During the discussion, the Finance Minister said that the budget has given a broad message about sustainable recovery of the economy on a priority basis and a favorable tax regime. With the help of technology, the government has been able to help the affected people during the corona pandemic. The government is also looking at how digital solutions can be used in education and agriculture. During the epidemic, both these areas have seen a lot of speed. The agriculture sector performed well. He said that the government wants to allow innovation to flourish. Startup companies will also continue to get support. According to the Finance Ministry, the growth rate in 2022-23 is estimated to be 9.27 percent.
Banks should pay attention to the facilities of the customers, do not delay in giving loans
In a meeting with industry representatives, the Finance Minister said that banks should focus on the convenience of the customers so that the process can be made easier for the borrowers. But, it should not be to the extent of taking adverse risk i.e., there should be no laxity in lending to customers.
Revenue Secretary Tarun Bajaj said banks need to be aware of the need to lend more and support economic growth. The books of the companies are in better condition now.
Startup will get easy loan
On the question of giving hassle-free loans to startups, SBI Chairman Dinesh Kumar Khara said that the concern of startups is more equity. He assured to give loan if there is sufficient equity. He said that SBI will go completely digital in the next two months. This will make things easier.
Women’s hesitation in joining the boards of companies
Sitharaman said that there is hesitation among women to join the boards of companies, which is worrying. She herself has also found it difficult to persuade women candidates to do so. We need his experience on the board, he said. Tell me about the kind of women who can be inducted on the board. Where are such women? As per the legal provisions, the top 1,000 companies in the country are required to have at least one independent woman director on their board. At present, more than half of the members of the Central Board of Direct Taxes are women.
GDP growing at 9.2 percent, India will become manufacturing champion: Kant
NITI Aayog CEO Amitabh Kant says that the economy is growing at the rate of 9.2 percent. This growth momentum is expected to continue in the coming years as well. Referring to the Production Based Incentive (PLI) scheme for emerging sectors, he said that this will increase the country’s production by $ 520 billion in the next five years. India will become part of the global supply chain.
Speaking at the All India Management Association event, Kant said the country has taken several measures to maximize efficiency. The government has made many reforms. This includes GST, Insolvency Bankruptcy Act and slashing of corporate taxes, etc. This will help make India a champion in the field of manufacturing in the world.
He also said that adoption of technology is essential for future success. India has already been successful in creating a suitable environment for this. Today there are 814 million internet users and 85 unicorns (startups with a valuation of over $1 billion) in the country.