FM Expects Crude Price to Stabilise

Published: 28th March 2015 06:00 AM  |   Last Updated: 28th March 2015 04:47 AM   |  A+A-

NEW DELHI: The recent volatility in the global crude oil prices has been a cause of concern but the government expect the prices will stabilise soon and will also ensure conducive environment for investments in India, said Finance MInister Arun Jaitley.

Speaking at the Urja Sangam conference, Jaitley said, “I would always hope that this fluidity settles down and the moderation comes to stay. Government is trying to create a conducive environment, both in terms of taxation and ease of doing business, as investments won’t come just by opening doors.”

In order to boost investments in the country, government has taken various steps to fast track decision making process. Jaitley said, “the government is focusing on quick and effective decision making as the country needs huge amount of investments.”

The most coveted Goods and Services Tax (GST) bill is likely to see some light of the day, with the government keen to pass in the next Parliament session. Arun Jaitley, finance minister said that, “the government intends to go ahead with the Constitutional Amendment Bill on the GST, an ambitious indirect tax reform.”

Talking about the slump in global oil prices, Jaitley said both the government as well as the domestic oil companies have taken “very responsible positions”. Jaitley added that such events are beyond control.

Crude oil prices soared about 5 per cent on Thursday on fears of impact on supplies.

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