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Government open to changing direct tax code

December, 23rd 2009
The government is open to making changes in the draft direct tax code, Finance Minister Pranab Mukherjee said on Wednesday. The draft code proposed various reform measures, including cutting in corporate tax rate to 25 percent and streamlining tax laws. Economy can grow 7.75 pct in FY10 The economy can grow 7.75 percent in the fiscal year that ends in March 2010, Finance Minister Pranab Mukherjee said on Wednesday. He also told an industry conference farm output must grow 4 percent for the economy to expand 9-10 percent annually. Inflation, deficit are main challenges Checking inflation and cutting fiscal deficit are major challenges for the Indian government in the short-to-medium term, Finance Minister Pranab Mukherjee said on Wednesday. He said sustaining high economic growth remains a priority for the federal government.