In September 2013, FMC was brought under the Finance Ministry.
Mergers and acquisitions would continue to create big corporate conglomerates but there is a need to draw a red line to avoid dominance and curbing of open competition in market by them, he said while addressing a conference on competition issues in New Delhi.
Jaitley said there was a need for the banking sector to fund infrastructure and manufacturing sectors to support the ambitions of higher growth.
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The minister was speaking at a review meeting of Principal Chief Commissioners, Principal Directors General, Chief Commissioners of I-T in New Delhi on Thursday in order to assess the revenue collection target for 2014-15 fiscal.
'Reports in a section of media regarding Union Minister Shri Arun Jaitley's health condition are false and baseless. Media is advised to stay clear of rumour mongering,' Government Spokesman Sitanshu Kar tweeted.
During his first Union Budget in July 2014, former finance minister Arun Jaitley announced the setting up of an institution called 3P India, with an allocation of Rs 500 crore. The intention was to mainstream public-private partnerships (PPPs) in India. The plan was to bring together the capacities of the government and private sector to push PPP projects.
FinMin has already sought inputs from different central ministries for the Budget speech, which would be the last Budget of the current BJP-led NDA government before the 2019 general polls.
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Finance Minister Arun Jaitley on Sunday said there is no 'disconnect' between the two.
'Consolidation was part of the Indradhanush package.'
Opposition on Tuesday claimed that Prime Minister Narendra Modi has signalled to Finance Minister Arun Jaitley to quit in the wake of DDCA row.
The minister announced an overall allocation of Rs 1.38 lakh crore for 2018-19 from Rs 1.22 lakh crore in current fiscal on health, education and social security.
It is unfair to expect Mr Jaitley to perform miracles with the Centre's straitened finances.
Sinha hailed Kirti Azad as 'hero of the day', takes a dig at BJP saying 'party with a difference has become party with differences'.
Finance Minister Nirmala Sitharaman will set a record by presenting the sixth Budget in a row -- 5 annual Budgets and one interim -- a feat achieved so far only by former Prime Minister Morarji Desai. With the presentation of interim Budget on February 1, Sitharaman will surpass the records of her predecessors like Manmohan Singh, Arun Jaitley, P Chidambaram, and Yashwant Sinha, who had presented five budgets in a row. Desai, as Finance Minister, had presented five annual Budgets and one interim Budget between 1959-1964. The interim Budget 2024-25 to be presented by Sitharaman on February 1, will be a vote-on-account that will give the government authority to spend certain sums of money till a new government comes to office after the April-May general elections.
"There will be some challenges" in the switchover to GST in the short term, Finance Minister Arun Jaitley has warned.
Jaitley also said the government will soon unveil reforms for other natural resources sectors along the lines of coal block auctions.
India must carry on structural reforms, the finance minister said.
If Jaitley is finalised for the First Citizen's post, Modi will have scored two strategic goals, reports Rajeev Sharma.
Officers from various departments including the finance ministry to be part of rehearsal event
Finance Minister Arun Jaitley on Friday hinted at not raising tax rates and providing incentives for manufacturing.
Jaitley's tenure as defence minister saw clearance of a number of big ticket reform measures and simplification of military acquisition process.
On Thursday, Finance Minister Arun Jaitley announced a salary hike for the President and Vice President of India while making his Budget speech. Currently, President Ram Nath Kovind gets Rs 1.5 lakh per month while Vice President Venkaiah Naidu gets Rs Rs 1.25 lakh. Jaitley announced that as per the revisions the president and vice president would receive Rs 5 lakh per month and Rs 4 lakh a month respectively. Rediff.com takes a look at the salaries of other world leaders and sees how India stacks up in comparison.
Prime Minister hailed the Budget, saying it's practical, positive.
"Finance Ministry and RBI keep talking all the time," Rajan said.
Never before in post-reforms India have Union Budgets seen a steady reduction in fiscal deficit for five consecutive years, points out A K Bhattacharya.
The first to bowl was Ramesh, who called Jaitley a "master spinner of facts".
Jaitley in his Facebook post titled: 'Who killed the Sohrabuddin Investigation' said that those who have recently shown a belated concern for institutional independence, "should seriously introspect as to what they did to the CBI when they were in power."
This will be the first full-year Budget of the BJP-led National Democratic Alliance government since it came to power for a third consecutive term in July last year.
States also demanded that Budget for 2015-16 should make adequate provisions for central sales tax compensation for early roll out of Goods and Services Tax, a Constitutional Amendment Bill for which was tabled in the Lok Sabha last week.
The Bharatiya Janata Party leader Arun Jaitley on Thursday accused Prime Minister Manmohan Singh of "blatantly interfering" in CBI's functioning.
'GST will increase the volume of taxation, there is no tax on tax and therefore makes goods, commodities and services little cheaper and far more convenient.'
Union Finance Minister Arun Jaitley on Sunday said that the Bihar Chief Minister Nitish Kumar who at a point was fighting against 'jungle raj' (lawlessness) in Bihar, is now sitting in the lap of Rashtriya Janata Dal chief Lalu Prasad Yadav and aiding it.
The government's top leadership was happy with Prabhu's Budget.
To curb the black money problem, Jaitley said that India would be entering into bilateral pacts with Switzerland and other countries for automatic exchange of tax information.
"The fourth quarter results of GDP data showed a phenomenal 7.7 percent growth rate and has established India firmly as the fastest growing global economy. This trend, according to experts, is likely to continue for the next few years," Jaitley said in a Facebook post.
President Ram Nath Kovind, Vice President Venkaiah Naidu and other top leaders paid rich tributes to senior Bharatiya Janata Party leader and former Finance Minister Arun Jaitley, who died on Saturday.
Indian markets on Thursday shrugged off any negative impact.
Earlier, the RBI cut its policy interest rate to 6.75 per cent.
As part of the long-standing ritual, the sweet dish is prepared in a large vessel and consumed by a large number of official and support staff who are required to stay in the North Block office till the presentation of the Budget, which is February 28 this year.
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