Politics
Government strictly deals with corruption and cronyism: PM Modi
Prime Minister Narendra Modi said that despite the global economy facing slowdowns, India has seen minimal impact due to the government's proactive measures. He said the Modi government strictly dealt with corruption and cronyism, adding that his government had focused on "simplification, rationalization and transparency". Prime Minister during The Economic Times The World Business Summit said the government was working on four levels to reach the economic goal of $ 5 trillion – collaboration, competition and wealth creation.
The Prime Minister, speaking about the initiatives taken by his government to replace the old laws, said: "To promote fair competition, we deal strictly with both corruption and cronyism. Whether it is banking, politics, ; FDI (foreign direct investment) or the allocation of natural resources – cronyism is removed from all spheres. We focused on simplification, rationalization and transparency. "
Regarding India's role in the global economy, the Prime Minister said that the country has become an important part of the global economic system. "Recently, we have become the fifth largest economy in the world. Six years ago, we were in 11th place. In such a short time, we have been in fifth place," he said.
Referring to the "Vivad Se Vishwas" program, the Prime Minister said that his government had decriminalized several provisions of the company law. The bill, recently passed at Lok Sabha, aims to resolve cases of 4.83 lakh in direct taxes worth 9.32 lakh crore which are currently locked up in various forums. 39 such as the Commissioner (appeals), ITAT, the High Courts, the Supreme Court and debt collection. Law courts.
Speaking of new global challenges, the Prime Minister said that the world was facing a huge challenge in the form of a "new coronavirus". "We have to take up this challenge together and come out victorious from the resolving power of Collaborate to Create," he added. Enumerating the achievements of his government, the Prime Minister said in the past six years that the pace of highway construction, the electrification of railways, the addition of capacity at airports, increased cargo handling in our ports had resulted in a strong economic boost.
Prime Minister said India was one of the top countries with the lowest corporate tax and improved 77 ranks in the Ease of Doing Business ranking in just five years . "In 2019, about $ 48 billion in foreign direct investment entered the country. This growth was more than 16%. Similarly, private equity and venture capital investments from 19 billion dollars arrived in India last year. They also increased by more than 53%, "he added.
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