Govt to keep Indian tax rates 'moderate, stable'
NEW DELHI, Mar 14 (PTI): Charging the previous NDA government with fiscal extravagance, Finance Minister of India P Chidambaram yesterday said the UPA government has retrieved the lost ground and promised to keep tax rates "moderate and stable" to keep up the investment boom.
"Some ground was lost on the fiscal front during the previous government. We tried and retrieved that lost ground," he said adding fiscal deficit which touched a high of 6.2 per cent of GDP in 2001-02 has been brought down to 4.1 per cent, same as that in 1996-97.
Winding up the discussion on the General Budget in Rajya Sabha (Upper House of Parliament), he said the economy was on a "virtuous growth path" and the 20 per cent revenue growth since 2004 would ensure availability of resources for social and infrastructure sectors.