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Finance Minister
.Finance Minister Nirmala Sitharaman has said that the India-US trade negotiations will soon take the form of an agreement. He said that the progress of the talks was very good and would be completed earlier than expected. Earlier, there was no talk about it during Prime Minister Narendra Modi’s visit to America. During that time, many screws were involved in the negotiations. The US wants India to make the market available for its stents and knee implants for medical devices, ICT products and dairy by removing the price cap. India is also trying to save its domestic market. The Finance Minister said that India wants a fair and reasonable settlement, keeping in mind the concern of the US trade deficit.
In a lecture held at Columbia University in the US, Sitharaman said that India’s Commerce Minister Piyush Goyal and US Trade Representative Robert Lighthizer are trying to resolve trade differences. Soon this dialogue will reach a better outcome. Due to the US First Policy of US President Donald Trump, there was tension between the two countries regarding trade. Trump had even called India a tariff king.ADVERTISING
Sitharaman responded to the remarks of Nobel-winning economist Abhijit Banerjee, saying that the government was insisting on increasing consumption. Ground level work is done with the help of financial companies and banks. Significantly, Abhijeet Banerjee recently said that the Indian economy is going through a crisis. He said that it is more important to increase demand than monetary stability. The Finance Minister said that investment in infrastructure will boost consumption. The government had announced to invest Rs 100 lakh crore in this sector during the budget.
anks suffered the most during the tenures of Manmohan Singh and Raghuram Rajan: Finance Minister Nirmala Sitharaman has said that the performance of Indian banks has been the worst during the tenures of former Prime Minister Manmohan Singh and RBI Governor Raghuram Rajan. He said that during the tenure of Raghuram Rajan during the UPA government the NPAs of banks had increased a lot. Due to the increased NPAs, the condition of the banks was shattered, their government is trying to cure the sick banks.
The finance minister said that during Rajan’s tenure, loans were disbursed through just one phone call made by the leaders, which resulted in losses to public sector banks. Banks today face the government to recover from their losses. Government banks are currently struggling with a serious NPA problem. In August this year, the government announced a grant of Rs 70,000 crore to these banks.
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