After targeting black money through demonetisation of high value currency notes, targeting real estate through Real Estate Regulatory Act (RERA) and rolling out the Goods and Services Tax to bring the country under one tax regime, now the government is likely to announce measures targeting political funding.
"We are looking forward to some major steps to be announced by which we want to cleanse the whole process of political funding," said Finance Minister Arun Jaitley.
The current system of political funding, which has prevailed for more than 70 years, did not bring any credit to the world's largest democracy, Jaitley said in his address during the SBI Banking and Economics Conclave.
This reform will be taken as a "top priority" as there is a strong public support for it.
The Narendra Modi-led government has initiated some steps related to political funding already. In the Union Budget, Jaitley had announced electoral bonds, which could become an alternative to cash to make donations to political parties. Cash transactions were also capped at Rs 2 lakh.
According to some reports, the government has finished drafting rules with regards to electoral bonds and may begin consultations soon.
Meanwhile, the rollout of GST was smoother than expected, Jaitley said.
Jammu and Kashmir assembly also adopted the GST bill on Wednesday. Jaitley said GST would ultimately benefit the consumer and would also help the state earn more revenues.
GST is also expected to widen the country's tax net.
