Vijay Kelkar, who headed the committee on tax reforms, on Tuesday warned that higher economic growth and foreign direct investment flow could not be achieved without hard fiscal reforms.
The Union Budget for 2004-05, which is being viewed as a "litmus test" for the Congress-led government, may unveil the roadmap for wiping out revenue deficit well in advance by 2007 and a subsequent reduction in fiscal deficit to manageable limits.
The approved 2005-06 plan outlay for the IA has been fixed at Rs 911.73 crore (Rs 9.117 billion), of which Rs 325 crore would go for purchase of these aircraft.
Vijay Kelkar, advisor to the finance minister, has been entrusted with the new task of preparing quarterly review of the economy as mandated under the Fiscal Responsibility and Budget Management Act.
With improvement in the fiscal status of the Union government, interest rates will continue to remain low over the long term, according to Vijay Kelkar, advisor to Union finance minister.
Enthused by the over 8.0 per cent growth this year, the finance ministry on Monday expressed confidence India will maintain high growth path logging 8-10 per cent GDP growth in the next two decades.
The Vijay Kelkar task force on direct and indirect taxes, submitted its report to Finance Minister Jaswant Singh.
The Centre will contain its fiscal deficit to 4.8 per cent of GDP as it expects to mop up Rs 13,500 crore (Rs 135 billion) from the ongoing public offering of government equity in six companies, a senior finance ministry official said on Monday.
Vijay Kelkar panel on tax reforms on Friday proposed doubling of the tax exemption limit on personal incomes to Rs 1,00,000.
Vijay Kelkar, advisor to the finance minister, on Friday submitted the final reports on direct and indirect taxes to Finance Minister Jaswant Singh.
The buyback, if successful, will surpass RIL's 2012 share repurchase of Rs 10,400 cr