Finance Minister Arun Jaitley has said that the NDA government is not in favour of high taxation, instead it would want to leave more money in the hands of consumers to fuel demand and growth. Speaking at a function in New Delhi, he also pledged to make the budgetary process more transparent so as to present the real picture of public finances before the people.

The Finance Minister said high taxation is not the only route to achieve the target of larger revenue and government is not going to take this route. He said, his government raised income tax exemption limit from 2 lakh to 2.5 lakh rupees in the last budget.

He said a competitive, non-adversarial and stable tax regime is necessary to attract foreign investors who have various options available to them. The minister said, public spending would be necessary in the initial phase to revive the economy which had suffered during the UPA regime.

Referring to series of functions organised by different states to attract investment, Mr. Jaitley said Prime Minister Narendra Modi has successfully brought development agenda on track.