The govt is expected to incorporate the suggestions of the
Expenditure Finance Commission headed by former RBI Governor Bimal Jalan in the
budget proposals for 2015-16.
Ahead of the 2015-16 Budget, Finance Minister Arun Jaitley
on Monday said there was a need to rationalise all subsidies and ensure
stability in policies to attract investment and drive growth.
“From January 1 LPG subsidy is going though banks...We have
to gradually rationalise all possible subsidies,” the Minister said while
addressing a CII function here.
The government is expected to incorporate the suggestions of
the Expenditure Finance Commission headed by former RBI Governor Bimal Jalan in
the budget proposals for 2015-16.
Mr. Jalan is reported to have submitted interim
recommendations to the Finance Ministry suggesting various steps to rationalise
subsidies and public expenditure.
The government’s subsidy bill towards oil, fertilisers runs
into lakhs of crores of rupees.
The Minister also underlined the need for stability in tax
and other policies to make India an attractive place for investment.
The implementation of the Goods and Services Tax (GST), he
added, will help in improving the business climate in the country.
The GST, the Minister said, was welcomed by different states
and that “none of them will lose a single rupee” following the implementation
of the new indirect tax regime.
Referring to the proposed changes in land acquisition laws,
Mr. Jaitley said that it would eventually help farmers to get better price for
their land.
Moreover, he added, establishment of rural infrastructure
and industrial corridors would increase the price of land and generate
employment for rural youth.
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