- IAF Sukhoi jet goes missing near China border
- Army says Pakistan military posts damaged in recent 'punitive' assault
- Ex-RJD MP gets life term in murder case of MLA
- Trump proposes to convert US' grant to Pakistan into loan
- Pakistan asks ICJ for early hearing in Jadhav case: Report
- HC seeks Kejriwal's reply on fresh defamation suit by Jaitley
- India's macro-economic indicators improved in last three years: Modi
- Broken says Ariana Grande on Manchester blast
- 21st century belongs to Asia, Africa: Jaitley
- 22 killed, 59 injured in blast at pop concert in UK
Jaitley hints at special steps to boost public spending
With one-and-a-half months left for the Budget, Finance Minister Arun Jaitley on Monday said the Government will take “special steps” to boost public spending on infrastructure and initiate measures to rationalise subsidies. “Even with the present constraint of fiscal deficit in revenue, it’s a challenging and a difficult opportunity for us. But I think we have to take some special steps as far as public investments is concerned,” he said.
The Minister underlined the need for stepping up public investments in infrastructure sector to boost economic growth. “The whole PPP model is still under stress and we have to revive this. This is a course we are on and hopefully, with clarity in governance, we will be able to proceed,” he said while addressing a CII function here.
Referring to the need to rationalise subsidies, the Minister said: “From January 1, LPG subsidy is going through banks...We have to gradually rationalise all possible subsidies.” The Government is expected to incorporate the suggestions of the Expenditure Finance Commission headed by former RBI Governor Bimal Jalan in the budget proposals for 2015-16, which will be presented by Jaitley next month.
Jalan is reported to have submitted interim recommendations to the Finance Ministry suggesting various steps to rationalise subsidies and public expenditure. The Government’s subsidy bill towards oil and fertilisers runs into lakhs of crores of rupees. The Minister also underlined the need for stability in tax and other policies to make India an attractive place for investment.
The implementation of the Goods and Services Tax (GST), he added, will help in improving the business climate in the country. The GST, Jaitley said, was welcomed by differentstates and that “none of them will lose a single rupee” following the implementation of the new indirect tax regime. “A seamless transfer of GST is going to add to the GDP. It will make business easier. In the long run it may even lower taxes. Higher buoyancy is going to help the States in areas where States had no share of taxation (like) service tax,” Jaitley said.
Stating that today almost Rs two lakh crore are collected as Service Tax and States also have a share of it, he said some consuming States will gain from day one of GST implementation. Referring to the proposed changes in land acquisition laws, Jaitley said that it would eventually help farmers to get a better price for their land.
Moreover, he added, establishment of rural infrastructure and industrial corridors would increase the price of land and generate employment for rural youth. Commenting on the changes in companies law, he said the Government is committed to improving ease of doing business. “Yes, we are committed to the ease of doing business...We worked out the amendment, I moved the amendment in Parliament that has been unanimously passed by Lok Sabha and it is now pending before the Rajya Sabha,” he added.
Jaitley said he wondered why the industry chambers supported new Companies Act brought by the previous UPA government though it had incorporated some of the provisions from anti-terrorism and narcotics laws. Also, he said the previous companies law unduly favoured minority shareholders. “The basis of company’s law in India is corporate democracy. Rule by minority is completely to the contrary. Now this Company Law which has been passed has provisions which actually enable rule by minority,” Jaitley said.
‘Need to gradually rationalise all subsidies’
Chennai: Ahead of the 2015-16 Budget, Finance Minister Arun Jaitley on Monday said there was a need to rationalise all subsidies and ensure stability in policies to attract investment and drive growth. “From January 1 LPG subsidy is going through banks...We have to gradually rationalise all possible subsidies,” the Minister said while addressing a CII function here.
The Government is expected to incorporate the suggestions of the Expenditure Finance Commission headed by former RBI Governor Bimal Jalan in the budget proposals for 2015-16. Jalan is reported to have submitted interim recommendations to the Finance Ministry suggesting various steps to rationalise subsidies and public expenditure.
The Government’s subsidy bill towards oil, fertilisers runs into lakhs of crores of rupees. The Minister also underline the need for stability in tax and other policies to make India an attractive place for investment. The implementation of the Goods and Services Tax (GST), he added, will help in improving the business climate in the country.
- GAIL in time-swap deal for US LNG 23 May 2017 | PNS
- RBI to reconstitute oversight committee to deal with bad loans 23 May 2017 | PTI
- FMCG stocks jump up to 14% 23 May 2017 | PNS
- ‘Mobile tower cos to pass on 18% tax to telcos under GST’ 23 May 2017 | PTI
- ‘Industrial alcohol, ethanol to attract 18% GST’ 23 May 2017 | PTI
- Hold back price hikes till GST roll out: Hasmukh Adhia tells India Inc 23 May 2017 | PTI
- LIC investment income at Rs1,80,117 crore in 2016-17 22 May 2017 | PTI
- Air purifiers among over 10 new products for India this year: LG 22 May 2017 | PTI
- Steel minister sees India as auto hub, bats for high-end steel 22 May 2017 | PTI
- Canara HSBC OBC Life eyes small cities, towns for expansion 22 May 2017 | PTI
Sunday EditionView All
21 May 2017 | PTI | Jamshedpur
Protest against lynching of four persons intensified today and the police had to fire in the air to disperse a mob, while prohibitory orders under Section 144 were imposed in four areas here for tonight. Police fired in the air to disperse a mob that blocked roads in Mango area, demanding arrest of culprits involved in the lynching of four persons of a community at Rajnagar in Seraikela-Kharswan district on Thursday...
STATE EDITIONSView All
23 May 2017 | Staff Reporter | Bhopal
Two Hindi plays ‘Jung-e-Azadi’ and ‘Mantra’ were beautifully staged at Shaheed Bhavan Auditorium on Monday. The plays were staged marking the first day of Children’s Theatre Festival ‘Azad Bansuri’...