Finance Minister Arun Jaitley has said that the government has stepped up divestment target for 2016 and is trying to maintain the fiscal deficit road map. Speaking at a function in New Delhi today, Mr Jaitley said that the next roadmap for the government is to clear the Goods and Services Tax, GST and companies Act. The Minister said that the government hopes to pass GST Bill in the second half of Parliament's budget session. On Land Acquisition Bill which will lapse on the 5th of next month, the Minister said as far as the land Bill is concerned, the government of India and the Council of Ministers will take a view on it. He also said things have begun to improve for India and macroeconomic indications like inflation, forex reserves, growth rate and fiscal deficit are looking encouraging. Mr Jaitley said, over the decade, India has reached high level of growth and there is need to transfer the benefit of growth to eradicate poverty. Favouring lower interest rates, for achieving the growth, Mr. Jaitley asserted, he envisages lower rates for India and sees more cuts in future. He also said government did not pressurize banks to pass on the benefit of rates cuts to customers, but hope that they will act in a prudent manner. Exuding confidence on the measures taken by the government on ease of doing business, he said, his topmost priority is enabling business environment which would be conducive to the global investors.
News On AIR | March 25, 2015 8:06 PM
Govt steps up divestment target for 2016: Jaitley