Terrorism will recoil on those who nurture it: India

Moscow, Apr 26 (PTI) India today called for united global action in strongly resisting "opportunistic" efforts of some states to support terrorist groups by facilitating training, funding and providing safe havens to them.

Addressing an international security conference here, Defence Minister Arun Jaitley said terrorism is being "reinvented" in newer and even more dangerous manifestations and that the challenge must be dealt with effectively.

Without naming any country, he said terrorism will recoil on those who nurture it, adding distinctions are still sought to be made between good and bad terrorists, despite all the evidence and experience to the contrary.

The sixth Moscow conference on international security is attended by defence ministers of a large number of countries.

"We should also resolutely resist opportunistic efforts by some states to support terrorist proxies by training, funding or providing safe havens to such groups for their limited objectives," he said.

On the positive side, he said, the territory acquired by ISIS in the Middle East has begun to be effectively challenged by several countries.

"It is reassuring and should be taken to its logical conclusion. Cooperation between major powers in this effort can become a template for similar steps elsewhere," he said.

At the same time, he said even work is on to eliminate the breeding grounds of terrorism in the Middle East, the dangers of such elements returning to their home countries has become a major challenge.

"We need to encourage closer information exchanges and intelligence cooperation to address this threat," he said.

The defence minister said the scourge of terrorism remains the primary security challenge for all peaceful countries, asserting India will steadfastly partner all friendly countries confronted with the challenge of terrorism.

"We have successfully addressed this threat for over three decades. We will continue to strengthen ongoing cooperation in counter-terrorism with our partners," he said.

An overview of GST

GOODS AND SERVICES TAX – AN OVERVIEW

CENTRAL BOARD OF EXCISE & CUSTOMS

GOODS AND SERVICES TAX (GST)

1.             Benefits:

1. GST is a win-win situation for the entire country. It brings benefits to all the stakeholders of industry, government and the consumer.  It will lower the cost of goods and services, give a boost to the economy and make the products and services globally competitive. GST aims to make India a common market with common tax rates and procedures and remove the economic barriers thus paving the way for an integrated economy at the national level. By subsuming most of the Central and State taxes into a single tax and by allowing a set-off of prior-stage taxes for the transactions across the entire value chain, it would mitigate the ill effects of cascading, improve competitiveness and improve liquidity of the businesses. GST is a destination based tax. It follows a multi-stage collection mechanism. In this, tax is collected at every stage and the credit of tax paid at the previous stage is available as a set off at the next stage of transaction. This shifts the tax incidence near to the consumer and benefits the industry through better cash flows and better working capital management.
2. GST is largely technology driven. It will reduce the human interface to a great extent and this would lead to speedy decisions.
3. GST will give a major boost to the ‘Make in India’ initiative of the Government of India by making goods and services produced in India competitive in the National as well as International market. Also all imported goods will be charged integrated tax (IGST) which is equivalent to Central GST + State GST. This will bring equality with taxation on local products.
4. Under the GST regime, exports will be zero-rated in entirety unlike the present system where refund of some taxes may not take place due to fragmented nature of indirect taxes between the Centre and the States.  This will boost Indian exports in the international market thus improving the balance of payments position. Exporters with clean track record will be rewarded by getting immediate refund of 90% of their claims arising on account of exports, within seven days.
5. GST is expected to bring buoyancy to the Government Revenue by widening the tax base and improving the taxpayer compliance. GST is likely improve India’s ranking in the Ease of Doing Business Index and is estimated to increase the GDP growth by 1.5 to 2%.

6. GST will bring more transparency to indirect tax laws.  Since the whole supply chain will be taxed at every stage with credit of taxes paid at the previous stage being available for set off at the next stage of supply, the economics and tax value of supplies will be easily distinguishable. This will help the industry to take credit and the government to verify the correctness of taxes paid and the consumer to know the exact amount of taxes paid.

7. The taxpayers would not be required to maintain records and show compliance with a myriad of indirect tax laws of the Central Government and the State Governments like Central Excise, Service Tax, VAT, Central Sales Tax, Octroi, Entry Tax, Luxury Tax, Entertainment Tax, etc. They would only need to maintain records and show compliance in respect of Central Goods and Services Tax Act and State (or Union Territory) Goods and Services Tax Act for all intra-State supplies (which are almost identical laws) and with Integrated Goods and Services Tax for all inter-State supplies (which also has most of its basic features derived from the CGST and the SGST Act). 

2.             Salient Features of GST

The salient features of GST are as under:      

(i)                 The GST would be applicable on the supply of goods or services as against the present concept of tax on the manufacture or sale of goods or provision of services. It would be a destination based consumption tax. This means that tax would accrue to the State or the Union Territory where the consumption takes place. It would be a dual GST with the Centre and States simultaneously levying tax on a common tax base. The GST to be levied by the Centre on intra-State supply of goods or services would be called the Central tax (CGST) and that to be levied by the States including Union territories with legislature/Union Territories without legislature would be called the State tax (SGST)/ Union territory tax (UTGST) respectively.

(ii)               The GST would apply to all goods other than alcoholic liquor for human consumption and five petroleum products, viz. petroleum crude, motor spirit (petrol), high speed diesel, natural gas and aviation turbine fuel. It would apply to all services barring a few to be specified. The GST would replace the following taxes currently levied  and collected by the Centre:

a.                   Central Excise Duty

b.                  Duties of Excise (Medicinal and Toilet Preparations)

c.                   Additional Duties of Excise (Goods of Special Importance)

d.                  Additional Duties of Excise (Textiles and Textile Products)

e.                   Additional Duties of Customs (commonly known as CVD)

f.                   Special Additional Duty of Customs (SAD)

g.                  Service Tax

h.                  Central Surcharges and Cesses so far as they relate to supply of goods and services

(iii)             State taxes that would be subsumed under the GST are:

a.                   State VAT

b.                  Central Sales Tax

c.                   Luxury Tax

d.                  Entry Tax (all forms)

e.                   Entertainment  and Amusement Tax (except when levied by the local bodies)

f.                   Taxes on advertisements

g.                  Purchase Tax

h.                  Taxes on lotteries, betting and gambling

i.                    State Surcharges and Cesses so far as they relate to supply of goods and services

(iv)             The list of exempted goods and services would be common for the Centre and the States.

(v)               Threshold Exemption: Taxpayers with an aggregate turnover in a financial year up to Rs.20 lakhs would be exempt from tax. Aggregate turnover shall be computed on all India basis. For eleven Special Category States, like those in the North-East and the hilly States, the exemption threshold shall be Rest. 10 lakhs. All taxpayers eligible for threshold exemption will have the option of paying tax with input tax credit (ITC) benefits. Taxpayers making inter-State supplies or paying tax on reverse charge basis shall not be eligible for threshold exemption.

(vi)             Composition levy: Small taxpayers with an aggregate turnover in a financial year up to Rest. 50 lakhs shall be eligible for composition levy. Under the scheme, a taxpayer shall pay tax as a percentage of his turnover during the year without the benefit of ITC. The rate of tax for CGST and SGST/UTGST each shall not exceed -

·         2.5% in case of restaurants etc

·         1% of the turnover in a state/ UT in case of a manufacturer

·         0.5% of the turnover in state/UT in case of other suppliers.

A taxpayer opting for composition levy shall not collect any tax from his customers nor shall he be entitled to claim any input tax credit.  The composition scheme is optional. Taxpayers making inter-State supplies shall not be eligible for composition scheme. The government, may, on the recommendation of GST Council, increase the threshold for the scheme to up to rupees one crore.

(vii)           An Integrated tax (IGST) would be levied and collected by the Centre on inter-State supply of goods and services. Accounts would be settled periodically between the Centre and the States to ensure that the SGST/UTGST portion of IGST is transferred to the destination State where the goods or services are eventually consumed.

(viii)         Use of Input Tax Credit: Taxpayers shall be allowed to take credit of taxes paid on inputs (input tax credit) and utilize the same for payment of output tax. However, no input tax credit on account of CGST shall be utilized towards payment of SGST/UTGST and vice versa. The credit of IGST would be permitted to be utilized for payment of IGST, CGST and SGST/UTGST in that order.

(ix)             HSN (Harmonised System of Nomenclature) code shall be used for classifying the goods under the GST regime. Taxpayers whose turnover is above Rs. 1.5 crore but below Rs. 5 crore shall use 2-digit code and the taxpayers whose turnover is Rs. 5 crore and above shall use 4-digit code. Taxpayers whose turnover is below Rs. 1.5 crore are not required to mention HSN Code in their invoices.

(x)               Exports and supplies to SEZ shall be treated as zero-rated supplies. The exporter shall have an option to either pay output tax and claim its refund or export under bond without tax and claim refund of Input Tax Credit.

(xi)             Import of goods and services would be treated as inter-State supplies and would be subject to IGST in addition to the applicable customs duties. The IGST paid shall be available as ITC for further transactions.

3.             GST Council

The mechanism of GST Council would ensure harmonization on different aspects of GST between the Centre and the States as well as among States. It has been specifically provided that the GST Council, in its discharge of various functions, shall be guided by the need for a harmonized structure of GST and for the development of a harmonized national market for goods and services. The GST Council shall establish a mechanism to adjudicate disputes arising out of its recommendation or implementation thereof.

4.             Minimal Interface

The physical interface between the taxpayer and the tax authorities would be minimal under GST. Certain important provisions in this regard are illustrated as under:

a)      There will be cross-empowerment of officers belonging to Central and State Governments.  Officer of CGST will be empowered to act as proper officer of SGST and vice versa.

b)      Registration will be granted on line and shall be deemed to have been granted if no deficiency is communicated to the applicant within 3 common working days by the tax administration which has been allotted the examination of the application. Such allotment is to be done one each alternately between the Central and the State Tax administration.

c)      Taxable person shall himself assess the taxes payable (self-assessment) and credit it to the account of the Government. The return filed by the tax payer would be treated as self-assessed.

d)     Payment of tax shall be made electronically through internet banking, or also through credit card and through the modes of Real Time Gross Settlement (RTGS) or National Electronic Funds Transfer (NEFT). Smaller taxpayers shall be allowed to pay tax over the bank counter. All challans for payment of tax shall be generated online on the Goods and Services Tax Network (GSTN).

e)      The taxpayer shall furnish the details of outward supplies electronically without any physical interface with the tax authorities. Inward supply details would be auto-drafted from the supply details filed by the corresponding suppliers.

f)       Taxpayers shall file, electronically, monthly returns of outward and inward supplies, ITC availed, tax payable, tax paid and other prescribed particulars. Composition taxpayers shall file, electronically, quarterly returns. Omission/incorrect particulars can be self-rectified before the last date of filing of return for the month of September of the following year or the actual date of filing of annual return, whichever is earlier.

g)      For mismatched invoices, reversal and reclaim of input tax credit shall be done electronically on the GSTN portal without any tax payer contact. This electronic system would also prevent, inter alia, input tax credit being taken on the basis of fake invoices or twice on the same invoice.

h)      Taxpayers shall be allowed to keep and maintain accounts and other records in electronic form.

5.             Input tax credit

Taxpayer is allowed to take credit of taxes paid on inputs (input tax credit), as self-assessed, in his return.  Taxpayer can take credit of taxes paid on all goods and services, other than a few items in the negative list, and utilize the same for payment of output tax. Credit of taxes paid on inputs can be taken where the inputs are used for business purposes or for making taxable supplies.  Full input tax credit shall be allowed on capital goods on its receipt as against the current Central Government and many State Government practice of staggering the credit in more than one installment. Unutilized input tax credit can be carried forward. The facility of distribution of input tax credit for services amongst group companies has been provided for through the mechanism of Input Service Distributor (ISD).

6.        Refund

Time limit for claiming online refund has been increased from one year to two years. Refund shall be granted within 60 days from the date of receipt of complete application. Interest is payable if refund is not sanctioned within the stipulated period of 60 days. If the refund claim is less than Rs. 2 lakhs, there is no need for the claimant to furnish any documentary evidence to prove that he has not passed on the incidence of tax to any other person. Only a self-certification to this effect would suffice. Refund of input tax credit shall be allowed in case of exports or where the credit accumulation is on account of inverted duty structure (i.e. where the tax rate on output is higher than that on inputs).

7.        Demands

A new concept of sunset clause for tax disputes has been introduced. It provides that Adjudication Order shall be issued within 3 years of filing of annual return in normal cases and the time limit is 5 years (from the date of filing of annual return) in fraud/suppression cases. SCN will have to be issued at least 3 months prior to the time limit prescribed for issue of adjudication order in normal cases and at least 6 months prior to the time limit prescribed for issue of adjudication order in cases involving fraud/suppression etc. Penalty is Nil or minimal if the tax short paid / non-paid is deposited along with interest at the stage of audit/investigation.

8.    Alternate Dispute Resolution mechanism - Advance Rulings

Advance ruling mechanism has been continued under the GST law. The salient features are as under:

a)      Advance ruling can be sought in respect of more subjects than allowed at present. The subjects are: classification of goods/or services, time and value of supply, rate of tax, admissibility of input tax credit, liability to pay tax, liability to take registration and whether a particular transaction amounts to a supply under GST law.

b)      Advance ruling can be sought not only for new activities but also for existing activities. The facility of appeal, which is not there under the Central law, has been provided in the GST Law.

c)      The applicants or the Department, if aggrieved by the advance ruling, would henceforth get the opportunity to file an appeal before the Appellate Authority for revision of the ruling. Advance Ruling can be obtained more easily as there will be one Advance Ruling Authority (as also the Appellate Authority) in every State.

9.             Other provisions of GST

The provisions worth mentioning here are:

(i)                  Valuation of goods shall be done on the basis of transaction value i.e. the invoice price, which is the current practice under the Central Excise and Customs Laws. Taxpayers are allowed to issue supplementary or revised invoice in respect of a supply made earlier.

(ii)               New modes of payment of tax are being introduced, viz. through credit and debit cards, National Electronic Fund Transfer (NEFT) and Real Time Gross Settlement (RTGS).

(iii)             E-Commerce companies are required to collect tax at source in relation to any supplies made through their online platforms, under fulfilment model, at the rate notified by the Government.

(iv)             An anti-profiteering measure has been incorporated in the GST law to ensure that any benefits on account of reduction in tax rates results in commensurate reduction in prices of such goods/services. 

10.         IT preparedness

Putting in place a robust IT network is an absolute must for implementation of GST. A Special Purpose Vehicle called the GSTN has been set up to cater to the needs of GST. The GSTN shall provide a shared IT infrastructure and services to Central and State Governments, taxpayers and other stakeholders for implementation of GST. The functions of the GSTN would, inter alia, include: (i) facilitating registration; (ii) forwarding the returns to Central and State authorities; (iii) computation and settlement of IGST; (iv) matching of tax payment details with banking network; (v) providing various MIS reports to the Central and the State Governments based on the taxpayer return information; (vi) providing analysis of taxpayers’ profile; and (vii) running the matching engine for matching, reversal and reclaim of input tax credit. The target date for introduction of GST is 1^st July, 2017.

The GSTN will also make available standard software for small traders to keep their accounts in that, so that straight away it can be uploaded as their monthly returns on GSTN website. This will make compliance easier for small traders.

Xi urges 'restraint' over N Korea as US carrier approaches

Beijing, Apr 24 (AFP) Chinese President Xi Jinping urged "restraint" over North Korea in a phone call with Donald Trump today, as Japan joined exercises with an American supercarrier heading to the Korean peninsula.

The US leader has repeatedly called on China, the North's sole major ally, to do more to rein in Pyongyang, as tensions in the region soar amid speculation it will conduct another nuclear test.

"(China) hopes that the relevant parties can maintain restraint and avoid actions that would increase tensions in the Korean peninsula," Xi said, according to the foreign ministry.

"The only way to realise denuclearisation in the Korean peninsula and quickly resolve North Korea's nuclear problem is for each relevant party to fulfil its duties." 

The conversation -- the second since their summit at Trump's luxury resort in Florida early this month -- highlights rising concern in Beijing that tensions between Washington and Pyongyang could spiral into military conflict.

"The international situation is rapidly changing, it is essential that China and the US maintain a close contact and exchange opinions on important matters in a timely manner," Xi told Trump.

Trump also spoke to Japanese Prime Minister Shinzo Abe today, discussing the joint drills under way between the US carrier Carl Vinson and Japan's Maritime Self-Defence Force.

"We completely agreed that we strongly demand restraint by North Korea, which has repeatedly taken dangerous provocative actions," Abe told reporters after the call.

Tensions have soared in recent months as North Korean missile tests have brought ever-more bellicose warnings from Trump's administration -- and repeated demands for China do more to help.

Despite its longstanding ties with the North, China has stepped up pressure, announcing in February that it was halting all imports of coal from North Korea -- a crucial earner for Pyongyang -- for the rest of the year.

It also issued a stern warning earlier this month that a conflict over North Korea could break out "at any moment".

The comments came ahead of a failed missile test a day after the 105th anniversary of the birth of North Korea's founder Kim Il-Sung.

Missile and nuclear tests are often timed around major dates and speculation is now focused on Tuesday's anniversary of the founding of its military.

US Vice President Mike Pence said today that the Vinson and its strike group would arrive in the Sea of Japan (East Sea) -- which sits between the Korean peninsula and Japan -- "in a matter of days".

South Korea also said it was considering drills with the carrier group, which is currently conducting joint exercises with Japan in the Philippine Sea.

Confusion had clouded the carrier's whereabouts after Trump earlier indicated the "armada" was steaming towards North Korea when in fact it was heading south and was photographed off Java.

The North's ruling party newspaper today called the Vinson's deployment "undisguised military blackmail".

"Such threat may startle a jellyfish, but can never work on the DPRK," it said, using the country's official name.

A separate editorial on the North's propaganda website Uriminzokkiri said the dispatch of the Carl Vinson signalled "that an invasion of the North is nearing day by day".

In the event of an attack, it said, "The world will witness how Washington's rash nuclear aircraft carriers are turned into a huge pile of steel and buried at sea and how a country called America is wiped out from the Earth." 

Pyongyang has also detained a US citizen -- Kim Sang-Duk, or Tony Kim, who was lecturing at a foreign-funded university in Pyongyang, the university said today.

Two other US citizens -- college student Otto Warmbier and Korean-American pastor Kim Dong-Chul -- are currently being held in the North after sentenced to long prison terms.

North Korea has arrested and jailed several US citizens in the past decade, often releasing them only after high- profile visits by current or former US officials or former US presidents.

Renowned Film Director & Actor Shri KasinadhuniViswanath to be conferred DadasahebPhalke Award for the year 2016

I&B Minister Shri Venkaiah Naidu approves recommendation of DSPA Committee

Renowned Film Director & Actor Shri KasinadhuniViswanath is to be conferred the 48^thDadasahebPhalke Award for the year 2016. I&B Minister Shri M. Venkaiah Naidu today approved the recommendation of the DadasahebPhalke Award committee.  The Award is conferred by the Government of India for outstanding contribution to the growth and development of Indian Cinema. The Award consists of a Swarn Kamal (Golden Lotus), a cash prize of Rs. 10 lakhs and a shawl. The Award shall be conferred by the President of Indiaat a function on May 3^rd2017 at Vigyan Bhawan.

            A presenter of classical and traditional art, music and dance, Shri K Viswanath has been a guiding force in the Indian film industry. As a director he has made fifty films since 1965 known for their strong content, endearing narrative, honest handling and cultural authenticity. His films on wide range of social & human issues had great appeal to the masses.

Shri K Viswanath was born in February 1930 at Gudivadain Andhra Pradesh. An ardent art lover, he made a series of films based on varied themes of art, music and dance. His films empathized with courage and frailty, aspirations and convictions, perseverance and distractions, social demands and individual struggle and at the core believed in the goodness of the human spirit.

  His contributions have received recognition in the form of Padmashri Award in 1992 by the Government of India for his contribution to film making. He has also been awarded 5 National Awards, 20 Nandi Awards (awarded by the State Government of Andhra Pradesh), 10Filmfare Awards including Lifetime Achievement Award. His national award winning SwathiMuthyam was the India’s official entry to the 59th Academy Awards in the Best Foreign Film category.

             The stories that Shri K Viswanath told through his films were seemingly simple. They provide an uncomplicated, direct and pleasant cinematic enjoyment to the audience. At the same time they lend themselves to a nuanced and layered interpretation leading many to watch them again and again and come back with a new hitherto unseen aspect or a deeper understanding and realization.

One of his most memorable films, Sirivennelawas a sensitive story of a blind flutist and a mute painter who fall in love with each other, over the love of music and their individual setbacks. It helped in changing the viewers’ perception of disability, to a large extent.  The musical compositions of this film are still fresh and soothing to the ears.

His film, Sankarabharanam, is one of India’s most memorable classics, which was appreciated across the world. A remarkable feature of his films is that all of them remain wholesome family entertainers. They have a fair share of humor, sentiments and contain scenic beauty, good music, powerful and realistic characters and most importantly concrete storylines.  

Exit polls predict sweep for BJP in Delhi, AAP staring at rout

New Delhi, Apr 23 (PTI) The BJP could be headed for a landslide victory in the Delhi municipal polls with two exit polls predicting the party finishing way ahead of the AAP and the Congress with over 200 of the 270 wards where polling was held today.

Going by the projected figures, the AAP could well be staring at a rout on its home turf, barely two years into its rise to power bagging a staggering 67 of the 70 Assembly seats, while the Congress' attempt to regain ground may come a cropper.

According to the India Today-Axis exit poll, the BJP may bag anything between 202 and 220 seats, while the AAP and the Congress will score something around 23-35 and 19-31 respectively.

The CVoter-ABP exit poll claimed the BJP was likely to sweep Delhi with 218 seats, limiting the AAP and the Congress to 24 and 22 seats respectively.

Polling was held in 270 wards of the three municipal corporations. The election to two wards has been postponed due to the death of candidates.

PM delivers closing remarks at 3rd Meeting of Governing Council of NITI Aayog

The Prime Minister, Shri Narendra Modi chairing the 3rd Governing Council Meeting of the NITI Aayog, in New Delhi on April 23, 2017. 

The Prime Minister, Shri Narendra Modi today called upon State Governments to work with the Union Government, as “Team India,” to build the India of the dreams of our freedom fighters by 2022, the 75th anniversary of independence. Delivering the closing remarks at the third meeting of the Governing Council of NITI Aayog, he urged States, local Governments and all Government and Non-Government organizations to decide goals for 2022, and work in mission mode towards achieving them. 

Describing the discussions at today’s meeting as constructive, the Prime Minister said that the circulated vision document is a draft, and all suggestions given by the Chief Ministers will be taken into account before finalizing it. He laid emphasis on good governance and said it leads to optimum utilization of resources, even when resources are less than desired. 

The Prime Minister noted that the theme of regional imbalance was raised by a number of Chief Ministers. He agreed that this has to be addressed on priority, both nationally, and within States. 

Noting the invitation given by the Chief Minister of Jammu and Kashmir, the Prime Minister suggested that States could organize events there. He also seconded the Jammu and Kashmir Chief Minister’s suggestion that States should take interest in the students from her State who are studying in other States. He urged States to reach out to these students from time to time. 

The Prime Minister reiterated that the legislative arrangements at the State-level for GST should be put in place without delay. 

The Prime Minister called upon States to use the GeM platform – Government e-Marketplace, to reduce corruption and increase transparency in Government procurement. He said the use of technologies such as BHIM and Aadhaar would result in significant savings for the States. 

Shri Narendra Modi said that the District Mineral Fund, the CAMPA Fund, and the construction workers welfare fund, would provide significant boost to the resources of the State. He asked NITI Aayog to come up with a roadmap for better utilization of such funds by the States. 

The Prime Minister urged States to join the Ek-Bharat, Shresth Bharat initiative, which was launched on Sardar Patel’s birth anniversary last year. He said India’s richness of culture and heritage should no longer be ignored. 

The Prime Minister said a constructive discussion has begun on the subject of holding Union and State elections simultaneously. The Prime Minister said that for long, India had suffered from economic and political mismanagement. He said that because of poor time management, many good initiatives and schemes had failed to deliver the anticipated results. He emphasized on the need to develop robust arrangements that could function amidst diversity. 

The Prime Minister mentioned the advancing of the budget presentation date. Stating that in a country where agricultural income is exceedingly important, budgets should be prepared immediately after the receipt of agricultural incomes for the year. He said that there have been suggestions to have the financial year from January to December. He urged States to take the initiative in this regard. 

India-US ties more stronger, matured: Jaitley

Washington, Apr 22 (PTI) India-US ties have significantly improved over the last few decades, becoming more "stronger" and "matured" and defying changes in governments in both the countries, Finance Minister Arun Jaitley said today.

Jaitley, speaking at a reception hosted by India's Ambassador to the US Navtej Sarna, said the Indian government is looking forward to working with the Trump Administration to strengthen the various dimensions of the bilateral ties.

Stressing that India-US relationship has bipartisan support in both the countries, he said, "In one sense it is a bipartisan relationship. I am sure it would be a great privilege for us to continue with the new administration to strengthen the various dimensions of this relationship.

Jaitley yesterday met US Commerce Secretary Wilbur Ross, the first cabinet-level interaction between the two countries under the Trump Administration.

"The US-India relationship over the last few decades has significantly improved. It is far stronger, far matured. It defied the changes in the government whether in the US or in India," he said.

"There is a little more optimism this year than I have seen in the last three years. This seems to be the good news, as far as these meetings are concerned," he said.

"I met the (US) Commerce Secretary yesterday. I will meet the (US) Treasury Secretary tomorrow. This would be the first contact at that level between the new Administration and the Government of India," he said.

During the meeting with US Commerce Secretary yesterday, Jaitley strongly raised India's concerns over the Trump administration's move to tighten the H-1B visa regime, highlighting the key role played by Indian professionals in boosting the American economy.

President Donald Trump this week signed an executive order for tightening the rules of the H-1B visa programme to stop its "abuse" and ensure that the visas are given to the "most-skilled or highest paid" petitioners, a decision that would impact India's USD 150 billion IT industry.

Jaitley outlined the significant contributions the skilled Indian professionals have made to the US economy and expressed the hope that the US administration will take this aspect into consideration while taking any decision.

Jaitley, leading an Indian delegation, arrived here On April 20, to attend the annual Spring meetings of the International Monetary Fund and the World Bank.

In addition to his meetings and presentations at the annual Spring meetings of the IMF and the World Bank, Jaitley is also scheduled to attend meetings of other multilateral forums including that of the G-20 finance ministers.

Speaking about India's growth story, he said, "In the last three years even in the midst of slowdown across the world, India has been able to grow in the range of seven to eight per cent. That is the rate of growth that we have fairly maintained. Our all other economic parameters seems to be fairly well under control." 

"The significant part of our economy today is, that there is perhaps for the first time, a huge amount of popular support as far as economic reforms are concerned," he said.

"India has become one of the most open economies of the world. Most of our sectors are open for international investment. And we have been attracting one of the largest investments that any country has been attracting in the world.

"And it is combination of this investment which is coming into India, coupled with higher public spending, even as the private sector spending was a little low, that has kept the Indian growth process going," he said.

He said the environment for doing business has considerably smoothened.

"India has learned from its past experiences. And this itself has helped in cleaning up the entire process. We have now undertaken a very ambitious reform of cleaning up the system of political funding in India, something which had been eluding Indian democracy for quite sometime," he said.