Finance Minister Arun Jaitley presents one-year report card of his ministry

India’s Finance Minister Arun Jaitley on Friday presented a report card of his ministry to mark the first year of the Narendra Modi-led Indian government.

Addressing a news conference in the national capital, Jaitley said that Modi government was transparent and decisive, despite obstructions.

India is one of the emerging economies of the world and Jaitley said that the country had the potential to achieve double digit growth.

Slamming the previous government, Jaitley said crony capitalism led to its fall.

He hailed many firsts of his government and also laid out a roadmap for future.

“This government has reduced oil prices 11-12 times and hiked 3-4 times - that is market linked. We have increased excise thrice and once the Oil Marketing Companies (OMCs) benefitted from that,” he said.

Talking about the Goods and Services Tax bill, Jaitley said that the Bharatiya Janata Party-led Indian Government had created history by tabling the bill and expected it to be implemented from April 2016.

The minister did not give a miss to black money issue also, one of the poll planks by the party last year.
He said that the laws were being introduced to squeeze the black money.

Furthermore, the minister said the disinvestment proceeds in the last year were the largest ever in a single year.

Jaitley said measures to bring direct taxation rates to global competitive levels. He added that the fiscal and account deficits had stabilised, including growth rate and revenue figures.

Meanwhile, he also laid out a roadmap for future saying the government has to increase the spending capacity and in coming years it would raise spending in irrigation and rural infrastructure.

He added that the proposals received by the ministry were of over Rs 50,000 crore and the target was more than Rs 69,000 crore.
He said the banking sector was under a lot of pressure due to the global slowdown, adding the ministry had professionalised appointments to bank boards.

(Image: Reuters)