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Appropriate action to tackle economic slowdown soon: Jaitley

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New Delhi, Sep 21 (IANS) Finance Minister Arun Jaitley on Thursday said that the government was analysing the economic situation amidst an economic slowdown and “appropriate action” would be announced soon to address the issue.

“From day one, this is a proactive government. We are analysing the economic indicators and appropriate action will be taken at right time. There is a problem of private investment. Government has seized the issue. Very soon you will hear from us,” Jaitley said here while addressing the second “India Investor Summit” organised by J.P. Morgan.

“Banks have done excessive lending in the past. Proposal of capital adequacy of the banks is also on the table,” he added.

Jaitley had chaired a high-level meeting on September 19 to review the economic situation and discuss measures. The meeting was attended by Railway Minister Piyush Goyal, Commerce Minister Suresh Prabhu, Chief Economic Advisor Arvind Subramanian and Secretaries in the Finance Ministry — Ashok Lavasa, Subhash Chandra Garg, Hasmukh Adhia, Rajiv Kumar and Neeraj Kumar Gupta.

The government is said to be considering a financial stimulus package following a sharp fall in latest key macro indicators such as the gross domestic product (GDP) and industrial production as well as a widening current account deficit.

Pulled down by sluggish manufacturing, growth in the Indian economy in the first quarter of this fiscal fell to 5.7 per cent, clocking the lowest GDP growth rate since Narendra Modi took power in May 2014.

Talking on divestment, Jaitley said that the government had an ambitious target in the current fiscal.

“Even today (on Thursday), we have Air India divestment meeting. In the last few years, the market was quite volatile at times, so the government had to wait for the right time for divestment. As far as divestment is concerned, we never had any reservations about privatisation,” he said.

Touching upon the issue of technical glitches under the Goods and Services Tax (GST), the Finance Minister advised the traders to file their returns four to five days in advance before the due date to avoid last minute problems.

As far as bringing more items under the GST is concerned, he said that real estate would be the most easy to bring in.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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