Economy is always discussed in the country. But this time too much. The government is on alert. The government (Modi Government) has to withdraw money from the government treasury and put it in the market. Taxes are being reduced. In the last fortnight itself, the government has reduced corporate tax by one and a half lakh crores. There was no way to put government capital in banks, to give relief to real estate and real estate industry.
A reasonable concern
There was a dispute about the current Mali situation so far. That is, there is a situation of financial crisis in the country or it should be called just economic slowdown. According to the economic science of economics, the current economic situation was being kept within the scope of lethargy. Government economists, in particular, were telling it to slow down the pace of economic growth. But recently a new figure of industrial production of August 2019 has come. According to this, the production decreased in August this year as compared to the production in August last year. This is proving that the concern of the government which has been being expressed for the last one month about the financial condition of the country was justified. It is a different matter that what has been done will be so effective.
The trend of analyzing the news of economic sector is becoming less. Nowadays, even experts or experts in financial matters do not seem to be doing much work. But in such an environment, an appeal of Finance Minister Nirmala Sitharaman is significant. He has said that experts and tax professionals should suggest solutions for better compliance of GST. Significantly, the revenue collection figure through GST is also on the decline. And the industry is still expressing dissatisfaction with GST. The dissatisfaction of the industry is justified in the period of lethargy. Well this is not a complicated subject. Because when production decreases, it affects tax collection and unemployment. By the way, to increase economic growth, the government itself has given relief of Rs 1.5 lakh crores to the corporate world, so concern over lack of tax collection should not be considered a big deal.
One of the big news stories of the last two days is about the reduction in loan from banks. This increase has gone below 10 percent in the first fortnight of September 2019. This news is telling that banks have more deposits but debt is not getting up. It is directly a matter of slowdown in industrial activity in the country. If suggestions have started taking from the experts, then the suggestions given by the experts so far should also be looked at. Generally, experts have been saying that consumption of products is decreasing in the country and the reason for this is the purchasing power of consumers. Obviously, experts have been saying that there is a need to deliver money to the pocket of consumers. The industry and business world should also consider the fact that they will get more relief if their goods are sold easily.
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