Economy is much better today: Pranab | mumbai | Hindustan Times
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Economy is much better today: Pranab

Even as citizens are struggling with inflation and rising fuel prices, Union finance minister Pranab Mukherjee on Monday assured that the economy in India today is much better than it was earlier.

mumbai Updated: Nov 08, 2011 01:45 IST
G. Mohiuddin Jeddy

Even as citizens are struggling with inflation and rising fuel prices, Union finance minister Pranab Mukherjee on Monday assured that the economy in India today is much better than it was earlier.

Mukherjee was in Navi Mumbai to inaugurate the Aayakar Seva Kendra or help centre of the income tax department, at the Vashi railway station complex. He later launched a cattle finance scheme.

Speaking at the I-T office, Mukherjee said: “By opening such centres, the I-T department intends to provide efficient services to tax payers. The centre will help address their grievances.”

On the current economic scenario, he said: “The country has undergone tremendous change between 1970 and the 21st century. Even though we have been facing difficulties, the economic condition is much better today as compared to a few years ago.”

“The increase in the direct taxes collection is a good indicator of the increase in the GDP of the country,” he added.

Mukherjee said that the rising prices were a result of the difference in the demand and supply situation of commodities. “The increase in prices of commodities like grains, sugar, rice and vegetables, in the last three months is a matter of concern.”

The finance minister also flagged off a cattle finance scheme for marginal dairy farmers. The scheme, by private sector milk brand Dwarka Milk, aims to enable marginal dairy farmers in the state to purchase milch cattle and the company will stand guarantee for them. The farmer will also receive high-quality cattle feed from Dwarka Milk, on easy credit.