With the appointment of Nirmala Sitharaman as Finance Minister, the expectations are high of the respective industry leaders.
The traders’ body of India wants subsidies and incentives on digital payments to fulfil Prime Minister Narendra Modi’s vision of a cashless economy, Praveen Khandelwal, General Secretary, Confederation of All India Traders (CAIT), told Financial Express Online. “More important issue is digital payment which is the core agenda of the government. We also want to work with the government for extension, adoption and acceptance of digital payments among trading community,” Praveen Khandelwal said. However, to achieve the same, the government, in association with the trade body, needs to launch a wider, national campaign. Also, the traders hope that the government will provide them with some kind of subsidy or incentive for the adoption of digital payments and make India a cashless society, Praveen Khandelwal said.
With the appointment of Nirmala Sitharaman as Finance Minister, the expectations are high of the respective industry leaders. Expressing the body’s immense elation at the allocation of the position to Nirmala Sithraman, Praveen Khandelwal said that the CAIT expects that under her leadership in the Finance Ministry, the major focus will be on small traders. “We expect that more and more facilities will be given to them so that our tax base is widened,” he said. He added that the body hopes that the simplification of GST and review of different items under tax rates in GST will be an ongoing exercise. CAIT also hopes for a special income tax rate for the trading community will be implemented as traders are the tax collectors of the country.
Upon being asked if the appointment of Nirmala Sitharaman comes as a surprise to the community, Praveen Khandelwal said that the same is the prerogative of the government and the industry as such was not hoping for the allocation of anybody specific. The organisation will be meeting the newly elected minister as soon as she takes charge of the office, Praveen Khandelwal told Financial Express Online. The trader’s body will put forth its views on different issues relating to the Ministry of Finance and traders.
Nirmala Sitharaman is the second woman to hold the position of Finance Minister after Indira Gandhi.