New Delhi, Feb 17 (ANI): Finance Minister Pranab Mukherjee today said India's economy may grow over eight percent in the 2010/11 financial year after growing at around 7.5 percent in the current fiscal year ending March.
He, however, exuded the confidence that inflation rate will ease in the next few months.
Inaugurating the international seminar on transfer pricing here, Mukherjee stated that special set of Transfer Pricing Rules created among developing countries with the assistance of the Organization for Economic Cooperation and Development (OECD) help to prevent companies from using transfer pricing to avoid taxes.
"The framing of Rules for transfer pricing purposes, which allocates profit to tax jurisdictions is an important area which needs cooperation and consultation amongst south-south countries and also amongst north-south countries to have a broad guideline to prevent tax disputes amongst the countries, he added.
He also expressed hope that by increasing its dedicated transfer pricing resources and by improving their specialists capabilities, the Central Board of Direct Taxes (CBDT) will be able to meet emerging challenges in administration of transfer pricing regulation and would augment government's effort to mobilize more revenue for the development work. ukherjee noted that the Indian economy has seen a remarkable turn-around.
"A carefully-designed stimulus packages announced by the government in the wake of economic slowdown enabled the country to weather the crisis better than many other countries," he added.
Concerning fiscal deficit, Mukherjee said the number would only be out when he presents the budget. "You will have to wait till then," he said.
India's fiscal deficit (FD) during the second quarter reached 7.9 per cent of the GDP.
It is expected to be higher at 6.8 per cent of the GDP as government had borrowed a record Rs.4.51 trillion. India's FD last fiscal had clocked 6.7 per cent. (ANI)
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