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FM Arun Jaitley appeals to Opposition to clear reforms

Finance Minister Arun Jaitley appealed to the Opposition on Tuesday to give up the politics of "obstructionism" as the country faces a historic opportunity with GDP growth expected to go beyond eight per cent next year overtaking China.

During a debate on the Appropriation Bill, which was later passed by a voice vote in the Lok Sabha, Jaitley justified the policy of opening more sectors to foreign investment saying more and more funds are required to create jobs, develop infrastructure and undertake social welfare programmes.

Jaitley said that this is a historic opportunity where India has a real chance of growing and the world also sees India as a bright spot. "We must use this opportunity. I appeal with folded hands... let politics of obstructionism not go to next stage." His comments assume significance as some key economic reforms legislations like Land Acquisition Bill, Coal Bill and Mines and Minerals Bills are stuck in the Rajya Sabha.

Addressing opposition parties which are blocking some key reforms bills, Jaitley said, "You prevent economic decision making, investment, revenue, jobs and infrastructure. You want to perpetuate India as a poor country. He asserted that the government will not let it happen as "first thing we need resources". This provoked angry protests from Congress benches. Taking a dig at them, Jaitley said, "Why do you think the cap fits you? I did not name you."

Jaitley also rejected the charge that the government is pro-rich as it had proposed reduction of corporate tax from |30 per cent to 25 per cent over four years adding that the proposal was necessary to create a competitive climate so that investors are encouraged to pump in funds.

Targeting the Congress for its attack over the proposal to reduce taxes for corporates, Jaitley said, "I must confess this was not my original idea. I borrowed it from UPA." The proposal was first made in the Direct Taxes Code prepared by then-Union finance minister P. Chidambaram, he said. "I said it is good idea because in the rest of world, it 21 is per cent... But when I bring it, the Congress says it is pro-corporate."


source:http://businesstoday.intoday.in