The Finance (No.2) Bill, 2019 was moved by Finance Minister Nirmala Sitharaman in the Lok Sabha today. Making her observations in the House, the minister said the Bill proposes to amend seven acts to encourage Make in India for intensifying manufacturing.
She also said that seven Acts in Direct Taxes are proposed to be amended to incentivize start ups, financial companies and make filing of returns effective.
The Bill, she added, proposes to amend seven Acts in the Indirect Taxes to reform Customs, Goods and Services Tax and Central Excise. Saying that the amendments will improve compliance and dispute redressal, the minister noted that these will bring in more clarity in the Acts.
Initiating the discussion, Leader of Congress in the House, Adhir Ranjan Chowdhary said the country’s employment scenario is bleak and unemployment figures are very disappointing.
He also pointed out that exports have been declining. Mr Chowdhary cautioned that the country is heading towards a vicious economic cycle and at a time like this, the NDA government is talking about a 5 trillion dollar economy.
He said the state of economy was far better during UPA I and UPA II and added that his party has contributed to build the Indian economy. He said all sectors, including food production and industry, were on the growth path during UPA rule.
BJP’s Nishikant Dubey said the amendments proposed in the Finance Bill aim to address the problems of NPAs, banking system and legacy issues. He said Modi government is trying to ensure that the corrupt go punished.
DMK’s T Sumathi said that central government’s thrust on disinvestment will make country bleed. She said that with rising unemployment, making India a 5 trillion dollar economy is an impossible feat. She criticized the NDA government for waiving tax in corporate sector but not waiving off farm loans. (AIR NEWS)