Govt to focus on investor friendly tax reforms, public investments
February, 06th 2015
Union finance minister Arun Jaitely on Friday said that the government will focus on public investments in infrastructure and investor friendly policies including reasonable tax policies.
Describing the last 10 years under UPA rule as a period of missed opportunity due to indecisions and wrong decisions, Jaitely said that a series of initiatives and policy steps by NDA government have brought India back on the radar of global businesses and investors.
In his address via video conference at the Mumbai Next MMR Transformation conclave, organised by Maharashtra government and Mumbai First here, Jaitely said that earlier policies were deterring investors from putting their money in projects.
He said the NDA government has already opened up insurance, railways and defence to foreign investments and will focus on investor friendly taxation policies.
"Government wants taxes to be paid wherever it is legitimate but no unfair efforts will be made for its collection. There won't be unnecessary harassment," he added.
Pointing to fiscal discipline, the finance minister said, "We cannot live on the borrowed means indefinitely. However, the public investments will get thrust."
Jaitely said the state governments are active partners in the economic growth of the country.
"The government will provide active coooperation to all states irrespective of political dispensation whereby states can pursue the path of reforms to move on the high growth trajectory," he said.
The finance minister said that the dynamics of states have moved from cooperative federalism to competitive federalism. This was witnessed at the Davos (Switzerland) where Maharashtra and Andhra Pradesh were marketing states to attract investments from global investors.