GST Will Soon Become a Reality: Arun Jaitley

Finance Minister Arun Jaitley addressed the World Economic Forum's (WEF) India summit in New Delhi.  The session was moderated by World Economic Forum founder Klaus Schwab. The theme of the session was 'Delivering Growth in the New Context'.

Below are the highlights of his speech:

• Reasonable sense of satisfaction over the government's performance in the last 17 months
• Had inherited a legacy where taxation policy had become a drag on the economy
• India has become highly aspirational
• Confidence in Indian economy has been restored
• I have set a direction for the economy.
• A large number of tax issues behind us, fear of retrospective taxation gone, making domestic taxation much simpler
• Fear of Retrospective tax has gone
• GST will soon become a reality. It is only a question of time.
•  Private sector has over borrowed, stretched their balance sheet
• Domestic taxation process now simpler
• First tranche of reduction in corporate tax likely soon
• Policy somersault by Congress Party on GST for political reasons        
• Bankruptcy bill to be introduced in winter session of Parliament 
• Not allowing any policy change which is of a contrarian direction
• Government likely to announce major policy decisions for power sector in next few days
• For growth, private sector has to lead the investment regime
• Government making every attempt to increase public investment
• National infrastructure fund in its final stages
• Distribution companies are financially stressed, issues need to be tackled immediately
• Indirect tax revenue has recorded 36.5% growth in first seven months of this fiscal
• Have opened up foreign investment in Railways
• Will soon have railway stations being developed by private sector with international participation
• Suspense over the Federal Reserve's rate hike has been impacting us