Accusing the BJP government of fiddling with the target of fiscal deficit, the Congress on Tuesday promised the people of the country that it would achieve 3 per cent fiscal deficit target by 2020-21 if the party was voted to power.
The revenue deficit will be contained as far as possible under 1 per cent of GDP, the grand old party said in its manifesto.
Recalling the cold war between the BJP Government and the Reserve Bank of India (RBI), the Congress promised that they would work closely with the central bank to ensure that fiscal policy and monetary policy are aligned to achieve the common goal of growth with price stability.
In order to wooing small traders and businessmen, the manifesto said the Angel tax imposed on Start-Ups would be withdrawn completely if the party elected to power.
Taking the opportunity, the Congress manifesto said it would enact the Direct Taxes Code at reasonable and progressive rates in the first year of its government. It will launch GST chapter 2 and would bring real estate (all sectors), petroleum products, tobacco and liquor under its ambit.
It would also work out on a single, moderate and standard rate of tax under the GST 2.0, the manifesto added.
The manifesto also promised that the Congress will amalgamate 2 or more public sector banks so that there will be only 6-8 banks with a national presence and reach.
The party will scrap the Niti Aayog, which has proved to be a noisy and incompetent intermeddler and would constitute a Planning Commission with re-defined responsibilities. (UNI)
