplementary demands for grants.
The event is being organised by the Department of Investment and Public Asset Management (DIPAM), in collaboration with NITI Aayog. The apex level consultative post-Budget webinar will see participation from 22 ministries and senior management from PSEs. Finance Minister will also give her address in the concluding session of the webinar.
It can be noted that Congress leader Rahul Gandhi has repeatedly called the GST 'Gabbar Singh Tax'. Gandhi has blamed the GST as among the reasons for the decline in economic growth. Revenue Secretary Tarun Bajaj said the GST is a very interesting thing where neither the states nor the Centre can decide and the decisions are basis a committee system which evaluates the process.