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Don't want law that looks at businesses with suspicion: Sitharaman
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SME Times News Bureau | 20 Jan, 2020
Union Finance Minister Nirmala Sitharaman on Sunday said the government
is moving towards a direction where the law does not look at business
enterprises with suspicion.
She also said the industry and government should jointly work together to take the country's economy to $5 trillion.
Delivering
the Nani Palkhivala Centenary Celebrations Lecture, organised by the
Palkhivala Foundation here, on "Road Map to $5 Trillion Economy", the
Finance Minister said her earnest attempt is to decriminalise matters
concerning the Companies Act or other related laws, and also cited Tata
Group Head N. Chandrasekharan's speech in Mumbai on Monday where he had
said government should trust its own citizens.
Stressing further
on the trust factor, Sitharaman said the government's intention is not
to distrust business houses and the road to $5 trillion economy will be
much easier with mutual trust.
She also said that a suggestion
has been made in the last GST Council meeting to revise the tax rates
once a year after due consideration.
Queried on the credibility
of public data, she said changing the base year for calculation has been
done by governments earlier tooand blaming Prime Minister Narendra Modi
for this is not acceptable.
She also dismissed the allegation that Modi does not respect institutions as "absolutely unwanted".
According to her, the banks have been asked to reduce their non-performing assets (NPA) on regional levels.
She
also said while targets have been given for tax collections so that
there is no slack in revenue collections, officials have been asked not
to harass tax-payers.
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