27 April, New Delhi
Finance minister Arun Jaitley today assured a business friendly environment to woo foreign investments in the country.
Delivering the 16th D P Kohli Memorial Lecture organised by Central Bureau of Investigation in New Delhi, Jaitley said retrospective tax will not be imposed and that taxation policy has to be non-adversarial.
He said that the corporate tax structure has to be globally competitive and that is why the government has proposed to reduce it from 30 to 25 per cent in this year’s budget.
Saying political decision-making has to be much quicker, Jaitley said the process of political consensus has to be statesman-like and mature. The Finance Minister said that agriculture as well as infrastructure sectors face serious challenges due to lack of investment.
He said 70,000 crore rupees will be invested in infrastructure sector. Jaitley said external factors like lowering of oil prices have suddenly turned into India’s advantage.
He said, the country’s potential is double digit growth not the present eight per cent growth rate. The Finance minister said Goods and Services Tax, GST Bill’s objective is to simplify the tax procedure.
Saying the need for revisiting the judiciary supervised investigation a need to revisit certain provisions of the Prevention of Corruption Act, 1988, the finance minister emphasized the need for revisiting the judiciary supervised investigation. . He stressed that everyone in the country wants two institutions judiciary and CBI to be perfect.
Earlier, the minister presented medals to meritorious CBI officers. Among others minister of state in the Prime Minister’s office Jitendra Singh and CBI director Anil Sinha were present.