CA NeWs Beta*: Highlights of Jaitley's press conference on govt's one yr in office

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Friday, May 22, 2015

Highlights of Jaitley's press conference on govt's one yr in office

* Gloom over economy has now turned into enthusiasm
* Absolute clarity in direction the govt wants to take
* Govt wants to move in direction of growth, development
* Brought in transparency in decision-making, governance

* Speed of decision making has improved
* Country not ready to accept slow pace of decisions
* Bringing an end to discretion in decision-making
* Decisiveness despite obstructionism a hallmark of govt
* There is restlessness to grow even faster
* Want India to grow even faster
* Need ease of doing business, expand econ activity
* Govt focussed on infra, highways, rural development
* Govt brought in transparent mechanism across sectors
* All govt departments have been working overtime
* This year has been "directional"
* Highlight of 1 yr is effort to make India corruption-free
* Clear cohesiveness in govt on decision-making
* India among fastest growing economies in the world
* Global slowdown has been a challenge
* Stopped misuse of investigative agencies
* Ease of doing business at entry point a priority
* Have clear roadmap for economy for next few yrs
* Ended controversy on spectrum, coal allocation
* First priority to get GST, Land bills cleared
* To make all endeavour to bring in GST from Apr 1
* Hope GST Bill will be cleared by Parliament soon
* Brought more states on board on GST implementation
* To take every effort to make sure GST is not delayed
* Referring GST bill to panel cuts rollout aim very fine
* Taken steps to curb black money in India and abroad
* India's banking sector under stress
* To fill three vacant PSU bank heads' posts in 1 month
* Professionalised appointments in PSU banks
* Banks' NPAs have started declining from Mar qtr
* Plan senior citizen welfare scheme with unclaimed PF money
* FIPB got 350 FDI proposals in FY15
* Want to resolve FIIs' MAT issue via judicial process
* Started work on roadmap for public debt mgmt agency
* To work with RBI on independent public debt mgmt agency
* Want independent agency for public debt mgmt
* Will implement divestment, strategic sale as needed
* Port corporatisation, bankruptcy code among priorities
* Added 75 mln beneficiaries under PM insurance schemes
* To up public spend in irrigation, rural development
* Farm sector has been under stress
* LPG subsidy leakage down on direct benefit transfer
* Resources for infrastructure available in abundance
* Need to restart stalled infra projects
* Need to increase capacity to spend on infrastructure
* Finding ways to bring in more funds for infrastructure
* Quality, management of fiscal deficit has improved
* Have bettered fiscal gap target in FY15
* Regional parties overwhelmingly supporting govt policies
* Hope to resolve legacy tax issues via legal processes
* No new controversy on taxes, only some legacy issues
* Want effective corporate tax rate at par with world level
* Looking at income tax sops to increase savings, spending
* High tax rates are never investor-friendly
* Must remove discretion in corporate tax
* Initial revenue figures show improvement in tax mop-up

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