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Never spoke of fiscal stimulus to revive growth: Jaitley

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Aru Jaitley

Washington, Oct 15, 2017: There was never any talk by the Indian government about announcing a fiscal stimulus package for boosting the economy, Finance Minister Arun Jaitley asserted.

“I have not used that phrase (fiscal stimulus). I said we will respond to situations and your fraternity translated the word respond as meaning stimulus,” Jaitley told reporters here on Saturday at the end of his week-long official visit to the US.

“So you are the ones who should be answering and not me,” he said adding that since it was the Indian media which had mentioned fiscal stimulus, “you should ask them” about it.

Following a sharp fall in latest key macro indicators such as the Gross Domestic Product (GDP) and industrial production, Jaitley, last month, hinted at a package of measures to boost the economy. But he refused to divulge details, saying the measures would be unveiled only after consultation with Prime Minister Narendra Modi.

“We have taken note of all the economic indicators that are available. This has been a pro-active government on the reforms agenda. I have had a series of discussions with ministerial colleagues and various secretaries.

“The government will take additional measures in the coming days after consulting the Prime Minister. Whenever the measures are taken, you will come to know of it,” Jaitley told reporters in New Delhi following a meeting of the union cabinet.

Jaitley also told reporters here that there is much interest about India in the US and among its investors.

“There is great interest about India in the US and among its investors. Both those inside the government and the US companies have shown great interest in investing in India now,” he said.”

Jaitley, who led the Indian delegation to the annual meetings of the International Monetary Fund and the World Bank, also said that American companies are investing in India in a big way.

“You have Indians investing in the US, you have US companies investing in India. And, in November, a large contingent of US corporates is coming to India to invest,” he said.”

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No lay-offs by Wipro amid crorona crisis, no such plan

The Bengaluru-headquartered IT behemoth employs more than 1.75 lakh people in several countries across the globe.

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Azim Premji Wipro

Bengaluru, July 13 : Global software major Wipro has not laid off any employee during the Covid-19 pandemic nor has any such plan at the moment, a top company official said on Monday.

“I just want to give comfort and say this categorically that we have not laid off a single employee as the pandemic unfolded,” Wipro Chairman Rishad Premji said at the company”s 74th annual general meeting (AGM) held virtually.

“At the moment, we have no plans to lay off anybody at the company,” he said, replying to a female shareholder.

“We are trying to drive cost deductions through various other means operationally and otherwise,” said Premji.

The Bengaluru-headquartered IT behemoth employs more than 1.75 lakh people in several countries across the globe.

–IANS

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Google to invest Rs 75,000 crore to boost digitisation in India

The investment will focus on four areas important to India’s digitisation– first enabling affordable access to information to every Indian in their own language.

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Sundar Pichai

New Delhi, July 13 : Google CEO Sundar Pichai on Monday announced a Google for India digitisation fund through which, the company will invest Rs 75,000 crore or approximately $10 billion over the next five to seven years to help India go digital.

“We will do this through a mix of equity investment, partnerships and an operational infrastructure ecosystem in India. This is a reflection of our confidence in the future of India and its digital economy,” Pichai said during the Google for India virtual conference.

The investment will focus on four areas important to India’s digitisation– first enabling affordable access to information to every Indian in their own language.

“Second, building new products and services that are deeply relevant to India”s unique needs. Third, empowering businesses to continue or embark on digital transformation. And fourth, leveraging technology and Artificial Intelligence for social good in areas like health, agriculture and education,” the Google CEO said.

India’s Union IT Minister Ravi Shankar Prasad were also present during the conference.

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Business partner of Rajasthan CM’s son under ED scanner

Sharma was summoned by the ED four days ago. The agency suspects that large scale overseas transactions have taken place.

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Ashok Gehlot

New Delhi, July 13 : Amid political crisis in Rajasthan, the Enforcement Directorate (ED) on Monday conducted raids at Hotel Fairmont in Jaipur.

Investor Ratan Kant Sharma, close aide of Chief Minister Ashok Gehlot’s son, is under the agency’s scanner.

Sharma had allegedly received around Rs 96.7 crore from Mauritius and has stakes in Hotel Fairmont. Sharma and Vaibhav Gehlot, son of Chief Minister Ashok Gehlot, are business partners.

Sharma was summoned by the ED four days ago. The agency suspects that large scale overseas transactions have taken place.

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