Centre steps up efforts to take India's growth to 9-10%: FM
Tax reforms and various other measures taken by the government will boost investment in India and the country will achieve 9-10 % growth in the coming years, Finance Minister Arun Jaitley said on Friday. “The cumulative impact of these (initiatives), I believe, will increase our capacity to grow is more than 9%, it is 10%,” he said in an interview to the DD News. According to the World Bank and International Monetary Fund, the Indian economy is expected to grow at 8 to 8.5% during the current fiscal, up from 7.4 per cent estimated in previous financial year. He said that his government has been making special efforts to tackle farmers’ issues and boost infrastructure and agriculture. The Finance Minister said that his government has been taking steps to ensure transparency and keep a check on corruption. Citing decisions related to telecom spectrum and coal block allocation as examples of transparency, he said, “We do not hear the word corruption in this government. If you have spectrum, coal, mine reserves auction them... The money that comes from auctioning of coal and mines go to the states from where the reserves were generated." Commenting on the Goods and Services Tax, the minister said, “GST we are trying to bring.” The implementation of GST, aimed at streamlining all central excise, state VAT, entertainment tax, octroi and purchase of goods and services tax, is expected to add up to 2 % to the country’s GDP. The bill on GST was introduced in the Lok Sabha in December.
May 1, 2015 | 7:55 pm IST.