Arun Jaitley promised structural and market-oriented reforms


Tokyo: Finance Minister Arun Jaitley promised the structural and market-oriented reforms as well as stepping up infrastructure spending to accelerate economic growth beyond the current 7.6 percent.

He also promised to reform the tax structure to make it simpler, predictable and stable. Speaking at 'The Future of Asia' Conference organised by Nikkei Inc here, he said India has been the fastest growing major economy in the last two years despite global slowdown.

"We had a back to back 7.2 per cent and 7.6 per cent growth rate in the last two years. This was notwithstanding the global slowdown which has also adversely impacted the trade in India," said Jaitley, who is on a six-day tour of Japan to attract investments.

The country has been able to perform despite adversities in two consecutive bad monsoons and some stress in the Indian private sector, the Finance Minister added.

"But then notwithstanding these adversities, a series of structural reforms, coupled with a large amount of enhanced public spending and a FDI, we maintained a reasonably respectable growth rate," he said.

Jaitley said a very large number of reforms have taken place over the last few years. "The objective has been to bring about structural reforms in India, and I think the consistency of that direction has helped in restoring the credibility of the Indian economy," he said.

In the last two years, 101 legislations have been passed in Parliament but there remain some which require a lot more time to build a larger consensus, he said alluding to the Goods and Services Tax (GST) Bill that is stuck in the Rajya Sabha for months now.

He expressed hope the GST Bill will be passed by the Upper House in the ensuing monsoon session of Parliament.