Millennium Post

‘Govt to ease process of doing business in India’

The Union government is fairly determined and is introducing changes to ease the process of doing business and attract investments in India while trying to rationalise and lower taxes, Finance Minister Arun Jaitley has said. He also said that the GDP growth rate this year would be 7.5 per cent and hopefully higher in the next year.

“We are trying to rationalise taxes, lower taxes and introduce a non-adversarial and fair system of taxation. There is a raging ideological battle between reform and obstruction. The government is fairly determined. The roadmap for us is very clear. We need a lot of investment in India and we need to ease the process of doing business in India and therefore slowly we are introducing changes in that direction,” he said addressing a gathering of international investors on ‘Investment Opportunities in India’ here.

Jaitley stressed that the new government’s priority was to improve the credibility of the Indian economy. “Fiscal deficits are on the downside. There is a flurry of activities, we are correcting aberrations in taxation structure, we are concentrating on infrastructure and trying to bring about fairness in our system.”

“The success of the auction of Spectrum and Coal mines have shown how corruption could be avoided and bring higher values. We seem to be favourably placed,” he said. he noted that India is emerging as one of the fastest growing economies and said that this year the GDP growth rate will be 7.5 per cent and next year hopefully it would be higher.

He said that since the new government came to power the economy has regained. “During the last few years we had fallen off the radar, our growth had slowed down, our priorities were blurred and the world was accusing us of policy paralysis. Finally people of India decided to bring about a change,” he said.

“The I (India) was falling off the BRIC. But today most of others are facing challenges while India is emerging as one of the fastest growth nations — this year we will close at 7.5 per cent GDP growth and next year hopefully higher.”

Centre lowers gold import tariff value

The Government has slashed import tariff value on gold to $375 per 10 grams and silver to 512 per kg.

During the first fortnight of the month, the tariff value on imported gold was fixed at $393 per 10 grams and on silver at $549 per kg. The import tariff value is the base price at which customs duty is determined to prevent under-invoicing.

The dip in tariff value on imported gold has been notified by the Central Board of Excise and Customs. Gold in New York, which normally sets price trend on the domestic front, fell from a high of $1,162 per ounce and is currently ruling at $1,158.60 per ounce.
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