Thursday, April 30, 2015

MAT waiver for FIIs, Bihar, West Bengal to get special status like Andhra Pradesh. "Soojh-Boojh ka sarkar", he says as a retort to Rahul Gandhi's description of the Modi government as "suit-boot ki sarkar"

New Delhi: Union Finance Minister Arun Jaitley had to admit that the global economic situation is challenging, indirectly declaring the country not to expect economic miracles, while replying to the debate on Finance Bill in Lok Sabha on Thursday evening. He referred to the fact that in the middle of the global economic slowdown, including that of China. He said that there is potential for 7 per cent and more growth in the country, and even more. He conceded that in the past India had clocked 9 per cent growth, and it is not an impossibility.

He played the political card by rapping the opposition on the land acquisition bill and for obstructing potential economic growth. He said that of the 60 per cent dependent on agriculture in the country, 50 per cent of them are landless labour. If industrial corridors, rural infrastructure works do not come up, then it the rural poor who will be suffering. He has however admitted that there was an agrarian crisis because of shortfall in monsoon. He has also said that there are no immediate solutions.

Jaitley also made a major concession to the financial institutional investors (FIIs) from the 'troublesome' Minimum Alternative Tax (MAT) from capital gains tax unless it is a transfer of shares but not for capital gains tax through transaction of shares.

The finance minister, who is considered the chief spokesman of the government in all complicated matters, said that theirs is a “soojh boojh ka sarkar”, a retort to Congress vice president Rahul Gandhi's phrase describing the Modi government as “suit-boot ki sarkar”. He also said that India was becoming the footwear hub in the world, and that more people can wear footwear, and he pointed out that it is good to be booted and bad to be booted out.

Jaitley had also announced that Bihar and West Bengal will get the same special status that was granted the newly-formed Andhra Pradesh.

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