GOVERNMENT COMMITTED TO REFORMS


Rejecting criticism that UPA is not serious on reforms, Finance Minister Pranab Mukherjee today said it is now time for the government to take some hard decisions and expressed confidence that three key legislations on pension, banking and insurance will be passed this year.

Speaking at a Washington-based think-tank, he said government is committed to economic reforms and has in fact has initiated the process of legislative and administrative changes on a number of issues that would benefit the economy.

"We are now at a juncture when it is inevitable to take some hard decisions. And this has been our approach, as I outlined in the proposals for the Union Budget 2012-13 recently

 So far the direct taxes are concerned I am quite confident that it would be implemented after the laws being passed by the next session of the Parliament from next financial year. On tax reforms, direct tax would be operationalized from the next financial year," Mukherjee said.

"In respect of indirect taxes the most important decision to be taken to implement the GST constitutional amendment that may be possible within this calendar year," he said in response to a question.

Earlier in his opening remarks, Mukherjee said the Indian economy is, in some ways, better placed than many other nations to withstand this fresh round of global economic turmoil.

piravam bypoll

At the Piravom assembly constituency, the UDF spearheaded by the Congress and CPM-led LDF are locked in a fierce battle. LDF candidate, M.J. Jacob, who was among the early voters, said he had to wait for nearly an hour at one of the booths to exercise his franchise. He said he was confident of winning with a vast majority considering the huge turnout.

Anoop Jacob is the UDF candidate while the BJP candidate is K.R. Rajagoapal.

Women were among the early voters in the constituency with a 1.83 lakh electorate.

Government has declared a public holiday for all Government, quasi-Government and educational institutions in the constituency in view of the polling.

Both LDF and UDF had launched a spirited campaign to woo the voters.

The bypoll was necessitated following the death of former minister, T.M. Jacob, father of Anoop Jacob