x

Like our Facebook Page

   
Early Times Newspaper Jammu, Leading Newspaper Jammu
 
Breaking News :   Tawi Riverfront To Enrich Jammu’s Heritage | Why future-focused education must align with fast-changing job markets | Suryaputri Tawi Aarti - Reviving & resurrecting the sacred identity & Glory | Strong Message | Rotary Club Jammu Elite Celebrates Annapurna Day with Spirit of Service | Srinagar man charged with using fake medical papers to get job at SKIMS Bemina | Multiple theft cases cracked by Jammu police, arrests 13 accused, recovers stolen property worth over Rs 27 lakh | Search operation underway in Kishtwar | FICCI FLO hosts financial literacy camp | After eliminating Saifullah, security forces intensify anti-terror operations in Kishtwar | Arrested Lashkar-linked PoJK guide trying to dodge investigating agencies | Doubling of Aluabari Road-Thakurganj Section Sanctioned under Northeast Frontier Railway | Satish Sharma highlights direct selling as catalyst for economic growth, youth empowerment | Jammu police tightens noose around drug peddlers | Yogi Cabinet approves Uttar Pradesh Rozgar Mission | Jammu shocked as Rohingyas now turn to street crime | Amarnath Yatra commences, 12, 348 devotees pay obeisance | Travel in designated convoys: Kashmir Police to pilgrims | Union Minister Karandlaje joins yatris | Art 3 empowers Parliament to create new States without dissolving Assembly: Rattan Lal | Fuel ban on overage vehicles not feasible due to tech challenges, complex systems: Delhi govt | Justice Sanjeev Kumar inaugurates Legal Aid Clinic & Free Medical Camp | Army pays rich tribute to 'Naushera Ka Sher' Brig Usman, wreath laid at his grave in Delhi | J&K ACB presents charge-sheet against ex-ZEO Tangdhar, other officials | HC quashes detention under PITNDPS of two ladies | Centre to set up clean plant facility to provide disease-resistant plants | PM Modi becomes India's most globally honored leader with 24 International Awards: Rohiin Chandan | Langer Sewa by JCMS continues for 3rd day | DC Budgam chairs meeting to review implementation of PMJVK projects | Two drug peddlers nabbed with 10 grams heroin | KVK Reasi imparts Training on SHGs and Women Empowerment | Div Com flags off first batch of SANJY pilgrims from Baltal | Food Safety Team inspects langars at Base Camp Nunwan, Transit Camp Chandanwari, Pahalgam | Doctors' Day celebrated with Grandeur at Anutham Hotel | Two stolen scooties, cash recovered, four accused arrested | Drug peddler arrested, 2300 intoxicant capsules recovered | Drug peddlers arrested 16 grams of heroin recovered | Secretary MSME reviews industrial growth, MSME ecosystem in Ladakh | Army empowers border youth through Pre-Recruitment training drive | Bharat Gaurav Deluxe AC Tourist Train will depart for "Shri Ramayana Yatra" on July 25, 2025 from Delhi | Pilgrims to get divine opportunity to visit sacred sites of Lord Shri Ram | Cadet Kumkum Sharma Shines Globally at YEP Vietnam 2025 | Desh Bhagat University signs Historic MoUs with Shobhit University, Gangoh | Pvt school delegation calls on Secretary School Education | Dr Bishwa Nath Tiwari completed 4th time Ironman Championship | MCM DAV College exemplifies fusion of Vedic Wisdom with 21st Century Learning | GGM Sc College faculty visits ELTE - Lorand Eotvos University, Budapest | Chenab Times Foundation to host Essay Writing Competition | Summer camp begins at GDC Darhal | Deepti Sharma credits long training period ahead of England tour for positive results | 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