India’s GDP will do better than 8.4% in 2011: FM
India’s Finance Minister, Shri Pranab Mukherjee expects India to better IMF’s projected GDP growth rate of 8.4 % during FY 2011. The FM was speaking at the CII National Conference and Annual Session 2010 on the theme ‘Implementing Inclusive Growth and Development’ at New Delhi.
The FM cited governance and implementation as one of the key determinants of ensuring inclusive growth. He assured that the Government, in partnership with the States, would be plugging leakages and pilferages for strengthening the Public Distribution System through the use of technology and data generated by UIDAI. This would reduce expenditure and also allow effective and efficient allocation of resources.
The Finance Minister – while adressing questions – announced that the draft Direct Taxes Code would be available for final comments shortly before it is submitted for Parliamentary approval.
He said that the introduction of the Goods and Services Tax would ensure a ‘win-win’ situation for all stakeholders. He further stated in the larger interest of economy, he looks forward to absolute consensus of State Finance Ministers on the new tax dispensation.
Mr Venu Srinivasan, President, brough out CII’s serious concern for inclusive growth of the economy and assured the Finance Minister of industry’s eagerness to work with the Government to provide additional jobs by laying down a roadmap for Affirmative Action.
Thanking the Finance Minister for his deep engagement with CII, Mr Hari Bhartia, President-Designate, CII assured him that in the coming year CII would work on enhancing employability skills of the Indian youth through vocational training.
The Finance Minister complemented CII for its work on diverse policy issues, enhancing efficiency, competitiveness and expanding business opportunities for industry.