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The government has rolled out a model <keyword id="3321887" type="UNKNOWN" weightage="60" keywordseo="Agricultural-Land-Leasing-Act">Agricultural Land Leasing Act</keyword>, 2016 that would legalize leasing of land in India. This aims to promote agricultural efficiency, equity and poverty reduction. The model will overrule any other existing Act and would be effective from the date of notification by the respective state. 
 As per the Act, the land owner can now legally enter into a lease contract with the tenant for use of his/her <keyword id="6491949" type="UNKNOWN" weightage="40" keywordseo="agricultural-land">agricultural land</keyword> for <a href="http://www.businessinsider.in/searchresult.cms?query=agriculture&amp;sortorder=effectivedate">agriculture</a> and allied activities for a specified period for a consideration based on an agreement with terms and conditions mutually agreed by the owner and the cultivator. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=agriculture&amp;sortorder=effectivedate">Agriculture</a> and allied activities would include raising of crops including food and non-food crops, fodder or grass; fruits and vegetables, flowers, any other horticultural crops and plantation; animal husbandry and dairy; poultry farming, stock breeding; fishery; agro forestry, agro-processing and other related activities by farmers and farmer groups. 
 
The T Haque-led committee, set up under <a href="http://www.businessinsider.in/searchresult.cms?query=NITI+Aayog&amp;sortorder=effectivedate">NITI Aayog</a> last year has formed this Act. It’s being seen as a savior for the government’s failure to enact the <a href="http://www.businessinsider.in/searchresult.cms?query=Land+Acquisition+Act&amp;sortorder=effectivedate">Land Acquisition Act</a>, 2013 passed in Parliament. 
 
Image credit: Indiatimes

Modi govt. launches its biggest land reform, legalizes land
leasing

A huge 36.5% increase in <keyword id="2593749" type="UNKNOWN" weightage="100" keywordseo="Indirect-tax-revenues">indirect tax revenues</keyword> has led to growth in manufacturing sector which is a key driver of the economy, Finance Minister <a href="http://www.businessinsider.in/searchresult.cms?query=arun+jaitley">Arun Jaitley</a> said at the National Strategy Day on India, jointly organised by the <a href="http://www.businessinsider.in/searchresult.cms?query=World+Economic+Forum">World Economic Forum</a> and CII. 
 
The 36.5% rise in indirect tax collections "looks bigger because of certain additional revenue measures which we took since November last year", he said. 
 
The government had raised excise duty on petrol and diesel to mop up revenue as international oil prices slid. 
 
"So, those additional revenue measures add to it. But if I take it at par with last year's figure, without those additional revenue measures, it surged 13.5%. So, with excise duty, Customs and service tax, on a year-to-year basis, it is 13.5%, and with additional revenue measures, it is much more," he said. 
 
Stating that this is "a real increase", he said, "This actually indicates that the manufacturing itself is picking up." 
 
Jaitley said availability of land is a pre-requisite for any growth. Land is required for building infrastructure, urbanisation, rural development, irrigation and housing schemes. 
 
"If you don't make land available, the growth process comes to an end," he said. "Obviously, land taken from somebody must be paid and more than adequately compensated." 
 He said chief ministers belonging to the <keyword id="1575" type="ORGANIZATION" weightage="100" keywordseo="Congress">Congress</keyword> had suggested need for changes in the <a href="http://www.businessinsider.in/searchresult.cms?query=Land+Acquisition+Act">Land Acquisition Act</a>. 
 "So, the government in good faith accepted their advice and went ahead on a particular course. Once we brought (an amendment to the <keyword id="6434671" type="UNKNOWN" weightage="100" keywordseo="Land-Acquisition-Act">Land Acquisition Act</keyword>) into Parliament, they changed their strategy and said we will oppose," he said. 
 
The Centre apparently has told states that land is on the concurrent list, where both the Centre and states have parallel jurisdiction. 
 
"There is a change in strategy that let the states bring about any change if they feel it is necessary and the states have now set that process into motion. The first state has already sent its proposal to the Centre, we have accepted it and they have notified it," he said. 
 
An ordinance issued to notify amendments to make land acquisition for certain activities easier has lapsed. 
 
"But the Bill remains before the Select Committee. They have asked some minor changes on which a consensus is possible. We will try and see if that consensus can be worked out in the coming session," he added.

Arun Jaitley calls 36.5% rise in indirect tax revenues a huge positive

<keyword id="46431" type="CITY" weightage="80" keywordseo="India-Inc">India Inc</keyword> has welcomed the <keyword id="6354477" type="PERSON" weightage="40" keywordseo="Narendra-Modi">Narendra Modi</keyword> government’s decision to amend the <keyword id="6434671" type="UNKNOWN" weightage="100" keywordseo="Land-Acquisition-Act">Land Acquisition Act</keyword>, saying that the changes will provide impetus to infrastructure development and housing construction. 
 Industry body Confederation of Indian Industry (<keyword id="6358345" type="ORGANIZATION" weightage="20" keywordseo="CII">CII</keyword>) said that it sees the Ordinance on the new Land Acquisition Act as "a serious commitment" to economic reforms. "CII whole heartedly welcomes the fact that the government has incorporated our suggestion to exempt projects in certain important sectors like defence, rural electrification, rural housing and industrial corridors from the mandatory 80 per cent consent from affected families," the chamber said in a press release. 
 "The Indian industry wholeheartedly welcomes the much needed changes in the Land Acquisition Act. The government has achieved a good balance between interests of farmers and development needs," <keyword id="6355988" type="CITY" weightage="60" keywordseo="Assocham">ASSOCHAM</keyword> President Rana Kapoor said. 
 
Yesterday, the Union Cabinet had given its nod to an ordinance to amend the Land Acquisition Act. It has made major changes in the Act. One of the changes includes removal of the “consent clause” for acquiring land.

India Inc Welcomes Amendment Of Land Acquisition Act

Calling the existing Land Acquisition Act as ‘draconian’, <keyword id="6366253" type="PERSON" weightage="20" keywordseo="Arvind-Panagariya">Arvind Panagariya</keyword>, the vice chairman of <keyword id="2665691" type="UNKNOWN" weightage="20" keywordseo="Niti-Aayog">NITI Aayog</keyword> has asked states to follow the Tamil Nadu model for land acquisition laws. 
	"Tamil Nadu has a different Act or an amended Act in place since January 5, 2015. It has been almost 7-8 months, very few people knew about it. Tamil Nadu has, in fact, amended the 2013 Act (Land Act) and it applies to their state," Panagariya said in an interview to CNBC TV18. 
	 
	He added that the Act got the Presidential assent and that other states should follow the same strategy. "I was one of the very strong advocates even before I came to the NITI Aayog, that the Land Acquisition Act, 2013, was a bit draconian for the simple reason that some of the very important cases where public purpose is actually at stake, the acquisition would take at least 4-5 years," he said. 
	 
	Panagariya had suggested the same to the government even before assuming the office at NITI Aayog. "So I advocated myself before reforming the Act and also advocated actually reforming the Act centrally because one state at a time is a longer process," he added. 
	 It should be noted that earlier Finance Minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> too had asked the states to come up with their own Land Act with the Centre’s approval. 
	 
	The view of having separate land laws of different states emerged after the meeting of the Governing Council of NITI Aayog with chief ministers in July this year.

NITI Aayog’s
Arvind Panagariya advises states to come
up with their own framework, finds Land Acquisition Act draconian!

The State Bank of India will initiate consolidation in the banking industry by combining its five associate banks as it prepares to fund the economy. The move will enhance the asset base of <keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword> to Rs 21.9 lakh crore and add 5,658 branches to its current number of 15,143 branches. The combined market share will rise to 24% from the current 19%. 
 SBI’s five associates include the <keyword id="6560713" type="COMPANY" weightage="100" keywordseo="State-Bank-of-Travancore">State Bank of Travancore</keyword>, the <keyword id="143585" type="COMPANY" weightage="100" keywordseo="State-Bank-of-Hyderabad">State Bank of Hyderabad</keyword>, the <keyword id="4376212" type="COMPANY" weightage="100" keywordseo="State-Bank-of-Patiala">State Bank of Patiala</keyword>, the State Bank of Bikaner and Jaipur and the State Bank of Mysore. 
 
“When I came in, there were a number of fires in the parent itself. So if you have to do something, first you need to look at the mother ship. Once the mother ship is in a better form, then obviously, you can start looking at other areas. So I think that time has come or it is approaching,” said SBI chairperson Arundhati Bhattacharya. 
 
She called for changes in a number of laws enacted by the previous UPA government like the Land Acquisition Act and the Companies Act. 
 
“While it (the Land Acquisition Act) has done a good thing to ensure that landowners get adequate compensation, the process has become long (the relief and rehabilitation process is too difficult to negotiate). In the new Companies Act, there are various features that make it so draconian that it is difficult to source independent members of the board,” she said.

SBI To Merge Five Associate
Banks With Itself

<keyword id="6355261" type="POSITION" weightage="60" keywordseo="Finance-minister">Finance Minister</keyword> <keyword id="42575" type="PERSON" weightage="100" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> has promised a reasonable and rational tax policy in order to further boost the financial sentiments. He also said that India will pursue an aggressive reforms policy in the upcoming months in order to attract investors bring the country back on the path of growth. 
 
"Government has its plate full with respect to reforms for the next few months. Aggressive reforms will help India to grow faster... Hope India will get back on the investors' radar," he said. 
 The government is also looking to amend the land acquisition Act and the constitutional amendment bill for the <keyword id="6359833" type="ORGANIZATION" weightage="100" keywordseo="Goods-and-Services-Tax">Goods and Services Tax</keyword> (GST) may also come up during the Winter Session of Parliament. The government has already started making changes in labour policy and has deregulated fuel prices. 
 
"Economy was and is in a challenging situation and one of the principal challenges before us is to restore the confidence in the Indian economy, to expand economic activity and move towards increasing the growth rate," he said. 
 Jaitley also expressed hope that the <keyword id="68997" type="UNKNOWN" weightage="80" keywordseo="insurance-bill">insurance bill</keyword> to increase foreign direct investment limit will be passed in the upcoming session.

Arun Jaitley Promises Aggressive Reforms And Rational Tax Policy

As India’s new Finance Minister, <keyword id="42575" type="PERSON" weightage="60" keywordseo="Arun-Jaitley">Arun Jaitley</keyword>, took the oath of office administered by President Pranab Mukherjee, one wonders if the thought crossed his mind that one of the major problems he would be facing soon is the taxmen’s battles with foreign firms – a legacy handed down by the current President when he held the finance job. 
 <keyword id="15492" type="CITY" weightage="100" keywordseo="Vodafone">Vodafone</keyword>, IBM, Nokia and Shell are just some of the foreign majors embroiled in disputes with the Indian tax authorities. The sums involved are mindboggling –Vodafone is supposed to owe in the region of Rs 20,000 crore; Nokia has been hit with a Rs 2,400 crore tax claim; IBM has Rs 6,857 crore outstanding tax notice against it and Shell has been told it needs to pay an additional Rs 5,000 crore in taxes. 
 
Corporate chieftains around the globe, who might have been thinking about investing in the country, were made to rethink. There have been other consequences and Singapore finally overtook Mauritius as the preferred destination for foreign investors to route their money through, because the former provides better legal protection in cases involving foreign tax liabilities. 
 
For many observers, the genesis of these tax wars is the Vodafone dispute. When the Supreme Court decided in favour of the telecom major on whether it owed taxes to the Indian exchequer over its acquisition of the Indian operations of Hong Kong-based Hutchison Whampoa, the then Finance Minister Pranab Mukherjee went to the unprecedented extent of revising the tax laws to introduce a retrospective liability. 
This, at a time, when India’s most important selling pitch against its ‘bigger and better’ rival China was that the rule of law and the independence of the judiciary system prevailed in the country unlike the wheeling and dealing that happened behind the bamboo curtain in China. 
 Fast forward a few years and you found India’s economy in the doldrums – recording sub-5% <keyword id="35050" type="CITY" weightage="80" keywordseo="gdp">GDP</keyword> growth. The long-term consequences of India’s tax adventurism are certainly being felt even now. The new BJP government has two courses it can pursue. One is to introduce more clarity and transparency in laws governing areas like transfer pricing and M&amp;A, which typically bedevil foreign investments. The other is to speed up the arbitration proceedings in cases like Vodafone, which got completely tangled up in the previous government’s larger dysfunction. 
 
Unfortunately, once the precedent has been set and it has been proved that the Indian government can go to the extent of changing laws retrospectively to get its way, it could be extremely difficult to convince investors that similar instances will not take place in the future. And the same applies for the industries, especially when laws like the Land Acquisition Act was pushed through by the UPA government. It is obvious that the Pandora’s Box can easily open if governments have an agenda to pursue. 
 
Meanwhile, Prime Minister Narendra Modi inherits a fragile fiscal situation and he will have to consult with Jaitley (the latter has to present the new Budget) whether making major tax concessions is possible in the present state of government finances. 
 As the BJP must have found out during its poll campaign, it is easier to make ambitious promises in the heat of the battle, like its proposal to abolish <keyword id="6354751" type="COMPANY" weightage="100" keywordseo="Income-Tax">income tax</keyword>, than implement them when the time arrives. 
 
Maverick leaders of the BJP, such as Subramanian Swamy, who went to town against the UPA’s tax terrorism, do not find a place in the new government. Instead, Jaitley’s background as a high profile lawyer might provide just the skills he needs as he tries to untangle the legal wrangles that the policies of the previous regime has left for him to deal with. 
Image: Thinkstock

Taxes
That Could Hinder India’s Growth Story

<keyword id="71" type="POSITION" weightage="20" keywordseo="Prime-Minister">Prime Minister</keyword> <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword>, in an interview to ANI, said the opposition alleging that his government is a 'suit-boot ki sarkaar' is definitely better and more acceptable than being labelled a 'suitcase' (ki sarkaar), and satirically added, that after ruling for sixty years, the <keyword id="1575" type="ORGANIZATION" weightage="20" keywordseo="Congress">Congress</keyword> has suddenly remembered the poor. 

	Excerpts:
 

	1. In a scale of 1-10, how would you grade your government?
 

	It is for the people of this country to grade and evaluate us. How can I take away their right? I have presented my report card to the country. Recently, media has published the findings of some surveys. You would already have seen them. I can only say that we have laid a solid foundation on which the people can rate us.
 

	2. You came in with the promise of 'Acche Din.' Have you been able to meet the goals that you set for yourself in the first year of the government?
 

	Yes. I am fully satisfied with the work that we have done. The most satisfying part of this year is that we have lived up to the promise that our intentions will be pure and our actions will be driven by long-term national interest. Recall the situation one year ago. Massive corruption at various levels of Government gave rise to scams on a regular basis. Our precious natural resources were going into the hands of a chosen few. In contrast, there are neither any charges of corruption against my Government nor any scandals. Corruption was seen as the biggest problem. We have given a clean, transparent and efficient Government. Burey Dino Ki Vidayee Hui hai. (Bad days are over). Is this not Acche Din for the country?
 

	3. What has been the single big success in the past year? 
 

	The achievements and successes of my government are numerous. However, I know that the success of a government's journey lies in reaching the last man. Therefore, our efforts were directed towards the poor and marginalized. We have also paid special attention to remote corners of the country. Our objective is to transform quality of life, infrastructure and services. We have worked simultaneously on all fronts which bring a smile on the face of the common man. I can give you some examples. From controlling food prices to enhancing farm productivity; improving Railways to strengthening Roads; generating electricity to its 24x7 availability; building school toilets to setting up IITs, IIMs and AIIMS; building houses for the homeless to upgrading our heritage cities; cleaning surroundings to bridging the digital divide; making world class products to skilling and employment generation; strengthening the banking system to funding the unfunded; ensuring labour welfare to providing social security to common man; rejuvenating rivers to irrigating fields; from enhancing co-operation with States to deepening foreign relations; we have worked at an energetic pace and with innovative spirit. 
 Bringing back black money was a major electoral promise, but then your party president, <keyword id="6355521" type="PERSON" weightage="20" keywordseo="Amit-Shah">Amit Shah</keyword> gave the word 'jumla' to it and Arun Shourie criticized the procedures adopted by the finance ministry. How committed is your government in bringing back black money to India? 

	My Government is fully committed on the issue of Black Money. We want to crack down severely on tax evasion and black money. I had taken up this issue with world leaders during the G-20 summit. In our very first cabinet meeting, we formed an SIT. Then, we presented a new legislation in Parliament which is very stringent. We want to make it more difficult to evade taxes and siphon money abroad. We are also aggressively pursuing cases against those who have stashed funds illegally in foreign banks. Recently the names of some such persons have been revealed. We are also trying to move towards cashless transactions. We want to make maximum use of ICT in our tax administration.
 

	At the same time, we want to remove the discretion which causes corruption and generation of Black Money. Hence, we promulgated ordinances in sectors like coal and mines. It has proved to be a good step. We have generated Rs. 3.30 lakh crore for the country so far through transparent auction of some coal mines. Similar is the case with auction of spectrum. I can say that if your intentions are noble, you are sure to get success and required support.
 

	5. Key bills like the Land Acquisition Bill has got stiff opposition from the opposition. They have been able to create doubts about the government's intention. What do you have to say? 
 

	Opposition to our Land Bill is totally unjustified and unfortunate. We have not made any changes for private industry. Moreover, if you have money, you don't need a Land Acquisition Act to accumulate land. Some individuals have done so in Rajasthan, Haryana, Shimla, Delhi etc. Land acquisition becomes necessary for government-driven strategic and development activities, especially in undeveloped areas. 
 

	This too is done mostly by State Governments. We have made changes only in response to demands of the States. The benefits of these changes will also accrue to the rural poor in terms of irrigation, housing, electrification, as well as better physical and social infrastructure.
 
 

	In this country, the Land Acquisition Act was almost 120 years old. The Congress-led Governments used the same Act after independence. Suddenly, before the last Parliamentary elections, the Congress went to another extreme by legislating an Act which is neither in the interest of farmers nor in the interest of the country's development. 
 

	Now, they are not even ready to sit and discuss. We believe in dialogue with all political parties. I have personally appealed in Parliament that we are ready to open a dialogue with political parties and consider their suggestions. I hope that the parties will cooperate on issues of larger national importance without getting into political calculations. 
 

	6. How are you going to convince the farmers of this country that you mean well?
 

	The proposed Land Acquisition Bill focuses on benefitting the farmer and balancing the long-term interests of the nation. The world is changing fast. Even farmers need canals to irrigate, roads to transfer products from farms to markets. They need hospitals, schools and houses. Farmers want modern amenities in their vicinity and jobs in formal sectors for their sons and daughters. I have always believed that if we want inclusive development, we need amenities. We need to match the development of such amenities with agricultural growth. This is what the Bill strives to do while safeguarding the interests of farmers. Our amendments only aim to do away with the bureaucratic bottlenecks in the 2013 Act. I am sure the farmers of this country will understand where their real welfare lies.
 

	7. Agriculture is in distress in the country. To a large extent the problem is endemic and decades of mismanagement have resulted in the present situation but how does your government plan to stem the tide of farmer suicides and farming stress?
 
 The root causes of the problem find mention in your question itself. This is a very important issue and the Government is concerned about it. We have responded to the recent agrarian crisis with alacrity. We have undertaken several reforms. The <keyword id="6362177" type="ORGANIZATION" weightage="20" keywordseo="union-government">Union Government</keyword> has enhanced the relief norms for compensation against crop loss by 50%. 

	The limit of minimum crop damage, for grant of compensation, has been reduced from 50% to 33%. Norms have been relaxed to allow procurement of damaged food grains at MSP rates. The target of agricultural credit has been enhanced in our two consecutive budgets. 
 

	But as you said, the problem in agriculture is endemic. Nothing much was done for six long decades. But we have started long-term steps for the farm sector. To address the issue of access to irrigation for every farm, and efficient utilization of water, the Pradhan Mantri Krishi Sinchayee Yojana (PMKSY) has been started. Blue Revolution which aims to improve production and productivity in the fisheries sector is also an action point. We have launched the soil health card scheme. The price stabilization fund with a corpus of Rs. 500 crores has also been set up for perishable commodities. Rashtriya Gokul Mission has been commenced with the objective of conserving and developing indigenous cattle breeds. We have made honest and sincere efforts for rural development. I have recently launched the Kisan Channel for giving timely information to farmers on inputs and markets. In the coming days, I would like to see more focused action on increasing Farm Productivity; Rural Industrialization; Skill Development in rural areas and rural trades, and faster Investments in Rural Infrastructure including cold chain.
 

	8. The opposition has termed your government as suit boot ki sarkar. What is your take on this allegation? 
 

	Suit-boot is definitely more acceptable than suitcase. After ruling for sixty years, the Congress has suddenly remembered the poor. People of this country have suffered and remained poor due to shortsighted policies of the Congress. Many countries of the world have surpassed us on all accounts including poverty removal. Congress did incremental work so as to keep the issue relevant for next election. Did the coal and spectrum scandals or the CWG fiasco benefit the poor? Everyone knows who were their beneficiaries - some chosen industrialists and contractors. The result of Congress's politics and governance of sixty years is that poverty is still our biggest challenge. One-fourth of the families are without shelter. Health, education, water, electricity and roads are even bigger unrealised dreams for a large number of citizens of this country. You should ask them- If you were pro-poor, why does poverty still exist in India?"
 

	9. Opposition says that your government is pro-industrialists.
 

	Those who gave away precious natural resources like coal and spectrum to their favourite industrialists have no right to say this. We are working for the common man of the country. 
 
 
 
 

	We implemented the Jan Dhan scheme and opened more than 14 crore bank accounts for financial inclusion. Earlier also, there were banks, as well as people without bank accounts. What did they do all these years?
 

	The so called pro-poor have been just repeating that there is leakage in subsidy. We used technology to ensure that LPG subsidy reaches the targeted person directly; We have launched MUDRA Bank for financing 6 crore small vendors and businesses 61% of whom are SCs, STs, OBCs and Minorities; We have launched the Pradhan Mantri Krishi Sinchai Yojana which the Congress did not think of in sixty years; We have planned to see that by 2022, no family remains without a roof over its head; The Soil Health Card scheme has been launched to enhance farm productivity and reduce expenses, thereby enhancing the farmer's income. 
 

	We have come out with a comprehensive social security scheme for the poor and marginalised, old and those with low income levels; Swachh Bharat Mission has been started to see that health and hygiene issues of the poor do not affect the working capacity and output of the poor and labourers; Railways, on which the common man travels, is being changed for the better.
 

	We have set up the Skill Development Ministry to enhance employability of the youth to whom we are committed to provide jobs through initiatives like 'Make in India'. In the past, the country had been led into an economy of jobless growth.
 

	We provided for reservation of women in the police forces of Union Territories. This was done even when there were no elections around the corner. 
 

	Through the regime of coal auction that we have put in place, more than Rs. three lakh crore have already been generated for the less-developed states of India. This money will be used for the poor of those states.
 
 These are just a few examples. Why were these things not done in the past sixty years. Who prevented them? Their worry is not that we are not pro-poor. Their worry is that they are being exposed as not being pro-poor. People are asking them: "If <keyword id="6360789" type="ORGANIZATION" weightage="20" keywordseo="Modi-Government">Modi Government</keyword> can think and do this in six to nine months, why could you not think and do it in sixty years." 

	10. You have travelled to 17 countries in 12 months...something that nobody expected you to do as you were seen as a novice on foreign policy matters. But you seem to enjoy running the country's foreign policy. Any comments? 
 

	Foreign engagements are international obligations on the part of the Prime Minister. All Prime Ministers have to do this. Moreover, this is an integrated world. We have to attend international, multilateral and bilateral summits, and build ties with our neighbours and other nations. Our foreign policy is mature and there is a full-fledged mechanism to pursue it. I have only added an element of dynamism to it. We have strived to strongly further our economic cooperation in the Asia-Pacific Region. We have endeavoured to nurture new economic partnerships and tap reserves of energy, minerals, technology and finance from major economies.
 
 11. In real terms, do you see that the Chinese will actually deliver on the financial pledge they have done, that the US will open up its markets for India, that Pakistan will give up its anti-India agenda? That our smaller neighbours will stop seeing us as a bully? Yes, I am sure that the commitments and agreements will be implemented. We have received a commitment from the Government of <keyword id="6355311" type="COUNTRY" weightage="20" keywordseo="Japan">Japan</keyword> for facilitating public and private funding of 3.5 trillion Yen - or approximately $35 billion dollars - over the next five years; there are agreements with China on two industrial parks and intended investments of 20 billion US dollars; there are investment plans of about 42 billion U.S. dollars from U.S. companies over the next five years. <keyword id="6358826" type="COUNTRY" weightage="20" keywordseo="Russia">Russia</keyword> has proposed to manufacture helicopters in India. With Australia and Canada, we have signed civil nuclear cooperation agreements, and other agreements to strengthen our energy security. With the United States, we have moved forward in implementation of the civil nuclear agreement and signed a significant partnership agreement to use renewable energy for rapidly expanding rural access to energy. There has been good response from financial institutions, including pension funds from Korea, Canada, Australia and the US. There is a strong support in all major economies for our "Make in India" programme. 

	In the neighbourhood, there has been forward movement on the 5600 MW Pancheshwar project in Nepal, that was stuck for the last 25 years. Similarly, with Bangladesh we have settled the land boundary issue. We are working with a spirit of mutual benefit. There is no question of bullying anyone. Our recent help to Nepal during the natural calamity shows that our approach is brotherly. With Pakistan too, we will pursue our long-standing approach. We will continue our efforts to advance cooperation and connectivity, without compromising our national security. 
 

	12. If we were to return to domestic issues, you have come for criticism from many for not being able to reign in vitriolic elements in your party who have made disparaging remarks against minorities. What do you say? 
 

	Our Constitution guarantees religious freedom to every citizen and that is not negotiable. The tradition of welcoming, respecting and honouring all faiths is as old as India itself. As Swami Vivekananda said: We believe not only in universal toleration, but we accept all religions as true. This principle of equal respect and treatment for all faiths has been a part of India's ethos for thousands of years. And that is how it became integral to the Constitution of India. Our Constitution did not evolve in a vacuum. It has roots in the ancient cultural traditions of India. I expect that everyone will understand and respect this.
 

	13. Why do some elements in your party feel emboldened to say awful things even though they ought to know that a Prime Minister of India cannot really support bigots in his cabinet? 
 

	I have said this before and I say it again: any discrimination or violence against any community will not be tolerated. My position on this is very clear: Sab ka saath, sab ka vikas. We stand for each of the 1.25 billion Indians regardless of caste or creed and we will work for the progress of each of them. Every faith in our country has equal rights; it is equal not only before the law but also before society. 

	 
	As published in ET.

You Searched For "Land Acquisition Act" and got 8 results

Modi govt. launches its biggest land reform, legalizes land leasing

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Arun Jaitley calls 36.5% rise in indirect tax revenues a huge positive

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India Inc Welcomes Amendment Of Land Acquisition Act

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NITI Aayog’s Arvind Panagariya advises states to come up with their own framework, finds Land Acquisition Act draconian!

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SBI To Merge Five Associate Banks With Itself

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Arun Jaitley Promises Aggressive Reforms And Rational Tax Policy

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Taxes That Could Hinder India’s Growth Story

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Narendra Modi says suit-boot ki sarkaar better than suitcase ki sarkaar!

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