November 22, 2020

Short Term Capital Gains Tax 2020

Short Term Capital Gains Tax 2020 would increase good evening friends I welcome you all to this press conference on important resource relating to the economic to brief you about this we have with us honourable minister for finance and corporate affairs Simha the Nirmala, Sitharaman G we have also with us honorable Minister of. State for Finance and corporate affairs three unboxing Tabuchi finance secretary Sarah Rajeev Kumar secretary economic affairs three Adonijah property secretary revenues. 3oj Bhushan Pandey secretary expenditures released in the move more secretary the pound three Anil catchy my warm welcome to the under bill, dignitaries friends the format of the conference would be like this at the outset there will be a presentation. And there will be opening remarks by the Honorable finance minister and after that we the floor will, be open for question answer session so now may request the Honorable Minister to make the opening remarks I just want to give a bitter for opening to, this si si much expected press conference I'll have the finance secretary help me in going through the slides I just want, to give you a picture of how long it's going to be so. That you're not going to be frustrated in between there are about thirty two slides and just so that you get a picture of how we, are going about this whole thing I've arranged, them in about six compartments so as we move I will love alert you to the fact that I've covered one and I'm moving to the second so that, related items are grouped into one head and even before I start doing that just to briefly give you a picture. Of what's nobly happening the slide before you shows, that the global situation is very clear and the current projected global GDP growth is of about three point two percent. And probably is going to be even revised downwards more ago not just one many organizations have come out repeatedly to say the global demand is going to be. Very weak so that's one broad. Picture the lines there show you very clearly what is the growth globally and very India stands in that you can, see the yellow line which stands for India is still very much very much high about the. United States and Germany have seen inversion of the yield curves which points to slowdown in growth of consumption in these countries also so it's not a story just of the emerging economies but, even global advanced economies are facing this and obviously being in India we normally, get compared with China so as a result of the US and China trade war and subsequent currency devaluation of China. Very volatile situation has developed in the global trailer these are nothing new for you but I just wanted to place it as a context with which, we are speaking and therefore you see the ten major economies, of the world the size of the what he called the balloon saw what were bulbs show the size and from among the emerging economies, the size of the economy and therefore where they stand globally today so the size, of the circle represents the GDP as per PPP and the current international dollar terms so you see India again in yellow positioned comfortably very high. The growth rate still in comparison to many of these countries high and if anything even compared to China and the United, States our growth rate is higher than everybody else so let's, just keep that at the back of our mind even as we go through this one thing I. Just want to draw your attention to is the important line which the Prime Minister keeps repeating because he strongly believes in it which came out in one of the newspaper interviews that he. Had given earlier saying we have respect wealth creators I want to very clearly put that before, here before you to underline that that's the spirit with which the budget was presented and that's the spirit with which we. Immediately invited different sectors of the economy to come and speak to us if there's.

Anything that they wanted to say and they were not, very a quick shot consultation for the sake of it they were in-depth consultation some of which which ran for even a couple of hours. And all our secretaries were together with me during those consultation process which ran through a whole week and many of you are kept following us closely on that I, was happy for that and just so, that we again put this fact in context that this government even from 2014 has kept reformed at the top of the agenda it's an ongoing process. For us it's not as if in this tenure post 2019 we've forgotten the reform agenda not at all reform is a, continuous process and we are treating it as a continuing in the world and they hope just so that we don't forget that even simple. Small things two fairly complicated levels of ease of doing business related reforms they carried out by this comment, in its earlier tenure continues even. Now whether it is self certification whether it is looking at environment clearances just compare the time that an environment clearance took in earlier regimes and what is happening now we have, not lost that momentum we are keeping that high on our agenda and about the labor reforms. Taxation reforms irrespective of any other one or two points that each one of us might have who this could have been better, this way that could have. Been better that way in spite of that we have kept that momentum and I'm just recalling that so that we, don't forget the fact and we don't treat it as you know we have taken it for granted which is good Indian economy and the society should take for granted many things which relate to ease of doing business.. And ease of doing ease of living – and that's our gender with which we are moving forward we've not slow down or we have not even forgotten that, that with that said you can see in the slides that we provided here that continuously efforts are being taken by each one of the country. Departments taxation I'd like to draw your attention before. I get into specifics of other things just so that this makes the backdrop to everything which has been talked about is this gum, and going to care for us is the comment understanding what is happening in the ground is this government responsive enough to the changes which are coming we are responsible I want, to assure everybody that the momentum with which we want to carry forward reform will continue just to draw, our attention for a few things that are happening here prefilling of IT,.

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