Zee Media Bureau
New Delhi: Union Finance Minister Arun Jaitley said on Saturday that India needs a shared vision to achieve 9-10 percent economic growth.
This statement comes after the government's mid-year economic review on Friday which pegged the likely GDP growth rate for 2014-15 at 5.5 percent. The review projected that 7-8 percent economic growth was "within reach" in the coming years and said inflation has fallen dramatically and that declining oil prices will help in containing CAD at around 2 percent of GDP.
“India will cross 6 percent economic growth next fiscal,” said Jaitley.
He also stated that the government is extremely committed to the insurance reform and will not
allow political obstructionism to stop it. Arun Jaitley will present Insurance Amendment Bill for consideration and passing in Rajya Sabha. The Bill aims to hike the foreign direct investment from 26 percent to 49 percent.
“It’s time for us to be impatient on reform agenda,” Jaitley said. The finance minister on Friday introduced the long-pending GST Bill in the Lok Sabha for roll-out of the new regime from April 2016 subsuming various levies like entry tax and octroi.
Touted as the single biggest indirect taxation reforms since independence and a "win-win" for Centre and states, the 122nd Constitution Amendment Bill for Goods and Services Tax (GST) was tabled by Finance Minister Arun Jaitley after extensive discussions to get states on board by addressing their concerns.
