DAVOS/NEW DELHI, Jan 23: Finance Minister Arun Jaitley today said political opposition is unlikely to obstruct the reform process, including the direct and indirect tax reforms, and he was hopeful about the GST getting through as well, which is one of the few reforms that has been held up. Speaking here at ‘The Global Economic Outlook’ session on the last day of the WEF Annual Meeting, Mr Jaitley said GST remains very high on the Government’s priority while the new bankruptcy law is another major reform measure, going ahead.
Mr Jaitley also said that India’s ranking has improved on ease of doing business in the last one year, but more needs to be done on that front and necessary steps are being undertaken.
“To take them out of poverty, we need a sustained high level of growth for a long time. There is an increasing realisation in India that given some favourable conditions, we can grow at a much faster pace,” he said.
Besides global factors, Mr Jaitley said, there have been two successive bad monsoons which have hurt rural demand and therefore, the growth rate. “On global situation, oil price has been quite helpful, but shrinkage of exports has been an adversity,” he said.
Mr Jaitley said the Government has taken a number of steps and some more are in the pipeline, including some legislative reforms. (UNI)
Follow our WhatsApp channel