【New Delhi】Indicating that his maiden budget next week will not indulge in ‘mindless populism’, Finance Minister Arun Jaitley, on Tuesday, said the government would take bold decisions and pursue the path of fiscal prudence to revive economy.
Listing out the challenges before the country, he said the fiscal deficit was high, inflation was beyond acceptable limits and the fallout of Iraq crisis loomed large on the economy. Addressing a function of the Institute of Chartered Accountants of India, Mr. Jaitley said,“If you indulge in mindless populism you burden the exchequer...you convert yourself into a high taxation society. It does not work. Therefore, if you have to follow a path of fiscal prudence, (you should) have a certain amount of discipline.”
○Centre, States will work out action plan to contain inflation: Jaitley
【New Delhi】For a government that rode to power on the back of widespread dissatisfaction among people over runaway prices, especially of food commodities, the rising cost of onion and potato are posing a major challenge now. Union Finance Minister, Arun Jaitley, today said that the Centre and States will work out action plan to contain inflation.
The Finance Minister said after addressing a meeting of State Food Ministers, though there is no reason to panic yet, there is little doubt that there is cause for concern mainly because the monsoon is playing truant.
He said there were many recommendations from State Food Ministers. Some States wanted more powers under the Essential Commodities Act, some wanted more commodities under the Act, while some others wanted stricter penalties for hoarding.
According to officials, as part of its six-month action plan to arrest the surge in food prices, the Centre will set up a price-stabilisation fund and make offences under the Essential Commodities Act non-bailable. The price stabilisation fund might be announced in the coming Budget.
○Jaitley assures States on GST compensation
【New Delhi】Finance Minister Arun Jaitley, on Thursday, said the Centre would sort out compensation issues with States to ensure early roll-out of Goods and Service Tax (GST), a new indirect tax regime that will subsume various levies.
After meeting State finance ministers, he said there was a broad consensus on implementing the GST regime, and efforts would be made to sort out the pending issues, especially with regard to compensation for loss of revenue. “Fixing compensation issue is critical to roll-out of GST,” Mr. Jaitley said.
【News source】
Jaitley for fiscal prudence over mindless populism
Centre, States will work out action plan to contain inflation: Jaitley
Fighting food inflation
Inflation firefight: Price stabilisation fund in offing
Jaitley assures States on GST compensation
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