Even while stating that the Indian economy had faced slowdown in the past, Prime Minister Narendra Modi on Friday said the country will emerge out of the current economic slump much stronger than before.
Speaking at an Assocham event, the Prime Minister said the Indian economy was headed towards disaster five to six years back. “But the government checked and brought discipline”, he said.
Asserting that the goverment listenened to farmers, labourers and the corporate world so as to formalise and modernise the Indian economy, Mr. Modi said the government is moving towards faceless assessment to bring transparency, efficiency and accountability in the tax system.
‘Working to decriminalise offences under Companies Act’
Hardselling his administration’s pro-business approach, Prime Minister Narendra Modi on Friday said the government is working to decriminalise provision of Companies Act to make it easier to do business in the country.
“Not all business failures are due to frauds.. failures cannot be considered a crime”, Mr. Modi said. He also assured the industry that no inappropriate action would be taken on genuine commercial decisions.
Mr. Modi said the recent cut in corporate tax has brought rates to all-time low for businesses.
He, however, said labour force should also be taken care of.
Mr. Modi said time taken to register companies has been cut to few hours from months and better infrastructure has enabled the cut in turnaround time at airports and ports.
Dynamic changes have been made in the Goods and Services Tax (GST) on suggestion of trade and industry, he said adding India is among the top 10 nations which have in last three years made the maximum improvement in ease of doing business ranking.
From 142 rank, India has climbed to 63rd position in three years in the World Bank’s Ease of Doing business indicator, he said.
Mr. Modi said many provision of the Companies Act have been decriminalised and work is on to bring in more provisions.
