Finance Minister Nirmala Sitharaman Addresses The Media

Finance Minister Nirmala Sitharaman Addresses The Media

[Music] and customs at a set of two meetings yesterday and held a series of interactions and had a idea exchange with young colleagues also it was followed by a meeting with industry representatives in the evening and today morning she held she checked the annual performance review of public sector banks and that was followed by an event where she launched the ease 4.0 the enhanced access and service excellence of the scheme for institutionalizing clean and smart banking in the banking sector and now with this i would request the honorable minister to kindly deliver the opening remarks after which we will have a q and a session our team please thank you thank you very much since yesterday we’ve had a very useful interaction with the cbdt and the field formations with the principal commissioner of income tax in the morning officials of the cbdt were all with us post that we also had a interaction again with the cbic through the board members being with us and also the principal chief commissioners so the morning we had a lot of interactive communication with officials dealing with income tax and other direct tax issues and in the afternoon it was on customs and gst related issues it was a good blend of senior officials and absolute freshers as well so it was a free interaction with the revenue secretary obviously speaking i also spoke but they were an open session also where in the irrespective of the number of years in service we had inputs coming from officials who were at various levels in the field as they say post that in the evening yesterday we had a high tea and again a closed uh door in the in that the media was not present there interaction with the industry leaders if that was yesterday today in the morning i’ve had a detailed annual review with the public sector banks and their chiefs again there was a free interactive session with the the secretary department of financial services devishes panda for being with me he also was accompanied by pankaj jain and also amit garwal additional secretaries from the ministry there again there was a detailed discussion each of the banks together have given me through the iba presentation on where all of their performances in fact after that we had a detailed uh interactive session where both debishes and myself have very clearly laid out the picture of the garments various schemes which are going on particularly after the second wave and also sort of reviewing what was uh announced through the atmanar bharat several announcements how the banks have taken it all forward and now post to the second wave the announcements which have been made we would like the banks also to have their role to take it forward to the sections for whom they are designed and aimed at over and above that clearly i have requested the banks to have at various regional levels interaction with export promotion agencies with the chambers of commerce and industry so that the requirement of exporters can all be timely well addressed and between public sub sector banks there should be some kind of a simple but yet a uniform approach so that export is not made to run between one bank another scouting to see where the offer is better so public sector banks have all been requested to have that interaction not just with the export oriented industries but also with their chambers and with their federation of export federation of indian exporters organization the fio other than that both panda and myself have highlighted the fact that today’s nature of banking is also changing we see even from industry inputs that people are able to raise finances even outside of the banking system several decades post independence india has depended only through the banks funds which businesses would want to have now industry themselves recognize that they have avenues outside of the banks in that they are able to put the market and raise enough revenues even our banks themselves have raised revenues from the markets so there was a bit of a discussion on uh those avenues also to be understood by the banks and focus on how they can extend credit uh to wherever it is required in that we’ve also just as we placed emphasis on the export export oriented industries we’ve uh underlined the fact that uh prime minister has been emphasizing all over the country that they should be by district and identification of such goods which can be found to have great export potential and that is why you had this one district one product in uh uttar pradesh only a few days ago i had gone and the both the sydney and the exim bank were with me to carry that forward in the name of where you identified champions champions within that particular chosen sector and help them to do everything it takes for exporting the products in that credit will be given assistance will be provided for technology infusion and also hand holding will happen for export of products so i’ve i’ve requested all the banks all over the country to work with state governments and ensure that by district that one district one product also gets benefit from the banks sydney and ex and bank together are also helping in providing cluster facilitation for such things and also providing common infrastructure which will be required by these uh export potential uh manufacturers who are largely in small and medium areas but for them to have a common infrastructure within that district as is required by that product manufacturer banks can also play a role we have highlighted that other than that i’ve from the inputs that i’ve received from the industry from the input i have received from the direct taxation and indirect taxation field formations we understand that a lot of sunrise sectors require a lot of banking assistance and identifying these sunrise sectors i’ve asked the banks to extend themselves to understand what will be their financial requirement and um try facilitating them fintech is one of the areas which in which banks are doing quite a lot of work i’ve highlighted to them that there are two aspects uh one of course for the banks themselves to have the benefit of technology being used and another fintech as a sector itself also requires a lot of assistance i’ve asked the banks to please look at that area as well and approach through various other information systems that they may have such people who are already furthering their businesses but that is one of the ways in which we can provide greater stimulus and lastly about the banks i’ve also requested banks to come up with specific plans for the northeast so that businesses and requirements of the north east states not one plan for all the eight states but to each according to their requirement so that the logistics in the northeast so that exports from the northeast prime minister has emphasized again for the organic fruits and vegetables and the products which come out of the northeast which can find markets all over for the banks also to make sure that that will happen there is again a matter of concern which banks themselves have recognized that in the eastern states beethoven jharkhand and somewhat even for that matter west bengal where casa deposits are actually piling up and banks should now as much as possible also give that facility in that region for greater credit expansion it’s one thing to receive deposits smaller medium-sized deposits from that region from the people who are living in that region but to have a plan which is so desperately needed so that credit flow for business development in those regions uh can also be better uh promoted so whilst the situation in the western and southern regions of the country casa is there credit requirement is also there so you are able to utilize that earn better and also give in better terms for the credit requirement but that’s not so much happening in the eastern and particularly the several states of eastern region so these were elaborately discussed uh i also repeat something which was said earlier collectively public sector banks have all done well they’ve come out of the pca today they are able to show clear profits and individually two several banks have done very well they have also shown that they are now in a position to go to the market and raise monies for their growth capital requirements so today you find the indian public sector banks even though they were going through the pandemic even though they were extending all facilities for all the dpt beneficiaries and so on through the bank mitra and that is one thing on which i have repeatedly given credit to the banks for having undertaken these kind of work during the pandemic the amalgamation work which happened just prior to the pandemic have not suffered because the attention has gone to serving uh you know during the pandemic they have completed the process today all banks are sufficiently endowed and the processes of amalgamation has not let any customer to suffer seamlessly the amalgamations have have all happened and most of the banks are comfortably reporting on the amalgamation require related information so we also launched the ease which is the easy access and service excellence which was launched after 2015 when prime minister had addressed the banks through what was that called the gyan in 2015 when prime minister addressed through the gyansangam all the banks and also spoke about details about how professional they should become how they can improve on their service experience for the customers and so on since then without any gap ease has been launched 1.0 then 2.0 3.0 and for each one of them a report has been given about how the outcomes are banks have improved the customer experiences today we launched ease 4.0 even that has been achieved by the banks so i’m glad there is one announcement which i would want debushes to himself say which pertain to the uh benefits pensionary benefits and so on this is in continuation of the 11th bipartite settlement which was signed by the iba with the unions on 11 11 2020 on wage revision so from it there was a proposal for enhancement in the family pension and also the employers contribution under the national pension scheme so this has also been approved by the honorable finance minister and the benefits would now accrue to the family pensioner earlier you know the scheme had slabs of 15 20 and 30 of the pay that the pensioner drew at that point of time and it was capped subject to a maximum of 9284 rupees so that was a very paltry sum and uh madam finance minister was very much concerned and wanted that this should be revised so that they get a decent amount to survive and sustain so now the cap has been completely removed and a uniform slab of 30 percent of the pay that the employee was receiving will be entitled to them as the family pension so it could go up to as high as 30 35 000 rupees per family so that is the first one the second uh change that has been brought about is that the employee employer was contributing uh 10 uh by way of uh contribution to the nps corpus 10 was coming from the employee and 10 was being given by the employer now this 10 of the employer has been enhanced to 14 which means a 40 percent rise in the pension contribution from the banks for the employees so these are two very significant changes that have been made and the government of india finance minister has already approved this and these benefits would be available to these employees with this change thank you so i’ll add one more bit about the meetings that i’ve had with the cbdt and with the cbic and the field formations from the mumbai region i was immensely grateful to the customs that during the corona pandemic they had without taking any rest seamlessly moved goods which were coming in to meet the requirements of the hospitals and also the importers and on that the customs worked tirelessly and i put on record which i did before them as well my appreciation for the way in which customs had worked 24×7 and we hadn’t had any complaints coming from anyone saying no customs is sitting over our you know goods which have been imported and so on so customs i did mention that particularly i’m very thankful similarly the gst of bishops you’ll all recollect that in the last several months the collection has been kept up the momentum has been maintained we’ve all through maintained on an average over one lakh rupees collection per month and that couldn’t have been possible unless the gst officials had you know worked very hard and they did and therefore that there was a word of praise for that and the new normal as would the revenue secretary would say will probably be in the range of 1 lakh 10 000 per month on an average and the officers were quite enthused and i am grateful for that the cbdt as well has been working very hard and the direct taxation collection more importantly both the gst and the direct taxation have plugged a lot of loopholes as a result of which the collections have improved the gst particularly several instances of gaming the system have all been identified by using the technology available to them in both the cases and as is also in the case of the banks there was a great sense of feeling uh sad and condolence for sex expressed by all of us for all those staff members who have been affected families who who have lost their breadwinner in many cases are colleagues who were affected have all loved succumbed to the kovat and even that was one of the things on which all of us have expressed deep condolences and among ourselves made sure that the pensionery and other benefits which have to reach these people and their families will be and as it is several of them have already got it but we shall be looking into helping them so that none of the families have to run from pillar to post and we shall facilitate that these are my opening remarks if anything is to be added at this stage for you okay thank you man now we will open the floor to for questions and we will start from table one you can briefly introduce yourself and then uh good afternoon ma’am this is yash chain from cnbcd18 and you spoke about amalgamation and how that was a smooth process hence leading to the question that uh what’s the status on the bank privatization as well as insurance privatization how far has it reached if you could give some clarity in terms of who could be the candidates and the conclusion timeline and one question man uh various weather predicting agencies have said that the monsoons could be below normal uh ma’am you’ve been analyzing that situation what kind of impact do you assess as far as the economy is concerned at this juncture as well as onto banks when it comes to the credit in those areas in that particular section as and when i’m ready to answer on the bank’s banks privatization i will answer so at this stage this there are nothing for me to say on that which is your first question second question is on the monsoon the monsoon is still on sometimes monsoon in some parts has been erratic there has been excess rain till two days before there would have been a shortfall delhi for instance had nearly a 60 shortfall which was all made up and went on to the surplus mode within a matter of six hours of rain so at this stage i think it will be a bit too much uh for any one of us to safely assess the impact of the monsoon i’ll wait to see it for a bit longer but monsoon or otherwise we can see the revival happening about which i’ve already mentioned once before we’ll wait for the signals to be even more clearer but uh one thing which i further will add other than the atma nurbur announcements and the second announcement after the second wave i’ve asked the banks if you would remember there was a credit outreach which we did in 2019 where banks went over to all the districts in the country and extended all kinds of credit to meet the demand requirements and many of them probably did more than proportionately serve the ram costs which is the retail which is agriculture and which is also the msme related loans the if that was the outcome in fact in parliament also i had answered a question that between october 2019 and march 2021 nearly 4.9 approximately 4.94 lakh crores which were distributed during this credit outreach between october and march october 19 and march 21 this year too from a date which will be determined sometime in october which the secretary dfs will announce a bit later talking to all the banks however there will be a credit outreach even this year in every district of the country and banks would go to have the credit outreach kind of conducted the way they conducted earlier and also you would remember that after the second wave we had announced through the mfis microfinance institutions credit to be given up to a top seeding of 1.5 lakhs for which the nbfcs will also help the mfis to reach out i understand good progress is being made on that debishesh will probably brief so in order to keep up the momentum of stimulus that we are periodically giving we’ve also asked the banks to move out there and give people who would want to borrow from them for any one of their requirements anything else you want to add turn from money control i would request everyone to kindly confront one question after that if we have time we can have a second round good afternoon this is money control my my question is on the stock market side map you have announced last year the direct overseas listing what is the status now i am we are hearing that you are making the mandatory listing in ifrc if you are going for the direct overseas listing is this the plan the direct listing is under consideration of the government because to make it a success there would be some requirements of amendments in some legislations to ensure that there’s a smooth trading of these securities outside the territory of india so we’ll wait and we are in discussion with the players who are asking for this and maybe in the budget session we’ll see what we can do but at this point of time it will suffice to say that it is under discussion and there are some issues which we need to sort out before we can allow we can allow them but it should also be a success for that we want all the hurdles to be taken care of as of now there is no such thing but when the regulations and the rules come out you’ll get to know but at this point of time there is no such compulsion that is being thought of okay tamanna from etino thank you man this is from et now so the first question ma’am is that in your review with public sector banks and their performance what is your assessment of the success of all the schemes that you’ve announced for relief to covet hit companies and borrowers there were a flurry of schemes that you announced up to six lakh crore rupees in total if i’m not mistaken were you satisfied with the kind of outreach especially to certain sections like you had announced scheme for hawkers for tourist guides and extremely hit vulnerable sections are you satisfied with the progress then well on on one particular thing i would straight tell you on the hawkers in some regions we’ve had very good uh you know success in reaching out to as many possible and in some other areas it could be better as my understanding and in that a lot depends not just on the banks the local authorities would have recognized these hawkers in a particular street or a main street unless the recognition is given by the local authority the banks wouldn’t be in a position to extend the facility so there is a lot more interaction which is happening between the banks and the local authorities because it is the local authority who recognizes and identifies hawker in a particular area so in such cases where there are a bit of a work yet to be completed by the local bodies we are waiting for them to do it but otherwise where these details are available for kyc’s purpose yes it’s moving on fast but davis would you want to add in fact the scheme is doing very well more than 26 lakh disbursements have happened and about 29 to 30 lakhs have been sanctioned the the high point in the scheme is that they are all as brands as said they are registered with the urban local bodies so the vendors the whereabouts are known number two these they are getting onboarded electronically also so that if they want they are selling their produce or they are selling the stuff then they can pay through a qr code so these are two main features of the scheme and more than two thousand five hundred dollars six thousand two thousand six hundred close have already been dispersed so it’s moving on very steadily and it’s making good progress but my question was a wider one do you think that for sectors which have been hit specifically tourism etc tourism guide the the scheme is actually being designed by the ministry of tourism uh although the announcements have been made and necessary uh financial provisions have been made so the moment the tourism ministry finalizes that the banks will be if they are in a position to start the lending they too if you recall there too guides who have the central government’s identity cards as well as those who have identity cards given by the states are included in the program so there’s a need for coordination between the two but that will happen sooner so it’s actually not in the ground affected as yet may i just take the liberty ma’am um the because the nmp scheme that you announced earlier this week what is that the national monetization pipeline scheme that you announced earlier this week has been the big talking point and a lot of comments that have come in on it as well um some from the opposition also saying that this is you know giving away of assets and crony capitalists will get them will there be a transparent process uh would you have any response to this i certainly have a response to that i wish the opposition questions with some homework done who actually monetized the mumbai pune corridor was it not the congress party was it not under the congress party which was headed by shreem anders even now being headed by srimati sonia gandhi 8 000 odd crows was raised by that new delhi railway station who called for the rfp on it was it not the congress party somewhere between 2008 5 something like that new delhi railway station rfp call 4 was made 27 10 2008 2008 who was the prime minister then who was the finance minister then and i would now i would definitely ask sri rahul gandhi who even when the prime minister was abroad when he thought one of the ordinances was so outrageous he tore it up in front of the media did he tear this rfp call for the new delhi railway station to be monetized did he tear this out if he indeed is against monetization why wasn’t the rfp for monetizing new delhi railway station turned to pieces by sriracha gandhi is this not monetization and if this is monetization then did they sell off the railway new delhi railway station is it owned by jijaji now does he understand what is monetization and i took the pains even then for if i may now admit the sake of the former president of congress party because monetization may probably mean something to him that we are not selling off there will be a strict handing back i said it and i’m sure many in your media friends will remember that those were words which i had so congress party can every now and then come up with oh you’re selling off the country saying that’s something which they are very good at they sold their they sold water they sold land they sold mines and made a lot of kick back with it from 2014 i challenge if there’s been even an allegation a whisper of allegation against prime minister modi’s government so to lead people to believe something which is not true to mislead people i can give you more examples examples of those asset monetizations which happened during congress period please ask him to take it all out and then explain it before you if that meant selling of those properties the monetization pipeline that was announced by me day before yesterday two days ago there is no change of ownership the ownership is still with government of india they are brown field assets which are almost completed but are under utilized if government has to utilize it better it has to be put through monetization process wherein it will be put to effective use with a bit more addition to spruce it up or to bring it up to the level of utilization so this is absolutely the obvious you in the media particularly those who handle the business and finance and everything else do understand it i am sure you will be able to ask the congress party about the way in which in which they jump into conclusions and charge the government about oh you’re selling away everything which has been built 70 years over something like that he did say 70 years over they built and what did happen during the commonwealth games within one commonwealth games they finished all that which can be creamed out into the accounts of their cronies that is their business not the government of prime minister yeah sure modi’s would like to have him guys let us we need to give chances foreign see i would like to put some facts before you so that through you i can explain the situation you had during the budget a public enterprise policy announced wherein we had identified certain sectors as being strategically important strategic sectors and in them a bare minimum presence of the government will in any case be there always banks and financial institutions and insurance in it are identified as strategic sectors which means in insurance for instance the government’s minimum presence will be there life insurance general insurance and reinsuring agencies these are the three categories broadly in which insurance firms are there both in the private and in the public sector therefore if minimum presence is something which is as per policy got to be there i’ll obviously be present in lic i’ll obviously be present somewhat in general insurance and somewhat in the reinsurance also but over and above a bare minimum presence if there is a need for me to identify those which are there but probably not necessary for my bare minimum presence i obviously think in terms of either you know amalgamating them or disinvesting in them and so on so if this broad framework is understood you then understand why we are announcing an ipo for nic it’s an ipo right but even for me to do some disinvestment keeping my minimum presence in this area i still need to do some changes in the law i will have to do it and specifically when the question is related to you know employees commandment i want through you to tell employees please no don’t have any gabrahad the government understands that we will have to take care of the workers and that’s been the approach that’s been the approach in every one of the disinvestment we’ve taken up so i want you to be clear about which is though which are those sent sectors in which strategically because of the policy itself with bare minimum of the government presence will be there thank you okay excuse me [Music] loan policy have the banks given a feedback how much they have yeah yeah this is especially after the second wait so there are two uh uh schemes uh what rbi had announced and we have also from the government topped it up with some guarantees right so one is for uh sprucing up the health infrastructure creating and also upgrading meaning green field projects brownfield projects and in all areas of health infrastructure including vaccine vaccine manufacturing and oxygen oxygen plants so a whole range of things have been included in that and the government has given a guarantee of 50 uh for the green field projects and 75 percent for the uh uh sorry 75 for the green field and 50 for the brown field so the process has already started and banks have already received proposals they are in the process of sanctioning some of the banks have already started sanctioning and on 31st we are having an outreach kind of a program or a conference with all the stakeholders uh including various trade bodies and also the ima the indian medical association and other related organization honorable fm will also be chairing that meeting for a while and we are trying to push this credit into that field that is one the second one is about the personal loan there is also attraction in that yesterday we reviewed in details so many of the banks have already started giving these personal loans and canada bank state bank of india the large five banks even the smaller banks also and it is picking up so whatever was required they have given we are collecting those details which we will share with the media another was with regard to the one government that i think we will go to we will go to the next person yeah the rpi has come out with a guidance on inflation and rbi has said that the inflation which is a little on the up will cool down in some time and we also feel that once the crops come out the inflation should come down i don’t know whether your question was just from that or you are trying to so strategy sorry ma’am the strategy is that we have reduced our duties on a number of products which are edible oils which is also pulses that we have reduced so the major inflation that is happening is in these components that is happening so we have reduced that duty we have ensured extra pulses and edible oil coming from outside into the country so that the supply side is improved so we are taking care of the important items on the consumer basket and also the rbi has taken a few steps on its own to ensure that the inflation cools down our own estimation is that the inflation rate will remain between the band of four percent and six percent which is what the government of india has mandated rbi to maintain in the coming financials and even now if you look but look at the past several months in fact during corona when there were quite a lot of supply chain disruptions even then we had maintained it well under six when it went up it was for a few months and through periodic meetings of the group of ministers which monitors essential goods and they supply in the markets we’ve worked with that together with the states to ensure that there are no holdings happening and as a result of which and also periodic like the way revenue secretary has said periodically opening up on imports for pulses reducing the customs duty on them we have managed to keep the supplies coming even where within the country the supply is not able to boost get get a boost from itself so as a result you notice in the last month the food inflation has definitely come down we’ll keep monitoring it and ensure that that is not going to be a cost for worry even as we keep the momentum on stimulus from times of india you spoke about alternatives to banks for uh capital for business and yesterday there was the talk about allowing insurance bonds instead of bank guarantees so wanted to know if government was in favor of public sector companies issuing credit substitutes as insurance and also is the government willing to accept them in case of bank guarantees well that was a question asked by when we had this industry interaction saying many of these uh guarantees bank guarantees are burdening the you know companies and therefore would there be a way in which we can uh substitute that with uh any other form so that was in response to a question raised we’ll have to work on it and come back whilst we are not averse to the idea and we understand you have a flight to catch so would you uh do you would like us to find out why don’t you allow girls to ask women to ask you’ve confined it all to this side and now you’re concluding it by saying you have a flight hi ma’am we’ll have a look at that side this is i just wanted to understand that now that you’ve reviewed the financial positions of the bank uh if there are any plans for capital infusion in this financial year and also if i may squeeze in another question uh after the second wave there’s been a rise in uh bad loans especially in the retail segment um i just wanted to understand if there were any discussions on that and if there are any concerns regarding that thanks the first question is on capitalization of banks please go ahead you will not want you in the mic one was your question first one on uh bank capitalization and the second one was on the stressed uh businesses which are approaching the banks if there’s been any reportage on that right why don’t you keep the mic closer to you sure uh so i was saying that you know there’s been an increase in bad loans uh especially in the retail segment and uh if there have been any discussions around time as far as the capital requirement is concerned we are happy to inform you that last year alone the public sector banks went to the market because of the cleaning up of the balance sheet of the banks and today this morning also the annual review uh you know went through all those issues the banks have all turned profitable more than 30 000 crores of rupees have been the net profit that the banks have earned besides the capital adequacy is as high as almost 14 percent um contrary to the requirement of the regulator which is around 10.875 the net npas have come down to 3.1 percent as against nine percent two years ago similarly the gross npa from 15 has come down to below 8 now so all these parameters have now given the confidence to the investors and the banks have gone to the market and they have raised about 69 000 crores of rupees include including 10 000 crores of equity capital so therefore the capital requirement is being met by the bank themselves and also let me tell you in the first five months of this financial year more than 12 000 crores of rupees are already in the process of you know fundraising uh by the banks and some have been completed and some qip are in the process okay one more question we have yeah can i just squeeze in one more question um uh just like would like to get an update on the bad bank in our interactions with banks we were given to believe that by july august the license would be given to the arc but we also understand that the guarantees by the government which was expected is still not given or approved upon so if you could tell us at what stage the bad bank is the company the nrcl has already been registered the national asset reconstruction company uh the iba has already gone to the rbi just a day ago two days ago for the license we expect that license to be coming soon they have identified the assets which has to be transferred the process of getting the integrator agreement also is on the works so that by the time the license license is obtained they are in a position to you know transfer the assets the ceo has been appointed the staff has been put in place and as far as the debt management company is concerned that is also uh the company registration work is in the process and uh that also should follow uh similarly uh in in sync with the narcl so i think substantive work has been done as far as the credit uh the the guarantee part is concerned that is not really a matter of concern that is an extra comfort which the banks have asked for which is under consideration with the government yeah please use the mike please hold it close to you newspaper um you know despite uh these credit uh push schemes that you have announced uh since yeah credit growth is still at about six and a half percent so do you think there is some sort of a demand uh i mean lack of demand for credit and will that come in the way of your continued uh push of stimulus that you just spoke about well i think it’s true it’s too early to conclude whether there is a lack of demand we’ve been addressing the credit requirements of small and medium business in particular through various different ways banks have shown extreme nimbleness in reaching out and proving that those credit outreaches have reached these people and even now i’m telling banks to go ahead with the credit outreach from october during the festive season it is also natural for that to pick up so i don’t think it’s a time yet for us to conclude that uh there is no credit pick up but even without waiting for indications we have taken steps to ramp ramp up further credit uh to reach people and that is why that micro finance announcement was also made and i understand from devashish that that is already reaching the full amount exhaustion you want to add on that yes basically this is another scheme where we wanted that the last mile borrower the small borrower or the micro borrower easily gets money in order to uh you know invest that money in some income generating activity so through the mfis by giving a guarantee the government has ensured that 7500 crores of rupees goes to the mfis and the mfis are there operating in that small ecosystem and they have a connect with the borrowers they know their footprints so we thought that is the easiest way we could reach that set of borrowers so that work is also uh underway and as man said more than about 10 000 crores worth of proposals have already come to the banks the banks have already started the appraisal and very quickly i think within a month’s time they should be able to completely disburse to all the mfis the mfis on the other hand have got some money and they’ve started lending to their borrowers so the work is in progress and we hope within a month or 45 days the entire exercise should get completed and with your permission we will take one last question uh someone yeah ashish mum this was uh with regard to a suggestion made by rbi to cut the uh duties on petroleum products as well from an inflation management perspective uh is there a look because you have already looked at edible oils and pulses is there any sort of look at it you have previously mentioned that okay this is basically with the state government and also explained that there’s a lot of pressure coming from the oil bonds payments but there are concerns on the contrary which have been explained by some analysts on oil on specifically so if you can just sort of uh elaborate on the oil bonds those media personnel who were with me that day would know that i have very clearly given the details out on the oil bond with an intention of very clearly saying that those years about which the upa government and the congress party would normally speak saying growth was at its best five six seven eight before the uh international financial crisis the economy was doing very well at that time for cutting down prices for the convenience of the end user in those years soil bonds have been issued and that is why i deliberately use the word trickery it is with that intention that i have explained it saying if you on the one hand are repeatedly showing data to say the economy was doing very well and probably it was doing very well looking at the figures did you have a need to do the trickery you were reducing price reduce it no but oil bonds very sure and the burden was not on you because you didn’t even show it in your budget and then there is a garment which comes later on to paid borrowing is common for every government i’m not saying no but the context in which the oil bond was used and the way in which it was used shown as extra budgetary or off budget for some other government to come and pay it up but you say we reduce the price to the public eaters in that context are very clearly said and therefore said servicing this trickery my hands are tied that’s not to therefore say oh this you know even today in one of the newspapers i saw a graph which showed it is just one drop of a huge drop in which there are several other things you can be sure of one thing if this government has to say things to you it will say up front like the way we’ve handled the budget 21 that which has to be in the budgetary document will be in the budgetary document in fact i’ve brought for transparency sake things outside which have been kept under the carpet for a long time even them on board so then to say oh no really oil bond doesn’t really tie your hands up is a different story two thousand five six seven eight where they’re doing well or not at least that’s what we are often reminded about and even in those years you are not able to do honest giving of concession to the tax paying public the fuel users that’s trickery and i repeat that’s trickery and it is that which i explained and also then said in the context because one of your comrades asked me the question saying in tamil nadu they’ve reduced it by three rupees said yes i fully acknowledge and i also said there was a white paper issued by that government much before the budget was presented this time and i clearly made a statement had only in 2014 the government after winning the election and forming the government released a white paper many of these trickeries would have come out it is in that context i’ve used it i’m not going back on my word i stand by it it is it was trickery but but is there not a case for reducing the pressure on the petrol fuel price matter i’ve sufficiently said where it lies it is not set towards the state it is something where both of us will have to sit and talk to see how best we can take it up hello hello a good request during 2013 find the comments and access thank you [Music] you
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Finance Minister Nirmala Sitharaman Addresses The Media

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