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Karnataka should grow faster than India: Shri. Arun Jaitely



Karnataka should grow faster than India: Shri. Arun Jaitely 
Karnataka should be growing by 2 - 3 percent faster than the country's GDP. The state has potential in better natural resources and quality human resources. The Central government will extend all required help to Karnataka for its overall growth said Shri. Arun Jaitely, Union Minister for Finance, Corporate Affairs and Information and Broadcasting. Speaking after inaugurating three day Invest Karnataka-2016, a global investors meet organised by the Karnataka Government at Bengaluru today Shri. Jaitely said that, Karnataka has all human and institutional resources to grow faster than India. Each state in India is competing with each other in attracting investments. This is the most positive sign of national growth. The state with consistent track records of stable politics, easy access of land and natural resources are the primary destinations of investments the minister said. 


Addressing on the problem of poverty the minister said that Governments should make people come out of poverty. There is no other solution to eliminate poverty other than making India grow. Investments in private sector and rural areas are the biggest challenges for which India should respond instantly. Investments in the progressive sectors should be attracted more. Manufacturing sector should be developed and Research & Development should be improved for the overall national growth said the minister.

The minister said that our country is a state of cooperative federalism. Federalism and democracy should be the strength of the government and not the obstacle. India is withstanding the adverse effects of the global economic slowdown. We are relatively un-impacted by some of the factors which have caused the global crisis the minister said.

Shri. M. Venkaiah Naidu , Union Minister for Urban Development, Housing, Urban Poverty Alleviation and Parliamentary Affairs , Shri. Nitin Gadkari, Union Minister for Road Transports, Highways and Shipping, Shri. Ananath Kumar , Union Minister for Chemicals and Fertilizers , Shri. Siddaramaiah, Chief Minister of Karnataka, several ministers from state government and industrialists across the world were present during the occasion.

Invest Karnataka -2016 is a three day mega Investment Summit organized by Government Karnataka from February 3 to 5, 2016 at Bengaluru. 5,000 delegates across the world are participating in the three day summit. 145 projects on various aspects of business and investments will be showcased throughout the summit. A mega exhibition Invest Karnataka -2016 has been organized as part of the summit.
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5th Edition of the Status Paper on Government Debt released; Overall liabilities of the Central Government are on a medium-term declining trajectory with the Government’s debt portfolio characterized by prudent risk profile 
Since 2010-11, the Central Government has been bringing-out an Annual Status Paper on Public Debt that provides a detailed analysis of the overall debt position of the Government of India. This is the Fifth Edition of the Status Paper being released today.

This paper enhances transparency by providing a detailed account of debt operations and providing an assessment of the health of the public debt portfolio on internationally accepted debt performance indicators. The Paper also includes some developments in debt markets since last Status Paper, such as issuance of non-standard maturity dated paper and issuance of 40 year paper etc. The overall liabilities of the Central Government are on a medium-term declining trajectory with Government’s debt portfolio characterized by prudent risk profile. Government is primarily resorting to market linked borrowings for financing its fiscal deficit. Conventional indicators of debt sustainability, i.e. level and cost of debt, indicate that debt profile of the Government is comfortably placed in terms of sustainability parameters of public debt and consistently improving.

The Status paper is available on the Ministry of Finance’s website www.finmin.nic.in 
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Mrs. Aruna Sethi (ICoAS 1985) appointed as head of Indian Cost Accounting Service 
Mrs. Aruna Sethi (ICoAS 1985), Principal Adviser (Cost), took over the charge of Indian Cost Accounts Service (ICoAS) as head on 1st February, 2016. She is the first lady ICoAS officer who has achieved this laurel. She has earlier held important portfolios in Government of India including Ministry of Consumer Affairs, Food and Public Distribution, Ministry of Corporate Affairs, Ministry of Finance, Department of Expenditure, Ministry of Commerce and Industry, Ministry of Defence etc.

ICoAS is one of the six Organized Accounting Services of the Government of India. ICoAS is comparatively young Accounting Service constituted in 1978. The sanction strength of ICoAS is 178 officers whereas present filled in strength is 116 officers. Office of Chief Adviser Cost is one of the divisions functioning in the Department of Expenditure. It is a professional body staffed by qualified Cost/ Chartered Accountants. This Office is responsible for advising the Ministries and Government Undertakings on cost accounts matters and to undertake cost investigation work on their behalf.

The ICoAS Officers have the requisite skill by virtue of their professional background and experience gained in managing the multifarious and complex issues relating to financial and cost management matters like management of fiscal resources, budget and budgetary control, project appraisals, monitoring outcomes through various cost drivers, cost investigation, cost benefit analysis, financial analysis, internal cost audit, subsidy management, tariff fixation and WTO matters like anti-dumping safeguard, etc. thus aiming at ‘value for money’. Since cost/ pricing work in the Ministries/ Departments increased significantly, various other Ministries/ Departments also have established their in house expertise with Indian Cost Accounts Service (ICoAS) Officers on participative office pattern. 
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The Public Private Project Appraisal Committee (PPPAC) and the Empowered Committee (EC) clears 6 road projects and 1 ports sector project with estimated project cost totalling Rs. 9672.12 crores 
Public Private Projects (PPP) implemented by Infrastructure Ministries and Departments of Central Government and PPP Projects of Departments of State/Central Government seeking Viability Gap Support (VGF) from Central Government are cleared by Institutional Mechanisms. The Public Private Project Appraisal Committee (PPPAC) and the Empowered Committee (EC) both chaired by Secretary, Department of Economic Affairs met on February 2, 2016 and cleared 6 road projects and 1 ports sector project with estimated project cost totalling Rs. 9672.12 crores. These included 4 National Highway projects, one each in the state of Maharashtra and Himachal Pradesh and two projects in the state of Uttar Pradesh and one port sector project in the state of Goa cleared by the PPPAC. The two road cleared for Viability Gap Funding support projects are State Highway projects of the Government of Uttar Pradesh. 


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