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New Delhi, <keyword id="25455" type="General" weightage="80" keywordseo="finance" source="Orion">Finance</keyword> Minister <keyword id="129243" type="General" weightage="80" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> on Saturday said the public sector banks' profit in the last nine years has tripled to Rs 1.04 lakh crore due to initiatives taken by the government and underlined the need for continuing the momentum to fuel the economy. The net profit of public sector banks (PSBs) has almost tripled to Rs 1.04 lakh crore in FY23 from Rs 36,270 crore in FY2014. Inaugurating the corporate office of <keyword id="172709" type="General" weightage="80" keywordseo="punjab-and-sind-bank" source="Orion">Punjab and Sind Bank</keyword> here, the minister said that banks need to "build on laurels" by following the best corporate governance principles. "Banks should not sit back and revel in success. They should follow best corporate governance practices, adhere to regulatory norms, ensure prudent liquidity management, and continue to focus on having robust asset-liability and risk management," she said, stressing that the Indian economy has moved away from the 'twin balance sheet problem' to 'twin balance sheet advantage'. The finance minister said that there was a time when the Indian economy faced the problem of twin balance sheets -- stress on the balance sheets of banks and corporate at the same time. Before the Modi government came to power in 2014, difficulty in the Indian banking system actually started because of irrational 'Phone Banking', which happened during the tenure of the UPA government, she said. Back then, Sitharaman said, the priority in lending was given to not-so-worthy customers in an unprofessional manner. As a result, they became NPAs (non-performing assets). "As a result (of various initiatives of the government), I am glad to say the problems of twin balance sheets have gone away," she said, adding that as per the Reserve Bank of India, it is a twin balance sheet advantage that is benefiting the Indian economy. Observing that combined profits of the public sector banks tripled to Rs 1.04 lakh crore in 2022-23 against Rs 36,270 crore in FY14, Sitharaman said the banks "need to build on laurels". "At this stage, it is our duty towards the people of India to ensure that the banks can build on the strength and not lose this momentum that we have achieved," the minister noted. She said that the performance of the public sector banks has improved on account of various initiatives taken by the Modi government since 2014. There was an improvement in all critical parameters like return on asset, net interest margin and provisioning coverage ratio, she added. The 4R strategy followed by the Modi government to revitalise the state-owned banks has yielded results, she said. The 4R strategy refers to recognising the problem of non-performing assets, recapitalising the banks, resolving their problems, and reforming them. Further, Sitharaman said the banks should endeavour to adopt a proactive approach in reaching out to people to achieve optimum utilisation of financial inclusion schemes. There should be a focus on credit outreach in states where the credit offtake is lower than the national average, particularly in the northeast and eastern parts of the country, she said, adding they must aim to increase brick-and-mortar banking presence in border areas, particularly in those covered in the Vibrant Village programme. The bank should also promote the Mahila Samman Bachat Patra announced in the Budget 2023-24 through special drives and campaigns, she said. They must ensure that the entire Priority Sector Lending (PSL) target is met and not transferred to RIDF (Rural Infrastructure Development Fund), she added. She urged banks to focus on improving digital infrastructure with a focus on artificial intelligence and use this to the maximum so that efficiency increases. However, she cautioned that banks should ensure digital safety and there should be enough firewalls. The minister also recalled the story of the Punjab and Sind Bank, which had suffered due to partition in 1947. Only two of the ten branches remained in India, while the rest went to Pakistan. Starting from just two branches in 1947, the Punjab and Sind Bank has 1,553 branches, and the 1,554th at Karimganj in Assam was inaugurated remotely by the minister on Saturday. Speaking on the occasion, Minister of State for Finance Bhagwat <keyword id="12139871" type="General" weightage="80" keywordseo="kishanrao-karad" source="Orion">Kishanrao Karad</keyword> also appreciated the bank for its various initiatives to transfer the bank to a future-ready <keyword id="17873797" type="General" weightage="50" keywordseo="techno-savvy-bank" source="Orion">Techno Savvy Bank</keyword> and how the bank over the years has transformed itself gradually with the latest products and services. He also expressed satisfaction with the role played by public sector banks in making the Indian Financial System reliant and robust. Additional Secretary in the Department of Financial Services MP Tangirala also highlighted how Punjab and Sind Bank as a PSB is contributing to the overall development of the Indian Economy through its network of branches, ATMs and business correspondents.

Public sector bank profits grew 3x in 9 years says Sitharaman

The <keyword id="6385673" type="UNKNOWN" weightage="100" keywordseo="power-sector">power sector</keyword> of the sub-continent will be facing annual losses of $27 billion by 2017, according to a <keyword id="6354424" type="ORGANIZATION" weightage="100" keywordseo="World-Bank">World Bank</keyword> estimate. The organisation also suggested that electricity distribution in India would require sweeping reforms to tackle inefficient subsidies, theft and political meddling in utility companies. 
 <keyword id="2373113" type="UNKNOWN" weightage="100" keywordseo="New-Prime-Minister-Narendra-Modi">New Prime Minister Narendra Modi</keyword> has pledged to bring electricity to the 300 million Indians who have to do without electricity. He has also promised to improve the reliability of supplies, one of the biggest complaints of companies doing business in the country. 
 
Incidentally, large parts of northern India is suffering from severe power cuts this summer. With the mercury rising, there is a huge jump in demand that suppliers and an antiquated transmission system failed to meet. 
 
Despite the gains made in the past decade when 280 million Indians gained access to electricity, India would struggle to make further progress unless it gives its utilities the freedom to improve their performance, the World Bank said. 
 
These State-owned companies should be able to raise tariffs in line with their costs and receive more compensation for the subsidies they provide to rural users, the World Bank noted. Companies should also improve their accountability to regulators and consumers, it added. 
 
Onno Ruhl, World Bank’s country director in India, said, "Two decades after the initiation of reforms, an inefficient, loss-making distribution segment and inadequate and unreliable power supply are major constraints to India's aspirations for growth. 
 "<keyword id="2373115" type="UNKNOWN" weightage="100" keywordseo="Revitalising-the-power-sector">Revitalising the power sector</keyword> by improving the performance of distribution utilities and ensuring that players in the sector are subjected to financial discipline is the need of the hour," he added. 
 
By tackling the losses through a focused approach, it should be possible to make a marked difference in sector performance, the report concluded.

​India’s Power Sector Facing Annual Losses Of $27 Billion By 2017: World Bank

(Eds: Adds details) New Delhi, May 17 () The fifth and last tranche of economic stimulus announced by the government on Sunday will boost entrepreneurship, help public sector units and revitalise the village economy, Prime Minister Narendra Modi has said. He also said the stimulus will have a transformative impact on India's health and education sectors. "Reform trajectories of the states will also get an impetus," he said in a tweet. The government on Sunday announced suspension of new bankruptcy filings on loan defaults for one year and raised the threshold for insolvency as it moved to ease COVID-19 pain for the industry. "Measures and reforms announced by the FM today will have a transformative impact on our health and education sectors. "They will boost entrepreneurship, help public sector units and revitalise the village economy," Modi said. In the fifth and final tranche of the economic stimulus package, Finance Minister Nirmala Sitharaman raised the allocation for the employment guarantee scheme by Rs 40,000 crore over and above the Rs 61,000 crore budgeted for MGNREGS to provide jobs to migrant workers moving back to their states.This, she said, will help generate nearly 300 crore person-days in total.For states, she said the Centre has acceded to their request and increased borrowing limit from 3 per cent of Gross State Domestic Product (GSDP) to 5 per cent for 2020-21 only, giving them extra resources of Rs 4.28 lakh crore.But the increased borrowing limit would be linked to specific reforms such as one-nation-one-ration-card, ease of doing business, power distribution and urban local body revenues. In his address to the nation on Tuesday, Prime Minister Modi had introduced massive new financial incentives on top of the previously announced packages for a combined stimulus of Rs 20 lakh crore. NAB SMNSMN

Fifth tranche of economic package will revitalise village economy: Modi

<keyword id="19898516" type="General" weightage="100" keywordseo="Intel" source="keywords" meta.keywordsubtype="org" meta.entityname="Intel" meta.hostid="261" meta.entityid="Intel">Intel</keyword>, known for its microprocessor chips that power most computers, recently announced that it will be cutting down 15 percent of its workforce after reporting a loss of USD 1.6 billion in the quarter that ended recently. This decision of the company could impact as many as 19,000 employees, a report in The Verge says. This move is part of a broader strategy to streamline operations and address financial challenges made worse by more competition in the AI chip market. <h2>Intel announces decision to lay off employees</h2>Intel’s <a href="https://www.businessinsider.in/careers/news/the-full-list-of-major-us-companies-slashing-staff-next-year-from-nike-to-intel/slidelist/106798798.cms" data-type="tilCustomLink" target="_blank">decision to lay off employees</a> comes at a time when the company is struggling to maintain its leadership in the chip-making sector. The company’s stock plummeted over 20 percent following the announcement, reflecting investor concerns about its future. As mentioned already, Intel has faced stiff competition, particularly in the AI sector. Rivals like <a href="https://www.businessinsider.in/stock-market/news/nvidia-stock-tumbles-as-ai-chip-competition-heats-up/articleshow/109174332.cms" data-type="tilCustomLink" target="_blank">Nvidia </a>and Advanced Micro Devices (AMD) have gained market share with their innovative products tailored for data centers and AI applications. <h2>Intel CEO sends memo to employees about layoffs</h2>The Verge reports that <keyword id="21042302" type="General" weightage="20" keywordseo="Intel-CEO-Pat-Gelsinger" source="keywords">Intel CEO Pat Gelsinger</keyword> shared a memo with employees in which he described the news as “painful”. In the memo, he also added that this was the “hardest thing” that he had to do in his career. “We have moved our All Company Meeting to today, following our earnings call, as we are announcing significant actions to reduce our costs. We plan to deliver $10 billion in cost savings in 2025, and this includes reducing our head count by roughly 15,000 roles, or 15% of our workforce. The majority of these actions will be completed by the end of this year. “This is painful news for me to share. I know it will be even more difficult for you to read. This is an incredibly hard day for Intel as we are making some of the most consequential changes in our company’s history,” Gelsinger wrote as per The Verge. "My pledge to you is that we will prioritise a culture of honesty, transparency, and respect in the weeks and months to come,” he added. Gelsinger took over as Intel CEO in early 2021 and has been on a mission to revitalise the company ever since. Some of the biggest changes he made include the introduction of a new plan called IDM 2.0, which included building many new factories in the West and boosting its business of making chips for other companies. <h2>What’s next for Intel?</h2>To conserve cash and streamline operations, Intel will suspend its quarterly dividend in the fourth quarter. The company will also reduce layers of management, eliminate overlapping responsibilities, and halt non-essential work. These measures are expected to drive efficiency and cost savings, helping Intel navigate its financial challenges.

'Painful news to share' says Intel CEO Pat Gelsinger as company prepares to lay off thousands of employees

Thailand’s geographical proximity and affordability, along with its platter of delectable food, historical sites, pristine beaches and lively atmosphere, holds a particular appeal for Indian travellers. While tourists from India were forced to limit their travels to the Island country to a 15-day stay under a visa-on-arrival scheme until recently, the Thailand government is now extending its arms wider for us. Thailand's tourism sector has been strategically easing <keyword id="20166202" type="General" weightage="20" keywordseo="visa-regulations" source="keywords">visa regulations</keyword> to attract visitors from key markets like China and Russia. And now, the country has extended its visa exemption program, allowing visitors from these countries to vacation visa-free for up to 30 days until November 11, 2024. This move aims to revitalise its tourism industry, a key driver of the nation's economy. This is no doubt great news for those wanting to spend more time in the bustling city of Bangkok or immerse themselves in the rich culture and calm of its gorgeous temples. However, there are some rather glaring problems that Thailand is facing, thanks to climate change and the <keyword id="21610692" type="General" weightage="20" keywordseo="El-Nio-event" source="keywords">El Niño event</keyword> — that impacted India as well. <h4>Water shortage hits <keyword id="21610693" type="General" weightage="20" keywordseo="Phi-Phi-islands" source="keywords">Phi Phi islands</keyword> </h4> For instance, the idyllic islands of Koh Phi Phi, which attract many Indians every year, are facing a real-life challenge that's anything but relaxing — a severe water shortage after a scorching heatwave gripped Asia. The private company supplying water may have to cut off service entirely, according to Wichupan Phukaoluan Srisanya, president of the Krabi Hotel Association. Island authorities are scrambling for solutions, considering bringing in water from the mainland if the dry spell persists. However, they remain optimistic that the upcoming wet season in May will bring relief, and Wichupan insists that tourists planning trips shouldn't be deterred, claiming they can manage the situation. But whispers of trouble are already reaching potential visitors. Online forums and travel reviews are buzzing with warnings from returning tourists urging others to "check if their accommodation has fresh water" before booking. Some reports even detail tap water running dry in April. While Koh Phi Phi takes centre stage, the heatwave's impact isn't isolated. <keyword id="21563893" type="General" weightage="20" keywordseo="koh-samui" source="keywords">Koh Samui</keyword>, another popular Thai island, has also experienced dry and scorching conditions. Although the tourism board there assures visitors haven't been affected, the island reportedly relies on water trucks, significantly increasing operational costs for hotels. <h4>Island closure due to coral bleaching </h4> A popular island in southern Thailand, <keyword id="21605630" type="General" weightage="20" keywordseo="Pling-Island" source="keywords">Pling Island</keyword>, has been hit with a temporary closure due to extensive coral bleaching. This drastic measure by the Department of National Parks, Wildlife and Plant Conservation (DNP) highlights the growing threat climate change poses to our underwater wonders. Pling Island recently witnessed intense heatwaves along with many other islands across Thailand and Asia. Due to ocean warming and acidification, corals expel the algae living within them, leaving them pale and vulnerable — a process referred to as coral bleaching. Thailand’s pristine beaches and vibrant coral reefs are a major draw for visitors, generating millions in revenue. However, unregulated tourism also puts a strain on these delicate ecosystems. Thailand's proactive approach in closing Pling Island demonstrates a commitment to striking a balance between economic prosperity and environmental sustainability. While natural phenomena like El Niño contribute to warmer temperatures, scientists point to human-induced climate change as the bigger culprit. Warmer oceans are the new normal, with Asia experiencing a faster-than-average rise in temperatures. Pling Island's closure and Phi Phi’s water crisis serve as a stark reminder of that every system has a carrying capacity and we must honour it. It sends the powerful message that even paradise needs a break once in a while to ensure its future remains dazzling. While the tourism-reliant industry of Thailand could greatly benefit from more visitors, mindful travel would help secure the future of the countrymen.

Thailand is now welcoming Indians with open arms, but are its drought-hit islands really prepared for a tourism influx?

New Delhi, May 13 () Channelising a major chunk of the stimulus package for vulnerable segments like micro, small and medium enterprises (MSMEs) and non-bank lenders will go a long way in protecting jobs and reviving country's economic growth, experts said on Wednesday. Measures like emergency credit line of collateral-free Rs 3 lakh crore from banks and non-banking financial companies (NBFCs) and a Fund of Funds with a corpus of Rs 10,000 crore will help the sector protect jobs and revive country's economic growth which is impacted the lockdown imposed to contain the spread of COVID-19 disease, . Experts also said that reduction of TDS/TCS rates by 25 per cent for non-salary payments to residents will leave more money in the hands of professionals and businesses. Deloitte India Partner, Leader (Government and Public Sector) Arindam Guha said, "Channelising a significant part of the government financing support for vulnerable segments like MSMEs and NBFCs/ housing finance companies (HFCs) in the form of credit or investment guarantees to achieve a multiplier effect and also limit the actual outflow to the extent of default." He said there is a clear focus on structural reforms and ease of doing business as it is evident from the measures around increasing the investment and turnover thresholds for MSMEs to enable them to grow bigger. Guha also lauded steps like advising the state governments and Real Estate Regulatory Authorities to leverage force majeure provisions for providing an additional 6 months to real estate companies and exempting them from the need to obtain a fresh registration certificate or renegotiate contracts with their buyers. Another significant measure was allowing contractors involved in highway/infrastructure construction to avail a standstill period of 6 months without any penalties, he added. JLL CEO and Country Head (India) Ramesh Nair said that the fundamental of any economy is employment generation and the Government of India has made the right interventions by providing the requisite support to MSMEs. The revitalisation of MSMEs will play a major role in the overall revival of the economy, he said adding, this in turn is expected to have a positive impact on the consumer sentiment, which has an important bearing on the real estate sector. "These measures provided to MSMEs will also go a long way in protecting jobs and ensuring income continuity. This in turn will have a positive bearing for potential homebuyers especially in the affordable and mid segments," Nair said. Snapdeal co-founder and CEO Kunal Bahl said these measures will help the MSMEs get back on their feet as additional collateral and guarantee-free loans, equity funding options, better access to government procurement, e-market linkage and higher thresholds are strong enablers. KPMG in India Chairman and CEO Arun Kumar said MSMEs are critical for employment preservation and growth and firing up the MSME sector is the surest way to accelerate job creation. "The finance minister's schemes announced today will provide relief for MSMEs that need immediate succour for their survival as well as help those enterprises that need a fillip to grow. Expanding the definition of MSMEs and introducing new thresholds based on turnover while elevating the investment ceilings for each segment are welcome," Kumar said. The broad focus on enhancing liquidity is timely, including the measures for NBFCs, HFCs and MFIs (micro-finance institutions) and those for the power sector to ease the situation of distribution companies and cash-strapped independent power producers, he said adding that the measures to ease liquidity for lenders and businesses will make a tangible difference. Finance Minister Nirmala Sitharaman on Wednesday announced about Rs 6 lakh crore package comprising Rs 3 lakh crore of collateral-free loans for small businesses and a Rs 30,000 crore lifeline to non-bank and housing finance companies as part of measures to help the economy tide over disruptions caused by the coronavirus lockdown. The minister also announced cut in tax rate on non-salary payments by 25 per cent, support to companies to meet statutory liability on employees' retirement fund, provided a Rs 90,000 crore bailout to cash-starved electricity distribution companies and gave construction firms up to six more months to complete the government projects. Shardul Amarchand Mangaldas &amp; Co Partner Pooja Ramchandani said PF contribution is calculated at 12 per cent of basic wages + dearness allowance + retaining allowance. "The announcement on provident fund reliefs is a positive one. The percentage of PF contribution has been reduced to 10 per cent. Prior to this, the rate of 10 per cent was applicable to establishments with less than 20 employees, sick industries, establishments where losses exceed networth, jute, beedi, brick, coir and gum industries," she said. PwC India Chairman Shyamal Mukherjee said the profound measures to boost liquidity and enable MSMEs to take centre stage in making India self-reliant and play a significant role in the government's vision of Make in India. Nangia Andersen LLP Director Sandeep Jhunjhunwala said the reduction of TDS and TCS rates on non-salaried payments by 25 per cent will set free additional cash in the hands of the vendors and help increase liquidity in the economy. This reduction is estimated to release about Rs 50,000 crore in the hands of people, he said. Consulting firm AKM Global tax Partner Amit Maheshwari said the TDS rate reduction will leave more money in the hands of deductees, especially professionals where the TDS rate is as high as 10 per cent. Kotak Institutional Equities VP and Senior Economist Suvodeep Rakshit said the fiscal measures announced draws strongly upon the aim of providing liquidity and easing the functioning of key sectors. JD MKJ

Steps on MSMEs, NBFCs to help protect jobs, revive economy: Experts

Prime Minister <keyword id="6354477" type="PERSON" weightage="80" keywordseo="Narendra-Modi">Narendra Modi</keyword> on Saturday said reforms are "just a way station" to transforming India, with a slew of measures putting the economy back on track and vowed to provide a transparent and predictable tax regime as well as protection to <keyword id="388837" type="UNKNOWN" weightage="20" keywordseo="intellectual-property">Intellectual Property</keyword> Rights. 
 
Speaking at the ASEAN Business and Investment Summit, he said government actions in the past 18 months have led to bringing down inflation while at the same time leading to higher GDP growth and foreign investmen .. 
 
"Reform is not an end in itself. Reform for me is just a way station on the long journey to the destination. The destination is the transformation of India," he said. 
 
"India is reforming to transform, it is at a take-off stage. I invite you to be part of this change," he said. 
 
When the BJP-led government took office in May 2014, the economy faced serious challenges in high fiscal and current account deficit, stalled infrastructure projects and persistent inflation. 
 
"It was obvious that reforms were needed. We asked ourselves the question - Reforms for what? What is the aim of reform? Is it just to increase the measured rate of GDP growth? Or is it to bring about a transformation in society? My answer is clear: we must 'reform to transform'," he said. 
 
The fruits of development have to be taken to the margins of geography and to the bottom of demography. "We have to touch lives, while reaching for the sky," he said. 
 
Action during the last 18 months has ensured that "GDP growth is up and inflation is down, foreign investment is up and the current account deficit is down, tax revenues are up and interest rates are down, thee fiscal deficit is down and the rupee is stable," Modi said. 
 
Stating that a series of concerted steps including structural and institutional reforms have initiated, the Prime Minister said the government was "moving fast" to make sure tax regime is transparent and predictable where genuine investors and honest tax payers get quick and fair decisions. 
 
"Going further, I want to assure you that India is committed to protect Intellectual Property Rights of all innovators. We have taken several initiatives for transparency and online processing in IP administration. A comprehensive National IPR policy is expected by the end of the year," he said. 
 "To re-vitalise the flow of <keyword id="6362476" type="ORGANIZATION" weightage="80" keywordseo="investments">investments</keyword>, the second wave of structural and financial reforms have been launched. "We are trying to further open up the economy and introduce an element of predictability and stability in taxation system," he said. 
 
While productive public investment has been substantially increased, carbon taxes on fossil fuels has been imposed to show India's commitment to climate change. 
 
Stating that the world economy was not exactly doing well, Prime Minister said the economic revival in India is the result of a series of concerted policies. 
 
Even while cutting the fiscal deficit, productive public investment has been substantially increased. 
 
"We have embarked on a course of fiscal consolidation. We have entered, for the first time, into a monetary framework agreement with the Reserve Bank to curb inflation," Modi said. 
 
Recounting steps taken, he said carbon taxes on fossil fuels has been imposed, diesel price de-controlled, cess on coal hiked by three fold and wasteful expenditure has been cut. While confidence within and outside the country has increased, the IMF and World Bank have expressed even better hope for the <keyword id="6356076" type="UNKNOWN" weightage="80" keywordseo="indian-economy">Indian economy</keyword> this year and after, Modi said. 
 
Macro-economic stability, he said, is good. 
 
"Our aim is to create jobs for more than a billion young hands. To provide this, the share of manufacturing must reach around 25 per cent in our GDP," he said adding 'Make in India' campaign has been launched and government is aggressively working on ease of doing business front. 
 
Reducing complicated procedures, making them available at one platform -- preferably online, simplifying the forms and formats has been taken up on war footing, he said recalling India jumping 12 ranks in the recent World Bank's 'Ease of Doing Business Report of 2016'. 
 
Modi said the Index of Industrial Production (IIP) has shown a distinct improvement over the previous year. "We are working in all ways to make India a global manufacturing hub." 
Enumerating steps taken, he said a series of simple but powerful structural reforms in agriculture have been taken, the world's most ambitious housing for all programme launched and undertaken major improvements in the transport sector. 
 
Concerted action to revive stalled infrastructure projects and a major revamp of the power sector have been undertaken, he said. 
 
The pace of award of new highway works has increased from 9 kilometers per day in 2013-14 to 23 km a day currently. "These will have large multiplier effects throughout the economy," he said. 
 
Prime Minister said the government was committed to restore credibility in the process of allocation of natural resources. 
 
"My government has intervened with legislative and administrative measures to improve the supply of critical inputs and raw materials. They include Coal, other minerals and spectrum. The hallmark of this intervention is allocation through transparent auction," he said. 
 
About 190 million new bank accounts have been opened under the Jan Dhan Yojana. 
 
In a break with over 65 years of tradition, states have been involved in framing foreign policy. 
 
Prime Minister said the government was trying to remove the bottlenecks that were affecting growth process. 
 
"India is a land of immense opportunities," he told the ASEAN business community. "Our democratic values and an alert judicial system ensure the safety of your investments. We have set the tone of Governance with a long term vision and an open mind. We are particularly working to make India the easiest place to do business." 
 
He said "it is India's turn" now. 
 
"And we know that our time has come. We are at a take-off stage. I invite you to come and see the winds of change in India,” he said. 
Modi said maximum focus of the government is on building futuristic infrastructure. 
 
"By exercising tight control over unproductive expenditure, we have greatly increased capital investment by the public sector. To further augment such investments, we are encouraging the PPP (public-private partnership model)," he said. 
 
Also, National Investment and Infrastructure Fund has been set up to leverage public investments. 
 
"We are also coming up with Tax Free Infrastructure Bonds with a view to broaden the corporate bond market and to provide long term finance for infrastructure," he said. "We are eager to work with Malaysia, Singapore and other ASEAN countries in this regard." 
 
Prime Minister said the initiatives of 18 months has led to sentiments for private investment and inflow of foreign investment turning positive with foreign investment rising by 40 per cent. 
India, he said, has been consistently ranked as the most attractive investment destination by several global agencies and institutions. 
 
He said the government has allowed and enhanced FDI levels in key sectors including insurance, defence and railways and put most of the sectors on automatic approval route. 
 
Also FDI policies in sectors like construction, plantation and medical devices has been rationalised and composite caps for Foreign portfolio investors has been allowed. 
 
A new bankruptcy code has been drafted and formation of the Company Law Tribunal to expedite cases is on the way. 
 
"We have ended retrospective taxation," he said adding the implementation of General Anti Avoidance Rules (GAAR) has been deferred. 
 
Also, the Goods and Services Tax Bill has been introduced in Parliament. 
 
"We are hopeful of rolling it out in 2016. This will create a unified system of taxation across the country," he said. 
 
Calling India and ASEAN natural partners, Modi said ASEAN's ten member countries form an economic powerhouse and have emerged as one of the largest economic zones in the world. 
 
"Last fifteen years have seen your rapid and yet stable growth. Your Macro-economic stability has been the main reason for growth and stability in South East Asia. With good governance, futuristic infrastructure and focus on new age technologies, you have created excellence," he said. 
 
Image credit: Indiatimes

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Fifth tranche of economic package will revitalise village economy: Modi

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'Painful news to share' says Intel CEO Pat Gelsinger as company prepares to lay off thousands of employees

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Thailand is now welcoming Indians with open arms, but are its drought-hit islands really prepared for a tourism influx?

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Public sector bank profits grew 3x in 9 years says Sitharaman

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Thailand is now welcoming Indians with open arms, but are its drought-hit islands really prepared for a tourism influx?

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India’s Power Sector Facing Annual Losses Of $27 Billion By 2017: World Bank