Economy
India building predictable tax regime, Modi tells German investors
Prime Minister Narendra Modi said on Sunday that India was building a predictable, stable and competitive tax regime and the policies have been reformed towards more foreign direct investment.
 
In his addresss at the inauguration of Hannover Messe industrial fair, in which India is the partner country, he said India will play its role as an anchor of stability and a force for peace and stability in the world.
 
"We are building a tax regime that is predictable, stable and competitive. We will now address the remaining uncertainties," Modi said.
 
The prime minister said that his government was creating a stable economic environment that inspires confidence at home and abroad and German investors will find environment in India not only open but also welcoming.
 
"We have taken sweeping steps to reform our policies and open up more to foreign direct investments...We will make it easy to do business in India...The Goods and Services Tax is a long needed revolution that is becoming a reality," he said.
 
Modi said his government had resumed long stalled projects and it was adding new momentum to the country's economy.
 
"Our decision to be here in the first year of my government reflects our priority. (We) want to accelerate economic growth and create jobs," he said.
 
"India will do its part- as an anchor of economic stability; an engine for growth and as a force of peace and stability in the world," he added.
 
Modi also said India will endeavour to fuel its growth with "the cleanest and most efficient use of energy".
 
Earlier, Modi was welcomed by German Chancellor Angela Merkel at the Hannover Messe industrial fair, which is the world's largest industrial trade fair.

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India's February industrial output up 5%

The cumulative growth for April 2014-February 2015 stood at 2.8%, while the figure for the corresponding period of the previous fiscal stood at a negative 0.1%

 

Industrial activity in the country, measured in terms of the Index of Industrial Production (IIP), registered a 5 percent growth during February 2015 as compared to a 2.6 percent rise in the previous month.
 
The IIP grew by 1.7 percent during December 2014, while it increased by 3.8 percent in November 2014.
 
The IIP had declined by 2 percent in February 2014.
 
The cumulative growth for April 2014-February 2015 stood at 2.8 percent while the figure for the corresponding period of the previous fiscal stood at a negative 0.1 percent.
 
The gain in the month under review came mainly due to the higher output of manufacturing and mining sectors.
 
In February, the manufacturing sector grew by 5.2 percent from a decline of 3.9 percent in the corresponding month of 2014.
 
The mining sector grew by 2.5 percent from an increase of 2.3 percent in the corresponding month of last year.
 
However, electricity sector rose 5.9 percent against the 11.5 percent increase in February 2014.
 
Cumulatively, the manufacturing sector grew by 2.2 percent in April 2014-February 2015 from a decline of 0.7 percent in the corresponding period of 2013-14.
 
The mining sector grew cumulatively by 1.5 percent and electricity sector rose 9.1 percent.
 
Manufacturing of basic, capital, intermediate, consumer and consumer non-durables goods showed growth during the month under review. Production of basic goods grew by 5 percent, while capital goods was up 8.8 percent, intermediate goods rose by 1.1 percent.
 
Consumer goods production growth in the month under review was up 5.2 percent, while consumer non-durables goods zoomed by 10.7 percent.
 
However, consumer durables goods production declined by 3.4 percent.
 
Overall, 15 out of the 22 industry groups in the manufacturing sector have shown positive growth during the month under review.
 
Segment-wise, growth was witnessed in air conditioners (27.4 percent), carbon steel (27.4 percent), aluminium conductors (27.9 percent), PVC pipes and tubes (44.9 percent)apparels (52.5 percent), stainless steel (57 percent), cable rubber insulated (63.5 percent), polythene bags (131.6 percent) and leather garments (151.8 percent). 
 
Segment-wise, high negative growth was reported in CR sheets (- 21.7 percent), generators (- 28.7 percent), boilers (- 28.8 percent), tractors (- 29.8 percent), tractors (- 42.6 percent), computers (-51.5 percent), and telephone instruments including mobile phones and accessories(-51.5 percent) and electric sheets (-53.9 percent).
 

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Subramanian Swamy warns PM Modi about signing Rafale deal
Warning the government against signing a deal to purchase the Rafale aircraft, Dr Swamy said if at all the Modi government is really so keen, then it should buy Dassault, the company which makes Rafale warplanes. Dr Swamy alleges that the Rafale deal had been privately negotiated between two sisters of Sonia Gandhi and Carla Bruni, the wife of the former French President
 
Dr Subramanian Swamy has asked Prime Minister Narendra Modi not to sign any deal with French company Dasault for buying Rafale warplanes. "Dassault will go bankrupt if no country buys the Rafale and therefore if we want to oblige the French it is better to buy Dassault company itself rather than their planes, as it will be more beneficial and cost effective," Dr Swamy said in a statement.
 
Warning that he may have to file a public interest litigation (PIL), if, "the Prime Minister for some other compulsion anyway decides to go ahead with the deal”, Dr Swamy also levels some serious allegations about how the deal had been negotiated with the previous government. 
 
Here is the statement issued by Dr Swamy...
 
 
April 10, 2015.
 

 

STATEMENT OF DR. SUBRAMANIAN SWAMY,

PRESIDENT OF VIRAT HINDUSTAN SANGAM

MADE IN NEW DELHI.

 
I urge the Prime Minister not to finalize the Rafale Aircraft Deal with France.  The deal originally was negotiated by the previous UPA Government.  
 
There are two major issues with the Rafale Aircraft Deal which if clinched would embarrass the BJP Government at the Centre.  The first is that Rafale is a less fuel efficient aircraft and lacking in essential performance characteristics because of which no country in the world has agreed to buy these aircrafts.  Some countries have cancelled contracts after signing an MoU with Dasault, the manufacturers, after carrying out a trial of the plane, for example, Switzerland.
 
The Rafale performance of Libya and Egypt turned out to be worst of all the aircrafts which were deployed by the allies liberating the countries from tyranny.
 
  The second issue is that the present Rafale Deal negotiated was de-facto a privately negotiated deal between the wife of the former French President Ms Carla Bruni, who is an Italian with two Italian sisters of Ms Sonia Gandhi, namely Ms Anushka and Ms Nadia, and is a corrupt deal to the core.
 
Dasault will go bankrupt if no country buys the Rafale and therefore if we want to oblige the French it is better to buy Dasault company itself rather than their planes, as it will be more beneficial and cost effective.
 
If the Prime Minister for some other compulsion anyway decides to go ahead with the deal, then I will have no option but to approach the Court in a PIL to get it set aside.
 
(SUBRAMANIAN SWAMY)
 
 
Dr Subramanian Swamy will be in Mumbai on 24th April to address a seminar organised by Moneylife Foundation on the Black Money Bill. Click here for more details

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COMMENTS

ak

2 years ago

Clearly there is an invisible hand controlling the govt. BJP or Congress they are just illuminati puppets

ak

2 years ago

It is now very evident that there is indeed an invisible hand that controls the govt. Doesn't really matter who is in "power".

rihanahmad

2 years ago

Dr Swamy is an artist . All that he does is simply to catch headlines . To impute that the govt has a vested interest in the Rafael deal , without knowing the details of the deal and then to tell the govt to buy Dassault (as if the French will allow such a high grade technology company to be sold ) is an insult to the intelligence . Earlier also he has said similar eye catching things with no basis . I remember him saying that Rahul Gandhi is fleeing India as he has bought a flat in Dubai.

CR KRISHNAMURTHY

2 years ago

The Government of the day has no option but to check the veracity of the claims of Dr. Swamy. It shouldbe correct as could be seen by the toughness with which the statement is made. Denial of a cabinet berth, particularly Finance, could have made Dr.Swamy to work like this to win the 'confidence' of PM.

SuchindranathAiyerS

2 years ago

Service men have far too exalted an opinion of India's higher judiciary. They should remember what happened to General V.K.Singh's date of birth case. India's Courts, like India's Constitution and laws slice and dice "Justice" by caste, tribe, religion, gender, influence and wealth in their own good time. By proscribing them from approaching the High Courts, the law spares them a lot of expense, time and humiliation. India is about "who" never about "what". Show me the person, and I shall show you the law.

rihanahmad

2 years ago

Dr Swamy is at it again. He is a known baiter now given to soft blackmailing . Pl take out all his statements and publish them . He was a visiting professor at Harvard , till the students themselves threw him out for his narrow and self serving views . If PM gives him a berth then all his opposition will disappear .

Sarin Thomas

2 years ago

I am not understanding why money life want to promote such an idiotic,narrow minded, castiest person.Who still boasts about his cast in this 21st century, who shows extreme religious bigotry.

REPLY

Babubhai Vaghela

In Reply to Sarin Thomas 2 years ago

Better to concentrate on the objective aspect of the issue raised here rather than talking about any individual.

http://timesofindia.indiatimes.com/news/...

BTW : Whether BJP PM is Racial Discriminator?

tk

2 years ago

Great Mr.swamy just carry on, You are realy A TRUE INDIAN who has a voice irrespective of party lines.& I really respect your voice
Otherwise know a days people use to show indianness by putting the photo of Great bhagat singh behind them in TV show

Babubhai Vaghela

2 years ago

Hope, President of India Mr Pranab Mukherjee prevails over BJP Govt to not proceed with the corrupted deal whether Mr Swamy files PIL or not.

B. Yerram Raju

2 years ago

The country at the present moment cannot afford the luxury of buying Dasault but has to plan for a future such intervention setting aside prejudices and predilections in the political agenda.

Suketu Shah

2 years ago

I am sure Namo has taken Dr Swamy's opinion on this into acount in the past before arriving at this decision.The need to get 36 planes is more important than the fact that Sonia negotiated.I am sure Namo respects Dr Swamy a lot.Sometimes to go 1000 steps forward you have to go 1 step back.

REPLY

Babubhai Vaghela

In Reply to Suketu Shah 2 years ago

Subramanian Swamy does not seem to be anybody for Narendra Modi who continues to act in absolutely arrogant manner.

Pantulu

2 years ago

It is better to listen to Dr.Swmy and get an expert technical advice before plunging into such deals cleared by the earlier govt known for all types of scams.There is no need to oblize anyone if it does not suit the requirements of the country specially when we say there is no money even for relatively more important works like laying good roads and providing water.

Pantulu

2 years ago

It is better to listen to Dr.Swmy and get an expert technical advice before plunging into such deals cleared by the earlier govt known for all types of scams.There is no need to oblize anyone if it does not suit the requirements of the country specially when we say there is no money even for relatively more important works like laying good roads and providing water.

Suketu Shah

2 years ago

100% right Dr Swamy is.

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