Tag Archives: Piyush Goyal

PM Modi Addresses CREDAI’s YouthCon Event 2019 in New Delhi

PM Modi Addresses CREDAI’s YouthCon Event 2019 in New Delhi

Prime Minister Narendra Modi on Wednesday addressed a real estate conference organized by the real estate body CREDAI in the national capital. This event of CREDAI YouthCon-19 was held at Talkatora Stadium.

This event is the annual Youth Conclave of CREDAI, arranged to make the future of the real estate Industry in India. A Credai statement stated that the CYW (CREDAI Youth Wing) was begun to bring the next generation of real estate builders and developers together and nurture them to become better professionals.

It is two decades to the establishment of CREDAI which has over 10,000 members under its organization.

While addressing the crowd PM, said that his government has attempted to make the real estate sector more transparent and responsible, and for that, he has taken various steps in the last four year. Also, said that the industry should now work towards gaining the trust of aspirational customers.

Speaking at the event, PM stated that steps like demonetization proclaimed in this year’s budget are endeavored at improving the sector. The real estate and construction sector creates employment in various sectors like cement, steel, and other related jobs, therefore, it is one center of job creation. Further, he stated that the sector is so vital; still, the builders and the industry did not get the due respect that they deserve. He asked the reason behind while urging them to choose honest and transparent ways of business affairs.

He said,

“… Yaani aap rozgaar ki ek ecosystem ko aap catalysation ka kaam karte hain … aap log batayiye jitni izzat honi chahiye, utni hai kya? kyun chup ho gaye? kyun aisa hua? kaun zimmevaar hai? main aaj bhi maanta hun aur aapki bhaagidari aise logon se hai ki koi aap par haath daalta nahi hai, aapko sudharne ke liye kehta nahi hai, aur isi logon ne aapko barabaad kiya hai, (You act as a catalyst for job creation. Do you get the kind of respect that you should get? Why did it happen, who is responsible? Nobody asked you to get your act together and these people spoiled you).”

Further PM Modi stated that the government is encouraging the industry in every way but requires it to run its activities transparently as well as honestly, giving timely delivery of flats to aspirants.

Several acts like the Benami Act, Enactment of The Real Estate (Regulation and Development) Act, and demonetization are all likely to bring transparency and relaxation in the real estate sector.

He added,

“Notebandi ka jo faisla tha uska bahut bada laabh real estate ko yeh hua ki jo galat paise se, brashtachaar ki kamayi se yahaan phalne fulne ka soch rahe the unke liye raste band ho gaye, ab wahi log is sector mein aage badh payenge jo munafe (se imaan) ko upar rakhte hain (Demonetisation has been highly beneficial to real estate industry. Only honest players will be able to survive now).”

He again reminded about the proposals in the interim budget and said those would surely help the industry tremendously. It will leave more incomes in people’s hands and will inspire them to buy the second house.

Further, in the speech, he announced that as compared to previous governments, the flats being built under Pradhan Mantri Aawas Yojana are of much better quality and also being built with greater speed and scale.

He continued saying,

“Pradhan Mantri Awaas Yojana aur pehle ki yojanaon mein sabse bada antar toh niyat ka hai. Yeh yojana aisi hai jisme kisi ke naam ko amar karne ki koshish nahi hai, sikka maarne ki koshish nahi hai, jo bhi pradhan mantri banega, chalta rahega…kisi naamdaar ki publicity ke liye yeh yojana nahi hai. Jab aap kisi yojana se naam ka ya swarth ka bhaav nikaal dete hain, toh aapki niti spasht ho jati hai aur isliye isme corruption ka, apne paraye ka, mera tera ka, yeh saara bhaav khatam ho jata hai.”

Not only PM but Finance Minister Piyush Goyal, Vice-President M Venkaiah Naidu, and Housing and Urban Affairs Minister Hardeep Singh Puri are also listed to address the two-day event.

Watch PM Modi Addressing the #CREDAIYouthCon2019

Budget 2019 Highlights PM Says “Interim Budget A Trailer”

Budget 2019 Highlights: PM Says “Interim Budget A Trailer”

Like every year, this year also budget is declared on 1st February. The NDA government’s last budget targeted two critical voter segments those are 3-crore middle-class taxpayers and an estimated 12 crore farmer families. This decision helped them to have more money that can spur consumption-led growth.

With the Lok Sabha elections just a couple of months away, Prime Minister Narendra Modi stated that the interim budget touches all sections of the society and includes everyone. Also, he asserted that this budget is a merely a “trailer” of what will guide India “towards prosperity” ahead of Lok Sabha polls.

Modi said,

“Our neo-middle class is rising and so are their dreams … Interim budget a trailer for what will take India towards prosperity after Lok Sabha polls.”

Moreover, when the interim budget was presented in Parliament, PM said that it empowers people and he referred to a host of budgetary announcements and schemes to drive home his point.

Further, he added that more than 12 crore farmers, three crore middle-class families and 30-40 crore workers employed in the unorganized sector would get advantage from the budget. Moreover, he continued to say that poverty has been falling at a record rate due to the efforts of his government.

Then he stated that this budget would boost the efforts of 130 crore citizens in accomplishing the purpose of a new India.

Finance Minister Piyush Goyal spoke 100-plus minute speech that was unusually long for an interim budget. He says the budget set aside Rs 75,000 crore towards the Pradhan Mantri – Kisan Samman Nidhi (PM-KISAN). This programme says that farmers holding up to 2 hectares will get Rs 6,000 as assured income support every year.

“Around 12 crore small and marginal farmer families are expected to benefit from this.”

Further, the Finance Minister offered a full tax rebate for the middle class up to a taxable income of Rs 5 lakh, potentially raising disposable income by Rs 10,000 a year.

He said,

“Even persons having gross income up to Rs 6.5 lakh may not be required to pay any income tax if they make investments in provident funds, specified savings, insurance, etc. In fact, with additional deductions such as interest on a home loan up to Rs 2 lakh, interest on education loans, National Pension Scheme contributions, medical insurance, medical expenditure on senior citizens, etc, persons with even higher income will not have to pay any tax.”

Highlights from Budget 2019:

  • I-T exemption limit hiked to Rs 5 lakh
  • Railway sector gets Rs1.58 lakh crore as highest ever budget allocation for national transporter.
  • The fiscal deficit has been brought down to 3.4%; CAD (current ac account deficit) likely to be 2.5% of GDP this year.
  • Moreover, the defense budget pegged at Rs 3.05 lakh crore this year.
  • In 2019-20, govt expects marginal growth of Rs 41,519 crore revenue from the telecom sector
  • For farmers hit by natural calamities, the finance minister announced 2% interest subvention.

Prime Minister At AIIB Meeting, Said India Is A Great Investor-Friendly Economy In The World

The meeting brought together leaders from all types of organizations and levels of government and gave them an opportunity to share their thoughts, experiences, and ideas for developing a sustainable future through sound infrastructure investment.

Prime Minister Narendra Modi also attended the ATTB meeting. While speaking at a third annual meeting of the Asian Infrastructure Investment Bank on Tuesday, PM Modi talked about India’s economy and budgetary matters. He said that AIIB can play an important role in raising resources.

While addressing the governors of AIIB, Modi said that the BJP government is committed to fiscal consolidation. (fiscal consolidation is a process where the government budgetary health is getting improved and indicated by reducing the deficit).

He said that our macroeconomic fundamentals are pretty strong and the prices are also stable. The external sector and fiscal situation are firmly in control.

And it is to be noted that despite raising the prices of oil, inflation is within the mandated range,” he said.

The government is firmly committed to the path of fiscal consolidation. He said,

India has achieved a rating upgrade after a long wait,” Modi said. He further added that India has grown amazingly in the global economy,  driving global growth with a $2.6-trillion GDP.

No wonder, the global confidence in India’s economy is rising year by year. Total FDI flows have increased gradually and India continues to be one of the top FDI destinations.

While speaking PM Modi also asked the AIIB to keep their interest rates affordable and manageable except for expanding its loan book by ten times to $40 billion by 2020 and $100 billion by 2025.

“India is one of the most investor-friendly economies in the world”, said Modi. Basically, the investors are looking for growth and macroeconomic stability. They want security, supportive regulatory framework and political stability in order to keep their investment protected.

“There are some foreign investors who think that India is an extremely low-risk political economy. We have provided investors a transparent, efficient, reliable and predictable environment,” said the Prime Minister.

In the summit, the Union Minister Piyush Goyal had also put his point and said that infrastructure is a main component that can drive growth.

“A multilateral development bank needs to coordinate development finance and innovative financing instruments,” he said.

He also added that India is a leading economy and a great destination for investment so it is needed to develop a faster and easier process for disbursement.