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

By: |
New Delhi | Updated: March 17, 2015 4:11:52 PM

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

Arun Jaitley, FM Arun Jaitley, Idnian economy, India GDP growthFinance 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.

Do you know What is Wholesale Price Index (WPI), Public Debt, Finance Commission Grants & Other Transfers, Economic Survey, State Finance Commission? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.