Finance Minister Nirmala Sitharaman on Monday said that the momentum of economic reforms will continue to make India a hotspot of global investment. Addressing National MNCs' Conference 2020, FM said that India has turned the crisis created by coronavirus pandemic into an opportunity to push economic reforms, which remained pending for decades.
"The momentum of reforms has continued even during the pandemic and this will continue. The Prime Minister has not lost the opportunity for reforms even at this time," she said while speaking at the event organised by the industry chamber CII.
FM Sitharaman said that not just the MNCs, but the entire industry and the economy are facing a reset exercise of doing business, and this is being further strengthened by the government's Atma Nirbhar Bharat programme.
Nirmala Sitharaman assured the industry that several more active reforms related steps are being taken up to ensure that the reforms momentum continues even during the pandemic. The financial sector is being professionalised and the government will continue with disinvestment and privatisation agenda, she added.
On reforms in taxation system, the FM said that the use of technology, such as faceless assessment, has eased the tax filing process. The bold step of introducing faceless assessment has removed the element of discretion and will be the only way in which tax assessees will be engaging with authorities, promoting ease of compliance, she said.
Copyright©2022 Living Media India Limited. For reprint rights: Syndications Today