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JAITLEY-RBI 2 LAST

first_imgRBI has cut interest rate by 0.75 per cent this year in RBI has cut interest rate by 0.75 per cent this year in three tranches. It refrained from reducing the rate further in the last bi-monthly monetary policy in August. Since then, consumer as well as wholesale price inflation has dived to record lows in August on falling global commodity prices. Replying questions on Goods and Services Tax (GST), Jaitley said he is certainly confident of rolling it out. “Depending on when GST gets cleared by Parliament, we have to decide a date. And we must always bear in mind that GST is not a tax which has to be introduced only on April 1 or not at all. It is a tax which can be introduced on any day,” he said. The Constitution Amendment Bill for rollout of GST has been passed in the Lok Sabha, but is yet to be approved by the Rajya Sabha where the ruling BJP does not enjoy majority of its own. Indirect tax reform GST will subsume excise, service tax and other local levies. The government had fixed the GST rollout date as April 1, 2016. On whether the government will be able to meet the disinvestment target of the current fiscal, Jaitley said the department has lined up a host of PSU stocks and it is still the first half of the financial year. “Market conditions are certainly very difficult and therefore, in the midst of these difficult circumstances to manage that target is our eventual goal. Now, we have a number of PSU stocks, we are still in the first half of the year and therefore, lets try and see… as much as we can do,” he said. The government has set a total disinvestment target of Rs 69,500 crore, of which Rs 41,000 crore is to come from PSU stake sale and Rs 28,500 crore from strategic stake sale. So far this fiscal, the disinvestment department has managed to raise Rs 12,600 crore through stake sale in four PSUs. As for clarity over FDI in the insurance sector, Jaitley said the insurance industry is in dialogue with the department of economic affairs and revenue. PTI JD CS ARDadvertisementlast_img

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