India capable of bold decisions |
India can become a much cleaner and bigger economy among the emerging economies as it has the capacity to implement bold decisions and scale them up efficiently, according to India`s Finance Minister Arun Jaitley. Jaitley added that India has become one of the most open and globally integrated economies at a time when other economies are turning protectionist. All the steps including financial inclusion, demonetisation, the Goods and Services Tax to the direct tax incentive, each one of this falls into place where brick by brick you lay down the structure in order to integrate an informal economy into a much larger formal economy. He was addressing a New York audience at an event organised by US-India Business Council in partnership with the Confederation of India Industries. Jaitley told investors that India now has the capacity to implement bold decisions and scale them up efficiently. He also highlighted the large number of infrastructure projects that the government is working on and the need to widen the tax base for the country`s overall economic health. Incremental changes always take place. But, this works out to a particular pattern and I think today India has acquired the capacity and ability to perceive these big ideas and to be able to implement these big ideas, he said. Of course, these big ideas can in the transition stages throw up challenges.
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