Finance Minister Arun Jaitley Sunday said minimising bad loans alone can ensure adequate credit flow to small businesses and the troubled NBFCs and also help take care of the liquidity concerns in the market,signalling a thaw in its fraught ties with the Reserve Bank.
The GST implementation was a "monumental reform" which had disruptions impact on growth only for two quarters, Finance Minister Arun Jaitley said, hitting out at "critics and cynics" who blame it for hurting the GDP expansion.
The disinvestment department will soon come out with guidelines for sale of 'enemy shares' after consulting enforcement agencies of the revenue department, which have experience in auctioning confiscated properties.
The Union Cabinet approved the mechanism and procedure for sale of over 6.5 crore "Enemy Shares" lying unutilised since 1968.
The finance ministry said that GST refund of Rs 82,775 crore to exporters has been cleared as on October 31, which is 93.8 per cent of the total such claims with the tax authorities.
Hitting back at the Opposition for criticising demonetisation, Finance Minister Arun Jaitley said the "prophets of doom" have been "conclusively proved wrong" with India retaining its position as the fastest growing economy for the fifth year in a row.
On the second anniversary of demonetisation, the Congress alleged it was the "biggest scam" of independent India that should be probed and asserted that the people will punish Prime Minister Narendra Modi for his "wreckless decision".
India’s finance minister said that Mastercard (MA.N) and Visa (V.N) were losing market share to domestic payments networks, months after Mastercard complained to the U.S. government that Indian Prime Minister Narendra Modi was using nationalism to promote a local rival.
The BJP fired off 10 questions to the Congress on second anniversary of demonetisation, asking why its finds merit in protesting every "anti-corruption" measure of the Narendra Modi government and accusing it of "living in denial" despite a surge in GDP numbers.
The Modi government's "disastrous demonetisation" devastated crores of people dependent on daily cash transactions and helped to convert black money into white, the CPI-M said.