GST, banks and infra top govt. priorities: FM
07/09/2016 12:48
According to a report in media news agency Reuters, the country’s Finance Minister Arun Jaitley has stressed that the Modi government is stepping up efforts to accelerate progress on key tax reforms, fixing the ailing banking system and reviving stalled infrastructure projects, bolstering the outlook for Asia’s third biggest economy which expanded by 7.1 per cent in the April-June 2016 quarter.
Jaitley added that getting the Goods and Services Tax (GST) implemented on the target date of April 1, 2017 was among the top priorities of the Centre.
Touted as the country’s biggest tax reform since Independence, the GST will create a common market in India while also improve tax efficiency, and help bolster business and investor sentiment. India’s annual GDP could get an annual boost of up to 2 per cent under the new single indirect tax regime.
Jaitley underscored the need to revitalize the struggling banking sector grappling with a pile of toxic loans that have constrained credit growth. However, he dismissed any suggestions of selling off government stake in state-run lenders. The government is not planning to cut its stake in public sector banks below the threshold limit of 52 per cent, he said.
The Finance Minister also noted the urgency among policymakers to get stalled infrastructure projects moving that could provide immense benefits to the country’s 1.3 billion population.
07/09/2016 12:48
Jaitley added that getting the Goods and Services Tax (GST) implemented on the target date of April 1, 2017 was among the top priorities of the Centre.
Touted as the country’s biggest tax reform since Independence, the GST will create a common market in India while also improve tax efficiency, and help bolster business and investor sentiment. India’s annual GDP could get an annual boost of up to 2 per cent under the new single indirect tax regime.
Jaitley underscored the need to revitalize the struggling banking sector grappling with a pile of toxic loans that have constrained credit growth. However, he dismissed any suggestions of selling off government stake in state-run lenders. The government is not planning to cut its stake in public sector banks below the threshold limit of 52 per cent, he said.
The Finance Minister also noted the urgency among policymakers to get stalled infrastructure projects moving that could provide immense benefits to the country’s 1.3 billion population.
