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Pay taxes for India’s development, says PM Modi at Times Now Summit

Pay taxes for India’s development, says PM Modi at Times Now Summit
February 13
10:00 2020
  • ‘Just a sample, actual action begins now’: PM Narendra Modi on Article 370, CAA at Times Now Summit

New Delhi: Prime Minister Narendra Modi on Wednesday said that the decisions taken by his government in the first few months of its second term were just a sample and the real action was yet to start. Speaking at the Times Now Summit here, PM Modi stated that today’s India is working on the ‘decade action plan’, while referring to the summit’s theme of ‘India Action Plan 2020’. Drawing an analogy from the game of cricket, the PM said the aim is to perform well in the entire series, create new records and make it India’s series.

“India is the youngest nation in the world which wants to play on the front foot. The 8-month old government has scored a century of decisions. India has taken quick decisions, work has happened at a quick pace,” he told the audience.

Listing out some of the decisions, the PM said a special fund has been created for the middle class; unauthorised colonies have been regularised in Delhi; law has been brought against child abuse and to regulate chit funds; Article 370 has been abrogated, triple talaq banned, corporate tax reduced, post of CDS created; fighter planes are being delivered, trust on Ram Temple has been created, and the citizenship law amended.

“This is just the sample; actual action begins here. I can non-stop count such decisions; it will not just be a century but a double century of decisions,” the PM said, drawing thunderous applause from the audience.

“Changes happening in the country have given confidence to the society. The poor are today confident about uplifting their standard of living,” the PM said further.

“Today, the country is moving ahead leaving behind decade-old problems. We are developing at a pace on which we should be moving ahead. Bharat samay nahi gawayega, Bharat tez chalega bhi aur naye atmavishwas ke saath aagey badhega bhi,” the PM noted, adding that “the youth is confident about becoming a job creator and women are confident about showing their mettle in all sectors.”

‘USD 5 trillion target for economy’

Talking about the economy, the PM said the next aim is to make India a 5 trillion dollar economy in the next five years. “This is not an easy goal but also not one that cannot be achieved,” he said with confidence.

To achieve the five trillion dollar economy target, it is important that manufacturing and exports see a jump. To facilitate this, the government has taken several decisions, the PM said.

The PM also noted the importance of smaller cities in driving economic growth in the country.

“Amid these steps, it is also true that an emerging economy like India faces a lot of challenges. It is for the first time that a government has focussed on economic growth in small cities and towns. It is for the first time that any government has valued the dreams of small cities and towns,” the PM said with a smile.

“Another important topic is increasing the number of economic centres in the county. Those economic centres are tier two and tier three cities. The highest number of poor and working class live there. Half of the start-ups in the country are in tier two and tier three cities,” he added.

The PM noted that ‘Make in India’ has been a success. “It is helping the nation. 1,90,000 crore electronic products were manufactured in 2014 in the country. Now the figure has increased to 4,60,000 crore. In 2014, there were two mobile manufacturing companies in India. Today, India is the second-largest mobile manufacturer in the world,” Modi said.

The PM said Rs 100 lakh crore-worth investment will help achieve the USD 5 trillion economy target. “The investment will give a boost to the development and welfare of the nation. The finance minister is constantly meeting stakeholders in various cities in this regard,” he said further.

PM lauds honest taxpayers

Referring to the change in the personal tax system announced in Budget 2020-21, the PM noted that Rs 5 lakh income tax slab has benefitted people in the smaller cities a lot.

“The tax system in the country was neglected by successive governments. No changes were made to it for years. We are changing the process-centric tax system to citizen-centric,” the PM noted.

Speaking about the gaps in income tax declaration and collection, the PM said in the last five years, more than 1.5 crore cars were sold. “And I am talking about expensive cars. More than three crore Indians went abroad for business trips or vacation. But, the condition is such that out of 130 crore people, only 1.5 crore pay income tax. Out of those people, there are only three lakh people who declare every year that their incomes were above Rs 50 lakh,” he stated.

“There are a number of professionals who are shining in their respective fields and serving the nation. India is such a large country but there are just 2,200 professionals who have declared their annual income to be above Rs 1 crore,” he added.

The PM noted that India is one of the few countries in the world with the lowest tax rates, whether it is personal income tax or corporate tax.

“Tax helps in developing infrastructure and public welfare; it helps in developing roadways, railways, and airways, and poor benefit from it. This is only because some responsible citizens pay tax. If they too were not paying income tax, then this much too would not have been possible,” the PM said, stressing on the need for individuals to declare correct incomes and pay tax.

“It is important for every citizen to fulfil his/her duties and responsibilities towards the nation,” he added.

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