More Reforms Initiatives in Next 2 To 4 Months: Chidambaram

Goods and Services Tax

Replying to questions on roll out of the Goods and Services Tax (GST), the Minister said there are 70 per cent chances of the getting the bills approved by Parliament in the remaining term of the UPA—II government.

“We reached a stage where the Empowered Committee (of State FMs) has authorised us to draft a constitution amendment Bill and a normal Bill for introducing GST. Work is in progress. The two bills will be ready. We will take it back to the Empowered Committee. Once the Committee endorses the two Bills, we will move them in Parliament,” he said.

Inflation

Referring to the issues concerning inflation, Mr. Chidambaram said the declining oil prices in the international market has helped in improving the overall price situation and hoped the downward trend would continue in the coming months.

This declining trend, Mr. Chidambaram added, was noticed in the case of core inflation, Wholesale Price inflation and the retail inflation.

The Minister also talked about fiscal consolidation and said he has already drawn red lines and would not allow the fiscal deficit to exceed 4.8 per cent of the GDP in the current financial year.

Concerted efforts helped the government in restricting the fiscal deficit to 5.2 per cent of the GDP in 2012—13 against the revised projection of 5.3 per cent.

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