FM Arun Jaitley says Nation has to move to lower interest rates

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Under flak over slashing interest rates on small saving schemes, Finance Minister Arun Jaitley on Sunday defended the move, saying the country has to move towards lower interest rates to make the economy more efficient rather than sluggish.

He also hoped for the passage of bankruptcy and GST bills in the second half of the Budget Session, saying differences on the GST bill seem to be “narrowing down” and he, along with Parliamentary Affairs Minister Venkaiah Naidu, will make “more efforts” to bring the Congress on board.

Speaking to reporters at the BJP national executive meet here, he said interest rates on small saving schemes were “formula based” and the government uses its resources to give subsidy on these schemes, above the rates determined by the market.

Read more at: http://www.businesstoday.in/current/economy-politics/fm-arun-jaitley-says-nation-has-to-move-to-lower-interest-rates/story/230414.html