The minister of finance of the Union, Nirmala Sitharaman, said that the government does not favor laws that treat business houses with suspicion and is working to decriminalize the Companies Law.
“We don’t want a law that treats all business houses with suspicion. That is not the intention of this government at all, “Sitharaman said in Chennai while giving the Nani Palkhivala centenary celebration conference on” Road map to the $ 5 billion economy. “
His statement follows the similar suggestion of the president of Tata Sons, N Chandrasekharan, that the industry needed supervision and does not suspect. At his Nani Palkhivala memorial conference in Mumbai, he drew attention to micro-management and persistent distrust of companies, in addition to the fact that all the rules in the country were based on suspicion.
By dispelling such fears, Sitharaman made it clear that the government was working to create an environment in which government and industry could work together to achieve the $ 5 billion economy objective.
“My first and serious attempt, which continues until today, is to decriminalize everything that has to do with the Companies Law or related laws, the point that the Prime Minister is still talking about,” he added.
“And again I was impressed by Nani Palkhivala’s conference in Mumbai, where the head of the Tata Group had said that the government should trust its people and its own citizens,” he said acknowledging the concerns of the industry.
Sitharaman added that the government aims to ensure that no other statute, whether the Income Tax or the Money Laundering Prevention Law, negatively affects business sentiment and the environment. The goal of the $ 5 billion economy will be much easier with greater trust between government and businesses, he said.
The finance minister also put aside questions about the legitimacy of government data and said it was not correct to issue sprays.
“The change of the base year for the calculation (GDP) is carried out periodically and blaming the Modi government for this is unacceptable and unjustified. All governments are doing this, “he said, adding that this was being used to incorrectly state that the prime minister did not respect the institutions.
In November it came to light that the Ministry of Statistics and the implementation of the program were working to bring a new series of national accounts that would result in a change in the existing base year of 2011-12 for the calculation of GDP. Although the ministry is considering 2017-18 as the new base year, no decision has been made since the expert committees are waiting for more data before finalizing their opinion.
She said the government had appointed a committee to analyze the questions that arose about official figures, but some panel members politicized him by staying away instead of examining the data for errors.
It should be remembered that CP Chandrasekhar, who was at Jawaharlal Nehru University, refused to join the Statistical Reform Committee, formed by the government in December with the mandate to improve data quality for the employment, industry and services sector.
On the issue of NPAs in the banking sector, Sitharaman said that the Insolvency and Bankruptcy Code had facilitated the settlement of a large number of bad loans that affect the industry.