Business
Hope to meet fiscal targets: Jaitley
New Delhi, Jan 27
Finance Minister Arun
Jaitley Tuesday said the government was confident in meeting its fiscal
deficit targets as the economy is favourably positioned to usher in
growth.
"Revenue collections, which was affected due to low
manufacturing in the last 2-3 years, are turning around and we hope to
meet our fiscal targets," Jaitley said at an event here to mark the
International Customs Day.
"Our reserves are good and current
account deficit (CAD) position is much better. Our currency was among
the two global currencies which withstood the might of dollar in recent
times."
The minister, who was speaking at the investiture
ceremony to honour officers of the Central Board of Excise and Customs
(CBEC), said that both domestic and foreign investors have shown huge
curiosity and interest in India.
"We can’t afford to miss this
opportunity. Ordinarily, everything is going in our favour including
growth prospects," Jaitley said.
Jaitley cited other economies
like Brazil, South Africa, Europe, Japan and Russia which are facing
challenging situation, while Indian economy's prospects are showing an
upward trend.
Jaitley elaborated that quick decision making,
stability in policy matters and reforms in tax structure will attract
foreign investors interest in India.
During his address, the
minister also talked about the need to have a non-adversarial tax
administration which is both investors and assesses friendly.
Minister
of State (MoS) for Finance Jayant Sinha spoke about the need for more
transparency in tax administration and the need to build data base for
authentic and valid information.
He pointed at the need for coordination among different agencies to avoid delay in delivery of services.