Jaitley said Modi government has put decisiveness and transparency on forefront in face of obstructionism
On the completion of one year of the Modi government at the centre the Union Finance Minister Arun Jaitley highlighted that his government is one that has put decisiveness and transparency on forefront in face of obstructionism. Here are the highlights of how the government ranks itself on the parameters of policy making and economic growth.
Economic growth
- Government has controlled the fiscal deficit and improved its quality at 4.1 per cent. India has potential of growing at double digit.
- The opposition must realize that by obstructing key bills it is hampering the journey of India to a 10 per cent growth rate
Taxation
- No policy decision by the government has led to any major controversy. Issue of Minimum Alternate Tax (MAT) on Foreign Institutional Investors (FIIs) is a legacy issue that was resolved by the government in the union budget 2015. For past cases have constituted a committee for legality of issue.
- Want to make corporate tax rate globally competitive thus phasing out exemptions
- Simplifying income tax return forms
Bills
- GST bill passed in Lok Sabha referred to select committee, committed to meeting the April 1st deadline even if it is cutting it too fine.
- Priority is to get the GST bill and Land Bill cleared in coming sessions
Black money and benami
- Have passed a stringent law on tackling black money the rules under the Bill as well as compliance window would be notified soon.
- Benami Bill has also been introduced in Lok Sabha
Social security and subsidy
- Have opened 15 crore under the Jandhan yojana. Under the recently launched insurance social security schemes 7.5 crore individuals have already enrolled.
- Subsidy transfers through direct benefit transfer have helped in curbing leakages to quite an extent