With a number of key reform bills stuck in the current Budget session of the Parliament, government today appealed to the opposition not to play "obstructionist" as the country has the "historic opportunity" to grow and the GDP is expected to go beyond 8 per cent next year, overtaking China.
Finance Minister Arun Jaitley also rejected the charge that the government is pro-rich as it had proposed reduction of corporate tax from 30 per cent to 25 per cent and sought to take the battle to the Congress camp, saying he had borrowed the idea from Direct Taxes Code prepared by the UPA government's Finance Minister P Chidambaram.
In a veiled message to RBI, Mr Jaitley also made a case for reduction in interest rates, warning that the growth will otherwise suffer.
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"This is a historic opportunity where India has real chance of growing. The world also sees India as a bright spot. We must use this opportunity," the Finance Minister said, adding, "I appeal with folded hands... let politics of obstructionsim not go to next stage".
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He said the global economy situation suits India as Brazil faces challenge, Europe has slowed down and China's 7 per cent is new normal." IMF says India will overtake China," he added.
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