World Nations should reach consensus in refusing shelter to economic fugitives : Naidu

Speed Post News Network

New Delhi : The Vice- President of India M Venkaiah Naidu on November 17, 2018, said that world nations led by the UN should arrive at a consensus in refusing shelter to economic fugitives and create a framework for Extradition Treaties and exchange of information on black money. He was delivering keynote address after presenting Economic Times Awards 2018 for Corporate Excellence in Mumbai. Union Minister Finance and Corporate Affairs Minister Arun Jaitley,  Railways and Coal Minister Piyush Goyal and other dignitaries were present on the occasion.

The Vice- President called upon Corporate India and Banks to collectively work to ensure that every rupee is put to the most productive use. Congratulating the award winners, he said that these awards were indicators of the crucial role played by India inc. in the country’s onward journey towards becoming an economic superpower.

Expressing great optimism in India’s dream of becoming a $ 10 trillion economy soon, the Vice- President highlighted several indicators of policy success such as the rise in the Direct Tax collection from Rs 6.38 lakh crore in 2013-14, to Rs 10.02 lakh crore in 2017-18, an increase of 57% in four years.

Stating there is no place for ‘loot and scoot’ approach, the Vice- President stressed on constant vigilance, effective supervision and timely action to bring economic offenders and financial fugitives to justice so that the financial system can be restored to good health. He added that bad loans had crippled many banks in the country and expressed hope that this situation would be resolved quickly.

Naidu said that while our economy is poised for unprecedented growth, there are two important dimensions that we should not lose sight of—one is ‘equity’ and the second is ‘ethics’. Highlighting corporate India’s role in national development, Naidu said that real growth would be achieved only through a strong partnership between government and private enterprises.

The Vice-President said that demonetisation and Goods and Service Tax have spurred opportunities and growth and have ushered in digitalization, formalization and integration of the economy despite facing some teething troubles in the beginning. He said that economic growth must create avenues for more and more people to realise their potential.

Recalling the widespread appreciation for India’s growth story he experienced during his visit to Africa and Latin America, the Vice President said that world was looking towards India with great confidence for investment, technology and innovations. He further said that India should shun the politics of populism and move towards politics of pragmatism which will benefit society in the long term. ‘Freebies are not a solution’, he warned.

The Vice President gave away the Business Leader of the year Award to the Managing Director, Bajaj Finserv, Sanjiv Bajaj, Company of the year Award to HDFC Bank, the Emerging Company of the year Award to Page Industries, the Entrepreneur of the year Award to noted entrepreneur in the Indian renewable energy sector Sumant Sinha, Global Indian of the year Award to the Indian American business executive, and the CEO of Adobe Systems, Shantanu Narayen, Lifetime Achievement Award to the Chairman of the Godrej Group Adi Godrej, Business Reformer of the year Award to the Chief Minister of Telangana K. Chandrashekar Rao, Policy Change Agent of the year Award to National Payments Corporation of India, and the Corporate Citizen of the year Award to Hindustan Unilever, according to a PIB release.