Nirmala Sitharaman said that confidence in the Indian stock market is increasing as retail and small investors are investing money in the stock market.
Union Finance Minister Nirmala Sitharaman on Friday said the Indian economy is on a steady path of revival and cited increase in GST collection and direct taxes to support her claim.
He further said that confidence in the Indian stock market is increasing as retail and small investors are investing money in the stock market.
“I can very clearly see signs of revival and good signs of revival. Otherwise my revenue collection will not be where it is both GST and direct taxation,” said Ms Sitharaman, responding to a question on whether the economy is on track. has arrived and has gained momentum before the pandemic.
He said that the half yearly target in direct taxes has already been achieved.
“And the average GST collection per month is in the range of ₹1.11 lakh crore and ₹1.12 lakh crore. It can probably be safely said that it will be in the range of ₹1.15 lakh crore per month,” she revealed.
“These are not minor indicators, these are not some sporadic indicators. They clearly show that the economy is on a sustained path of revival,” she said.
Responding to a question about the stock market, he said that the market has its own understanding of how it deals with companies.
The Finance Minister said that there is transparency in the listing process and related rules of companies.
“Today, retail and small investors are taking keen interest in the stock market and investing in it. Earlier, retail investors were participating through mutual funds.
“Now they are going through mutual funds and also go directly and participate (investment in stock market) through demat accounts. So today there is increasing interest in the stock market and more investment is happening and more retail investment is happening and all this is happening in a transparent manner.
“As a result, confidence in the Indian stock market is increasing,” she said.
To a question on whether demonetisation was able to curb counterfeit currency, he replied, “Definitely, counterfeit currency was brought under control.”
The minister insisted, “two denomination notes were removed from the system” and black money and counterfeit currency have definitely stopped.
“…that it had an impact on terrorism, terror funding,” he said.
Asked whether petrol and diesel would be brought under GST, Ms Sitharaman said at the time of implementation of GST, both the central and state governments had included petrol and diesel.
“There is a provision in the GST law that petrol and diesel can be under GST.
“…when (GST) Council decides that it is to be brought at a fixed rate and after fixing the rate it will also be added. There is no new amendment to the GST law on Petrol-Diesel. But the Council has to Have to decide when and at what rate to bring in,” she said.
Ms Sitharaman further said that the government is committed to doubling the income of farmers.
Earlier in her introductory remarks, Ms Sitharaman said that under the current government, there is a coherent philosophy that governs its economic activities. “And that philosophy is ‘Sabka Saath, Sabka Vikas, Sabka Vishwas and Sabka Prayas’,” he said, touching on the major transformational changes in the Indian economy that were touching every section of the society.
With the challenges posed by the COVID pandemic, he said industries are also changing the way they do business.
“A lot of digitization is happening, a lot of robotics is coming into manufacturing. Even small businesses are benefiting from changes in supply that are heavily mechanized. Hence, rapid changes are taking place and this philosophy of ‘Sabka Saath’ cannot be forgotten.”
He also mentioned how the Center is working to bring about a change in the lives of the underprivileged and marginalized sections. “I want to underline the fact that the ideology of the BJP itself is anchored on two key understandings – that you have to be omniscient, that is, you have to reach and touch everyone in the society and that you have to be omnipresent, which is what you have to do. Be prevalent and present in all parts of the economy, society, country,” she said.
Referring to Jan Dhan Yojana, he said that today more than 80 crore people are getting benefits and more than 40 crore accounts.
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