The Union Finance Minister Shri Arun Jaitley said that immediate challenges before the Government is to increase the growth rate as it will boost both the economic activities and the revenue collections. The Finance Minister said that as per different estimates, the growth rate is expected to be in the range of 6 to 6.5% during 2015-16 even though Indian economy has a potential to grow at much higher rate.
He referred to the patchy growth in the manufacturing sector and stated that this was one of the biggest challenge for the Centre. He urged the States to work with Centre for putting India back on the path of higher growth rate. The Finance Minister referred to the Prime Minister's formulation that in the federal structure, Centre and State together constitute "Team India". The Finance Minister Shri Jaitley stated that the "India grows when the States grow". He told the forum that active reform steps have been taken and some more steps would be taken in the coming months.The Finance Minister Shri Jaitley informed the State CMs/FMs that the Fourteenth Finance Commission (FFC) has submitted its report which is under the consideration of the Central Government.
The participating in the discussion, the Finance Ministers of different States and Union Territories gave their suggestions and requested the Union Finance Minister to consider the same while formulating the budgetary proposals for the Union Budget 2015-16. State Governments made suggestions related to Goods and Services Tax (GST), streamlining and decentralisation of Centrally Sponsored Schemes(CSS), fiscal transfers to States, State specific economic issues, infrastructure related issues, inter linking of rivers and financial inclusion etc.