Published On : Fri, Jan 3rd, 2020

Solutions to recession need to be identified & Implemented – Dipen to MoS Finance.

Dipen Agrawal President Chamber of Associations of Maharashtra Industry & Trade (CAMIT) met Anurag Thakur, Minister of State for Finance and Corporate Affairs during his visit to Nagpur.

Dipen on behalf of trade and industry of Maharashtra welcomed Anurag Thakur with flower bouquet.

Dipen Agrawal said the business community is grateful to Union Government for introducing ‘Sabka Vishwas Legacy Dispute Resolution Scheme’ to get rid of all pending disputes pertaining to erstwhile Central Excise & Service Tax regime by availing the benefit of once in lifetime scheme and efforts of Nagpur Zone officers have borne fruit. Nagpur Zone is among top five zones in terms of performance of the scheme.

MoS Finance acknowledging the success of the scheme said that government revenue of about INR 3.5 lac crores was locked in disputes pending before various judicial forums starting from Commissioner Appeals up to Supreme Court. Out of about 1.8 lac pending cases about 1.3 lac application have been filed under the scheme resulting realising INR 30,000 crores in government exchequer. He expressed his gratitude to field officers and business community for the grand success of the scheme and appealed to trade and industry to avail the benefits of the scheme which is extended upto 15th January 2020 to come out of past and concentrate on building their future.

Agrawal informed MoS that in CAMIT’s State Level Executive Committee Meeting we deliberate on varied issues concerning/affecting the business community including government policies. After deliberations in meeting, at length, on prevailing condition of economy in general and banking sector in particular we experience that there is slow down in economy and the worst is in waiting. Taking note of government’s efforts in leaving no stone unturned to recapitalise the PSU banks, to maintain going concern status of its Nav-Ratana & Mini Ratana and to give thrust for higher economic growth rate, it was observed that government is encountered with various unexpected challenges in its attempts to forge consensus with all the stake holders.

Agrawal further informed MoS that our executive committee concluded, unlike Indian Corporates, the government is not exploring the financial markets to its optimum protentional, within the legal framework prescribed by regulatory authorities, for creating value and raising funds for PSU’s. He submitted that CAMIT has the expertise coupled with its willingness to render the services to enable the government to adopt Corporate working in order to create value & raise funds from FII’s, DII’s & Mutual Funds for their PSU’s/PSE’s by restructuring company’s business, structural & operational model using the inherent strength & assets of the company concerned. These steps will give a booster to economy and thrust to government’s “Make in India” policy and thus resulting in funding of genuine manufacturing based credit growth to help banking & financial industry in a big way. He requested Anurag Thakur, MoS Finance, to favour CAMIT with an appointment to make an in-person presentation in this regards.

Anurag Thakur appreciated the concern and brief presentation and assured for appointment for detailed presentation in Delhi on ways and means for accelerating holistic economic growth.

Dipen Agrawal expressed gratitude on behalf of business community towards Finance Minister, Smt. Nirmala Sitharaman and Minister of State for Finance Shri Anurag Thakur for extending the one time window up to 15/01/2020 under Sabka Vishwas Legacy Dispute Resolution Scheme and thanked Anurag Thakur for patiently hearing him.