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National News

Jul 14, 2020

FM says under Prime Minister Narendra Modi's strong political will, economic reforms being sustained in country

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Finance Minister Nirmala Sitharaman today said under the Prime Minister Narendra Modi's strong political will, economic reforms are being sustained in the country. In an article in a prominent English daily, the Minister said, economic reforms are a matter of continuing interest in India.
She wrote, only recently, during the birth anniversary of former Prime minister P V Narasimha Rao, decisions taken during his time to open the Indian economy were recalled. The PM Jan Dhan Yojana launched in 2014 has provided over 39 crore poor people the access to banking sector and its services.

The Finance minister also underlined that over 10 crore farmers are beneficiaries of PM Kisan Yojana, which directly transfers cash into their accounts. Saying, market access was critical to multiplying farmers’ income, finance minister Nirmala Sitharaman said a major step of giving inter-state market access to all farmers was taken recently. She asserted farmers shall no longer be compelled to sell only to licensees within their areas.

Ms Sitharam said, using the electronic National Agriculture Market, a farmer can seek the place and price for his product to be sold.  She highlighted, the recent steps to energies agriculture have resulted in amending the Essential Commodities Act and together with changes in land leasing and terms of farming, agriculture is seeing major reforms.
Highlighting other achievements of the government, Finance minister wrote, the Insolvency and Bankruptcy Code and setting up of the National Company Law Tribunal in 2016 provide a major relief to companies looking for an exit policy. She wrote, Long pending resolutions are happening now. Within one year of being re-elected in 2019, the NDA brought in major reforms in taxation.
Corporate tax was reduced to 15 per cent for new manufacturing companies and for the old to 22 per cent. She wrote, in 1999, Prime minister Atal Behari  Vajpayee cleared the idea of a single goods and services tax. However, it was in 2017 under PM Narendra Modi that the Goods and Services Act came into force. 

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