New Delhi: Indian’s Prime Minister Narendra Modi if again voted to power for second tenure after Lok Sabha election results then to whom he will elect as next Finance Minister in his government.
It is might possible that India’s next Finance Minister Arun Jaitley is all set to retain his post if Prime Minister Narendra Modi wins 2019 election.
The FinMin, Jaitley gearing up to retain his post if Narendra Modi wins PM elections, as according to speculations he is winning the election results on Thursday.
But if his health deteriorates then Railways and Coal Minister Piyush Goyal will take his post.
No matter who becomes Finance Minister, Modi needs someone who can give new energy to country’s economy.
In recent years due to low oil price, the growth sputtered to a five quarter low of 6.6 percent at the end of 2018 and economist fears that it may worsen due to falling rural consumption demand and slowly rising fuel price.
Here is introduction regarding who will be next Finance Minister of India are given below:
Arun Jaitley: In past five years Jaitley served the Parliament Economic Legislation like nationwide goods and service tax. But the service tax weakens for two decades. Not only this, he also made efforts to end up Muslim instant divorce practice “Triple Talaq” in accommodation with the government.
To whom Narendra Modi will elect next Finance Minister after winning LS polls:
Having good relations with ruling and opposition lawmakers Jaitley is known for his effective speeches in and outside the Parliament. Keeping his importance in mind Modi gave him responsibility of three ministers as Jaitley join office.
Jaitley is a diabetic and due to his poor health he skipped interim budget in February as he was hospitalize in united state and was getting his cancer treatment. Last year his kidney was transplanted.
Piyush Goyal: This 54-year-old full of energetic person will might grab Finance Minister post as he has experience of holding this post twice, when Jaitely fell ill.
He also serves largest commercial bank- state Bank of India and Bank of Baroda.
Goyal is a trained Chartered Accountant. He also worked on last interim budget where he suggested tax cuts for salaried class if BJP wins this year’s election.
Madan Sabnavis, chief economist at care rating said “doesn’t matter who becomes Finance minister as all big decisions comes straight from Prime Minister”
He added that market will be more interested to see whether it is a NDA government or a non- NDA government referring to BJP alliance.
US ditches Indian currency money from monitoring list of trading
Washington: India has been removed from currency monitoring list of major trading by the US Treasury Department of Donald Trump administration because country has made improvements and developments.
India was placed for the first time by the US in its currency monitoring list of countries according to report in October 2018, the Treasury had said that India has made improvements and its name have been removed from the currency manipulation list in the next report.
Along with India other nation such as Switzerland has been removed by the US from its currency monitoring list which among others include China, Japan, South Korea, Germany, Italy, Ireland, Singapore, Malaysia and Vietnam.
In latest semi-annual report on Macro Economic and Foreign Exchange policies of major trading partners of the US sent to the Congress the Treasury department said, “India has been removed from the monitoring list in this report, having met only one out of three criteria-a significant bilateral surplus with the US-for two consecutive reports.”
Further adding to this he said, “Neither Switzerland nor India met the criteria for having engaged in persistent, one-sided intervention in either the October 2018 report or this report. Both Switzerland and India have been removed from the monitoring list,” along it’s report running into over 40 pages.
US trumps Indian currency money from monitoring list of trading:
With new names on the list who added are Italy and Ireland from European Union (EU) and three Southeast Asian countries-Singapore, Malaysia and Vietnam.
The Department’s Currency which published report on May 28 says even 2 out of 3 measures for currency manipulation were tightened US again decided not to label China or any other country as a currency manipulator.
In report Philip Wee, forex strategist at DBS Group Research said, “Washington’s restraint in not labeling China a currency manipulator was a relief.
Unfortunately, this would not be enough to offset the China-US trade tensions weighing on currencies.”
Meanwhile, Indian currency on Tuesday opened at 69.75 against the dollar, weaker than 69.6850 on close.