Finance minister Arun Jaitley on Monday said the slew of reforms initiated by the NDA government would start showing results in next few months, and that the goods and services tax (GST) will be implemented next year.
Promising quick decisions and a stable tax regime, the finance minister also exuded confidence that there will be significant uptick in investments in days to come and said government has succeeded in stopping reverse flow of capital seen during the last 3-4 years.
Addressing the Vibrant Gujarat Summit, Jaitley said the government has been on course correction with regard to the “adversarial tax regime” introduced by the UPA government, which, he said, has only earned bad name for the country and blocked the investment cycle by scaring investors.
“The mood around the world for investment in India is very positive. I see in coming days, investment significantly going up,” he said, defending a series of ordinances promulgated by the NDA government without waiting for Parliamentary nod.
“We did take decisions the right way, because that was also intended to convey a message to every Indian and investors across the world that even if one House of Parliament takes some time to settle down and start functioning, India cannot stop functioning, it has to move on,” he said.
The Centre’s priorities would be to spend more on infrastructure and incentivise expenditure in manufacturing to help boost growth and create more jobs.