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11:08 pm - Friday November 17, 2017

Profit is not a bad word, unjust enrichment is : Jaitley

Agencies, New Delhi

No one can contest the benefit of reduced taxation for the consumer; ‘Profit is not a bad word, unjust enrichment is,’ said Minister of Finance, Corporate Affairs and Defence Arun Jaitley here today.

He was speaking at the Annual Session 2017 of the Confederation of Indian Industry (CII) with the theme ‘Future of Globalisation: Can India Lead’. “GST, a path-breaking taxation reform, is closer to implementation as the rules and regulations are in place and the formula for commodity based taxation is known”, the Finance Minister said.

The government, over the last few years has announced significant reforms such as effecting simplification of procedures and encouraging ease of doing business, dismantling of Foreign Investment Promotion Board (FIPB), reducing government discretion, and ensuring faster decision-making, among others which resulted in further opening up of the economy, he said.

Similarly, the simplification of direct and indirect taxation is aimed for making India a tax compliant society, stressed the Finance Minister. The strong political consensus on reforms was a further boost, Mr Jaitley stated.

He said that India’s inherent strengths -a large domestic market, a rich reservoir of human capital, steadfast commitment to reforms etc- can help the country to emerge as an attractive business destination. “While our capability to deliver on services to the world is without question, this should be extended to improve our manufacturing capabilities as well,” he said.

In this context, the government was committed to ensuring that India emerges as a hub of global manufacturing and for sectors such as defence, the response from both domestic and foreign investors is encouraging, he observed. Further, augmenting investment in infrastructure and an identified rural focus would emerge as the primary growth drivers of the economy, he said.

The liberalisation process has created an aspirational India. The switch towards competitive federalism has enhanced aspirations at the state level leading to greater competition between states for attracting investment, Mr Jaitley stated.

Articulating the vision of a new India, Mr Jaitley said “while the globalisation process is in the state of flux world over with ongoing debates over its perceived challenges and advantages, we have no doubt about the benefits of barrier-free interaction with the world”.

Posted in: Business, Featured

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