Zee Media Bureau
New Delhi: Union Finance Minister Arun Jaitley on Monday delivered the 16th D P Kohli Memorial Lecture on 'Economic Challenges'. This is the theme of D P Kohli Memorial Lecture organised by Central Bureau of Investigation (CBI) as a part of its foundation day celebration.
The Finance Minister said that our corporate tax structure has to be globally competitive and that's why we reduced it from 30 per cent to 25 per cent. Our taxation process has to be simplier to increase tax buyoncy.
Jaitley said that any investigative agency’s responsibility is huge and its discretion is also very large. “India decided to discard a politics which wanted to distribute existing resources and even distribute poverty rather than generate wealth,” he said.
1991 was the defining moment for India and marked the beginning of process to unleash the energy of its citizens, he said.
“Our growth rates had started slowing down, inflation had started picking up, indecisiveness was costing us heavily,” Jaitley said. “It appeared that somewhere down the line we had lost a little bit of credibility of our decision making process.”
