Chidambaram hails economic reforms ushered in by UPA

New Delhi, May 4 (UNI) Finance Minister P Chidambaram today said the reforms ushered in by the UPA Government in various sectors and tax regime have benefitted all sections of society.

Replying to the debate on Finance Bill in the Rajya Sabha, Mr Chidambaram said the UPA government has fared better than the previous NDA regime in all the fields, including on the inflation front, reduction in revenue and fiscal deficit.

He also pointed out doubling of agricultural credit to farmers, implementation of Value Added Tax (VAT) and phasing out of Central Sales Tax (CST) with the introduction of General Sales Tax (GST) by 2010.

He said CENVAT on textiles has been abolished and introduced tonnage tax for the benefit of the shipping sector.

Mr Chidambaram said the NDA had left the industrial growth at 7.4 per cent and in the last three years of UPA government it was 9.8, 9.9 and 10 per cent respectively.

He said Service Sector growth was 8.5 per cent during NDA period and in UPA's three years, it was 9.6, 9.8 and 11.2 per cent whereas revenue deficit and fiscal deficit during NDA period were 3.6 and 4.8 respectively and UPA managed to bring it down to 2 and 3.3 per cent respectively.

UNI