National
India needs ‘boom period’ to achieve 10% growth: Jaitley
New Delhi, Nov 30 (IANS) Finance Minister Arun Jaitley on Thursday said the country will need a “boom period” like during 2003 to 2008 in order to achieve a 10 per cent growth, which is a “challenging figure”.
“A 10 per cent growth is a very challenging figure and a 10 per cent growth will not depend merely on domestic factors. It will also depend on how the world is moving,” Jaitley said here at the HT Leadership Summit.
“We managed for three years, a 7-8 per cent growth rate at the time when the world was moving slowly. And I think we effectively used that period, while we were growing between 7 and 8 per cent and the world was slow, in order to bring a series of structural changes in the economy. Certainly, it will help us in the medium and long term to expedite the growth itself.
“I’m realistic that to reach a double-digit growth we need to have a boom period that we had between 2003 and 2008. If the world is only on recovery mode, as the world today is, for an economy to generate that kind of demand on its own is going to be extremely difficult,” he asserted.
Talking about the recently rolled-out Goods and Services Tax (GST) rates, Jaitley said if GST rates were initially fixed at lower levels, it would have had an inflationary impact on the economy.
“I don’t think the teething problems (in implementation of GST) had anything to do with the rates because initially if we would have come with the lower rates GST would have had an inflationary impact,” said Jaitley.
“Earlier, there used be an effective tax rate of 31 per cent, we temporarily parked them at 28 per cent. On most of the items we have brought it down to 18 per cent and 12 per cent now.”
Hinting at merger of 12 per cent and 18 per cent rates, Jaitley said rationalisation of taxes have started ahead of schedule and future rationalisation will depend on revenue collection.
“Future rationalisation will depend on how the collections go on. The collections have to improve. We have to maintain a revenue neutrality,” said Jaitley.
“We have already thinned out the 28 per cent bracket, it can thin down more. As far as your collections are going up, the next stage would be – Do you have a scope then for merging the 12 and 18 per cent tax brackets?” he asked.
Jaitley added that a single-rate tax system is only possible in an economy where the purchasing power of people is the same.
“It is possible only in an economy where there is similarly placed population to have a single rate to start off with. In a highly differentiated society like India, it is not possible. Therefore we started with differential rates.”
Talking about employment, the Finance Minister said since most of employment in the country is generated by the small and medium enterprises (SMEs), informal and the unorganised sector, one of the major areas where the government will concentrate is on SME as well as the informal sector.
Talking about the government’s plan for the Union Budget 2018-19, which will be its last before the 2019 elections, the Finance Minister said there will two focus areas — infratsructure and rural India.
–IANS
ppg/ag/rn
Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.
Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok
Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
Cheers and Cheers: Barzilla’s Joyful Ode to Inclusivity and Celebration
Casino Days Reveal Internal Data on Most Popular Smartphones
Meghalaya Reserves Legalized Gambling and Sports Betting for Tourists
IPL 20202 UPDATE: KXIP vs MI IPL Dream11 Team Prediction for Today Match, Update Point Table of all Team.
In a Live debate AAP leader Syed Asad Abbas hurls abuses to BJP spokesperson Nupur Sharma.
‘India’s Most Wanted’ trailer out Arjun Kapoor on hunt of Osama-Bin-Laden
Time to move on: Sonakshi on Shatrughan’s joining Congress
