Arun Jaitley indicates “whole set of second generation reforms” in the budget

Finance Minister Arun Jaitley indicated “whole set of second generation reforms” in the upcoming Budget in February. He hinted “a lot of exciting time ahead”.

[Image Source: PTI]

In an interaction with PTI journalists on Sunday, Jaitley said India needs “a larger opening out in more sectors”.

“And there is a whole set of reforms which have arisen because some undoing is required. The coal ordinance is one undoing thing. Allocation of natural resources by non-discretion is undoing thing. A rational and reasonable tax regime is undoing thing. Some procedure changes in the land (acquisition) law is an undoing,” Jaitley said.

“I think we have a lot of exciting time ahead of us and I do see investments coming into India. I do see domestic investors taking a lot of interest,” he said.

“It is one thing saying we must concentrate on infrastructure. But for companies building highways… power plants, who even if coal is made available to them, but access to capital (as well as) money locked up in disputes will have to be resolved,” finance minister said.

“It will still take some time before results start surfacing. On the ground some green shoots are visible,” he added.

“You will require to give another comfort to investors. You have given them the comfort of stability of politics but (they require) stability of policy, stability of tax regime (and) correcting whatever major aberrations have taken place,” he said, adding, “Reforms have to take place all 365 days in a year. But then Budget is an important occasion to highlight that. Therefore it is important in those terms. It is also an important occasion to signal the direction,” Jaitley said.

“Because so far our government has followed one clear direction and I do hope governments are never forced to take any moves which are in contrarian direction. That can difficulty for the economy,” he said, adding, “Budget is not the only opportunity but is an important opportunity.”

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