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Reforms in pipeline will push growth over 7.5 pc: FM
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SME Times News Bureau | 20 Jun, 2015
Wooing investors in the US,
India's Finance Minister Arun Jaitley on Thursday said economic reforms
being currently shaped through the legislative process can push India's
growth rate above 7 to 7.5 percent range.
"Neither the
government, nor the people, nor the industry whose representatives,
some of whom are here, nobody is very excited about a 7-7.5 percent
growth rate in India," Jaitley said here at the Council on Foreign
Relations (CFR), a leading think tank.
"Because a series of
reform fixes which are in the pipeline and are to be implemented, we
have now identified all the problem areas," he said in a conversation
with Timothy Geithner, president of investment firm Warburg Pincus.
"I think one by one as we go resolving most of them, hopefully we should reach what our destination targets are," Jaitley added.
Earlier
on Thursday, he told the Wall Street Journal: "The India story can now
be brought back to centre stage. We were falling off the radar."
"Important
changes" are being made in government policies every week, said
Jaitley, who is on a nine-day visit to New York, Washington and San
Francisco where he will meet investors and chief executives.
Overhauls are moving ahead at "a rapid pace" and "there's a lot of agenda still to cover," Jaitley said.
He also expected Parliament to take action on measures to simplify the country's tax regime.
The
government, he said, is looking for compromises that would speed up
passage of a new law aimed at easing the acquisition of land for
development projects.
Referring to tax notices issued to foreign
investors to retroactively pay a tax, known as the Minimum Alternate Tax
(MAT), Jaitley said the tax notices were a legacy of a 2012 litigation
and would be reviewed by the Indian Supreme Court.
"Once that judgment comes, MAT will get sorted out," he said.
Jaitley
noted that the government has enacted a law saying MAT won't apply to
foreign institutional investors from April 1, 2015.
With Jaitley
allaying concerns of American investors that India will not make
retrospective tax demands, the US-India Business Council (USIBC) on
Friday said the first year of the Narendra Modi-led government has seen a
positive response "from investors across the board".
"The past
year has seen a positive affirmation for Prime Minister Modi's 'minimum
government, maximum governance' agenda from investors across the board,"
Mukesh Aghi, president of USIBC, said at a reception here in honour of
the finance minister organised by the business chamber.
"The
council and its membership eagerly await the passage of critical
legislations in the areas of taxation and the Land Acquisition Bill," he
added.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
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58.85 |
56.85 |
As on 13 Aug, 2022 |
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