Hon;ble Prime Minister Narendra Modi has recently given Interview to Economic Times on Various Issues related to Economy and Taxation. Honorable Union Finance Minister Nirmala Sitharaman has posted some of the Important points from his Interview on her twitter Handle which are as follows:-
“…vision for the next five years is to have investment-led growth. We are targeting `100 lakh crore…investment in 5 years…further liberalising our FDI policy…the government will work with an open mind in consultation with all stakeholders.”@narendramodi
“…past 5 yrs, India witnessed the highest average growth rate with lowest average inflation… we were able to bring crores of poor families out of (destitution)…economic growth…means wealth creation for the nation…not…more money into state exchequer…”@narendramodi
“…to boost credit flow, the plan to recapitalise banks…set in motion…they are…encouraged to lend to Non-Banking Financial Companies...to improve availability of credit for…private sector…boost the economy…securing trust of the markets.” @narendramodi
“This depends on the domestic and international demand. We are facing some headwinds on this. One of the major reasons for domestic demand being curtailed is the credit constraints. So, it is a vicious cycle, which is at its last stage.” @narendramodi
“We have ensured clean lending and sustainable growth and I think that it is just a matter of a short time before we see the private sector booming again.” @narendramodi
“Various ministries are in continuous dialogue with different industries to enable the private sector to grow at their full potential. We are willing to go as far as needed to ensure that ‘animal spirits’ are revived and our entire private sector is bullish.” @narendramodi
“The bulk of FDI decision-making by global companies is no longer influenced by FDI capital controls that India has, as our capital controls against FDI are gone in most sectors. Now the questions are about India as an operating environment.” @narendramodi
“This involves financial regulation, tax policy, tax administration, the behaviour of regulators, predictability of policy, quality of infrastructure…We have addressed many of these issues…and the balance of this agenda is the area that we will now focus on.” @narendramodi
“…announced in…budget…to invite global companies to set up mega-manufacturing…such as semi-conductor fab…photo voltaic cells, lithium storage batteries…charging infrastructure, provide them investment-linked income-tax exemptions &indirect tax benefits. @narendramodi
“vision to double farmer income by 2022 is…by a focus on increasing exports…farmers…as potential exporters…value addition…will play a big role. To strengthen this, we have already set up many mega food parks..many cold chain projects.” @narendramodi @HarsimratBadal_
“…not looking to boost exports by incentives only…also to improve…competitiveness… Various measures taken…Lower interest rates, improvement in logistics sector…simplification of GST…the new automated refund system for GST will help exporters.” @narendramodi
“…budget is neither the beginning nor the end of our work in economic policy. My team and I are thinking about these issues all the time and acting on them…announced ₹ 70,000 crores capital in public sector banks to boost credit growth in the economy.” @narendramodi
“Ideas such as asset monetisation, asset recycling and a continued focus on strategic disinvestment are aimed at raising funds for public capital expenditure. These measures will boost growth and crowd-in private investment soon.” @narendramodi
“… issue is not merely… lowering of policy rates…, also about the cost & availability of credit…transmission…is important. We are working…with the Reserve Bank &…banking to remove blockages in…flow of credit, to small & medium enterprises.” @narendramodi
“…looking to remove all delays in government payments and tax refunds so that cash-flow in the economy revives. Surplus liquidity in international financial market provides an opportunity to tap capital at lower rates…makes …investment economically viable.”@narendramodi
“We remain committed to invest record amounts in urban as well as rural infrastructure, which shall lead to ‘ease of living’ as well as create more opportunities for people. “ @narendramodi
“…black sheep in tax administration…misused…powers…harassed taxpayers…honest assesses…taking excessive action for minor…violations…have…taken…step…compulsorily retiring…number of tax officials…will not tolerate this type of behaviour.”@narendramodi
“For vast majority of Income-tax payers,today refunds are credited to bank accounts automatically within weeks without …need to go and pursue it…We are starting faceless assessment of income-tax return. This will eliminate human interface to a large extent. @narendramodi
“I have instructed the revenue secretary to come up with measures to ensure that honest taxpayers are not harassed and those who commit minor or procedural violations are not subjected to disproportionate or excessive action.” @narendramodi @cbic_india @IncomeTaxIndia
“The post of member (taxpayer services) will be activated in both the CBIC and CBDT by posting a very senior officer for this charge. They will be responsible for improving taxpayer services and will keep a watch on grievance redressal. @narendramodi
“order to reduce litigation and …taxpayer grievances..limits with respect to income tax cases have been increased to ₹2 crore for SC,₹1 crore for HCs & ₹ 50 lakh for appellate tribunals…will reduce pendency in higher courts…” @narendramodi
“…GST…rate reductions, one study points out that average middle-class family saves about ₹ 1,500/yr in…their household expenditure…need to encourage digital transactions…We need to inculcate habit of asking for bills while doing any purchase.” @narendramodi
“Five years ago, we inherited a totally broken financial system. I had an option to let the country know the state of affairs in 2014 itself…any such disclosure…would have shattered the confidence of investors who were looking at India with high hopes.” @narendramodi
“…if a business does his transactions through digital means, even with a turnover of about ₹1 crore, he will pay zero income tax…availing…deductions…savings and housing loan incentives, even…with a turnover of ₹1.5 crore would…pay…zero income tax.”@narendramodi
Entrepreneurs are our ‘Growth Ambassadors’, will make India a better place to do business : Hon’ble PM Shri @narendramodi
“No growth is possible if bankers stop taking decisions on day-to-day basis. I reassure the banking fraternity that all their decisions taken in good faith with sound business rationale would not face any witch hunt.” @narendramodi
“…credit growth…revived during 1 &1/2 yrs…more is desired. I appeal to all…bankers to meaningfully pass on the benefits of low inflation to borrowers. They should…make use of significant surplus liquidity available in the system at the aggregate level. @narendramodi
The vision for the next five years is to have investment-led growth. We are targeting Rs 100 lakh crore worth of investment in the coming five years: Hon’ble PM Shri @narendramodi
“…reviving housing sector…growth for developers…protecting the interest of the home-buyers. RERA …a…step in this direction…trust in the market…was in short supply due to the actions of a few black sheep, is returning…budget, announced many measures.@narendramodi
“On automobiles, the finance ministry has had a constructive dialogue…The slowdown is transient, accentuated by credit constraints, some regulatory changes and passiveness in demand. I believe that both demand and the industry will bounce back strongly and soon.”@narendramodi
“. I would like to assure everyone that India has a large…market…big enough policy space to ensure growth of internal combustion engine (ICE) based automobiles…& electric vehicles (EVs). There is no need to speculate about the growth of either of the two.”@narendramodi
Source-
1. https://twitter.com/nsitharamanoffc
2. https://economictimes.indiatimes.com/news/politics-and-nation/et-exclusive-pm-modi-says-he-will-leave-no-stone-unturned-to-make-india-a-better-business-destination/articleshow/70636196.cms?from=mdr
(Article been published after replacing an earlier article, contents of which were obsolete. )
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