ProMASS News Bureau, Mar 17, 2016:
Finance Minister Arun Jaitley today assured that every penny that is due from Vijay Mallya to state-run banks will be recovered. Speaking at a media conclave in New Delhi, Mr. Jaitley said the Vijay Mallya case is pending in court and every government agency is going to take strong action wherever he has violated the law.
The Finance Minister also said that double-digit growth in the current global environment would prove difficult for India, but said if pending reforms were addressed, it would have the necessary economic impact. He said it is important to aim higher and continue with reforms to get the desired results.
Mr. Jaitley said he had been saying that agriculture has good potential, adding that a sustained focus on eastern part of India as a region and agriculture as a sector can deliver double-digit growth in India. He said manufacturing sector growth can be stepped up now that wages are rising in China, the global industrial powerhouse. But for that, domestic reforms are needed, he added.
He specifically listed the proposed pan-India goods and services tax (GST) regime right upfront and said but for one party all the rest were supporting it. He said almost all parties and big business entities have demonstrated support for the GST Bill.
He also said the government has been trying to address the problem of NPAs in sectors like steel, textile, highways and infrastructure, which are on account of economic slowdown. He said direct tax reforms, and bringing down corporate rates forms the core of NDA government’s economic agenda.
