Jaitley stresses upon the need to 'kick-start' small ventures to create jobs
Updated: Sep 17, 2015 02:10:03pm
New Delhi, Sept 17 (KNN) Finance Minister Arun Jaitley today stressed upon the need for “kick-starting” the manufacturing sector and giving a boost to small and medium enterprises in order to create more jobs.
The efforts include increasing public investment and streamlining FDI regime.
"Kick-starting our manufacturing sector and its growth rate... is one of the various challenges to the Indian economy today. If we can handle that problem, its ability to absorb a number of people coming from rural India and adding to India's growth story is going to be much larger," Jaitley said while addressing the India Economic Convention here.
Over the next few days Government is trying to put a number of tax disputes to “sleep” through judicial or executive resolutions, Jaitley said adding that the a number of them have been put to rest.
"Now, a number of them have been put to rest and we are trying over the next few days itself so that many others can be put to sleep either by a judicial resolution or an executive resolution," he said.
On the system of allocation of natural resources, Jaitley said there are many other reforms in the pipeline.
While the GST reform is stuck because of political reasons, the government is trying to put on track a bankruptcy code, dispute resolution in major contracts, expeditious arbitration procedures and a public procurement law, he said.
Stressing upon the need to attract more investments for the manufacturing sector, Jaitley said, “Without investment, there is going to be no additional economic activity."
Terming improving ease of doing business and resolution of tax disputes as "work in progress", Jaitley said adding "And once we are able to walk on this growth track, I am quite certain that the architecture for growth for India would be settled, strong and deep."
The Minister also underlined the need for improvement in the regulatory environment saying, the regulatory system has to be prepared for a much faster change.
Further, on the promotion of ease of doing business, Jaitley said, "Today, there is no sector of economy which is saying I am being harassed. The procedures have been rationalised. But the entire regulatory and other systems have to prepare themselves much faster for this change." (KNN Bureau)
The efforts include increasing public investment and streamlining FDI regime.
"Kick-starting our manufacturing sector and its growth rate... is one of the various challenges to the Indian economy today. If we can handle that problem, its ability to absorb a number of people coming from rural India and adding to India's growth story is going to be much larger," Jaitley said while addressing the India Economic Convention here.
Over the next few days Government is trying to put a number of tax disputes to “sleep” through judicial or executive resolutions, Jaitley said adding that the a number of them have been put to rest.
"Now, a number of them have been put to rest and we are trying over the next few days itself so that many others can be put to sleep either by a judicial resolution or an executive resolution," he said.
On the system of allocation of natural resources, Jaitley said there are many other reforms in the pipeline.
While the GST reform is stuck because of political reasons, the government is trying to put on track a bankruptcy code, dispute resolution in major contracts, expeditious arbitration procedures and a public procurement law, he said.
Stressing upon the need to attract more investments for the manufacturing sector, Jaitley said, “Without investment, there is going to be no additional economic activity."
Terming improving ease of doing business and resolution of tax disputes as "work in progress", Jaitley said adding "And once we are able to walk on this growth track, I am quite certain that the architecture for growth for India would be settled, strong and deep."
The Minister also underlined the need for improvement in the regulatory environment saying, the regulatory system has to be prepared for a much faster change.
Further, on the promotion of ease of doing business, Jaitley said, "Today, there is no sector of economy which is saying I am being harassed. The procedures have been rationalised. But the entire regulatory and other systems have to prepare themselves much faster for this change." (KNN Bureau)
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