labels: economy - general
Finance minister to give topmost priority to economic reformsnews
Arup Chanda
23 October 2002

New Delhi: Indian Finance Minister Jaswant Singh has said he will give topmost priority to economic reforms, including taxation, in a bid to push up growth and contain fiscal deficit. This is an indication by Singh about his next budget.

Asserting that reforms will be given a new thrust in his policy, Singh said: ''The revival of the capital market by removing weaknesses, containing fiscal deficit, reviving the manufacturing sector, tax reforms and pushing capital investment in agriculture will get topmost priority.''

''We are very clear in our minds. We must enhance production, increase the gross domestic product, and put more money in people's pockets and housewives' purses. None of this is possible without reforms, which are synonymous with growth. There is no ambiguity in this. Growth through reforms is the government's priority,'' Singh said when asked what would be his priority in the remaining two years of the National Democratic Alliance government.

Unlike in the past, Singh said the budget-making will be transparent, including taxation proposals (barring a few of them), and the recommendations of the task forces on direct and indirect taxes will be put on the Internet to elicit views from the public and experts.

He said the task forces headed by his advisor Vijay Kelkar will submit its first report on indirect taxes this week.


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Finance minister to give topmost priority to economic reforms