Thursday, May 5th, 2016

Despite global gloom,Indian economy doing well: Arun Jaitley

Narada Desk | May 5, 2016 2:10 pm Print
Sounding optimistic about the the Indian economy , Union Finance Minister Arun Jaitley has indicated that compared to the economic situation around the world , the Indian economic position is in a much better state
Arun Jaitley : Union Finance Minister

Notwithstanding global recession, India’s economic situation is by far the best in the world and the country has the potential to do even better, Finance Minister Arun Jaitley told the Lok Sabha  The Finance Minister made this statement after returning from the ADB meet in Frankfurt, Germany.

“Vishwa ke tulna mein hum sab se aage haen (In comparison to the rest of the world, we are far ahead),” Jaitley said in reply to the debate on the Finance Bill.

India has the potential to do much better than its current economic performance, he said.

While the world continues its assessment of the factors responsible for the on-going global recession and “how long it will continue further,” it ought to be kept in mind that during such financial crises, the banks also suffer, the minister said.

This is aggravated further with bad loans and non-performing assets (NPAs), he said.

“I would not like to go on a blame game on this. But, we cannot solve the problem of NPAs by hiding it,” Jaitley said and maintained that the government is taking steps to bring down the NPA graph in months to come.

Referring to the queries raised by members during the debate on the Finance Bill 2016 , the minister said steps are always being taken to help the indigenous companies and rationalise corporate taxes.

Responding to criticism that government’s steps have often been against people-oriented schemes, Jaitley said: “In all the three budgets this government presented, we tried to ensure that small tax payers have more money in their hands.”

Meanwhile , despite the parliament in a logjam over the AgustaWestland deal, Arun Jaitley has according to media reports appealed to the Congress party to think in the interest of the Indian economy and help pass the crucial GST bill during the on- going session of parliament . A bill that is pending for long.  He said he might hold talks with Congress leaders on the issue soon to break the ice over this contentious issue.  (IANS)