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Hon’ble FM Arun Jaitley inaugurates ET NOW’s 2nd India Economic Conclave
Mumbai: “Fortune favours the brave, and the BJP has made the most softening global crude prices. Not only has it boosted the fiscal health of the economy, but has also eased significant pressure on the domestic prices, indicating that the inflation could go down below the level of 5.5%.” Arun Jaitley said at ET NOW’s 2nd edition of India Economic Conclave.
The day long conclave themed – ‘India: The Giant Awakens’ had four sessions that brought together captains of Indian industry, policy makers, institutional investors and civil society leaders that included key ministers like Railways Minister Suresh Prabhu, Industry Minister Nirmala Sitharaman and Power Minister Piyush Goyal.
While making keynote address it was pointed out that the government will make the most of the decisive mandate bestowed on them in the General Election this year. They will push through key legislations like GST, Coal Ordinance, easing land laws and amendments to the New Companies Act. And to push through these laws Jaitley and government is ready to take all stakeholders along. In a move to push the GST Amendment Bill in this session itself, the finance minister will meet his State counterparts to iron out concerns and build consensus.
Speaking to India Inc, the finance minister strongly criticized UPA’s tax policies, saying that, “The government and investments paid a big price for some of the tax measures that would never yield revenues.” Obviously, referring to the controversial retrospective amendment to tax capital gains, transfer pricing of shares and GAAR.
In his government’s endeavor to climb back to a high growth trajectory, Arun Jaitley highlighted the need to push manufacturing and reform the banking sector. While the finance minister said that he was acutely aware of growth and direct taxes growing a slow pace, he was confident of meeting his revenue targets. With his sights set on the February Budget, Jaitley promised to address India Inc’s concerns to boost growth.