Indian Economy Growth Depend on Good Monsoon, Arun Jaitley
Indian Economy growth depends on good monsoon if it holds up. India has been already the fastest growing economy in the world. Country can grow at an even faster pace this year if predictions of good monsoon remain favorable.
“ I have not been able to understand the politics of hatred for ‘suit’ but love for gold, he said as he took potshots at congress which is opposing the levy of excise duty on gold and other previous jewellery. If the congress had objections to the levy, it can begin by removing the 5 percent VAT on bullion in Kerala where it rules, he said.
February 28, Finance Bill was introduced by Jaitley along with demands for grants and appropriation bill, listed out measures taken by the BJP government in last two years to give relief to small tax payers and reduce tax litigation.
On black-money, he added, government efforts have brought to the books Rs 71,000 crore of undisclosed assets. However it ruled out bringing agriculture income under the tax net, saying large farm-based income was rare.Indian Economy growth depends for this year depend on the monsoon season which can relocate the progress.
The Bill which is the penultimate part of the budget exercise was passed with amendments by voice vote. Global outlook remains bleak, Jaitley said India remains the fastest growing major economy in the world. ‘’But we recognize we have the potential to grow at even faster pace’’.
‘’Category of people earning crores from agriculture is very little,’’ he said, states had power to levy tax on agriculture he would advise them not to levy it.
The previous UPA government had in 2013 brought in a 80:20 scheme after current account deficit (CAD) ballooned to 4.5 percent of GDP. Most of the CAD was because of gold imports for which Rs 2.5 lakh crore of foreign exchange was spent annually.
When the Lok Sabha election resulted on May 26, 2014 new government oath took, trading houses were allowed to import gold. He said.