Asserting that COVID-19 is not an ordinary time, Union Finance Minister Nirmala Sitharaman on Friday said that the country’s economy is on a sustained path of revival.
Citing rise in GST collections and direct taxes to support her assertion, Sitharaman while talking to the mediapersons here said, “I can see very clearly signs of revival and good signs of revival. Otherwise, my revenue collection would not be where it is now, both the GST and direct taxation,”
The confidence in the Indian stock market is also growing as retail and small investors are keenly investing money in the share market, she said.
Sitharaman was here to take part in 'Seva and Samarpan' campaign comprising various welfare activities in Panchkula and Chandigarh that commenced on Prime Minister Narendra Modi’s birthday on September 17
While responding to a question on whether the economy has returned to its pre-Covid level, the Union Minister informed that the half-yearly target has already been achieved in direct taxes. “And GST's collections on an average per month is somewhere in the range of Rs 1.11 lakh crore and Rs 1.12 lakh crore,” she added.
“These are not small indicators, these are not some sporadic indicators… They clearly show that the economy is on a sustained path of revival,” she added.
Sitharaman further said that many economic reforms have been implemented since 2014 under the leadership of Prime Minister Narendra Modi. These also include simplification of the licensing and tax system. Apart from this, a guarantee of deposits up to Rs 5 lakh has been ensured in the event of banks going bankrupt.
When asked about the stock market, the Union Minister said the market has its own understanding of what it deals with the companies. There is transparency in the listing process of companies and related regulations, she added.
Referring specifically to Jan Dhan accounts, she said that through DBT in these accounts, the benefits of many schemes are reaching the poor families.
She said that collateral free loans are being given under Mudra, for Standups and Startups. Under the Stand Up Scheme, one loan is given every year to the Scheduled Castes, Scheduled Tribes and women through every bank branch, she added.
Made additional efforts to clear Punjab's GST dues
Sitharaman said that she made additional efforts to clear Punjab's pending GST dues of more than Rs 1,400 crore, which should be recognised.
When asked to comment on the accusations of Congress-led Punjab government against the Centre for delaying Goods and Services Tax (GST) payments to the state, the Finance Minister highlighted the assessment of some calculations based on the 2015-16 base year.
She said in 2019, Punjab Finance Minister Manpreet Singh Badal met her.
He told me there is a problem... I particularly paid attention to it and I cleared over Rs 1,400 crore for Punjab. For Punjab, it is not negative or less. I made additional efforts to clear their funds in GST. Please recognise it,” she said.
On the funding pattern for the Border Area Development Programme, she said the northeastern and Himalayan hilly states get funds from the Centre in the ratio of 90:10 (Centre's share: state share). For other states, including Punjab, the ratio is 60:40, she said, while asserting that the Central government did not fix it arbitrarily.
It has been fixed at the recommendation of the Finance Commission, she added.
Punjab has been asking the Centre to increase the funding ratio to 90:10.
Haryana has excellent performance in Gross Domestic Management
The Union Minister said that Haryana is efficiently handling the economy of the state by doing better work in gross domestic management without taking any extra help.
Responding to a question on how better Haryana is placed in terms of fiscal management, she said, "I must say that it is one of those states which is absolutely consciously managing its fiscal affairs in a very balanced and in an objective way. I am not saying because I am sitting here and it is a BJP ruled state."
She said every state's borrowing capacity was widened in the wake of the COVID-19 pandemic.
"Haryana is one state which did not utilise its additional capacity of borrowings. I had a quick word with Chief Minister Manohar Lal Khattar on the matter and he told me there is no requirement to borrow," she added.
Later on her visit to Panchkula, she visited the 'mega vaccination Drive' at the Community Centre in Sector 17, Panchkula near here. At the vaccination drive, the Finance Minister interacted with the beneficiaries who had been administered the vaccine and also appreciated the health care workers and officers of the Health Department for ensuring smooth conduct of the vaccination drive.