Explorer

Economists push for fiscal consolidation, tax reforms in pre budget meet

New Delhi [India], Dec 11 (ANI): Leading economists of the country suggested a range of measures including those for fiscal consolidation, tax reforms, disinvestment of Public Sector Units (PSUs), lowering of corporate tax at the Pre Budget consultation meeting with the Union Finance Minister Arun Jaitley.

"Suggestion was made to lower the Corporate Tax up to 20 percent by removing all exemptions in order to make it competitive at international level. It was also suggested to tax Long Term Capital Gains to bring equity and raise revenue and reduce MAT (Minimum Alternate Tax)," the Finance Ministry said in an official release.

The economists recommended that in the forthcoming budget, the Government should continue to follow the path of fiscal consolidation and also said that more incentives should be given on infrastructure investment as well as to SME and construction sectors without compromising on macro-economic stability.

"It was suggested to issue long term New India Bonds to finance pension and infrastructure and to set-up National Level Investment Promotion Body to promote private investment through policy reforms and incentives," the release stated highlighting that the economists recommended to boost private and public investment in Defence Sector.

The Union Finance Minister Arun Jaitley in his opening remarks at the meeting said that despite subdued global economic growth, India's growth remains impressive and one of the best in the world during the last three years.

"Growth of Second Quarter of the Current Financial Year 2017-18 marks the reversal of the declining trend of growth witnessed in the last few quarters and we are following the roadmap of fiscal consolidation," Jaitley said adding that the fiscal deficit as a ratio of GDP stood at 3.9 percent in 2015-16 and 3.5 percent in 2016-17 and is budgeted to be 3.2 percent for the Current Financial Year 2017-18.

The Finance Minister further said that these fiscal targets have been achieved due to focus on expenditure rationalisation, plugging of loopholes in public expenditure through Direct Benefit Transfer Scheme (DBT) and the Public Financial Management System (PFMS), and by making innovative revenue raising efforts among others.(ANI)


This story has not been edited. It has been published as provided by ANI

View More
Advertisement
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headline

Mukhtar Ansari Death: UP Court Orders Probe After Son Claims Father 'Poisoned' In Jail — Top Points
Mukhtar Ansari Death: UP Court Orders Probe After Son Claims Father 'Poisoned' In Jail — Top Points
I.N.D.I.A Bloc In Bihar: Here's How Congress, RJD Have Decided To Share Seats After JD-U's Exit
I.N.D.I.A Bloc In Bihar: Here's How Congress, RJD Have Decided To Share Seats After JD-U's Exit
'System Ki Dhajjiyan Uda Rahen Hain': Hardeep Puri Jabs Kejriwal At ABP Shikhar Sammelan 2024
'System Ki Dhajjiyan Uda Rahen Hain': Hardeep Puri Jabs Kejriwal At ABP Shikhar Sammelan 2024
'BJP Should Pay Rs 4,600 Crore': Congress Slams Income Tax Dept, ECI After Getting Rs 1,700-Crore Notice
'BJP Should Pay Rs 4,600 Crore': Congress Slams Income Tax Dept, ECI After Getting Rs 1,700-Crore Notice
Advertisement
for smartphones
and tablets

Videos

ABP Shikhar Sammelan 2024: What will be the formula for Congress to gather max seats in Rajasthan?ABP Shikhar Sammelan 2024: Congress leader expresses his views over losing in Rajasthan PollsIsha Malviya's Collaboration With Parth Samthaan Ignites Anticipation: What Surprises Await Their Fans?ABP Shikhar Sammelan 2024: Will Congress leader Sachin Pilot ever join BJP? Know his answer

Photogallery

Embed widget