Modi's one year has been satisfactory, says Jaitley

Promises more tax reforms and blames opposition for stalling bills

GN Bureau | May 22, 2015


#economy   #jayalalithaa   #India   #growth   #energy  

Satisfaction and positive sentiments are major themes of one year of Modi government. This is what came out at a press conference on Friday addressed by finance minister Arun Jaitley in the national capital to mark one year of the Narendra Modi-led NDA government.

He termed the one-year performance of the government as more than satisfactory and claimed that the sentiments have changed from despair to hope in the last one year.

Jaitley said India's economy has come a long away from the general environment of gloom that existed a year back. There's a sense of excitement about India's economy, he said.
 
He blamed the opposition for creating roadblocks in the goods and services tax (GST) bill, which he termed as the "most important" indirect tax reform in the history of India. The GST and the land bills will be taken up in the next parliamentary session, he added.

Highlighting the exemptions that the government has announced for individual tax payers, the finance minister said people who pay taxes have more money in their pockets and can save more.

Some of the highlights from the press conference:

  • On RBI governor Raghuram Rajan's statement on “unrealistic expectations” from the government: The expectations of the people from this government was absolutely realistic however it was unrealistic from the opposition.
  • On economic policy correction: Good governance always has to be blended with clever politics and we are conscious of it. Our party has been extremely conscious in forging alliance and formulating policies. But I think Investors are cleverer than you and me. He looks at all the prospects before investing.
  • On Inflation and corruption: Cyclical increases are not pattern. Inflation control has been a positive achievement of this government.
  • On disinvestment: Secondary divestment has already got umpteen proposals over 50 thousand crores.
  • On FDI in retail: My party's views on this matter are known by everybody. So far the position of the government on the previous governments notes on FDI in retail is the same.
  • FM on GST deadline: As far as the government is concerned we will do all endeavor required for this. The government is going to make every effort to ensure that there is no delay in meeting the deadline.
  • Replying to questions raised by journalists during the press conference on ITR, Jaitley says, personally I do not agree that ITR forms should be 12 and half pages long. It needs to be simplified. MAT issues will be resolved through judicial procedure.
  • The Mudra Bank will benefit 5.77 crore small entrepreneurs.
  • The pension scheme –Atal Pension Yojana will focus on the unorganized sector.
  • Schemes like Jan Dhan Yojna have brought crores of Indians under financial inclusion
  • We have big disinvestment target for the current fiscal.
  • Black Money Act has been passed. We will announce compliance window for black money in a few days.
  • Our prime focus and emphasis would be passing of GST and Land Bill.
  • Leakage in farmer subsidy has also lessened.
  • We have ended all disputes in coal and spectrum allocation.
  • We have improved the fiscal deficit target. Infact we have overachieved the target. Current account deficit, foreign exchange reserve, growth reserves, and the recent revenue figures which have come, show a lot of improvement.
  • There is cohesiveness in decision making. Chief Ministers' role through NITI Aayog has been strengthened.
  • Legacy issues in tax policy will end.
  • The government has laid a lot of focus on ease of doing business and expanding activity.
  • There has been absolute clarity on direction towards growth and development.
  • Various departments of government are working with new energy and trust.
  • Decisions have been taken in a direction which will augment growth and promote development.
  • Put in a place for transparent mechanism to allocate resources.
  • Government committed to bring in more reforms.

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