ETV Bharat / business

Strong economic policy must for Himalayan states: Nirmala Sitharaman

The Minister urged all states to send a proposal to the central government regarding their problems so that it can prepare a concrete policy for the development of all Himalayan states.

Strong economic policy must for Himalayan states: Nirmala Sitharaman

Nirmala Sitharaman

By

Published : Jul 29, 2019, 3:47 PM IST

|

Updated : Jul 29, 2019, 4:59 PM IST

Mussoorie: Representatives of 11 Himalayan states have met on Sunday to discuss the difficulties faced by them for the development. The Conclave of Himalayan states discussed how the states can cooperate with the Centre in water conservation. At the same time, the demand for separate provision in the budget for Himalayan states was also made.

Union Finance Minister Nirmala Sitharaman, who was the chief guest at the conclave, said the meeting will play an important role in the development of Himalayan states. Special efforts should be made to stop migration from border areas and panchayati raj institutions can play a bigger role in achieving this goal.

Strong economic policy must for Himalayan states: Nirmala Sitharaman

Terming the people living in remote border areas as important for the security of the country, the finance minister said that to avoid migration from the hills, they have to be provided with basic amenities.

Contribution to hydropower

Sitharaman highlighted the fact said that there are many Himalayan states that have contributed to hydropower. For example, Arunachal Pradesh will soon supply 50 per cent of the energy required in India from hydropower.

Start-up will bring economic prosperity

Underlining the importance of environmental protection, Sitharaman said that hill states should focus on organic farming. She said that start-up can also be very important for youth living in hilly areas. It will not only prevent the migration but also bring economic prosperity in such areas.

Sitharaman emphasized that empowering local communities are very important for the success of development schemes.

The Himalayan Conclave was organized in Mussoorie. Representatives of 10 states from 11 Himalayan states joined the conclave. Important issues like water conservation, disaster management and environmental protection were discussed for the development of Himalayan states.

Read more:Nirmala Sitharaman, others arrive for 'Conclave of the Himalayan States' in Mussoorie

Mussoorie: Representatives of 11 Himalayan states have met on Sunday to discuss the difficulties faced by them for the development. The Conclave of Himalayan states discussed how the states can cooperate with the Centre in water conservation. At the same time, the demand for separate provision in the budget for Himalayan states was also made.

Union Finance Minister Nirmala Sitharaman, who was the chief guest at the conclave, said the meeting will play an important role in the development of Himalayan states. Special efforts should be made to stop migration from border areas and panchayati raj institutions can play a bigger role in achieving this goal.

Strong economic policy must for Himalayan states: Nirmala Sitharaman

Terming the people living in remote border areas as important for the security of the country, the finance minister said that to avoid migration from the hills, they have to be provided with basic amenities.

Contribution to hydropower

Sitharaman highlighted the fact said that there are many Himalayan states that have contributed to hydropower. For example, Arunachal Pradesh will soon supply 50 per cent of the energy required in India from hydropower.

Start-up will bring economic prosperity

Underlining the importance of environmental protection, Sitharaman said that hill states should focus on organic farming. She said that start-up can also be very important for youth living in hilly areas. It will not only prevent the migration but also bring economic prosperity in such areas.

Sitharaman emphasized that empowering local communities are very important for the success of development schemes.

The Himalayan Conclave was organized in Mussoorie. Representatives of 10 states from 11 Himalayan states joined the conclave. Important issues like water conservation, disaster management and environmental protection were discussed for the development of Himalayan states.

Read more:Nirmala Sitharaman, others arrive for 'Conclave of the Himalayan States' in Mussoorie

ZCZC
PRI GEN NAT
.NEWDEL PAR15
RS-DEPOSITBILL
RS members support bill to regulate unregulated deposits
schemes
New Delhi, July 29 (PTI) Cutting across party lines,
members in the Rajya Sabha on Monday supported a bill that
seeks to regulate unregulated deposit schemes in the country
and protect the money of poor depositors.
CPI-M leader Elamaram Karim, however, moved a resolution
opposing the ordinance route taken by the government to bring
this bill just before Lok Sabha polls.
Asserting that he does not question the merit of the
bill, Karim said it was not a good practice to bypass
Parliamentary procedure and bring an ordinance. Every bill
should be debated in Parliament.
The Banning of Unregulated Deposit Scheme Bill, 2019 has
already been passed in the Lok Sabha.
Later, Minister of State for Finance Anurag Thakur moved
the bill for discussion in the Upper House and members from
various parties welcomed it and offered suggestions as well.
Participating in the debate, Suresh Prabhu (BJP) said it
is a comprehensive bill which is a necessity for the economy
as this will help mobilise savings in regulated environment.
Prabhu, however, suggested the Finance Minister look at
Clause 12 in Chapter 5 of the bill "very seriously" to avoid
dichotomy in view of amendments being brought to section 53 of
the IBC law.
Noting that a big challenge before the country was to look
at ways to mobilise savings, the BJP leader said, "China has
50 per cent saving rate in a USD 12.4 trillion economy. It has
USD 6.2 trillion savings that could be brought back into
investment. We have to increase our savings rate."
Savings can be improved if there are intermediaries like
NBFCs. But intermediaries need to be regulated. And also,
there should be a fine trade off between those who mobilise
deposit and protect the interest of depositors, he added.
AITC member Derek O Brien supported the bill, saying this
is the first bill brought for passage in the House after being
scrutinised by a parliamentary panel.
"None of 14 bills went through parliamentary scrutiny,"
he said.
Brien said it is a water-tight bill that aims to curb
fraudulent practices in ponzi schemes and chit funds as he
mentioned fraud cases like Pearl Chit Fund of Rs 49,000 crore
that affected 5,500 crore depositors and Gujarat's Oscar Chit
Fund that had deposit from 1.2 lakh people.
T Subbarami Reddy (Cong) supported the bill stressing
that the poor should be protected from unregulated deposit
schemes and norms should be made more stringent.
Currently, the Non-Banking Finance Companies (NBFCs) are
in a bad shape because of 2-3 unscrupulous companies and the
government should take steps to address the problems, he said.
Ramnath Thakur (JD-U), Vishambhar Prasad Nishad (SP) and
Prashanta Nanda (BJD) also supported the bill.
Nanda supported the bill, saying such a comprehensive law
is the need of the hour. He said it could hit real estate
developers who are getting money from such unregulated
schemes.
Banda Prakash (TRS) said there is a network of people
taking deposits using commission agents by offering high
interest rates and such funds are invested in real estate.
He lauded the Finance Minister for bringing this bill
that will help safeguard interests of people, especially the
poor, as there is no law to regulate such ponzi schemes.
He called for a regulatory mechanism and collection of
data by the Finance Ministry and states on how much money is
being taken through such deposit schemes. He said there is no
authentic study to measure how much poor people are investing
in these schemes.
K Soma Prasad (CPI-M) said it is high time such a law be
brought that could protect investors and put an end to such
schemes. He said the law could help tackle illicit deposit
companies and regulate them. The CPI-M member noted that most
of the time the poor are being cheated through such schemes.
He, however, expressed apprehensions that the law is
harsh and could provide harsh treatment to people in villages.
"There is ambiguity in the law and there must be clarity
for acceptance of loans for personal exigencies," he said,
adding the government should ensure maximum publicity to the
law.
Manoj Kumar Jha (RJD) supported the bill but had a word
of caution, saying bureaucracy should not be given so much
power that might create a state within a state, that might
create problems later. He called for action on such deposits
at the beginning itself.
P Wilson (DMK) said Tamil Nadu already has a law to
protect interests of depositors.
He also called for steps to ensure the supremacy of the
legislature and reclaim the space, since the judiciary and the
executive were transgressing. He also called for Bharat Ratan
to DMK leader Karunanidhi. PTI LUX SKC
DV
DV
07291419
NNNN

Last Updated : Jul 29, 2019, 4:59 PM IST

For All Latest Updates

TAGGED:

economic policy

Nirmala Sitharaman

Union Finance minister

Himalayan Conclave

Copyright © 2025 Ushodaya Enterprises Pvt. Ltd., All Rights Reserved.