2 min readGurgaonMar 22, 2015 01:09 AM IST
First published on: Mar 22, 2015 at 01:09 AM IST
Finance Minister Arun Jaitley speaks during the annual convocation of MDI in Gurgaon on Saturday. (Source: PTI)
Calling for easier entry norms for multinational corporations, finance minister Arun Jaitley on Saturday said India must become more competitive in a range of areas including infrastructure and taxation.
“We have to make entry point into India easier for large global corporations to grow, for large Indian corporations to become global. We have to ease the process of doing business,” he said in his address at the convocation of Management Development Institute (MDI), adding that the country also must provide stability in taxation policies.
These steps would not only boost economic growth but also help in creating jobs and raising revenues for the government. The minister’s comments come at a time when the Centre is working on a series of steps to make it easier to do business in the country, which in turn would promote the ‘Make in India’ campaign as well as bring in foreign investments.
[related-post]
While amendments to the land acquisition Bill is also pending with Parliament, which has also enacted the Insurance Bill raising the foreign investment limit in the sector from 26 per cent to 49 per cent, Jaitley in the Union Budget 2015-16 has also announced a number of measures to ease doing business in India such as reduction in the corporate tax rate and commitment to the goods and services tax.
“The best response to poverty eradication is high growth rate. Sluggish economy cannot eradicate poverty. They can only distribute poverty,” the finance minister said, adding that the country must become competitive on a global level.
He stressed on ease of doing business, the stability of policy, the maturity of political decision makers, the maturity of political process in reaching the correct decision rather than creating hurdles, from our infrastructure to taxation.
Finance Minister Arun Jaitley speaks during the annual convocation of MDI in Gurgaon on Saturday. (Source: PTI)
Share
