Business Companies 06 Jan 2020 PM: No govt crackdow ...

PM: No govt crackdown on corporates

PTI
Published Jan 6, 2020, 7:51 pm IST
Updated Jan 6, 2020, 7:51 pm IST
Action against a few corrupt entities is not harassment of businesses, he says
Prime Minister Narendra Modi gestures as he speaks at an event celebrating the centenary of Kirloskar Brothers Ltd in New Delhi Monday, Jan. 6, 2020. (PTI)
 Prime Minister Narendra Modi gestures as he speaks at an event celebrating the centenary of Kirloskar Brothers Ltd in New Delhi Monday, Jan. 6, 2020. (PTI)

New Delhi: Prime Minister Narendra Modi on Monday said action against a few corrupt entities should not be seen as a government crackdown on the corporate sector.

Speaking at the centenary celebrations of Kirloskar Brothers, he said his government’s attempt was to allow industry to create wealth fearlessly in a transparent environment where there are no obstacles.

 

In this endeavour, the government is attempting to rid industry of a web of laws, the Prime Minister said, adding that during the past five years his government has worked honestly.

The attempt has been to bring transparency, efficiency and accountability in tax system, and reduce human interface with the tax department, he said.

Also, corporate tax has been reduced to its lowest level so as to propel corporates to invest, he said.

The Prime Minister asked industry to shun pessimism, saying the government will stand shoulder to shoulder with India Inc in its attempt to expand business in any nook and corner of the country.

He said the target to nearly double the size of the economy to USD 5 trillion is just a phase and the targets would get bigger and higher.

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