Saturday, June 21, 2014

Expect agricultural reforms from the Modi government, says Arun Shourie

CNBC-TV18 | 17-Jun-2014 08:45 AM

New Delhi: Senior Bharatiya Janata Party leader Arun Shourie has said that one can expect major agriculture reforms from the Narendra Modi government. In an exclusive interview to CNBC-TV18, Shourie talked about what he expects from Modi's government in the field of economy.

He said that Modi government has to put India back on the high-growth path, scrap controversial laws like the retrospective taxation law, revive investments and bring in big bang reforms. Arun Shourie also said that increasing the minimum support prices without letting it have an impact on inflation is impossible.

"I am not an expert on agriculture, but certainly the idea that you go on raising the Minimum Support Price and it will not affect the inflation is certainly not possible," Shourie said.

On retrospective tax, Shourie said, "One of the most regressive thing was the legislation overturing the Supreme Court judgement and imposing retrospective taxation and it will be very good that government anncouces that we will never go for retrospective taxation. Second they must say that they will contest them in the High Court and not in the SC. Tax administration has gone haywire in the past."

Meanwhile, with inflation for the month of May touching a six month high, Finance Minister Arun Jaitley said that the food inflation is rising due to hoarding of stocks. Jaitley said that fears of a weak monsoon have prompted hoarding. He also said the state governments should take effective steps to ensure that hoarding is discouraged.

He also said he was hopeful of the inflation coming down soon. The wholesale price inflation crossed 6 per cent - up from 5.20 per cent in April. Jaitley also said that the government is watching the rupee movement closely and that the Iraq crisis and fear of rise in prices of oil is affecting the stability of the rupee.


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