HOME > MARKETS > ECONOMY NEWS
  ECONOMY NEWS
ECONOMY
Reverse migration started as lot of people coming back to establish business in India: Sitharaman
Apr-23-2024

Union Finance Minister Nirmala Sitharaman has said that 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. She said ‘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 there and not here.'

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 said the fears were unfounded as allowing informal businesses to become formal businesses was not just about paying taxes. She pointed out that there was a likelihood of not paying tax at all even after coming on to the formal.

She said there is a sense of fear among people that if they opt for formal business they will have to submit accounts every year and file returns each year. She underlined ‘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.’


  RELATED NEWS >>