Arab Today, arab today india targets economic reforms in new parliament session
Last Updated : GMT 00:26:33
Arab Today, arab today
Arab Today, arab today

India targets economic reforms in new parliament session

Arab Today, arab today

Arab Today, arab today India targets economic reforms in new parliament session

Indian Finance Minister Arun Jaitley
New Delhi - AFP

India's Finance Minister Arun Jaitley promised Friday to make progress during the upcoming parliamentary session on a string of economic reforms, including a national tax to create a single internal market.
The right-wing government led by Prime Minister Narendra Modi was elected in May with the biggest parliamentary mandate in three decades on a pledge to take tough action to revive India's stumbling economy.
Jaitley has declared the government wants to pass the goods-and-services tax (GST) by next April, one of the reforms cited by economists as key to cutting the cost of doing business and boosting India's sluggish growth.
Jaitley said he was "almost ready" with the GST proposal to end India's patchwork of state taxes and confident a constitutional amendment bill to change the tax law will be introduced in the next session starting Monday.
The tax change is one of the most complicated reforms to achieve, requiring a constitutional amendment involving consent of a majority of India's states -- some of which object to ceding their right to levy taxes -- as well as approval by both houses.
While the government holds a majority in the lower house, it is still in a minority in the upper house.
But Jaitley said he did not expect legislators to hold back the GST once he wins state approval for the tax change.
"I am quite sure once the state governments across political parties agree, we should be able to push this (GST)," he said.
Jaitley also said the government is aiming for passage of a long-pending insurance bill that involves hiking the foreign direct investment (FDI) cap in the insurance sector to 49 percent from 26 percent.
The higher ceiling is seen as paving the way for billions of dollars to flow into the insurance sector that is starved for funds in the country of 1.2-billion people who are badly under-insured.
"We are on the verge of opening the sector a little more," Jaitley said in a speech at a conference in New Delhi.
The minister also said he would seek to target India's massive food and fuel subsidies better to ensure only those in financial need benefited.
India's subsidy bill increased fivefold under the previous left-leaning Congress government which implemented policies to buy agricultural produce at guaranteed prices and distribute cheap grains to the poor.
Modi's government has held back from dismantling many populist schemes. But the government last month lifted diesel price controls in a move to reduce India's energy bill.  

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today india targets economic reforms in new parliament session Arab Today, arab today india targets economic reforms in new parliament session

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today india targets economic reforms in new parliament session Arab Today, arab today india targets economic reforms in new parliament session

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Egypt tourism revival steady but slow

GMT 16:04 2017 Tuesday ,19 September

Egypt tourism revival steady but slow
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today 600,000 children may flee to Bangladesh

GMT 06:49 2017 Monday ,18 September

600,000 children may flee to Bangladesh
Arab Today, arab today Equifax executives step down

GMT 16:16 2017 Saturday ,16 September

Equifax executives step down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today New Zealand opposition looks

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks
Arab Today, arab today 5,000 'Dieselgate' deaths in Europe per year

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Renault-Nissan to launch

GMT 10:44 2017 Saturday ,16 September

Renault-Nissan to launch
Arab Today, arab today Eman Al Assy receives three offers

GMT 06:31 2017 Saturday ,16 September

Eman Al Assy receives three offers
Arab Today, arab today 'Severe' Typhoon Doksuri pounds Vietnam

GMT 15:49 2017 Friday ,15 September

'Severe' Typhoon Doksuri pounds Vietnam

GMT 11:10 2017 Friday ,15 September

Fadl Shaker retreats from surrendering himself

GMT 05:05 2017 Tuesday ,12 September

Pregnant woman's suicide roils China

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 10:25 2017 Thursday ,14 September

Greece fumbled oil spill response

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:45 2017 Sunday ,17 September

France's hurricane-hit St Martin

GMT 21:57 2017 Sunday ,17 September

Russia and Iraq restore air travel

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:56 2017 Friday ,15 September

Apple's grand plan in Ireland held up by a forest

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday