GDP to cross 6 per cent in 2015-16, budget to unveil second generation reforms: Arun Jaitley

New Delhi: A "whole set of second generation reforms" will be unveiled in the next Union Budget, Finance Minister Arun Jaitely said on November 23, promising "a lot of exciting time ahead". The country needs "a larger opening out in more sectors," it requires stability of policy and tax regime besides a "reasonable" cost of capital, he told PTI journalists at an interaction at the agency's headquarters here.

Looking ahead, the Minister envisages the GDP growth to cross 6 per cent in 2015-16 once the effect of all the steps proposed kicks in. From thereon, "we are going to take off," he said. Asked about the broad contours of the direction the Budget for 2015-16 will take, Jaitley said, "there is a whole set of second generation reforms".

"And there is a whole set of reforms which have arisen because some undoing is required. The coal ordinance is one undoing thing. Allocation of natural resources by non-discretion is undoing thing. A rational and reasonable tax regime is undoing thing. Some procedure changes in the land (acquisition) law is an undoing." Enumerating the steps taken by the NDA government, he said that a series of measures taken in the last six months had "corrected the (depressing) sentiment".