The Finance Minister said India's major challenges will be to boost investment especially in infrastructure sector and give further boost to both manufacturing and agriculture sector among others.
NEW DELHI(Commodity Online): Arun Jaitley, India Finance Minister, said global situation is favourable to India as more and more investors are showing curiosity and interest in the country. Jaitley said overall economic situation in the country is looking better and basic parameters of Indian economy are moving in the right direction.
He said current account deficit will be under control and will try to keep fiscal deficit also within the prescribed limit. The Finance Minister said that the growth rate would be better than the last year as per the old system.
The Finance Minster was making the Opening Remarks at the First Meeting of the Parliamentary Consultative Committee attached to his Ministry held here today to discuss ‘Suggestions for the Budget’.
The Finance Minister said India's major challenges will be to boost investment especially in infrastructure sector and give further boost to both manufacturing and agriculture sector among others.
Regarding bringing back the black money stashed abroad, the Finance Minister said that India will soon become part of international consortium where the focus would be on automatic transfer of information which would in turn help the Government in getting easy access to such foreign accounts of Indian residents.
Most of the members of the Consultative Committee congratulated the Government for the gradual turn-around of the Indian Economy taking place and also welcomed the increased inflows of FDIs and FIIs during the current year.
Various suggestions were given with regard to the forthcoming Union Budget by the participating members which include significant increase in allocation for judicial sector for setting- up fast track courts in order to clear the heavy back log of pending court cases in various courts; abolition of differential import tax levied on end use basis as this leads to misuse and corruption, steps be taken to broaden the tax base and impose small tax at flat rate on everyone including small businessmen so that everyone is a stakeholder in the country’s development.
It was also suggested to make big ticket announcements by the Finance Minister in his Budget Speech including policy reforms to keep the optimism going on.
Other suggestions included focus on inland waterways, rationalization of subsidies including in case of urea leading to its excessive use which in turn spoiled the quality of land and brought down the productivity, more concession for migrant workers and agricultural labourers, incentives for modernization of agriculture to make it viable, focus on creating strong rural infrastructure, incentives for agri-exports.
Moré tax benefits to cooperative sector, incentivize use of ethanol in petrol, boost to micro-irrigation, 50% subsidy by the Central Government for drip irrigation be extended to all farmers in all areas and financing of remaining 50% liberally by banks through soft loans to farmers among others.
Moré tax benefits to cooperative sector, incentivize use of ethanol in petrol, boost to micro-irrigation, 50% subsidy by the Central Government for drip irrigation be extended to all farmers in all areas and financing of remaining 50% liberally by banks through soft loans to farmers among others.
Other suggestions include labour reforms, settlement of issue of wages etc of staff of public sector banks and insurance companies and focus on skill development programmes for workers and labourers among others
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