The trader community is the backbone of the economy, Prime Minister Narendra Modi said here on Friday, adding that the government stood in support of the country’s traders and would create bodies to address all their problems.
“The number of registered businessmen has doubled since GST and the States’ revenue has increased by 1.5 times,” Mr. Modi said while addressing traders. “GST is operating on your suggestions. As the suggestions come, the GST Council meets and finds a way forward. There is no need to wait for the next Budget for a change.”
He likened the traders to weather scientists due to their ability “to foresee changes and adapt to them”.
“After Independence, under the Congress, it has been spread that all that has been wrong with the country is because of the traders,” Mr. Modi said. “But the people who spread this, they benefited from high inflation, and then blamed the traders and businessmen for it. The truth is that the common trader is hit double due to inflation. One is when he makes his home budget and second, because people’s money is spent on essentials, and so businesses saw fewer sales.” When inflation is controlled, then there is more money in the pocket, then business in the markets grows quickly,” he said.
While previous governments used to boast about the laws they introduced, this government vowed to reduce the number of laws and had ended 1,500 laws in the last five years, he said.