Number of income tax payers can double to 12 crore, asserts Arun Jaitley

India's normal rate of growth is 7.5-8 per cent and the country will continue to grow at this rate, despite some deviation in one or two quarters, he said.

Published: 07th December 2018 11:31 PM  |   Last Updated: 07th December 2018 11:31 PM   |  A+A-

Arun Jaitley, Finance minister

Finance Minister Arun Jaitley (File Photo | PTI)

By PTI

NEW DELHI: Finance Minister Arun Jaitley on Friday said the number of income taxpayers can double to almost 12 crore with increased formalisation of the economy.

As many as 6.86 crore I-T returns have been filed this year and the number is expected to go up to 7.6 crore before the present government completes its five year term, he said.

"3.8 crore people filed I-T returns in 2014 when the NDA government came to power. There are 25-26 crore families here. The country is capable of having a 10-11-12 crore tax payer base," Jaitley said at the 'Jagran Conclave' here.

India's normal rate of growth is 7.5-8 per cent and the country will continue to grow at this rate, despite some deviation in one or two quarters, he said.

"Oil prices are a drag. India can continue to grow at the same pace for two decades, but we need mature leadership for that," the minister said.

The Indian economy grew at 6. 7 per cent in 2017-18 fiscal.

In the April-June and July-September quarters of the current financial year, the GDP expanded by 8.2 per cent and 7.1 per cent respectively.

Jaitley said India has the capacity to grow at least 5 per cent more than the average growth rate of the rest of the world.

Fitch Ratings in its Global Economic Outlook Thursday forecast global GDP growth at 3.3 per cent for 2018.

India, it said, will grow at 7.2 per cent in the current fiscal ending March 2019.

Stay up to date on all the latest Nation news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp