New Delhi, Former President Ram Nath Kovind on Saturday said it is important to create adequate fiscal space to accelerate the current growth path.
Speaking at an event organized by TIOL here, the former President said no country can prosper without predictability and certainty in tax architecture.
Fiscal architecture is one of its most important pillars, he said.
Sound fiscal management attracts both public and private capital and improves the quality of public-private partnerships.
He said, “Over the past few years, we have made considerable progress in streamlining our tax rationing policy. Complex tax regimes have been simplified beyond recognition.,
Now the tax slabs have reduced, the procedures have become simple. He said taxation policy has become more predictable and investor confidence has improved while ease of doing business has increased.
He said that all this has been possible by leveraging technology and faceless tax assessment will be the norm in the future.
Speaking at the event, former Finance Commission Chairman NK Singh said fiscal deficit cannot be talked about without considering the revenue surge. "There is a symbiotic relationship between taxes, tax reform, and increased rates of economic growth," he said.
Singh further said that investor decisions influenced by rating agencies focus not on the specified debt but on the government debt, which belongs to the states and the Centre."This shows that post-pandemic global average debt is now close to 100 percent. This is projected to remain above post-pandemic levels for almost half the world," he said. " He said.
He also said that the phenomenon of fiscal deficit in India is recent, earlier there were budget deficits.
The adoption of the Sukhmoy Chakraborty Report in 1982, which recommended a fiscal deficit for reporting purposes, resulted in a period of fiscal profligacy that led India to seek adjustments from multilateral and bilateral institutions, he said.
“The fact that growth has been slow has increased fiscal pressures,” he said."In other countries, choosing to increase debt had other serious consequences for development."
Speaking at an event organized by TIOL here, the former President said no country can prosper without predictability and certainty in tax architecture.
Fiscal architecture is one of its most important pillars, he said.
Sound fiscal management attracts both public and private capital and improves the quality of public-private partnerships.
He said, “Over the past few years, we have made considerable progress in streamlining our tax rationing policy. Complex tax regimes have been simplified beyond recognition.,
Now the tax slabs have reduced, the procedures have become simple. He said taxation policy has become more predictable and investor confidence has improved while ease of doing business has increased.
He said that all this has been possible by leveraging technology and faceless tax assessment will be the norm in the future.
Speaking at the event, former Finance Commission Chairman NK Singh said fiscal deficit cannot be talked about without considering the revenue surge. "There is a symbiotic relationship between taxes, tax reform, and increased rates of economic growth," he said.
Singh further said that investor decisions influenced by rating agencies focus not on the specified debt but on the government debt, which belongs to the states and the Centre."This shows that post-pandemic global average debt is now close to 100 percent. This is projected to remain above post-pandemic levels for almost half the world," he said. " He said.
He also said that the phenomenon of fiscal deficit in India is recent, earlier there were budget deficits.
The adoption of the Sukhmoy Chakraborty Report in 1982, which recommended a fiscal deficit for reporting purposes, resulted in a period of fiscal profligacy that led India to seek adjustments from multilateral and bilateral institutions, he said.
“The fact that growth has been slow has increased fiscal pressures,” he said."In other countries, choosing to increase debt had other serious consequences for development."
