Comments
Efforts to widen the tax base and increase revenues will continue, Finance Minister P. Chidambaram said today.
Wooing over 300 city based investors on the second leg of his East Asia tour, he said India is poised to grow at over 8 per cent from fiscal 2015-16 onwards.
“...efforts to keep on increasing the tax base will continue ... so that the tax revenue to the proportion of the GDP will also remain robust,” he was quoted as saying by Sanjiv Bhasin, General Manager and CEO of DBS Bank, India.
Fiscal deficit
The Minister said that the Government was taking steps to bring down the fiscal deficit to 3 per cent of the Gross Domestic Product (GDP) in the next three to four years.
Chidambaram had yesterday told investors in Hong Kong that he was committed to keeping the fiscal deficit to 5.3 per cent of the GDP in the current fiscal and reduce it further to 4.8 per cent in 2013-14.
As regards growth, the Minister was reported to have told investors that “India has fumbled, but so has most other economies worldwide’’.
GDP growth
The growth, Chidambaram had earlier said, was not likely to be below 5.7 per cent in 2012-13 and would improve to about 6-7 per cent in the next fiscal. Indian economy grew 6.5 per cent in 2012-13.
The Minister, according to investors attending the meeting, has said that the Indian Government was making efforts to put the economy back on track.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.