“India's economy is challenged. Let me tell you the plain truth: without reforms, we risk a sharp and continuing slowdown of the economy which we cannot afford,“ Finance Minister P Chidambaram told the annual economic editors' conference.
He called the controversy over FDI in multi-brand retail “unnecessary and unjustified.“ There should also be no controversy over reforms in coal, mining, power, petroleum and natural gas and infrastructure, including roads, railways and shipping, which are “drivers of growth.“
These were sectors that could create millions of jobs, an imperative to move ahead, he said. He indicated that disinvestment would begin this month itself and the 2G spectrum auction would be held next month as scheduled.
“Every government is entitled to lay down policies. Opposition to policies is legitimate, obstructionism is not,“ he said. Whether a policy was right, wrong or beneficial, the people alone could judge -which was what is done at the end of every five years of tenure of a government, he said. It was the NDA government which had first proposed FDI in multi-brand retail; this had only been taken forward by UPA. The insurance sector alone needed $5-6 billion in the immediate term, he said.
Govt expects to finalise fresh Direct Tax Code as early as possible
All subsidies can’t be eliminated
Govt to take measured steps to transfer subsidies directly to beneficiaries.
Visualises huge savings in the subsidies bill
To meet state FMs on GST. Early resolution of GST issues is expected
Disinvestment process will be kicked off with RINL stake sale this month
Hopes to meet Rs 30,000 crore disinvestment target and raise Rs 40,000 crore from spectrum auction
To meet opposition parties for passage of the Insurance, Pension Bills
Govt to introduce Insurance Bill in Winter Session
Expects growth to be better than 5.5% in the next few quarters
Will address issues raised by FIIs
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