1. India has historic chance to grow, don’t obstruct: FM Arun Jaitley to Opposition

India has historic chance to grow, don’t obstruct: FM Arun Jaitley to Opposition

Finance Minister Arun Jaitley has said that India's GDP is expected to go beyond 8 per cent next year, overtaking China.

By: | New Delhi | Updated: March 17, 2015 4:11 PM
Arun Jaitley, FM Arun Jaitley, Idnian economy, India GDP growth

Finance Minister Arun Jaitley says India’s GDP is expected to go beyond 8 per cent next year, overtaking China. (Reuters)

With a number of key reforms bills stuck, government today appealed to the opposition not to play “obstructionist” as the country has the “historic opportunity” to grow and the GDP is expected to go beyond 8 per cent next year, overtaking China.

Finance Minister Arun Jaitley also rejected the charge that the government is pro-rich as it had proposed reduction of corporate tax from 30 per cent to 25 per cent and sought to take the battle to the Congress camp, saying he had borrowed the idea from Direct Taxes Code prepared by UPA’s Finance Minister P Chidambaram.

He strongly justified the government’s quest for opening more sectors for foreign investment, saying more and more funds are required to create jobs, develop infrastructure and undertake social welfare programmes.

In a veiled message to RBI, Jaitley also made a case for reduction in interest rates, warning that the growth will otherwise suffer.

He was replying to a debate in Lok Sabha on Appropriation Bill which was later passed by a voice vote, thus completing the first phase of the budgetary exercise in the lower House.

“This is a historic opportunity where India has real chance of growing. The world also sees India as a bright spot. We must use this opportunity,” the Finance Minister said, adding “I appeal with folded hands… let politics of obstructionsim not go to next stage.”

While talking about the “historic opportunity”, he said, “Do we go on this course. How can I obstruct this growth?

He said the global economy situation suits India as Brazil faces challenge, Europe has slowed down and China’s 7 per cent is new normal. “IMF says India will overtake China,” he added.

Jaitley’s comments assume significance as some key economic reforms legislations like Land Acquisition Bill, Coal Bill and Mines and Minerals Bills are stuck in Rajya Sabha.

  1. D
    Damaru Prasad
    Mar 17, 2015 at 7:09 pm
    Its ok on the economic front but make all the crimes non-bailable. Full stop.
    Reply
    1. J
      J.K.Ahuja
      Mar 17, 2015 at 4:25 pm
      Why is India's PM & FM so obsessed with China, & always announcing that India's growth rate will overtake China in 2016-17. China in the era of 1990 to 2012 grew @ double digit rates, today China is battling air pollution, water pollution, soil pollution etc. If India too adopts such haphazard growth,we too could have to fight these negative parameters.
      Reply
      1. T
        t p
        Mar 17, 2015 at 4:42 pm
        “Historic opportunity where India has real chance of growing. The world also sees India as a bright spot. Let politics of obstructionsim not go to next stage.” Hope opposition to play vely now, otherwise in next round of election would suffer more. Public is observing the seriousness. *** Jai Hind ***
        Reply
        1. X
          xpressmyself
          Mar 18, 2015 at 4:53 am
          It is easy to project any percentage to bring in volatility and funds movement in the market. Let us see what the actual GDP numbers will be. After almost one year of Modinomics, all high talk in the air and only 10% action. Nothing has so far tickled down to the poor to feel the effect. Falling Oil prices has given needed relief to this government, but once it starts shooting up, what next? Still consumer prices index and food prices including inflation are on the higher side.
          Reply

          Go to Top