The affordable housing project, piped water to 150 million homes, and employment, especially via the tourism sector, were initiatives his government had taken. The cuts in personal taxes would free up income that would fuel both investment and manufacturing, which in turn would be aided by the cuts in corporation tax
his government had announced recently, he said.
Changes in labour laws and rationalisation of obsolete laws will help both the employee and the employer. He said the government was moving fast on disinvestment.
On the banking sector, he said the government was moving on the recommendation “made by many of you in this room”, that India did not need more banks but stronger banks. Accordingly, the recapitalisation of banks was a project that his government was committed to, with special windows for the real estate sector.
He referred to the government’s plans to reorganise the bureaucracy in a way that bureaucrat committed to India’s progress were not held back by cadres and services.
Those bureaucrats who had charges against them had been asked to go. Digitisation and application of technology in tax collections had promoted facelessness in tax assessment and as a consequence, the transfer-posting industry that powerful tax officials spawned, was now a thing of the past. “Now there will be no games in tax assessment," he said.