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Text of the Union Finance Minister Shri Arun Jaitley s Speech at the IMFC Plenary Session in Washington D.C.

News and Press Release - Dated:- 18-4-2016 - Following is the Text of the Union Finance Minister Shri Arun Jaitley s Speech at the IMFC Plenary Session in Washington D.C. where the Finance Minister spoke about the Global Economy, Indian Economy and the role of IMF among other issues: I welcome the Managing Director s Global Policy Agenda (GPA). While we support the broader thrust of GPA, I would like to mention a few points about broader global developments and those pertaining to the Indian eco .....

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ers from Unconventional Monetary Policies (UMPs) in advanced economies. As I have stressed on earlier occasions, policy adjustments should be managed in a manner that minimizes the negative spill overs on other countries. We propose that a mechanism for an independent monitoring and assessment of external effects of such policies must be put in place. The Indian Economy 3. India continues to maintain high growth. I am happy to note that India is considered as a beacon of hope with rising real in .....

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improve the ease of doing business by simplifying and rationalising procedures and implementing progressive tax rules to overcome impediments to investment. FDI policy has been substantially eased in several sectors and entry through the automatic route is permitted in most cases. Further, a Bankruptcy Code would be enacted shortly. The Government has set up National Infrastructure Investment Fund (NIIF) for financing infrastructure which will further stimulate investment in infrastructure. The .....

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in the range of 1.0-1.5% in 2015-16, and may further consolidate during the current fiscal year. Inflation for 2015-16 fiscal is expected to be around 5.5 % and will further decline to less than 5%. iii. Tax Reforms We have reduced the burden of corporate taxation for smaller companies. Such tax rationalisation will make Indian manufacturers globally competitive. Once implemented, the Goods and Services tax (GST) legislation that integrates taxation nationwide and reduces transaction costs woul .....

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echnology for efficient delivery of direct benefits. The Digital India program aims at enhancing digital infrastructure, literacy and delivery of services. The Skill India program is being promoted to offer skills based training to youth. A credit delivery program for micro and small businesses - has been introduced through a specially created vehicle, MUDRA bank. To save farmers from losses due to crop failures, a new crop insurance program has been announced with attractive premium rates. The .....

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