New Delhi, May 22 (KNN) Outlining the various steps and policy decisions taken by the Narendra Modi-led NDA government in its first year in office, Finance Minister Arun Jaitley said "decisiveness even in the face of obstructionism has been an important hallmark of the Narendra Modi-led NDA government.”

"The nation is not ready to accept slow decision making," he added.
 
While addressing a press conference, FM said, “We are liberalizing and reforming; but there is no place for crony capitalism. This government is pro-growth, pro-development. The government's policy would be one of maintaining arms-length distance from business houses.”
 
Jaitley said that, “When passage of reforms is obstructed, we must remember it is the journey to 10 per cent growth rate that falls prey”.
 
Saying that India is an un-pensioned society, the minister said the recently launched insurance schemes by the government had reached 7.5 crore people in a few weeks and the insurance schemes will bring the benefits of insurance to the common man. The new MUDRA Bank will bring finance to 5.7 crore small entrepreneurs, the FM added.

He said that the banking sector was under a lot of pressure due to global slowdown but reduction in non-performing Assets is a good sign.
 
While speaking on inflation, Jaitley said, “Impact of falling oil prices is dual - on imports as well as exports. Inflation control has been a positive achievement of the government.”
 
The finance minister said that the respect for India and PM Narendra Modi had increased not only in India, but in the entire world.
 
"Initiatives undertaken in sectors such as power, coal and mining are noteworthy; they show a transparent model for reforms," the FM said.
 
Almost on daily or weekly basis, decisions are being taken to augment development, the Finance Minister said, adding that there is a need to expand economic activity even further. 
 
On taxation, the minister said, "Measures have been taken to make taxation an instrument of promoting growth. The most important reform since independent India, in the area of indirect taxation, is being brought about - the GST."
 
Responding to a question on the Goods and Services Tax (GST), Jaitley said, “Government will make every effort to ensure that GST is implemented on the announced deadline.”
 
High taxation rates are never investor or economy friendly and the government has taken measures to bring direct taxation rates to globally competitive levels, he added.


On direct taxation, the emphasis is twofold, Jaitley said.

"We are making corporate tax rates competitive with global levels. In our two budgets, we have ensured exemptions which will enable the individual tax payer to spend more and save more," the FM said.

There are legacy issues but no new tax dispute has been raised, he added.
 
On fiscal consolidation, Jaitley said all economic indicators have shown marked improvement.  Important parameters like fiscal and current account deficit, growth rate, revenue figures, etc have stabilised, he added.

The government has improved the ease of doing business as well, the FM said, adding that the use of investigative agencies to go after corporates has ended.
 
For infrastructure, Jaitley said, the government has found ways to spend higher through public spending. 
There was a general environment of gloom one year back, on the economic front in this country. Now there is an environment of enthusiasm in this country, Jaitley said (KNN Bureau)