Allaying fears that the government is against India Inc, Prime Minister Narendra Modi on Monday said some people are spreading false propaganda by portraying action against dishonest and corrupt as strictness by enforcement agencies.
Speaking at centenary celebrations of Kirloskar Brothers, PM Modi said, “Some people put their energy to create an image that Government of India is walking after businessmen with stick in its hand. It is a false propaganda that action against some dishonest and corrupt is being portrayed as strictness by Indian (enforcement) agencies”.
Exuding confidence in the India Inc, he further said, “Indian industry under transparent system, without any fear and hassle, should move ahead and create wealth for the nation and themselves. This has been our effort”.
About easing legal framework for creating conducive business environment, he told the gathering of industry leaders that there has been efforts that Indian industry get rid of the web of laws.
“1,500 laws have been repealed. Criminal proceedings against industry in company law has been decriminalised. Similar efforts are in labour laws,” he added.
The attempt has been to bring transparency, efficiency and accountability in tax system, and reduce human interface with the tax department, PM Modi said.
Also, corporate tax has been reduced to their lowest so as to propel corporates to invest.
The Prime Minister asked industry to shun pessimism, saying the government will stand shoulder-to-shoulder with India Inc in its attempt to expand business in any nook and corner of the country.
The target to nearly double the size of the economy to USD 5 trillion is just a phase and the targets are bigger and higher, he said.
PM Modi also told the industry that the government is working on immediate and long term solutions simultaneously.
Stating that there is an environment of working with honesty and commitment, he said that Rs 100 lakh crore of investment in infrastructure is being envisaged.
“You are aware about shortcomings in the Indian Tax system. Inspector Raaj and different tax regimes across states had put breaks on developmentof the country.
We have removed that break. In order to bring transparency and efficiency in our tax system, increase accountability and remove human interface between tax payers and tax department, we are building new system,” the Prime Minister said.
Referring to Insolvency and Bankruptcy Code (IBC), he explained that in certain situation, it is wise to get out of business.
He said that it is not necessary that if some company is not getting success then there is some conspiracy, wrong intention or greed.
“There was a need to provide a way out to such industries. IBC has prepared a base for it. Today or tomorrow, there would be a study on number of businessmen saved by IBC. It stopped them to get destroyed,” PM Modi added.
“In the Financial Year 2018-19, there was a transaction of about Rs 9 lakh crore through UPI. In this financial year, till December only about 15 lakh crore rupees have been transacted through UPI.
You can guess how fast the country is adopting digital transactions.
The Ujala Scheme has completed 5 years only yesterday. It is a matter of satisfaction for all of us that more than 36 crore LED bulbs have been distributed throughout the country.
“Similarly success stories of Make in India campaign are the strength of our industry. I want success stories from every field of Indian industry,” the Prime Minister said.
He released a postage stamp to commemorate 100 years of KBL.
The Prime Minister also unveiled the Hindi version of the biography of Late Shri Laxmanrao Kirloskar, founder of Kirloskar Brothers, titled ‘Yantrik ki Yatra – The man who made machines’.
Congratulating the Kirloskar Brothers Ltd for their centenary celebrations, PM Modi said this sense of taking risks and expanding into new areas is still the identity of every Indian entrepreneur. India’s entrepreneur is impatient for the development of the country and to expand his capabilities and successes.
“Today, when we are entering a new year, we are entering a new decade, I have no hesitation in saying that this decade will be for Indian entrepreneurs,” the Prime Minister said.