x

Like our Facebook Page

   
Early Times Newspaper Jammu, Leading Newspaper Jammu
 
Breaking News :   Doctors - The Unsung Heroes of Healthcare | WHEN RS 10 FEELS EXPENSIVE ON A CART, BUT NOT IN A CAFE | Urdu For Naib Tehsildar Recruitment Test | Yatri Niwas in Srinagar | LG Sinha inaugurates SASB Yatri Niwas at Pantha Chowk | LG launches campaign for zero-waste pilgrimage | 'Amarnath Yatra arrangements upgraded' | Heroin worth Rs. 420 crore seized in Rajasthan; Pak-based smuggler, Canada handler named | Within minutes after formation of PAC, NC mocks Sajad Lone’s new political front as ‘BJP’s B-Team’ | CM Omar calls for revival of buyer-creator relationship at SKICC Meet | Salal Dam gates opened amid rising Chenab Water levels | DGP chairs joint security review meeting in Anantnag, visits key areas | Major reshuffle in ACB J&K | From warzone to homeland: Kashmiri students hail India’s rescue mission with tricolour cheers | Security Forces bolster security with hi-tech gadgets | Token distribution for registration begins | Security Forces conduct joint mock drill | India woman footballer Soumya undergoes surgery after nasal bone fracture | Lack of variety in India's bowling attack is concerning: Chappell | National-level minor boxer alleges sexual harassment by woman coach | | MCM launches workshop on Skill Development, Entrepreneurship | GDC Kathua honours NCC Cadet Mohit Kanathia with grand welcome ceremony | Missing person traced from Pallanwala within 2 days | JKHCBAJ unveiles Portrait of Maharaja Hari Singh ji, inaugurated | Four JKAS Officers transferred In Transport Dept Reshuffle | J&K police arrest 87 in drug crackdown, seize narcotics worth Rs 2.42 Cr | Gross GST collections double in 5 years to record Rs 22.08 trillion in FY25 | Srinagar police attaches residential property worth Rs 50 lakh | SKUAST-K holds workshop in Gurez to promote revival of heritage crops | Reasi police solves two theft cases in Katra, accused arrested, stolen property | Union Minister Piyush Goyal to lead transformative FTII Traders conclave | Congress holds impressive Jai Hind Yatra in Poonch City, salutes armed forces, martyrs | Warm, affectionate farewell accorded to retirees of Agriculture Department Jammu | DC Shopian inspects work of rural development projects at Keller | Former JKNPP leaders, senior workers join Apni Party | Committee on Petitions holds meeting in Srinagar | 6000 students participate in NMMSS examination | Ladakh PM Vishwakarma artisans participate in MSME Day celebration | Vi Business’s ready for next - India’s largest digital advisory celebrates growth on MSME day | Indian Army pays tribute to Ex-Serviceman | Civil Defence, Jammu started 5 days CD training programme | Warm send off accorded to Sardar Dharminder Singh Bhargav Head Pharmacist from DHS-J | JKEDI concludes second batch of MDPs in 10 districts | Handicrafts, Handloom Deptt condoles demise of father of Mussrat Islam | IGNOU launches certificate programme for Nurse Managers to Strengthen Managerial Competencies in Nursing Services | Back Issues  
 
news details
India will need more reforms to stay on growth path, create jobs: Gita Gopinath
8/17/2024 10:32:11 PM
Agencies
NEW DELHI, Aug 17: India will need to undertake a lot more reforms to continue its growth trajectory and make sure that enough jobs are created in the country, IMF deputy managing director Gita Gopinath said on Saturday.
Addressing an event here, Gopinath further said that India will be required to reduce import tariffs if it wants to be an important player in the global supply chains.
"The significant improvements have been made by the government over the years in terms structural reforms," Gopinath noted.
While noting that the world is in an environment where trade integration has been questioned, Gopinath said it is important for India to remain open for global trade.
"Tariff rates in India are higher than in its other peer economies. If it wants to be an important player on the world stage and an important part of global supply chains, it is going to require reducing those tariffs," the eminent economist said.
Gopinath said it is a tremendous aspiration to get to a developed country status but it does not happen automatically, and requires ongoing, consistent efforts, pretty broad scale, across many areas to deliver on that.
"India has grown well in terms of its overall growth rate, and at 7 per cent, it is the fastest-growing major economy in the world.
"The question is, how does one keep up the momentum and raise it further so that you can increase per capita incomes in India to get to being an advanced economy," she said.
To a question on taxation, she said India has parallels with other developing countries, where most of the tax revenue that is collected is indirect taxes and not direct taxes, not in the form of income taxes.
"We have been advising other developing countries too, that it is helpful to broaden the personal income tax base and so that you can have more income coming from there," she said.
Referring to the cut in corporate tax rate by the Modi government, Gopinath said although it was helpful it is less the tax rate that matters, but what matters is just making sure that there are no loopholes and there are not too many leakages that happen in terms of tax exemptions.
"It is very important to have sufficient progressivity in your tax system...making sure that you are (India) getting enough from your capital gains tax from your capital income tax is going to be critical," she said.
Gopinath also suggested that now there is better technology to implement property tax and this is again another area where work is needed
To a question about countries grappling with very high spending needs, Gopinath said in the case of India, given its stage of development, increasing fiscal space is not going to come about through reducing overall spending.
"So India's overall expenditures are going to go up... the creation of fiscal space and any fiscal consolidation should happen through raising revenues.
"It should be through the channel, raising revenues to GDP," she suggested.
Noting that now, GST has begun to deliver good results, if India can further simplify GST tax rates and broaden its base with fewer exemptions, then the country can end up with raising about one percentage points of GDP in additional revenue through this on the expenditure side.
  Share This News with Your Friends on Social Network  
  Comment on this Story  
 
 
 
Early Times Android App
STOCK UPDATE
  
BSE Sensex
NSE Nifty
 
CRICKET UPDATE
 
 
 
 
 
 
 
 
   
Home About Us Top Stories Local News National News Sports News Opinion Editorial ET Cetra Advertise with Us ET E-paper
 
 
J&K RELATED WEBSITES
J&K Govt. Official website
Jammu Kashmir Tourism
JKTDC
Mata Vaishnodevi Shrine Board
Shri Amarnath Ji Shrine Board
Shri Shiv Khori Shrine Board
UTILITY
Train Enquiry
IRCTC
Matavaishnodevi
BSNL
Jammu Kashmir Bank
State Bank of India
PUBLIC INTEREST
Passport Department
Income Tax Department
JK CAMPA
JK GAD
IT Education
Web Site Design Services
EDUCATION
Jammu University
Jammu University Results
JKBOSE
Kashmir University
IGNOU Jammu Center
SMVDU