STOCK MARKET BSE NSE

Bankruptcy Law in Next Few Weeks: FM

Jaitley said that the country will be able to improve its growth this year from the 7.6 per cent achieved last fiscal.

Published: 20th April 2016 03:04 AM  |   Last Updated: 20th April 2016 03:04 AM   |  A+A-

NEW DELHI:  In its efforts to boost economic growth, Finance Minister Arun Jaitley on Tuesday said that the country will be able to improve its growth this year from the 7.6 per cent achieved last fiscal.

Outlining the direction forward for the Indian economy in his address at the Asia Society at New York, Jaitley said the country still requires a lot of structural changes and the government has taken steps to ease processes, make the business environment easier and bring in greater transparency into the system.

“Notwithstanding that we have consistently, even in the slowdown environment, grown by about 7 per cent — 7.2 per cent last year, 7.6 per cent this fiscal — and hopefully this year we could improve on that data,” Jaitley said in his address on ‘Make in India - the New Deal’ hosted by CII and the Asia Society Policy Institute.

bank.jpgJaitley expressed hope that the bankruptcy law would be approved over the next few weeks and said the government ‘is in the final stages’ of passing a law that deals with commercial indebtedness.

The government has also changed arbitration laws, amended some of the ‘onerous provisions’ of the Companies Act and will bring down corporate tax to 25 percent over the next couple of years.

On the most ambitious indirect taxes law, Jaitley said India is in the ‘last stages’ before the Goods and Services Tax ( GST) is approved by Parliament and then with supporting legislations, it actually gets into implementation.

“I think we have all our hands full, the next couple of years bringing about each one of these structural changes. In addition to this, two significant directions which I have followed are increased expenditure in infrastructure and in rural India. These are the two areas which were lacking and these appear to be the focus area. That probably will be the direction of the economy in the next few years,” Jaitley said.

He said the world at the moment still faces serious challenges and India cannot ‘immune’ itself from most of the challenges. Jaitley underscored that while India has done fairly well in an environment of global challenges, it has the potential to grow even faster.

Stay up to date on all the latest Business news with The New Indian Express App. Download now

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