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Finance Minister Arun Jaitley said India has a chance to
become a global manufacturing hub but regretted that Congress was not allowing
GST rollout which alone could push GDP by 1 to 2 percent.
He also said that government is taking several steps to boost
the economy by reviving pending projects, infusing money more funds through PSU
banks which will ensure the country touching 8 percent growth even in adverse market
scenario.
“The government will
infuse Rs 70,000 crore in PSU banks in the four years and they will raise
another Rs 1.10 lakh crore from the market, making them healthier to finance
economic growth.
"If my friends from Congress who are
not present in House today, allow implementation of GST, which was introduced
by Congress, you will have an uniform tax rate, one market and it is capable of
boosting economy by 1-
2 percent.
In addition,
"rain Gods have been kinder this year which is expected result in a good harvest,"
he said. Jaitley,was replying to a debate on Supplementary Demand for Grants
amid a boycott by Congress and
a number of other
opposition parties.
"In adverse situation we can touch 8 percent if banks
are recapitalized,GST implemented, stalled projects revived and infrastructure
spending improves," he said.
The GST bill, which will launch a uniform indirect taxation
system throughout the country, has not been passed by the upper house, Rajya
Sabha which is unable to function because of opposition protests over various political
issues.
Turning to China, which has been the world's fastest growing
economy, Jaitley said it has slowed down and its wage bills have gone up,
pushing up the cost of its products.
Talking about china, jaitly said it is slowing down as it
their wages have gone up which makes their cost of production high in turn
pushing up the product price.
FM Added, "It is for us to become a manufacturing hub.
It is then the Indian economy will achieve full potential".
India, which is targeting 8%
sustained growth, is a "bright spot" among the global economies.
India grew at 7.3 percent last year and RBI has projected
this year's growth to be 7.6 percent. "In this global environment where
global winds are not favourable .. In past few years, we have come down to
reasonably bottom pit... Under Prime Minister Narendra Modi's leadership, we are
reviving the economy and it is responsibility of all of us to cooperate to
enhance growth rate," Jaitley said. He said global economies are facing
challenges and even for a high growth economy like China, the new normal is 7
percent or below.
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