Jaitley said rather than allowing the parliamentary stalemate to carry on, the Centre followed an alternative route which will give flexibility to states to change land acquisition laws as per their requirement.
Annul revision in pensions do not happen anywhere in the world, Arun Jaitley said. He said the government was committed to OROP but the “only difficulty” is the “arithmetical translation”.
The finance ministry is hopeful of saving at least Rs 40,000 crore this fiscal on its fuel subsidy bill this fiscal on the back of global crude oil prices falling as low as $ 40 a barrel.
The government is understood to have circulated a note, explaining that it is already working on seven of the demands put ahead by trade unions, including amendments to Minimum Wages Act, Contract Labour Act.
Jaitley said the crude oil prices hitting lowest levels in over six years and the slump in commodity prices are expected to benefit a net importer like India.
The stock markets witnessed a bloodbath on Monday with the benchmark BSE Sensex crashing over 1,500 points, biggest in seven and a half years, amid a global rout.
Arun Jaitley said’“doing away with some of the policies of the past and realising the potential is of extreme importance’.
In his address at the Indian Chamber of Commerce event here, Jaitley said roadmap for phasing out of exemptions to corporate will be announced soon.
“Political differences will continue. But for the development of the state, that will not matter,” Jaitley said as he repeated the Prime Minister’s call for increased economic activity in the eastern states.
India has the requisite strength to withstand global challenges, says Jaitley
Sources said that the ministry’s refusal to make any written promise and to give a time-frame led to the failure of talks.
The Congress’s posturing came a day after Finance Minister Arun Jaitley slammed the party for its “obstructionist politics”.
Jaitley said that considering that the recent Parliament session was wasted, it was time to set a good convention, as in the UK, to get legislative sanctions.
Arun Jaitley also brushed aside the conditions set by the Congress, calling it an “afterthought”.
The GST cannot be implemented without a constitutional amendment as the states do not have the power to impose service tax while the Centre can’t levy tax on goods beyond factory gate.