Demonetisation Augmented Formal Economy, Says Amit Shah
BJP President Amit Shah interacts with business leaders at FICCI’s national executive meeting.
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New India Vision
Shah said the Modi government is taking decisions keeping the long-term needs of India in mind.
We want to go beyond reforms to transformation.Amit Shah, National President, BJP
Building Brand India
Modi changed the perception about India and boosted India’s brand by changing the scale of aspirations, said Shah. The BJP president added that it was the responsibility of industry bodies like FICCI to work to publicize the work done by the government and help improve the perception about India.
Bad Loan Battle
Hiding NPAs or balance sheet jugglery will not benefit anyone, said Shah speaking about the bad loan crisis facing Indian banks.
- Cleaning up bank balance sheets is of utmost importance.
- The problems being faced by corporate India will be temporary.
- No political leader has done more to deal with bad loans than Narendra Modi.
- Benefits of the bad loan battle will be visible in the next 5-10 years.
If there is an NPA, it is an NPA. By not showing or juggling with balancesheets will not solve any problem. We will find a solution to the problem. We will sit with industry, banks and states to find the solution. But there was no point hiding it.Amit Shah, National President, BJP
Benefits Of Demonetisation
Formal economy has been boosted by demonetisation, the BJP president said. The number of taxpayers has risen to 6.4 crore from 3.7 crore three years ago.
“We haven’t taken decisions keeping any vote bank in mind. We risked politcal setbacks to take decisions to improve India’s economy. And demonetisation is the best example of one such decision. A lot can be argued after RBI released the data. But I truly believe that formal economy has grown due to demonetisation. The money has come back into the system. Income tax officials will continue with their efforts. But the money which was lying in the lockers, safes and warehouses is being used for the welfare of the country.”
Constant Monitoring
Shah said the ‘Pragati’ programme, where the Prime Minister interacts with state chief secretaries, has been instrumental in fast-tracking project approvals and speeding up execution of key initiatives.
BJP's Economic Vision
After speaking about the challenges Indian economy faced during Congress-led UPA government’s rule, Shah highlighted key initiatives taken by the Narendra Modi government. The BJP president said that Modi government changed the approach to growth by making better standards of living the priority.
If every house has a toilet, electricity and LPG cylinder will GDP increase or not?Amit Shah, National President, BJP
Here are some of the key achievements of the Modi government, according to Shah:
- Focusing on long-term gains rather than short-term benefits.
- Unveiling policies that will help industry over the long term.
- Connected all citizens with the economy through bank accounts
The Modi government proved that it’s possible to balance the requirements of rural India and urban India, and manage business and social objectives, according to Shah.
Financial Inclusion Initiatives
- Direct benefit transfer beneficiaries rose from 8.5 crore in 2014 to 36 crore in 2017. That translated into subsidy savings of Rs 59,000 crore.
- 30 crore new bank accounts were opened. Seven crore people benefited from MUDRA Bank.
Shah's Message To FICCI
Any organization that has existed for as long as FICCI should periodically review its goals to stay relevant, said Shah.
Shah Interacts With India Inc
Bharatiya Janata Party President Amit Shah is interacting with business leaders at FICCI's National Executive meeting in New Delhi.