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World no longer ridicules India: Arun Jaitley

Mon August 01 2016, 2:45 pm
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    FM Arun Jaitley pitched for more reforms, saying the world no longer ridicules India of clocking 'Hindu rate of growth' and economic liberalisation has helped it grow at a faster pace – FM has presented the Union Budget that is tilted towards agriculture this time. The constituency that favours reforms today, FM said, is much more than those who oppose it and the country can grow at a faster rate generating more resources to effectively fund anti-poverty schemes. (Express Photo)

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    1. Arun Jaitley: The government is making "all-out efforts" to unearth black money stashed away in offshore accounts. During the year, the government detected Rs 71,000 crore domestic tax evasion. Those who have not utilized the government's "compliance window" to declare black money will face sleepless nights. (Express photo)

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    Arun Jaitley Budget 2016 and MSMEs: Child development schemes will get Rs 16,120 crore, Khelo India Rs 216 crore and Gram Jyoti Yojana Rs 3,188 crore. The opportunity created by the Budget will create demand for services of the MSME sector, it said. The additional infusion of funds into Mudra and the proposed establishment of 1,500 multi-skill training institutes under the Kaushal Vikas Yojana will facilitate this process further, says Karan Mehrishi, lead economist at Smera Ratings.(PTI)

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    He said as the economy grows faster, people get more jobs, wealth is generated, people are pulled out of poverty lines and then a resource-full state is able to generate a lot of anti-poverty programmes. (Express Photo)

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    "If we continue to follow the (reforms) path... we will probably be able to write a new chapter in that history," he noted. Making a point that the economic literature of 1970s and 1980s "taunted" India for low growth, Arun Jaitley said: "1991 was a defining moment for India. It was India's misfortune that what happened in 1991 should have started 20 years before. Had it started 20 years earlier, the 1970-80s would not have been the wasted decades as far as the Indian economy is concerned." (PTI)

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    2. Arun Jaitley: Everything that can go wrong with constitutional functioning has happened in Uttarakhand. It is a textbook example of breakdown of governance. (Express Photo)

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    "Again, redistribution of existing resources rather than increasing productivity... But at the end of the day, the idea was rejected and India realised that only when you grow faster that you pull up a major part of people and start a lot of poverty alleviation programmes," the minister stressed. (PTI)

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