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Business News/ News / India/  HTLS 2019: Don't want anyone to fall off the cliff, says Nirmala Sitharaman on NBFCs

HTLS 2019: Don't want anyone to fall off the cliff, says Nirmala Sitharaman on NBFCs

Nirmala Sitharaman: My attention is to make sure more is done for greater stimulus
  • Taxation regime will be simplified and exemption free, says Sitharaman
  • Finance Minister Nirmala Sitharaman at HTLS 2019. (Pradeep Gaur/Mint)Premium
    Finance Minister Nirmala Sitharaman at HTLS 2019. (Pradeep Gaur/Mint)

    Union Finance Minister Nirmala Sitharaman was the first speaker on day two of the Hindustan Times Leadership Summit. The 17th edition of the two-day Hindustan Times Leadership Summit (HTLS) began on Friday in New Delhi with Prime Minister Narendra Modi delivering the inaugural address. The theme for this year’s summit is ‘Conversations for a Better Tomorrow’.

    Highlights from Nirmala Sitharaman's session:

    -It’s a part of my job. Let it keep coming, I will handle it, said Nirmala Sitharaman on criticism.

    -We need to bring credibility back to the data. We have to work together to make the data available. We will have to work towards better credibility without obstructions.

    -Any time there is a spike in any commodity, but does that price advantage get to the farmers. So, the debate should be opposite of what it is now. The debate should be does the price spike helping the farmers.

    -Lot of work going on to boost agriculture. It is being done through various ways. But, agriculture has suffered due to want of adequate infrastructure. Some need air conditioning, some don’t. I have been to meeting where infra and storage has been taken up.

    Watch video: Does economy need fresh stimulus? Watch FM Nirmala's reply at #HTLS2019

    -We want to assure the homebuyers that their demands are being fulfilled.

    -The Public Sector Banks (PSBs) do not have the expertise for long-term infrastructure lending. But, many of them did that.

    -I wish the doubts in the mind of people are removed after IL&FS.

    -RBI is constantly monitoring the health of NBFC and I am in touch with them. I don't want anyone to fall off the cliff.

    -Fiscal discipline is a law. I have to obey the act. The learned economists are telling us that we have to pause the fiscal discipline and move towards more fiscal stimulus.

    -The cess collected was inadequate to give a compensation of 14% to the states.

    -We shall have a streamlined GST.

    -In enthusiasm to reduce more taxes,credit became minuscule and the framework originally agreed upon on phase one of GST got distorted.

    -PM Narendra Modi and Arun Jaitley made GST possible.

    -GST is a good law and required for a big country like India.

    -Taxation regime will be simplified and exemption free.

    -Tax rate cut is one among the many things we are thinking to boost stimulus.

    -This 4.5 (GDP numbers) relates to July-Aug-September. I don’t want to underplay the role of private banks. Nearly 5 lakh crores have been distributed to those who want to take the credit and this has happened in 400 districts of the country.

    -The vision of the government translates into several things such as a house for every citizen, making sure that house has a toilet and electricity.

    -Nearly 5 lakh crore have been given to those who want to take the credit. And this has been done in hinterlands and not metro cities.

    -My attention is to make sure more is done for greater stimulus.

    -The vision is 100 lakh crores for the next 5 years. It’s a broader picture.

    -Finance Minister Nirmala Sitharaman is in conversation with R Sukumar, Editor-in-chief, Hindustan Times

    Here’s the list of speakers on Day 2:

    1) FM Nirmala Sitharaman

    2) Michael Douglas, Catherine Zeta-Jones

    3) Capt. Amarinder Singh, Bhupesh Baghel

    4) Mahua Moitra, Manish Tewari, Jamyang Namgyal

    5) Dr. David Ludwig, Dr. Satchin Panda

    6) Prabal Gurung, Mary Katrantzou, Manish Malhotra

    7) Delhi CM Arvind Kejriwal

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    Published: 07 Dec 2019, 10:04 AM IST
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