Finance Minister Arun Jaitley Hints At Reform-Packed Budget
MUMBAI: Ahead of the Budget, Finance Minister Arun Jaitley today hinted at more reforms for faster economic growth and rationalisation of expenditure, saying the government does not believe in living on borrowed money.
The statement comes on the heels of the government already touching 99 per cent of market borrowing plan estimated in the Budget, as of end November -- four months ahead of the end of the financial year on March 31.
"We're trying to rationalise expenditure as far as the government is concerned because we do not want the government to live on borrowed money indefinitely. The whole concept of spending beyond your means and leaving the next generation in debt to repay what we are overspending today is never prudent fiscal policy," he said.
The minister also hinted at stable tax regime to be unveiled in the Budget, saying no unfair effort will be made the state and the Centre to mop up revenues.
"Our taxation policy was not exactly investor friendly. In the last few months, we've made a huge effort to smoothen tax disputes and those issues which were bringing the Indian revenue structure a bad name.