Finance minister Nirmala Sitharaman said on Saturday that the government respects wealth creators and that it will not tolerate any kind of tax harassment.
Presenting her second budget under Modi 2.0 government, FM Sitharaman added that a "' taxpayers' charter' will also be institutionalised.
Even in the Economic Survey 2020 tabled in the parliament on Friday, the finance minister had emphasised on the importance of old and new with wealth creation as the focus.
FULL COVERAGE:Union Budget 2020
"As wealth creation happens by design, the overarching theme of Economic survey 2019-20 is wealth creation and the policy choices that enable the same. At its core, policies seek to maximize social welfare under a set of resource constraints," the Economic Survey 2019-20 said.
The survey also stressed on the importance of 'Ethical Wealth Creation', as the key to making India a $5 trillion economy by 2025.
Elaborating on India's historical dominance on the global economy, the survey stressed on the importance of bringing an openness in the market that leads to wealth creation.
The survey said the banking sector expanded at much higher rates after the sector was opened for competition through licences granted to private sector banks. A similar effect in the mutual funds sector was seen after it was opened up for competition in 2003.
The government's acknowledgement of the importance of wealth creation is a good indicator for citizens and businesses alike as it will further open up the Indian economy and make the economic recovery a less daunting task.