Our Bureau
Bengaluru
Union Finance Minister Nirmala Sitharaman said reverse migration had started as a lot of people are coming back to establish business here in India. According to her, reverse migration has started in which a lot of people, who have a global footprint, are finding businesses, professions and careers to be built in India.
“Ideally, India should be a country which is worth for our grandchildren to stay and live and lead their lives and contribute for the country rather than run away from here because opportunities, job satisfaction, career enhancement, are better here and not there,” the FM said during an interactive meet on ‘Economy and The Vision for ‘Amrit Kaal-2047.’
The event was organizd by the Institute of Chartered Accountants Of India, Southern India Regional Council here in Bengaluru. Sitharaman appealed to chartered accountants to bring more informal businesses on the formal side so that they can reap the benefits of the open world.
According to her, small businesses prefer to remain informal because they fear that they will have to pay taxes and taxmen can go after them. She underlined that the fears were unfounded as allowing informal businesses to become formal businesses was not just about paying taxes.
FM Sitharaman told the gathering that digital payments have made transactions easy with speed and access to newer markets, which is good for businesses.
The FM told chartered accountants that there was a need for a digital revolution even in small business.
“It means I am opening my systems up so that taxman is going to be after me – That is the fear which has to go out of people’s minds because the benefits that you reap once you come on to the system is far more than what you can account for now,” Sitharaman emphasized.
