April 28, 2017 1:56 PM

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Finance Minister Arun Jaitley says some tough steps are necessary to make India tax compliant society

Finance Minister Arun Jaitley said India should become tax a compliant society. Addressing the CII Annual Session in New Delhi today, Mr Jaitley said some tough steps are necessary for this. He said, consumers are entitled to benefit from reduced taxation and unfair enrichment is bad but not profiteering. <br/><br/>The Finance Minister said India has shown greater ability for infrastructural reforms in last two years and bold decisions have been taken by the government. Mr Jaitley said ever since government started reform process, decision making has become much quicker. He said, India has a large market, human resource, greater ability to reform and bring in structural and courageous reforms. <br/><br/>Mr Jaitley said, India should improve its ability in manufacturing sector and role of industries in this matter is very important. He said, whole process of domestic liberalization coupled with integration with world has done India a lot of good. Mr Jaitley said there is a broader consensus that economic model followed in last 25 years has worked better than the one before. <br/><br/>The Minister said India's growth rate was much slower earlier but now economic growth is improving. He said India's position in globalisation has completely evolved during last three decades. Mr Jaitley said benefits of growth should reach the weaker sections of the society. <br/><br/>The Minister said the government is in final stages of framing domestic manufacturing policy in defence and the response from domestic and global companies is encouraging. <br/> <br/>

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