India's fiscal stance sensible: IMF chief
Mr Jaitley said that exhibiting determination to move on the reform path, India can provide a significant amount of growth to the world.
New Delhi: The finance minister Arun Jaitley on Sunday expressed the hope to get pass the Constitution Amendment Bill for Goods and Services Tax (GST) and bankruptcy and insolvency bill, in the second half of the Budget session beginning April 20. “The current session of Parliament has already seen one landmark legislation two days ago. And I do hope to see another two being passed in the second part of the session with regard to the bankruptcy and insolvency laws and GST,” he said at the Advancing Asia Conference.
Speaking at the same event, IMF chief Christine Lagarde endorsed the tight fiscal deficit policy of the Modi government calling it “sensible” and said that emphasis on infra development are right way to stimulate growth in the short term. Ms Lagarde said that Asian economies led by India will be a major growth driver in the years to come and better representation of large emerging nations in the multi-lateral institution has transformed it from “my IMF to our IMF.”
She also praised the Aadhaar and said that it will help in cleaning up system.
Mr Jaitley said that exhibiting determination to move on the reform path, India can provide a significant amount of growth to the world. “We are trying to have special emphasis now both in terms of legislative changes and resources being put to strengthen the banking system,” he said.