Union Minister of State for Home Affairs, Nityanand Rai on Tuesday said that India is on track and will emerge as $5 trillion economy, adding that the various economic reforms introduced by the Narendra Modi Government will surely take the country to a stronger position.
Rai, the former Bihar BJP chief, was in the State Capital for one day visit. Appreciating the work carried out by Modi Government in economic sector, he said, “The best feature of Modi’s economy is that it is centralized economy.
Earlier, there was capitalist economy due to which the gap between rich and poor was widening. But, Prime Minister Narendra Modi has focused on centralised economy and result is that the gap between rich and poor is getting narrower.”Rai said, “The Congress party ruled this Country for more than 55 years and the Capitalist form of Government becomes synonyms with the Government.”
Lambasting Congress for its economic policies, the BJP leader said that Congress had given the slogan of Garibi Hatao, but during Congress regime the gap between rich and poor widens with poor becoming poorer. Highlighting the features of Modi’s economic policy, Rai said that India is fast moving from developing country to developed nation, as the Government is committed to provide every family a house to live, toilets, gas connections under Ujjwala Yojana, power connections, free medical coverage to poor families. The Government is also committed to double the income of farmers by 2022.
The BJP leader claimed that to make economy stronger, the government has taken several steps which includes relaxation in Income Tax (IT) to such domestic companies who have not taken any financial incentives. “The Government to promote such companies has reduced income tax from 30 per cent to 22 per cent. For those companies which have taken incentives from Government, their tax slab has been reduced from 18.5 per cent to 15 per cent.” Rai claimed that due to reduction in income tax rate, companies will have cash reserve which will help in creating new employment avenues, production and increase in income.
The Minister later in day also held a meeting with CRPF top brass discussing on ways to combat LWE menace in State. He also issued several directives in this connection.