FM pitches India story with promise of action
In Hong Kong, Chidambaram promised more policy action in the days ahead and a relentless focus on fiscal prudence. He also hinted at a revenue strategy entailing an expansion of the tax base rather than a hike in rates and analysts saw this as a sign that Budget 2013 would be devoid of tax hikes.
Keen to avert a sovereign rating downgrade for the country, Chidambaram used the overseas platform to announce that he was aiming to introduce the Bill on goods and services tax (GST), expected to bolster the government’s revenue base, in the monsoon session of Parliament in August and get it passed by December.
On Tuesday, Standard & Poor’s issued an analysis saying a negative outlook for India has a more than 50% chance of getting confirmed.
The minister said he was “very confident” that a rating downgrade won't happen, adding that the new Cabinet Committee on Investments’ first meeting will be held by January end, with key focus on faster approvals for infrastructure projects. The FM projected a 6-7% economic growth for Asia’s third-largest economy this fiscal and 8% for 2014-15 and promised to continue with the economic policy overhaul.
The minister’s visit to Hong Kong, Singapore, London and Frankfurt
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