PM Modi has pioneered comprehensive reforms to strengthen and bolster the development and prosperity of the nation. Modi’s journey has been no short of a transformational endeavor.
PM Modi reiterated that the budget will be ‘sound and prudent economic policies’. He highlighted that these policies are not from a ‘’short-term political point of view’’, rather vest it in larger national interests.
PM Modi also informed that higher taxes will be levied on the capital market.
PM Modi said, “Let me make one thing very clear: This government will continue to follow sound and prudent economic policies, to ensure that we have a bright future in the long-run. We’ll not take decisions for short-term political point-scoring.”
We’ll not shy away from taking difficult decisions, if those decisions are in the interest of the country,” Modi said while addressing the gathering in Maharashtra.
Modi reiterated that any policy or change which is in the higher interest of the society will be integrated, regardless of how difficult the implementation could be.
Modi was addressing a gathering, which included the top functionaries of the Maharashtra government led by the governor and the chief minister, Union finance minister Arun Jaitley, Sebi chairman U K Sinha among others, while inaugurating the Sebi-run National Institute of Securities Markets.
Modi said, “Those who profit from financial markets must make a fair contribution to nation-building through taxes…. We should consider methods for increasing it in a fair, efficient and transparent way.
He also admitted that the announcement of scrapping high-frequency notes worth 20.51 trillion was a difficult decision. He also promised that the temporary pains will render permanent benefits.
Modi added, “adding for various reasons, contribution of tax from those who make money on the markets has been low due to illegal activities and frauds or due to the structure of our tax laws which offers low or zero tax rate is given to certain types of financial income.”
Reclaiming the economy back to normalcy, many policies have been pioneered by PM Modi. To make the Indian economy bounce back from high fiscal and current account deficits, high inflation and falling rupee, all efforts have been initiated under the BJP government.
At the end, Modi also reaffirmed that, “India is being seen as a bright spot. Our growth is projected to remain among the highest in the world.”
