Union minister outlines India’s vision to reach 5 trillon dollar economy

ANKUR BHATTACHARYA

Kolkata, 16 January: Union minister of State for Finance and Corporate Affairs Anurag Singh Thakur today assured the country’s nearly 12 crore tax payers of no further harassment or ill-treatment by the Income Tax Authorities on flimsy ground and said the IT officers had been asked to treat every tax payer with ‘dignity and humane face’ to improve the tax collection further.

Addressing a joint session of members of all three major Kolkata headquartered Chambers of Commerce comprising Bharat Chamber of Commerce(BCC), Merchants Chamber of Commerce and Industry(MCCI) and Calcutta Chamber of Commerce(CCC), the Union minister said here this afternoon that he had already instructed the Income tax officials in every region across the country not to ill treat or harass any tax payer no matter how insignificant he was, to sustain the steep hike in tax collection which had been undergoing a paradigm shift from the earlier situation through various measures.

Referring to the much announced Add East Policy of the Narendra Modi government, the union minister said since the government was not shying away from any problem or any major economic issue and was committed to reach the 5 trillion dollar economy by 2024, a large number of steps had already been initiated in every sector to turnaround the present go slow of the national economy.

‘We are currently passing through a negative cycle of Indian economy, which has already started looking up’, he claimed and narrated a number of such measures to achieve the desired goal.

‘There is no power in the world to stop the government from reaching its goal on time’,the minister reiterated. Referring to the ministry’s decision to drastically reduce the Corporate tax by half from 30 to 15 per cent Thakur said efforts were also being made to rationalise the direct tax regime.
Also underlining steps towards introduction of the Insolvency and Bankruptcy Code which he said had brought about ‘revolutionary changes’ in the Corporate sector, the Union minister stated that during the current year a stagerring amount of over Rs 1 lakh crores could be recovered so far in this connection.

Even Start Up businesses worth more than Rs 1,000 crores could also start functioning from last year, he said and claimed that in terms of successful Start Up companies India currently ranked 5th among all developed countries of the world.

In order to streamline the CSR (Corporate Social Responsibilities) of Corporate sector,Thakur said several amendments had already been made under the Company’s Act also.

About the reforms in Banking sector,the Union minister said apart from neutralising bad debts worth more than Rs 58,000 crores since 2009, adequate stapes were taken to bring down the Net NPA margin to below six per cent of every bank.

The decision to merge ten leading Public sector banks into four, earlier last year would also go a long way towards achieving the desired target, he said.

Earlier welcoming the union minister for the first time in the Chamber meeting, BCC President Ramesh Kumar Saroagi, MCCI Chief Vivek Gupta and CCC President Madhav Sureka and some other leading industrialists of the region outlined a number of problems they had been facing and sought their redressal before the coming Union Budget on 1 February .