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FM Indian economy is on path of recovery despite uncertainty and volatility in global economic situation; Government continues to adhere to the path of fiscal consolidation;

News and Press Release - Dated:- 14-1-2016 - Gross tax revenues of the Government increase by 20.8 per cent during April-November 2015-16 over the corresponding period in the previous year led by a buoyant growth in indirect taxes The Union Finance Minister Shri Arun Jaitley said that Indian economy is on path of recovery despite uncertainty and volatility in global economic situation. He said that India recorded a higher growth of 7.3 per cent in 2014-15 as compared to 6.9 per cent growth achie .....

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to the path of fiscal consolidation. He said that the Budget 2015-16 targeted fiscal deficit of 3.9 per cent of GDP, as compared to 4.0 per cent in 2014-15 in spite of the pressing need for enhanced public investment to boost the economic growth. He said that this achievement is all the more significant as the Government fully implemented its tough commitments on account of requirements of federal structure i.e. greater tax devolution-from 32 per cent to 42 per cent of the divisible pool to Sta .....

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n indirect taxes including excise, customs duty and service tax collections. Various suggestions were made during the Finance Minister s Meeting with the eminent Economists for consideration of the Finance Minister while formulating the budgetary proposals for the Union Budget 2016-17. The major suggestions included in bringing changes in small savings rate which will in turn push the economy and to focus on increasing private and public investment. Some of the members suggested not to go for ag .....

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ed to be used for identifying the right beneficiaries and thus bringing them to the forefront. It was suggested that the LPG subsidy is regressive and need to be done away with. It was further opined that the Fertilizer subsidy was not benefitting the farmers and it is time to relook into it. There was mixed opinion in terms on reduction of corporate tax as some found it be favoring the rich and others found it to be a great step towards increasing investment and thus boosting the economy. There .....

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