In an early-budget meeting with Finance Minister, Arun Jaitley, industry lobby groups Federation of Indian Chambers of Commerce and Industry (FICCI), Confederation of Indian Industry (CII), Assocham and Federation of Indian Export Organizations had advised the government to sought steps to revive economic growth and kick-start investments, in a better and productive environment to do business which included transparent and fair tax regime and deferred the general anti-avoidance rules by a couple of years.
Finance Minister Arun Jaitley said that economic revival has begun and the government has been able to bring current account shortage scenario within “a more comforting level” with acquired help from falling oil prices.
He mentioned that the government is perpetrated to fiscal control, increasing investment in infrastructure and developing to improve the deficiencies that are faced by the manufacturing sector.
The economy has seen the registration of a higher growth in the premier half of the present fiscal year at 5.5% as compared to last year’s 4.9% in the first half, and 4.7% in 2013-14.
The Finance Minister also said that the growth inflation is facing an end and the revival of the same has begun. He also promised to attract back the investors who earlier withdrew away by provisions of retrospective taxation.
There were quite some suggestions suggested which involved ideas for tax reformation including widening of tax base, not increasing the limit line of income tax, and tax control on agricultural influenced income and establishing more tax tribunals in a defined set of time manner.
Some other suggestions included reviving of banking sector, making a committee of retired and/or experienced bankers to resolve NPA cases faster and efficiently and making Managing Directors (MD) and Chief Executive Officers (CEOs) of PSBs accountable to Board of Directors of the bank.
A lot of suggestions have been made, what we have to wait for is the acceptance of these suggestions and the outcomes these suggestions will output.