To create jobs is the need of the hour: Vice President
Hyderabad: Vice President M Venkaiah Naidu today said the expanding middle class will be the key driver of India's economic growth, and the need of the hour is to take full advantage of our demography by creating jobs.
He also said that while India must improve its tax-to-GDP ratio and curb tax evasion, there should be no needless harassment of tax-payers.
"The expanding middle class will be the key driver of India's economic growth in the coming years. With the large population of India, about 65 per cent under 35 years, the need of the hour of is to take full advantage of this demographic number by creating adequate job opportunities for the young population," Naidu said.
He was speaking at the inaugural session on a seminar on `Contemporary issues and challenges in Finance, Marketing and Taxation', organised by the Keshav Memorial Institute of Commerce and Science here.
"Merely turning out lakhs of students with degrees is not enough," he said, adding that they must be taught "life skills".
While the first and second rounds of major economic reforms were initiated by the governments led by P V Narasimha Rao and Atal Bihari Vajpayee, the third round of reforms by the present government is transforming the economy, he said.
Massive recapitalisation of public sector banks at Rs 2.11 lakh crore is expected to improve the credit growth and private sector investment, Naidu said, adding that introduction of the Insolvency and Bankruptcy Code has strengthened creditors' rights.
One of the major objectives of both demonetisation and Goods and Services Tax was to increase tax compliance, he said.
The expansion of formal economy will lead to increased tax collection and higher revenues, which will be used to accelerate development by building essential infrastructure, he said.
"While tax evasion has to be dealt with sternly, it should be ensured that there is no unnecessary harassment of tax payers by overzealous officials," he said.
The GST has changed the face of the indirect tax regime as it brings one tax instead of multiplicity of taxes, Naidu said.
India needs to ramp up its tax-to-GDP ratio, currently at 16.6 per cent, to fund a modern, twenty-first century government which can offer basic public facilities and social security to its citizens, Naidu said.
Demonetisation, a special investigation team for black money and the notification of the Benami Transactions Act would bring a wider range of economic activities in the tax net, while the war on black money needs to continue unabated, the vice president said.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
K’taka cabinet approves cricket matches at M. Chinnaswamy stadium: Reports
Belagavi: The state cabinet under the Chairmanship of Chief Minister Siddaramaiah has reportedly given its nod to permit cricket matches at the M. Chinnaswamy Stadium in Bengaluru, subject to certain conditions.
The decision is learnt to have been taken after a meeting held at the Suvarna Vidhana Soudha here on Thursday.
Reports indicate that Home Minister Dr G. Parameshwara has been directed to formulate rules along with a referendum to hold a cricket match at the Chinnaswamy Stadium.
The cabinet’s approval comes subject to conditions, considering the report of Justice D’Cunha, which was prepared after the stampede.
The June 4 stampede during the celebrations for RCB’s maiden IPL title killed 11 people, which raised serious questions over the stadium's capability to host large-scale events.
Will RCB be playing at their home ground next year?
Stating that the “state had learned from the tragedy,” Karnataka Deputy Chief Minister DK Shivakumar on Monday, December 08, dismissed the talks about shifting Royal Challengers Bengaluru’s home games out of the city.
He also said that the Chinnaswamy Stadium is the “pride of Bengaluru and Karnataka” and vowed that IPL fixtures will continue to be played there.
On Wednesday, Shivakumar met the newly elected KSCA president Venkatesh Prasad at the Circuit House in Belagavi and reiterated that cricket matches, including IPL fixtures, will not be shifted out of Bengaluru.
“We have no intention of stopping matches at Chinnaswamy Stadium, but crowd control measures and the Michael D. Cunha committee’s recommendations will be implemented in phases,” he told reporters.
Shivakumar said the government is committed to promoting cricket and supporting fans while safeguarding the state’s reputation, adding that Prasad had sought the government’s cooperation and agreed to work jointly on the issue.
