The Union Finance Minister Arun Jaitley on Monday said that the overall economic situation in the country is looking better, adding that basic parameters of the Indian economy are moving in the right direction.
Speaking at the first meeting of the Parliamentary Consultative Committee, Jaitley assured that the current account deficit will be under control and the government will try to keep fiscal deficit within the prescribed limit. He also said that the economic growth rate would be better than that of the last year.
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The minister further stated that the global situation is favourable to the country as more investors are showing curiosity and interest in India. He felt that the major challenge will be to boost investment, especially in the infrastructure sector and give further boost to both manufacturing and agriculture sector among others.
The members of the Consultative Committee congratulated the government for the gradual turn-around of the Indian economy and welcomed the increased inflows of FDIs and FIIs during the current year.
The participating members of the Consultative Committee also gave suggestions with regard to the forthcoming Union Budget, which include significant increase in allocation for judicial sector for setting- up fast track courts, in order to clear the heavy back log of pending court cases in various courts; the abolition of differential import tax levied on end-use basis as this leads to misuse and corruption; steps be taken to broaden the tax base and impose small tax at flat rate on everyone, including small businessmen, so that everyone is a stakeholder in the country's development and so on.
Suggestions were also made on incentivizing tourism by the creation of a 'tourism infrastructure' with a view of the sector having a potential both for generating revenue as well as creating employment opportunities; more allocation to Archaeological Survey of India for the preservation of cultural heritages; incentives to local bodies and private sector for solid waste management; tax relief to women, especially those working in the informal sector; more allocation for education and health sectors, among others.