Citizens' Issues
Centre promises all support to develop Mumbai as a Global Financial Hub

According to Venkaiah Naidu, providing basic infrastructure is the main challenge and the government's focus should be on drinking water, sanitation, solid waste management, affordable housing, slum redevelopment and a good public transport

 

Promising the wholehearted support of the Indian government to develop Mumbai as a Global Financial Hub, Venkaiah Naidu, the union Urban Development Minister, Friday asked the Devendra Fadnavis Government to focus on 'Basics First'.  
 
Speaking at the valedictory function of the Mumbai Next Summit, Naidu said, "Urbanisation is a reality. We have the main challenge of providing basic infrastructure for the people in urban areas. The focus should be on drinking water, sanitation, solid waste management, affordable housing, slum redevelopment and a good public transport."  
 
He said the Ministry of Urban Development will extend all support to the Government of Maharashtra in all the areas listed above. 
 
The Minister said public transport needs to be strengthened on priority. "More cars on the streets may be a symbol of prosperity, but it creates great congestion."  
 
He said Mumbai had many firsts to its credit including the first bus service and the first suburban train service, but observed that today its local train service was under great strain.  "The city has only 11kms of Metro corridor, as compared to 120kms in Delhi, where another 150kms are being added," said Naidu.
 
Maharashtra Chief Minister Devendra Fadnavis gave details of reform measures initiated by his government and stressed on making Maharashtra an easier destination to do business.  He said the coastal road project and the Mumbai Trans-Harbour Link would be completed over the next two-three years.  
 
The Urban Development Minister stressed on simplification of approvals and said there should be no 'man-to-man contact' as it tends to breed corruption. "All the processes should be made online and third party inspection should be mandatory," he said.  
 
However, the Minister added that overnight miracles cannot be expected as India was a democracy and everyone had to be taken along "It is a step by step process" he said. 
 
Naidu asserted that the investment climate in the country had improved for the businessmen and inflation had come down bringing cheer to the common man. Defending his government's resolve of creating a pro-business environment in the country, Naidu said "some people call us 'pro-business'. What is wrong in being pro-business?  It is the businessmen who create wealth in the country, and if no wealth is created, what will you distribute under welfare programmes?" 
 
The Minister called for greater participation of private sector in infrastructure development programme of the country. He said public-private partnership - PPP is the only sustainable model to go ahead.
 
Earlier, Union Minister of State for Finance, Jayant Sinha said financial services, being high value sector can be a leader in wealth creation.  He said, since Mumbai accounted for 50-60% of market capitalization it was best suited to become the Global Financial Hub. "There are certain regulatory and taxation issues which need to be addressed and there is no reason to doubt why BKC cannot become the next Canary Wharf," he added.
 

User

FM Jaitley hints at reform-packed Budget, cutting of expenditure

Jaitley said the Budget will focus on reforms in power, energy, railways and ports and also hinted at more public investment into these sectors

 

Ahead of the Union Budget, Finance Minister Arun Jaitley Friday hinted at more reforms for faster economic growth and rationalisation of expenditure, saying the government does not believe in living on borrowed money.
 
"We're trying to rationalise expenditure as far as the government is concerned because we do not want the government to live on borrowed money indefinitely. The whole concept of spending beyond your means and leaving the next generation in debt to repay what we are overspending today is never prudent fiscal policy," he said.
 
The statement comes on the heels of the government already touching 99% of market borrowing plan estimated in the Budget, as of end November -- four months ahead of the end of the financial year on 31st March.
 
Addressing a gathering of top industrialists and planners through video conferencing at an event -- 'Mumbai First: Turning the city into an international finance hub' -- Jaitley hinted that the 4.1% deficit target will be met as also at more cuts in the planned expenditure.
 
After taking over the charge eight months ago, Jaitley already had reduced planned spending by 10% and since the tax mop up has not been pacing as planned, it has been reported that more cuts are on the way.
 
The minister also hinted at stable tax regime to be unveiled in the Budget, saying no unfair effort will be made the state and the Centre to mop up revenues.
 
"Our taxation policy was not exactly investor friendly. In the last few months, we have made a huge effort to smoothen tax disputes and those issues, which were bringing the Indian revenue structure a bad name.
 
"I've always believed that where taxes are to be paid, taxes will be collected, but no unfair effort will be made by the state so that investors are unnecessarily harassed in that area," he said.
 
The government recently decided not to appeal against the Bombay High Court verdict in favour of British telecom major Vodafone in a Rs3,000 crore transfer pricing case.
 
The Finance Minister said the Budget will focus on reforms in power, energy, railways and ports and also hinted at more public investment into these sectors.
 
Besides, not even 50% of the target from the divestment proceeds has been met so far.
 

User

BSE to shift 53 scrips to restricted trade segment
Era Infra Engineering, FCS Software Solutions, Intrasoft Technologies and Shri Lakshmi Cotsyn are among the scrips to be shifted to restrictive trading 'T' segment
 
Indian bourses BSE and National Stock Exchange (NSE) have decided to shift shares of 53 and eight companies, respectively, to restricted trading segment from 10th February. 
 
BSE has decided to shift stocks of 53 companies, while NSE will move scrips of eight companies to the restricted trading segment from next week to ensure safety in capital markets and safeguard the interest of investors. 
 
Stocks that would be transferred on both the bourses include Era Infra Engineering, FCS Software Solutions, Intrasoft Technologies and Shri Lakshmi Cotsyn.
 
In two separate circulars, BSE and NSE said it would be shifting 53 scrips and stocks of eight companies, respectively to the trade-for-trade or the 'T' group segment.
 
Under the trade-for-trade segment, no speculative trading is allowed and delivery of shares and payment of consideration amount are mandatory.
 
The decision is part of a surveillance review to ensure market safety and safeguard the interest of investors, the bourses said.
 
"Trading Members should note that transfer of scrips for trading and settlement on a trade-to-trade basis is purely on account of market surveillance measure and it should not be construed as an adverse action against the company," the bourses said.
 
"Further, this is a temporary measure and will be reviewed periodically depending on market conditions," they added.
 
Besides, BSE and NSE also issued a list of stocks that would continue in the trade-for-trade segment on their respective platforms.
 
While BSE has identified 206 companies whose securities will remain under restricted category, NSE has listed nearly 80 companies.
 

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)