While India was taking steps to ensure a return to high growth, the economy has slowed down in the current year and the gross domestic product growth is likely to be between 7.6 and eight per cent.
“We hope to go back to higher growth in 2012-13, together with a moderation in inflation,” Prime Minister Manmohan Singh said.
“Our medium-term strategy focuses on a revival of investment especially in infrastructure, and continuing efforts to reduce our fiscal deficit through improved revenue collection which is expected to come from tax reforms.”
CONCERN ON TAX EVASION
Under political pressure on the black money, Singh did not leave the issue unspoken at the global forum.
The prime minister stressed on automatic exchange of tax related information, irrespective of artificial distinctions such as past or present, for tax evasion or tax fraud, in the spirit of our London Summit that “the era of bank secrecy is over”.
