Highlights: Cabinet approves PSB capitalisation plan of Rs 2,11,000 crore

Earlier in the day, Arun Jaitley said the government waived the penalty for filing late returns for the months of August and September, and the money already paid as penalty will be credited back to businesses.

india Updated: Oct 24, 2017 18:03 IST
HT Correspondent
Union finance minister Arun Jaitley addresses media in New Delhi.
Union finance minister Arun Jaitley addresses media in New Delhi.(ANI Photo)

Finance minister Arun Jaitley said on Tuesday the Indian economy is on a strong wicket with sound macro-economic fundamentals.

At a press briefing to detail state of the economy, he said India has been the fastest growing major economy for the last three years and the attempt is to maintain high growth rate in coming years.

Below are the highlights:

5:42pm: No one has authentic data about job loss post demonetisation and GST, says Jaitley.

5:34pm: Not only the names, the photos of willful defaulters can also be published, says Jaitley

5:33pm: There is no embargo as far as names of willful defaulters are concerned; there is no veil of secrecy, says Jaitley

5:32pm: There is no course correction. High infrastructure spending has been a consistent path of this govt, says Jaitley

5:28pm: Part of capital of PSU banks to come by raising funds; to decide nature of recapitalisation bonds in due course: Jaitley

5:20pm: After today’s cabinet meeting it was decided that the govt needs to take a bold step to tackle this problem, says Jaitley

5:19pm: Post demonetisation, public sector banks have various means for lending but capital adequacy is needed, says Jaitley

5:18pm: Between 2008-2014, there was a major chunk of indiscriminate lending by public sector banks which is NPAs; NPAs were kept under the carpet for long, says Jaitley

5:15pm: There is a need to increase public spending, says Jaitley

5:10pm: Cabinet has approved unprecedented PSB capitalisation plan of Rs 2,11,000 crore, says banking secretary

5:08pm: The stronger banks are the need of the hour: Rajiv Kumar

5:05pm: Having recognised NPAs transparently, this is the time for take off, says banking secretary

5:02pm: Various capital infusion measures taken by govt to ensure health of Public Sector Banks, says banking secretary

4:59pm: Banking secretary says NPAs increased from 37% in March 2014 to 82% of the restructured assets in June 2017

4:55pm: Fundamentals of the economy are very strong, says banking secretary Rajiv Kumar

4:50pm: About 2000 km of coastal roads to be constructed in Phase I of Bharat Mala, says finance secretary Lavasa

4:48pm: Border road connectivity to be strengthened, enhancing national security, says finance secretary

4:45pm: Inter-country trade to be facilitated by improving infra leading to border points, says finance secretary

4:42pm: A historic decision has been taken regarding road construction. The biggest component of our road building programme is BharatMala, says Lavasa

4:40pm: Effective and targeted government spending is the main priority of government, says Lavasa

4:38pm: Finance secretary Ashok Lavasa says there has been a big push to public spending

4:36pm: Very soon GST is going to contribute o the growth story of the country, says economic affairs secretary

4:35pm: The GDP growth story has attracted a lot of attention, says Garg

4:32pm: Economic affairs secretary says inflation has consistently come down since 2014, current account deficit (CAD) is also very low

4:30pm: Secretary of economic affairs Subhash Garg is giving a detailed presentation on fundamentals of Indian economy

4:29pm: Macroeconomic fundamentals are strong. Yet some areas need a boost, says finance minister

4:28pm: When results of the GDP of the first quarter came out then I had said that we will be ready for the response: Jaitley

4:26pm: There have been lot of discussions and reviews of the economy in the past few weeks within the ministry: Jaitley

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