Retrospective taxation dealt a blow to country's investment: Jaitley

Tags: News
The UPA government's decision to bring retrospective taxation was an "important defining moment" which harmed the investment climate in the country and its revival will be the first big challenge if BJP comes to power, BJP leader Arun Jaitley today said.

In an obvious show of his party's opposition to the retrospective taxation, he said it is not imposed to create new liabilities. It was a big factor in the damage of investment environment in the country under the UPA rule, he said in an interaction with foreign journalists.

"The concept of retrospective taxation world over exists only to legitimise what has already been collected... I do feel that among the various reasons why the investment environment in India has suffered under the UPA it was an important defining moment," Jaitley said.

The new government, he said, will have the onus of recreating the investment cycle. We have to reassure the domestic and foreign investors that India is once again a great place for doing businesses, he said.

Wary of being seen critical of numerous welfare schemes started by the government, which have been blamed for poor fiscal health, he said state intervention was needed for poverty alleviation but added that these schemes could be linked with assets creation.

He took potshots at the Congress government's rights-based approach and said conferring rights to education and health did not help if public education and health system are not effective.

"What is more important in India is to effectively implementation... Conferring them in law and not implementing them renders them into a mere slogan," he said.

If voted to power, he said the BJP government would involve state chief ministers in decision-making process for expeditious clearance of projects.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • The current value of the rupee does not merit market intervention

    The rupee, losing 40 paise per month against the dollar since May, is expected to remain under pressure till the calendar runs out on December 31, bef

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Tushar Gandhi

Sustainable model for rural sanitation

Prime minister Narendra Modi has promised to build a toilet ...

Zehra Naqvi

How smells evoke strong memories

Remember that time when a passing fragrance transported you to ...

Dharmendra Khandal

Indian zoos need a fresh approach

Recently, when a man jumped in a tiger trench of ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture