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1st Muharram 1436 | Saturday, Oct 25, 2014
Business

More announcements to promote growth: Chidambaram

Sunday, 3 March 2013
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March 03:

New Delhi: A number of non-legislative decisions covering customs, excise, service tax, insurance and banking to promote growth will be announced in Parliament before the passage of the Finance Bill.

Disclosing this here Sunday, Finance Minister P Chidambaram said that the budget presented by him on February 28 focussed on the legislative areas and the broad agenda. The government was now working on non-legislative decisions.

These decisions would involve customs, excise, service tax, insurance and banking, he said, adding "more announcements will be made and more decisions will be taken" during the reply to the debate in Parliament on the Finance Bill.

During a comprehensive post-budget interview, Chidambaram told PTI that he was satisfied with what he had done in the budget with a view to restart the growth engine.

"My party appears to be happy. The opposition, of course, would have to be critical. That is the role of the opposition to expose, oppose and depose as it is said.

"I am not not perturbed by the criticism. The media, as usual, magnifies certain things and ignores certain other things. So that is part education, part entertainment. It has been a mixed bag of emotions to see the reactions," he said.

Laughing off a question about the absence of any 'big bang' announcements in the budget, the Finance Minister said, "big bang interests only the media. What the people want is small, critical steps that will restart the growth engine."

In his view, "the media likes frenzy, the media likes theatre" but people like orderly growth and orderly lives.

Ruling out any "populist" measures between now and the Lok Sabha polls due before May, 2014, Chidambaram pointed out that a government can present only five budgets and the UPA had presented its fifth one. There will be a vote on account next February and then there will be elections.

During the hour-long interview, Chidambaram answered questions on wide-ranging subjects including the tax on 'super rich', steps to check tax evasion and bring out black money, and ruled out any amnesty scheme for evaders.

Answering why the budget was not 'populist' as was expected because of next year's elections, he said the Congress party clearly understands that economic space is restricted Sunday and that the foremost challenge before the country is to re-start the growth engine.

To a question on what would be the objective of the new set of decisions that will be taken, Chidambaram said, "I can't say it now. Parliament is in session. Objective is to promote growth."

Asked if it was a conscious decision not to make a splash, Chidambaram said, "that was not my idea ever."

On whether his hands were tied in making the budget because the economy is challenged, the Minister replied that "hands were not tied. The economic space is restricted. An economy growing at 5 percent gives you only so much space, while an economy growing at 9 percent gives you more space."

He said the tax concession for investment of Rs 100 crore in plant and machinery was a step to promote manufacturing.

"Manufacturing is the only way economic growth can be accelerated. Manufactured exports, exports of manufactured goods is the only way to enable foreign exchange and pay for our imports. Therefore in order to revive manufacturing, which is not doing well we have announced the investment allowance," he said.

PTI

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