FUNDING PROGRESS

Source: The Hitavada      Date: 02 Jan 2019 11:11:28


 

 

 

 

 

 

 

 

 

REPLYING to the debate on the supplementary demands in the Lok Sabha on Monday, Finance Minister Mr. Arun Jaitley tried to allay Opposition charge that the Government was trying to seek funds from the Reserve Bank of India (RBI) for meeting its fiscal deficit. On the contrary, he said that the Government was well on course of meeting its fiscal deficit target and containing inflation. The surplus funds that the RBI has will be utilised for funding development projects and recapitalising public sector banks (PSBs). Indeed there is a needless hue and cry over the issue of seeking surplus funds from the apex bank. The Government is not doing anything that may harm the position of the country’s federal bank. What is being sought is to determine proper level of surplus that the apex bank should maintain. In this regard global trends are being cited to bring down the reserve from the existing 24 pc to 8 or 14 pc as being practised by some of the Central Banks in the world. Such surplus would be of immense help for funding development projects.

 

PAK’S PETTINESS

 

PAKISTAN Government appears to have touched a new low in its animosity towards India and therefore it is resorting to various ways to needle India. The latest reports about power supply to an Indian diplomat’s residence in Islamabad being snapped for hours is shameful. The authorities are least concerned that even children and women are made to suffer in such situation. But that seems to be their motive behind their act. By resorting to such gimmicks of harassment of Indian citizens and officials, the Pakistani authorities may derive some devilish pleasure of inconveniencing Indians but they cannot achieve much from such pettiness. Such tactics are in stark violation of international conventions. But Pakistan appears to have lost all fear of international rebuke and continues to indulge in such acts of indecency. The Indian High Commission in Islamabad has duly protested against this way of harassment of Indian officials through a note verbale. But it is unlikely that Pakistan will act on India’s complaint and mend its ways.