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Wednesday 29 January 2020

Modi: Action against corrupt doesn’t mean govt is anti-business

The prime minister heard out Ambani, Mittal, Mahindra, Tata, Adani, Srinivasan, Aggarwal and Naik in his pre-budget meeting with industrialists

Prime Minister Narendra Modi met 10 top businessmen of the country on Monday ahead of the Union Budget. The prime minister discussed with these businessmen issues before the economy and measures to promote growth and create jobs. Sources said the meeting was held in the Prime Minister’s Office later in the afternoon.

Modi patiently heard out Reliance Industries chairman Mukesh Ambani, chairman of Bharti Enterprises Sunil Mittal, chairman of Mahindra & Mahindra Anand Mahindra, former chairman of Tata Sons Ratan Tata, Tata group chairman N Chandrasekharan, Adani group chairman Gautam Adani, TVS chairman Venu Srinivasan, Vedanta chairman Anil Aggarwal and L&T chairman AM Naik.

Finance Minister Nirmala Sitharaman will present her second Union Budget 2020-21 on 1 February. In the budget, everyone will keep an eye on the measures to boost the growth rate.

On this occasion, the prime minister said that the goal to be an economy worth $ 5 trillion is just one stop of this decade. “Our goals are greater,” he said, adding, “IBC (the Insolvency and Bankruptcy Code) is a law to save the future of honest entrepreneurs and this has ended the inspector raj.”

The prime minister said, “Both workers and industrialists will benefit from the proposed Labour Code. To say that the government is against the industrialists because it takes action against some unscrupulous and corrupt people is propaganda.”

Modi said, ‘It is not right to underestimate the potential of Indian entrepreneurs. ‘Zero Effect, Zero Defect’ will have to be the mantra of production and only then our exports can increase.”

On the success of digital payment, Modi said, “In FY 2018-19, there was a transaction of about Rs 9 lakh crore from UPI and in this financial year till December this figure is Rs 15 lakh crore.”

The central government has taken several measures to overcome the slowdown in the economy, Modi said. On September 2019, he reminded the industrialists, the government had announced a big reduction in the corporate tax from 30% to 22%, which is roughly the average corporate tax charged in ASEAN countries. Further, the government announced a reduction in the tax for manufacturing companies to 15% to attract new foreign direct investment (FDI).

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