New, Delhi, Dec 13: Finance minister Jaswant Singh said today that a 'continental' economy like India should have an evenly-balanced growth in both the equity and debt markets.
“The development of the capital market has to be on these two ends — the debt market and the equity market. This is an issue that needs to be addressed,” Singh said at a special session organised as part of Ficci's platinum jubilee celebrations.
Singh said the regular budget exercises held before an Union budget will not bring about any remarkable changes in the ratio of tax to GDP (gross domestic product) ratio.
“The first security is economic security and from that others flow. That is why it cannot and should not be condemned to a budget-specific attention span,” Singh said.
The finance minister said the economy was too serious a matter to be budget-centric and a constant and year-long attention was required to ensure a higher growth. “What is required and is more important is to tone up the tax administration, modernisation, computerisation and removal of procedural irritants,” Singh said and remarked jokingly that these topics probably do not hold the same 'sex' appeal that tax rates have.