Skip to main content

India To Retain Its Position As Fastest Growing Economy In Coming Decades: Arun Jaitley

India To Retain Its Position As Fastest Growing Economy In Coming Decades: Arun Jaitley
Finance Minister Arun Jaitley today exhorted confidence that India will retain its position of fastest growing economy in the coming decades like China did in the last three decades."The way the situation in the world is changing there is a great opportunity that has come in the way of India. The world keep facing its challenges and (in) the last few years India has started leaving its footprints behind.
"And when India is leaving its footprints behind, becoming one of the faster economies in the world, it obviously means that the opportunity for India and Indians is going to increase," Mr Jaitley said while addressing the 17th convocation of University of Jammu.The university conferred 185 degrees to candidates, who have qualified for the award of doctor of philosophy in 2015-16 up to December 31, 2016, besides 59 students were awarded gold medals, cash awards and certificates of merit.
The finance minister said: "We are looked at as one of the bright spots in the world, and over the next one or two decades, our potential to retain that position of fast growing economy as China did in the last three decades belongs to India".
Asserting that the Jammu and Kashmir would have been the most affluent part of the country if not struck by insurgency, Mr Jaitley hoped that the educated youth will lead the state to achieve its objective of bringing peace and ensure development of all the regions."I always wonder to myself where does a state like Jammu and Kashmir stand in the whole story. Conceptually, if all is well with a limited population, a large area, the most beautiful spots in the world, handicrafts, a good agriculture and the best of the pilgrim centres, and if all has been well historically, this should have been theoretically the most affluent part of this country.
"But unfortunately, the curse of insurgency struck us and I must say as a tribute to the academic fraternity, I say this because I have the opportunity to interact with students over the last 20 years in the valley as every time there has been a parliamentary delegation, I have had the opportunity of being part of it. Amongst all of the delegations which used to meet us, when I used to come back, the most impressive used to be the students from the university there," he said.Mr Jaitley further said the student community, despite living in the midst of a disturbed environment, excelled academically.
The Business Standard, New Delhi, 05th March 2018

Comments

Popular posts from this blog

New income tax slab and rates for new tax regime FY 2023-24 (AY 2024-25) announced in Budget 2023

  Basic exemption limit has been hiked to Rs.3 lakh from Rs 2.5 currently under the new income tax regime in Budget 2023. Further, the income tax slabs in the new tax regime has been changed. According to the announcement, 5 income tax slabs will be there in FY 2023-24, from 6 income tax slabs currently. A rebate under Section 87A has been enhanced under the new tax regime; from the current income level of Rs.5 lakh to Rs.7 lakh. Thus, individuals opting for the new income tax regime and having an income up to Rs.7 lakh will not pay any taxes   The income tax slabs under the new income tax regime will now be as follows: Rs 0 to Rs 3 lakh - 0% tax rate Rs 3 lakh to 6 lakh - 5% Rs 6 lakh to 9 lakh - 10% Rs 9 lakh to Rs 12 lakh - 15% Rs 12 lakh to Rs 15 lakh - 20% Above Rs 15 lakh - 30%   The revised Income tax slabs under new tax regime for FY 2023-24 (AY 2024-25)   Income tax slabs under new tax regime Income tax rates under new tax regime O to Rs 3 lakh 0 Rs 3 lakh to Rs 6 lakh 5% Rs 6

Jaitley plans to cut MSME tax rate to 25%

Income tax for companies with annual turnover up to ?50 crore has been reduced to 25% from 30% in order to make Micro, Small and Medium Enterprises (MSME) companies more viable and also to encourage firms to migrate to a company format. This move will benefit 96% or 6.67 lakh of the 6.94 lakh companies filing returns of lower taxation and make MSME sector more competitive as compared with large companies. However, bigger firms have shown their disappointment since the proposal for reducing tax rates was to make Indian firms competitive globally and it is the large firms that are competing globally. The Finance Minister foregone revenue estimate of Rs 7,200 crore per annum for this for this measure. Besides, the Finance Minister refrained from removing or reducing Minimum Alternate Tax (MAT), a popular demand from India Inc., but provided a higher period of 15 years for carry forward of future credit claims, instead of the existing 10-year period. “It is not practical to rem

Don't forget to verify your income tax return in August: Here's the process

  An ITR return needs to be verified within 120 days of filing of tax return. Now that you have filed your income tax return, remember to verify it because your return filing process is not complete unless you do so. The CBDT has reduced the time limit of ITR verification to 30 days (from 120 days) from the date of return submission. The new rule is applicable for the returns filed online on or after 1st August 2022. E-verification is the most convenient and instant method for verifying your ITR. However, if you prefer not to e-verify, you have the option to verify it by sending a physical copy of the ITR-V. Taxpayers who filed returns by July 31, 2023 but forget to verify their tax returns, will get the following email from the tax department, as per ClearTax. If your ITR is not verified within 30 days of e-filing, it will be considered invalid, and may be liable to pay a Late Fee. Aadhaar OTP | EVC through bank account | EVC through Demat account | Sending duly signed ITR-V through s