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Reform Agenda To Realize Full Potential Only When It Receives Support From All Sections Of Society

Capital Market 

The of India, M Venkaiah has said that government of India's reform agenda would realize the full potential only when it receives support from all sections of the society. To achieve the herculean task, he called on business associations and Chambers of Commerce to promote tax compliance and run campaign against the black money.

Addressing the 90th Year Celebrations of and Industry in Coimbatore, Tamil Nadu, the said that demonetization and the introduction of GST were landmark initiatives aimed at ensuring transparency, eliminating parallel economy and fetching increased revenue to the exchequer. These initiatives have led to change in the attitude of the people as evidenced by increased tax compliance, he said.

The said that Government has taken several measures to cut down red tape, improve the ease of doing business, attract more investments and create a business-friendly environment. With various measures taken by the government to step up economic growth, including FDI in various sectors and given the strong macro-economic fundamentals, will continue to grow steadily to become the third largest economy in the world, he added.
The Vice President asked the business community not to confine themselves to the minimum requirements of Corporate Social Responsibility but to take up activities for the betterment of the society. Promote ethical corporate governance, tax compliance and corporate social responsibility among its members, he added.

The Vice President told the gathering reminding them India's great philosophy that has 'Sharing and Caring' at its core. In this regard, he advised organizations such as The Chambers to adopt some government schools and contribute towards improving the infrastructure as part of their CSR activities. He said that sectors like agriculture, education and health must receive the highest priority. Government, Parliament and Press must focus on these three core areas, he added.

Saying that Agriculture and Industry were like two eyes of our nation, the Vice President sought the support of the business community to realize the vision of the Prime Minister, to double the income of farmers by 2022. Agriculture must be made remunerative by encouraging farmers to adopt allied services like poultry, fisheries, and others, he said adding that it can be achieved through the concerted effort by scientists, farmers, government and business entities, he added.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, October 10 2018. 12:39 IST