Jalandhar: Sept,25:Union Minister of State for Commerce and Industry Sh. Som Parkash said that the Prime Minister is concerned to improve the present economic situation and is determined to bring the economic growth between 7% to 8% at the earliest possible. He said such slow down in economy is not only in India but is prevailing across the world. He was addressing a press conference in Jalandhar, today.
Amritsar-Kolkatta Industrial Corridor, which is one of the five such corridors setting up in the country, Commerce and Industry Minister said that the Centre has earmarked Rajpura near Patiala to be developed as Industrial town and has asked Punjab to provide 1000 acres land there for setting up the same.
The government has taken many steps to boost the economic situation in the country. These steps would benefit poor people, corporates, retail borrowers and small traders. The government has also reduced EMI for housing loans, vehicles and other retail loans to benefit the general public, he added.
Further, the Minister said that the Centre is to infuse upfront Rs. 70,000 crores into public sector banks to enable release of Rs 5 Lakh Crore liquidity in the market. This will benefit MSMEs, small traders, Corporates, retail borrowers etc. He said thousands of people have taken loans from banks under MUDRA and Start Up India schemes to expand and run their own businesses as well as give employment to others also. The Minister said that the merger of 10 public sector banks into four entities would take the number of banks in the country from 27 in 2017 to 12.
He said to end the harassment of taxpayers, all notices, summons, orders etc. by the income-tax authorities shall be issued through a centralized computer system on or after 1st October, 2019.There will also be fully automated electronic refund route for Input Tax Credits (ITC) in GST. He categorically said that all pending GST refunds to MSMEs till date shall be paid within 30 days and future refund matters to be sorted out within 60 days.
Elaborating further, the Minister said that many companies from China want to move to other countries for many reasons including the current trade war with the US. These companies would now come to India because it has one of the lowest tax rates in the region. This will further create more jobs and benefit the overall economy. He said more jobs in manufacturing sector will push up the wages of workers both in agriculture and non-agriculture professions, he added. People will depend less on agriculture and this will help in doubling farmers income. There will be productive growth and more people will get jobs that will help them fulfil their aspirations, he added.