PM Modi said: Look at the damage done by GST to business, if needed, changes will be made
Prime Minister Narendra Modi inaugurated the Golden Jubilee Year Festival of The Institute of Company Secretaries of India (ICSI) on Wednesday. During this time, while addressing a large number of corporate secretaries (CS), Arun Shourie and Yashwant Sinha have also been attacked with unnerved enthusiasm. He said that some people have the habit of spreading frustration. It is very important to identify those who are frustrated.
He said that such people get good sleep by spreading frustration. Addressing the Golden Jubilee celebration, PM Modi said that today ICSI is entering its 50th year. On this occasion, I congratulate all the people associated with this organization. I am very happy today that I have come among such scholars who are responsible for the fact that every company present in the country adheres to the law, do not disturb the accounts and keep the transparency in full.
Describe responsibility by the country’s corporate culture
Addressing the CS, the PM said that the way you play your responsibility. The same is decided by the country’s corporate culture. There is also the motto of your organization – “Satyam Vaad, Dharmam Char” means the truth and follow the rule of law. The right or wrong advice given to you affects the country’s corporate governance 1. PM Modi said that there are also a handful of people in our country, who have been working to weaken the reputation of our country, our honest social structure. To remove these people from the system and institutions, the government has started sanitation campaign from day one.
Note-ban and GST government’s bold decision
PM Modi said that the government took a historic decision like a ceasefire. Steps were taken to increase institutional integrity. Modi said that this is the result of the tireless efforts of the government that today’s economy is running low with cash. After the ban, cash to GDP ratio has now come to 9 percent. It used to be more than 12 percent before 8 November 2016. He said that some people have been frustrated with the case of Dolaam. He said that it is very important to identify those who are frustrated.
In the previous government 8 times the growth rate came down from 5.7 per cent
Modi said that during the last six years of the previous government 8 times such occasions came when the rate of growth dropped by 5.7 percent or below. The country’s economy has also seen such quarters, when the growth rate dropped by 0.2 percent to 1.5 percent. PM Modi said such a fall was more dangerous to the economy, because in these years India was battling higher inflation, Higher Current Account Deficit and Higher Fiscal Deficit. I am neither an economist nor have I ever made such a claim, but today, when there is so much discussion on the economy, I am also known to you in the flamesback.
Modi said that there was a time when India was made a part of a new group in the context of the international economy. This group was not a group like G-7, G8, G20, but the group’s name was Fragile Five. He said that it was considered a Dangerous Group, whose own economy was a problem, rather it was also obstructing the recovery of the global economy.
He said that it is true that after achieving an average growth of 7.5 per cent in the last three years, there was a decrease in GDP growth in the April-June quarter this year, but it is equally true that the government Are fully committed to reverse. The less knowledgeable economics like me still do not understand that how did this happen when large economists were at that time?
Merchants do not need to be scared
If needed, change in GST
Modi also indicated that a change in GST is possible if needed, if necessary. The GST Council is considering this. He said that in the last three years, one lakh 20 thousand km long roads were built, which is more than the previous governments. In the meanwhile, he also said that we are not a liar’s fakir, nor do we claim that we have all the knowledge we have.
