Finance Minister Arun Jaitley has dismissed demand for a large reduction in the tax on fuel, saying it would lead to India into a trap of debt, which would be difficult to recover. This is what Jaitley said about the success of the NDA government to achieve macro-stability.
Jaitley wrote in a Facebook post on Monday that after a challenging situation of up to 2 quarters due to reforms like banknotes and reforms like GST and Bankruptcy Law, India would finally get the fastest growth rate in the world by achieving a magnificent economic growth of 7.7% in the March quarter. Jaitley, who is recovering after Kidney Transplant, said, "The future looks more bright than in the past. This trend can continue for next few years."
On the issue of employment, Jaitley said double-digit growth in construction, increase in investment, higher FDI, NPA unlocking through insolvency, increase in manufacturing and increase in infrastructure costs, said that all sectors creating employment opportunities are doing well.
He said, "There is a wave of self-employment from social sector schemes, especially the financial inclusion program."
Jaitley said mentioning the senior finance minister, P Chidambaram, "Without asking the name of senior finance minister P Chidambaram, a top finance minister had suggested that the tax on petrol should be cut by 25 per liter. However, he himself did not do that."
Jaitley further said, "This is a trap to debt. By doing so, India will be burdened with such debt, which will not be possible. Increase in the price of oil has benefited the states and they should give the benefit to the consumers."