Zee Media Bureau
New Delhi: Participating in the discussion on the motion of thanks on the President's address in the Rajya Sabha, Finance Minister Arun Jaitley on Tuesday said that this is the time where we need co-operation of all parties to fight serious global crisis.
Pointing to the shrinking world economy due to the crisis, the Finance Minister said, "This is the period when we need cooperation of all political groups. We are in the midst of a situation where we are fighting a global economic slowdown. The global economy is shrinking. The new norm now is volatility and uncertainty. We need to create firewalls to protect our economy."
The Finance Minister said government has taken various initiatives to boost the growth of the economy, and industrial growth in particular.
"(It) is estimated to have further increased to 7.6 percent in 2015-16 (Advance Estimates), indicating that economic growth has been improving in India," he said.
Countering Opposition`s criticism over the compliance window to get black money from abroad, Finance Minister Arun Jaitley said his government`s new black or untaxed money scheme announced in the Budget last week is not an amnesty scheme as it has a penalty.
"We have told people if any part of your income has not been assessed; pay 30 percent tax on it and 50 percent penalty. It is not an amnesty scheme it has a penalty," Jaitley said.
Key highlights of FM address:
-We are fighting a serious global crisis
-Volatility and uncertainty are the new normal for global economy
-Global trade is shrinking
- UPA govt left us double digit inflation as a legacy
-Bad loans in PSU banks not a crisis but a challenge
-Black money: Names can only be provided when criminal cases are filed