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FM Arun Jaitley calls for ending 'regulatory mindset', globally competitive tax rates

Signalling a major role for small government in future, Finance Minister Arun Jaitley on Saturday called for a change in the ' control temperament of the political class'.

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Finance Minister Arun Jaitley
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Signalling a major role for small government in future, Finance Minister Arun Jaitley on Saturday called for a change in the ' control temperament of the political class'.

Stating that an end to 'government monopolies' is the need of the hour, Jaitley called for a shift away from the 'regulatory mindset'.

"India needs a sea change in terms of mindset on how the State deals with its citizens. Every action must be aimed at providing a better quality of life to the citizen. The government's role should be minimized", said Jaitley.

Hailing the direct benefit transfer scheme of the Modi government, Jaitley said it reduced subsidy cost by 30% and eliminated duplicate connections.

Jaitley also called for globally competitive tax rates. "Ease of doing business means providing a regime better than neighbours and tax rates which are globally competitive", he said.

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