Pradeep Jain - Chartered Accountant

Economic Reforms Including GST & Insurance Amendment Bill Are On The Anvil: FM

New Delhi, Nov. 17 -- The Union Finance Minister, Arun Jaitley today said that the government has taken a series of measures to tackle various challenges being faced by the infrastructure sector in the country, adding that many more such measures are in the offing in the near future. Speaking at the Citis Investor Summit: India Poised for Higher Growth, he called for investments from both domestic and international investors in the infrastructure sector, according to an official release. He said that various sectors have been opened for foreign direct investment in the infrastructure sector by the government, in particular, the defence and power sectors among others. Pointing out the direction in which the economy is likely to proceed to restore the investors confidence, as mentioned in the budget, he said that there will not be any movement of economy in the contrary direction. He also gave details of various economic reforms which are in the pipeline. In this regard, he specifically mentioned about the Goods and Service Tax (GST) and Insurance Amendment Bill among others. He hopes the Insurance Amendment Bill will be passed in the forthcoming Winter Session of Parliament. As regards GST, the Finance Minister said that he is in touch with the various State Governments and most of the contentious issues have already been resolved. He said there are two areas including liquor and petroleum products where the States want to have taxation authority. Two States want entry tax and octroi to be kept-out of the purview of the GST. Assuring that all those issues will be sorted-out soon, he said he would apprise the Empowered Committee of State Finance Ministers about the draft Constitution Amendment Bill on GST before introducing the same in Parliament. Although the targets fixed for disinvestment in the current financial year are quite ambitious, he said that he hopes to achieve that or reach near the same. He said that road shows in this regard are being held in many parts of the world. With regard to inflation, especially food inflation he said it has moderated in the last few months and global fuel prices have also come down. Therefore, if RBI which is highly professional organization in its wisdom decides to bring down the cost of capital will give a good fillip to the Indian economy.
(source:m.newshunt.com)

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Economic Reforms Including GST & Insurance Amendment Bill Are On The Anvil: FM

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