Zee Media Bureau/Vibhuti Jaitly
New Delhi: Union Finance Minister Arun Jaitley has reiterated that the Narendra Modi government is committed to lower taxes, which will give the people more disposable income - more money to spend - and boost the economic growth of India.
In an exclusive interview with a leading English daily, the Finance Minister also clarified that the term ''bitter pill'' used by Prime Minister Narendra Modi was wrongly interpreted. "Bitter pill'' doesn't mean higher taxation. It could be in the form of utilities. The user will have to shell out for what they use,” he added.
Brushing aside criticism, Jaitley said this was the beginning of the journey and he did all he could do under the given circumstances.
Arun Jaitley's debut General Budget last week has faced criticism, especially from the rating agencies.
On criticism for not having a detailed roadmap for fiscal consolidation, Jaitley said, "I have not spelt it out in details because I have provided for Expenditure Management Commission and if anybody feels that in 45 days you can come out with the scheme of rationalisation of subsidies to which people in the last 66 years have not found an answer, we must rate the agencies then."
He said that there are two ways of reducing fiscal deficit - either you spend less or you earn more. "The ideal situation is that you should earn more because if you spend less then you are contracting expenditure and you may end up contracting some parts of the economy... I have looked at unresolved issues that they (UPA government) left behind or the problems they have left behind," Jailey said, adding that in the period of 45 days he has tried to address most of these problems.
With Agency Inputs
