By IANS
New Delhi : India’s ratio of taxes to gross domestic product (GDP) has jumped to 11.8 percent this fiscal from 8.2 percent in 2001-02, Finance Minister P. Chidambaram said Friday.
“Buoyant economic growth along with efforts to improve the tax administration system has yielded rich dividends,” the finance minister told the parliamentary consultative committee attached to his ministry.
The additional resources were not only being shared with state governments, but also utilised by the central government towards expenditure on social and infrastructure sectors and for achieving fiscal consolidation, he said.
He also said further reforms in critical sectors and better implementation to ensure more efficient delivery of public services will see India’s growth story being sustained and consolidated over the 11th plan period (2007-2012).