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Arun Jaitely promises to hike public spending on infra

The Finance Minister on Wednesday promised to hike the public spending on infrastructure.

“The government would also unveil more initiatives to promote ease of doing business while taking advantage of the ‘historic opportunity’ to push growth rate to double-digit level”, he said.

“I have mentioned about allocation of resources, resolution of disputes in government contract, bankruptcy law so that the exit itself becomes easier.

“In the ease of doing business there are some initiatives that are in pipeline from entry point to time gap between the entry point and actual start of business, to the enabling environment, the exit and to a non-adversarial taxation regime,” he said addressing investors at ‘The Growth Net’ meeting.

However Jaitely expressed the hope that the RBI would reduce the interest rate which will givw a boost to the manufacturing sector.

“I am quite certain we will see more cuts (in policy rates) in future. But as of today if you ask me how much and when, it is in the domain of the Reserve Bank and I will leave it to them (RBI),” he said.

By stating that the manufacturing sector is challenging he said that “It is here that we have to actually invent the key engine of growth. This is an area where countries which overtook us. China is an obvious example…”Our concentration therefore is on ‘Make in India’, ability to try and device various methods of financing infrastructure…this is one are where we need to seriously concentrate on.”

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