New Delhi : Confident of support from regional parties like SP, BSP and DMK, Finance Minister Arun Jaitley hoped that the Goods and Services Tax (GST) Bill will be approved in the monsoon session of Parliament and said the government will not relent on crackdown against corruption to win Congress backing.
As the NDA government completes two years in office, Jaitley painted a rosy picture of the economy, saying growth could accelerate further to 10 % as bad loan situation is improving and all steps have been taken to dig out black money.
He is sure growth will accelerate in the coming month against the backdrop of a projected good monsoon and consequent push to rural demand and a revival in private investment.
Fielding questions on the Goods and Services Tax (GST) Bill, which is pending in the Rajya Sabha because of stiff opposition from the Congress, the minister said regional parties, including UPA allies like DMK and NCP, are all making strong noises in support of the tax legislation. “So, whether it is SP or BSP in Uttar Pradesh, JD(U) or RJD in Bihar, the Left in West Bengal and Kerala, the Trinamool in West Bengal, BJD…, each one of the UPA partners from DMK to NCP is making strong noises in support,” he added. Moreover, he added, when it comes to the crunch, “it would be extremely difficult even for the Congress party to take a contrarian view”.
Speaking at an Indian Women Press Corps event here, he said further: “With the provisioning in the last few quarters taking place, at least transparency has come about. You cannot conceal the balancesheets of the banks. So, whatever was the actual position, it has peaked and all the steps (are) taken as far as different sectors are concerned.”
Once the sectoral balancesheet improves in some of the sectors, “I think it will start tapering down and therefore, the peaks probably have been reached or thereabout”. Jaitley listed out six stressed sectors, including steel, highways, power and sugar.
Gross NPAs of public sector banks (PSBs) went up to 7.30 % as of December 2015, from 5.43 % as of March 2015. In absolute terms, the reading increased to Rs 3,61,731 lakh crore in December, from Rs 2,67,065 lakh crore in March.
