FM Asks Industry to take advantage of post IBC to Ethical at 113th Annual Session of PHD Chamber


September 28, 2018

New Delhi


Union Finance Minister, Mr. Arun Jaitley on Friday asked industry to take optimum advantage of post IBC scenario which offers it tremendous opportunity to be ethical in its general conduct and approach as well equally extends powers to the government to successfully chase fly by tax evaders.

The Finance Minister exuded confidence that with increased direct and indirect tax collections and other forms of government receipts and revenues, it will not only fulfill all its legal obligation towards its employees and pensioners but also multipli its spending more objectively towards infrastructure, social sector, agriculture and in creating new rural India with roads, highways, and other such modern facilities.

Addressing the 113th Annual Session of PHD Chamber of Commerce and Industry here today through video conferencing linkages, Mr. Jaitley also drove home the point that with consistent increased growth rate, its beneficiaries will not only be government and common man but also largely India Inc. because the expansion and diversification in growth, not only the consumption will rise but also demand will be created with increased purchasing power at the hand of consumer.

Elaborating on the post IBC scenario, the Finance Minister stressed that it has largely cleansed the mess in the financial and banking sector and with passing times create avenues for further cleanup of remaining mess in these two sector but also provide with a unique opportunities to Indian industry to be ethical in their conduct and approach and as well empower the government to bring to books the fly-by operators. Earlier statutes barely provided such an opportunity neither to industry nor to government, he indicated.

Mr. Jaitley also said there were three critical areas such as infrastructure, social sector, and agriculture and rural areas which are the main contributor in national GDP and government is fully committed to address these to achieve the desired faster growth rate so that it becomes advantageous to one and all.

Later on speaking on the occasion, Minister of State (IC), Ministry of Youth Affairs & Sports and I&B, Col. Rajyavardhan Singh Rathore hopes that with advancing time, India will not only move on to higher growth trajectory but also create phenomenal opportunities of Indian youth not only in the area of sports but also in multiple other sectors that will also evolve with character building.

According to him, the performance of Indian sports in recent games and events of national and international repute has been of outstanding nature because the youth is now fed and inspired with hunger to excel in life.

President, PHD Chamber, Mr. Anil Khaitan in his welcome remarks observed that India Inc. needs operational freedom and roadmap to expand its capacities with favourable government policies and intervention and hoped that the two would be forthcoming.

Sr. Vice President, PHD Chamber, Mr. Rajeev Talwar also expressed confidence saying that with changing times not only the growth trajectory would grow farther and even widen and committed that the PHD Chamber would not only the voice of Indian industry but also that of the government.

The Vice President, PHD Chamber, Mr. D K Aggarwal also expressed similar sentiments during the session adding that the future roadmap of government policies would be clearer and have clarities for suitable direction for industry.

Koteshwar Prasad Dobhal
Consultant (PR)