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8-10 pc growth possible: FM Arun Jaitley
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SME Times News Bureau | 24 Aug, 2015
While giving a call to break away from obsolete policies to develop the
country's eastern region, union Finance Minister Arun Jaitley on Sunday
said it was possible to achieve 8 to 10 percent economic growth.
"I
do believe it is (8 percent and above growth) achievable... if we take
right steps in the right direction. In order to achieve it, it is
extremely important that we open ourselves for investments," Jaitley
said at an Indian Chamber of Commerce event.
Earlier, speaking at
the launch of the Bandhan Bank in Kolkata, the Bharatiya Janata party (BJP)
leader promised the central government's cooperation to the Trinamool
Congress-ruled West Bengal.
"... The party to which I belong
(BJP) and the party (Trinamool Congress) which rules the state are
strongly opposed and that probably will continue. But in terms of
development of the country and the state, the political difference will
not matter, and we will fully cooperate in the development and growth of
West Bengal," he said.
"With the cooperation between the Centre
and the state, we will work together towards the advance growth rate
which eventually enables us to bring prosperity," Jaitley said.
"What
is most important is the birth of a Bengal entrepreneur, which is of
utmost importance for the revival and growth of the fundamentals of
Bengal," he said.
Taking a dig at the Left Front, which ruled the
West Bengal from 1977 to 2011, Jaitley said he was pleasantly surprised
to see the city painted in blue (colours of the new bank) instead of
the red (symbolising the Marxists).
"When the city was painted
red, of course, new institutions were not being born. The existing ones
were shifting out and Bengal was known not for producing many
entrepreneurs but certainly known for producing intellectuals, even
(Bandhan bank chairman) Ashok Lahiri and (state finance minister) Amit
Mitra had shifted out.
"I do hope (it is) this change of colour
that has brought back both of them," the finance minister said, pointing
to the duo seated on the dais.
Reiterating Prime Minister
Narendra Modi's call that the development of the eastern region was a
must, Jaitley conceded that the country's western part was far more
developed and stressed on the need for creating more economic activities
and growth in eastern Uttar Pradesh, West Bengal, Bihar, Odisha and the
northeast region.
He said the eastern and the north-eastern
region of the country were endowed with natural resources, and contended
it was imperative to "break from some of the obsolete policies of the
past and realise potential of the area which are of extreme importance".
Harping
on the significance of the centre's financial inclusion programme, he
said the initiatives will prevent people from getting fleeced by
"unreliable" financial institutions.
"It is the expansion of
this segment (banking) -- which will help keep people away from
investing in otherwise unreliable agencies -- which has created problems
in many states like West Bengal," said Jaitley.
The finance
minister's remarks came in the backdrop of several deposit-seeking
firms, including the Saradha group, going bust, and in turn ruining
lakhs of investors - mostly from rural areas - across states like
Bengal, Odisha, Jharkhand and Assam.
Jaitley also said the
Narendra Modi government's 'Jan Dhan Yojana' and the recently launched
social security schemes have linked a large section of the so far
unbanked people to the banking network.
The minister said while
the global situation might not be very promising, India could have an
opportunity if it gets its fundamentals right.
He iterated the government's objective of bringing down the corporate tax from 30 percent to 25 percent over a time period.
"I
will bring down the rate of corporate tax from 30 percent to 25 percent
even though the (prevalent) rate is 30 percent the effective rate is
22. The reason is there are as large number of exemptions," he added.
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