Published On : Sat, Aug 24th, 2019

Much required booster to revive the economy , better late then never : Dipen Agrawal

Nagpur: Chamber of Associations of Maharashtra Industry and Trade (CAMIT) welcomes the change in mindset of men in power at Delhi. Till recent past government, emphasizing on India is the fastest growing economy in the world and robust GST collections month after month, was either not ready to pay heed to representations of trade and industry bodies or was ill-informed about sluggishness persistently prevailing at grassroot in real market place.

Finance Minister, Smt. Nirmala Sitharaman’s various announcement to revive Indian economy particularly in the backdrop of yesterday’s statement of CEA, K Subramanian that using taxpayers money to bail out companies going through rough weather will create moral hazards and ruled out any stimulus for the slowdown-hit sectors of the economy, is nothing short of live-saving drug for our economy, business community and common man as well, said Dipen Agrawal, President CAMIT.

CAMIT applauds governments return to ‘ease of doing business in India’ policy. The announcements particularly regarding starting of faceless scrutiny under Income Tax, reduction in and simplification of return forms and refund process under GST, single window environmental clearance to MSME, effectively monitoring of delayed payment by government/CPSE’s are the most sought and fulfilled demands of trade associations.

Early payment of pending GST refunds and streaming refund process for timely refunds were announced many times in past but situation remained more or less the same. Similarly there exist an advice to Central Bureau of Investigation to honour the hairline difference between genuine business decision and fraud in banking financial matters but for reasons best known to them CBI treat every NPA as wilful default and bank officers and customers are forced to face endless litigations. We have to wait and watch how todays announcement on both counts are taken by the respective enforcing agencies.

Today Finance Minister has announced slew of measures to revive Automobile, Infrastructure and Financial sector to give necessary impute to consumption/demand in the market. We believe this is the first step forward in bringing holistic economic growth and we are eagerly waiting hear the two more set of announcements as indicated by her added Dipen Agrawal.