New Delhi: Initiatives being taken by the government to boost investments and introduce tax reforms will lead to 9-10 percent economic growth in the coming years, Finance Minister Arun Jaitley said on Friday.
"The cumulative impact of these (initiatives), I believe, will increase our capacity to grow is more than 9 percent, it is 10 percent," he said in an interview to Doordarshan.
Significant work is being done in the infrastructure as well as agriculture sectors and the government is making special efforts to tackle farmers issues, particularly irrigation, he added.
Jaitley said the government has created transparent environment and has given up discretionary powers to dole out incentives to corporates.
"We do not hear the word corruption in this government. If you have spectrum, coal, mine reserves auction them... The money that comes from auctioning of coal and mines they go to the states from where the reserves were generated," he said.
Indian economy is expected to grow at 8-8.5 percent in the current fiscal, up from 7.4 percent estimated in previous financial year.
On Goods and Services Tax, Jaitley said: "GST we are trying to bring."
According to estimates, the implementation of GST - the indirect taxes reform - will add 1-2 percent to India's GDP.
Touted as the biggest reform in indirect taxation, GST will subsume central excise, state VAT, entertainment tax, octroi, entry tax, luxury tax and purchase tax on goods and services to ensure seamless transfer of goods and services.
The bill on GST was introduced in the Lok Sabha in December.
When asked why the Opposition is terming the government "pro corporate", the Finance Minister said it is a "misleading statement" and added that no provision in the land acquisition law is related to corporates.
Jaitley also said he was confident that the logjam on land acquisition bill would be cleared by Parliament, though it may take time.
On the MAT controversy where tax department has issued notices to FIIs following a decision of the Authority for Advance Rulings (AAR), Jaitley said the matter has now to be decided by the Supreme Court.
"The remedy is that (FIIs) challenge the decision (of AAR) and issue will be resolved. Government has no power to overrule judicial decisions," he said.
The Finance Minister said government would accept the decision of the court.
Jaitley also said that he was "satisfied" with the performance of his government which will be completing one-year in power later this month.
