Nirmala Sitharaman, Automotive News, ET Auto
CHANDIGARH: Union Finance Minister Nirmala Sitharaman said on Friday that India’s economy was on a sustained recovery path and cited rising GST and direct tax collections to substantiate his claim.
She added that confidence in the Indian stock market is growing as retail investors and small investors heavily invest money in the stock market.
She was speaking to the media here.
“I can see very clearly signs of recovery and good signs of recovery. Otherwise my revenue perception would not be where it is, both GST and direct taxation,” Sitharaman said when answering a question. on whether the economy is back on track. and picked up speed before the pandemic.
She said the half-year target has already been met on direct taxes.
“And GST’s average monthly collections are somewhere in the range of Rs 1.11 lakh crore and Rs 1.12 lakh crore. It’s probably safe to say that it will be somewhere in the range of Rs 1, 15 lakh crore per month, ”she revealed.
“These are not small indicators, they are not sporadic indicators. They clearly show that the economy is on a sustained path of recovery,” she said.
When asked about the stock market, she said the market has its own understanding of what it does with businesses.
The finance minister said there is transparency in the business registration process and related regulations.
She said that “today, small investors and small investors are very interested in and investing in the stock market. Previously, retail investors participated through mutual funds.
“Now they go through mutual funds and will also directly participate (invest in the stock market) through demat accounts. Therefore, today the interest in the stock market is increasing and there are more investments and more retail investments are taking place and it is all happening in a transparent way, ”she said.
“As a result, confidence in the Indian stock market is increasing,” she said.
When asked about demonetizing whether the stage was able to verify counterfeit money, she replied, “Certainly, counterfeit money control has been brought.
“The two denomination notes have been withdrawn from the system” and black money and counterfeit money have been definitively stopped, the minister stressed.
“… That it had an impact on terrorism, the financing of terrorism,” she said.
Responding to a question about whether gasoline and diesel would be subject to the GST, Sitharaman said that when the GST was implemented, central and state governments included gasoline in it. and diesel.
“There is a provision in the GST law that gasoline and diesel can be included in the GST,” she said.
“… when the Council (TPS) decides that it should be introduced at a certain rate and after determining the rate that would also be added. There is no new amendment to be made to the GST law for the “gasoline and diesel. But the Council must decide when to bring in and at what pace,” she noted.
Sitharaman added that the government is committed to doubling farmers’ incomes.
Earlier in his opening remarks, Sitharaman said that under the current government, there is a consistent philosophy that governs its economic activities.
“And that philosophy is ‘Sabka Saath, Sabka Vikas, Sabka Vishwas and Sabka Prayaas’,” she said, while referring to the great transformational changes in the Indian economy that affected all strata of society.
With the challenges posed by the Covid pandemic, she said industries are also changing the way they do business.
“There’s a lot of digitalization going on, there’s a lot of robotics going into manufacturing. Even small businesses benefit from much more mechanized supply changes. So, rapid changes are happening and in this philosophy of ‘Sabka Saath’ … is not forgotten, ”she said.
She also mentioned how the Center is working to bring change in the lives of disadvantaged and marginalized sections.
“I want to stress that the ideology of BJP itself is tied to two main understandings – that you have to be Sarvsparshi, that is, you have to reach out and touch everyone in society. and you must be Sarv-vyapi, ie you must be widespread and present in all parts of the economy, society, country, ”she said.
Referring to the Jan Dhan program, she said that today over 80 crore people benefit from it and there are over 40 crore accounts.