Finance Minister Arun Jaitley on Friday said that the government would like to push the Insurance Bill, the Coal Ordinance and the constitutional amendment Bill on GST in the upcoming Parliament session. He was speaking at the Hindustan Times Leadership Summit in New Delhi.
Here are the highlights:
- The environment in the country has to be conducive for growth.
- Despite a great desire to reform since 1991, structurally education is one sector that has been kept out of the reform process
- Face with two contrary trends - credit offtake not taking place and the stream of international visitors
- In the medical sector shortages remain
- Rural infrastructure is an area where we have not concentrated in a big way, tribal areas remain neglected
- What was considered a touch-me-not area, we decided to open up the Railways. People have to decide whether they want a world-class railways or a ramshackle one
- On opening up the Defence sector: seems to be a lot of interest in people teaming up with counterparts in India
- We're on the verge of opening up our insurance sector a little more - and focus of debate has to shift from how do I block it to what are the consequences of my action
- Those who are supposed to pay taxes must pay, unsustainable demands won't get you revenue
- Unsustainable demands earn us a bad name
- Indirect taxes do remain a challenge as our manufacturing sector has to grow
- My proposal for GST is almost ready and hope to introduce it in this session of Parliament
- Global economy still patchy; India is coming back as a 'preferred destination'
- The RBI is a very responsible institution and has served this country well.
- This is one of the strengths of the Indian system- we're able to put across contrarian viewpoints publically
- Some of the more challenging decisions - like undoing tax decisions - and tax legislations are only in the lower house - undoing not the compensation part but the procedural part of the land law, I think is a big problem and will require a lot of effort
- If we are able to take the right decisions, global investors are going to increasingly look at us
- Pleasantly surprised that a large number of Japanese institutions are willing
- I'm principally for privatisation of sectors where the government can get out
- Governments taking commercial decisions can never do it in an oppressive environment
- As far as domestic black money is concerned, sectors in which it operates is not unknown - jewellery, real estate, mining...
- As far as money stacked abroad is concerned, one has to be cautious of adventurist solutions, legally follow the right course
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