India can grow at higher rate; job creation plans underway: FM Arun Jaitley

"Today, India is one of the most open economies of the world."

By: PTI | London | Updated: March 1, 2017 4:02 pm
india economy, india growth, india growth rate, employment in india, jobs india, demonetisation, cahsless economy, digital india, digital economy, india news Union Finance Minister Arun Jaitley (File Photo)

India has potential to grow faster and plans are underway to reduce poverty and create jobs in rural areas, Finance Minister Arun Jaitley said Monday, even as he ruled out the country becoming totally ‘cashless’ immediately. “One of the reasons for note ban was tax non-compliant. One of the objectives of the demonetisation was to reduce and eliminate anonymity. I don’t see India becoming a cashless system immediately. I see India becoming less-cash economy,” Jaitley told PTI in London. The Finance Minister, who is meeting top government officials and business leaders here, further said the GST regime would also make generation of cash more difficult, besides making the taxation system much more efficient. He hoped that the GST would be implemented by July 1.

WATCH VIDEO | From Brexit To Mallya, Finance Minister Arun Jaitley Discusses Key Issues With His UK Counterpart

On the Centre’s efforts to move towards digitalisation and cash-less regime, he said, “Major business, property transactions, salary payments, and school fees will be done through cash-less system. Will it be totally cash-less? I don’t see it happening immediately.”

Talking about retrospective taxation, the Finance Minister said the government has decided not to resort to such measures and the existing disputes are being sorted out either bilaterally or through the judicial system.

“India still has the potential to grow at a higher rate than today. A series of action is needed to reduce poverty in the rural areas. We have planned several programmes for rural India coupled with measures to create jobs,” Jaitley said.

“Today, India is one of the most open economies of the world. While the world is turning protectionist, India is opening up more,” he added.

On the Goods and Services Tax (GST) roll-out, the FM said, “The first requirement is constitutional amendment, the law has been passed unanimously and by September 15, 2017 the curtain will be down. We have resolved most of the critical issues. Legislations have been drafted. Two weeks ago, we approved the first draft. By March first week, the second draft will come up. Parliament will be resuming from march 9.”

For all the latest Business News, download Indian Express App

  1. P
    Feb 27, 2017 at 8:34 pm
    Yup. Not just Brahmins know how to survive. Everybody knows how brahmins survive! They sacrifice anything and everything for even a simple promotion or even for a psychological recognition COMPRED TO A NON-BRAHMIN. But that recognition you expect from FAIRER skinned people. Fk off ole!
    1. A
      Feb 27, 2017 at 5:14 pm
      Here comes the precursor for the General Election of 2019, from भारतीय जुा पार्टी, through Mr. Ar. Jhutley.
      1. A
        Feb 27, 2017 at 6:14 pm
        Almost three years have gone by and job creation plans are still under way? What had the govt being doing till now? Sleeping? planning to eliminate dalits and Muslims? What happened to the fraud prime minister's 2014 election promise of millions of new jobs? On the contrary demonetisation has killed lakh of jobs. Useless govt good for only big talk.
        1. I
          Feb 27, 2017 at 8:13 pm
          The original BJP plan for job creation was for Modi to talk and wave his hands. Job creation has not happened even though we have had two years of low energy prices
          1. G
            Feb 27, 2017 at 6:19 pm
            1. Load More Comments