Slowdown Due to Closure of Businesses of Tax Defaulters: Fadnavis

“We implemented GST. Now tax cannot be evaded, those who did not have habit of paying taxes were affected," he said.

In a special conversation with The Quint, Maharashtra Chief Minister Devendra Fadnavis acknowledged that there has been a slump in the Indian economy.

(Photo: The Quint)

Video Producer: Anubhav Mishra
Video editor: Vishal Kumar

In a conversation with The Quint, Maharashtra Chief Minister Devendra Fadnavis acknowledged that there has been a slump in the Indian economy.

‘Those Who Paid Taxes Had No Losses’

Fadnavis said that the reason for the slowdown could be the new tax system in the country, adding that a lot of businesses were affected by the implementation.

He said, “We implemented GST. In this system, tax cannot be evaded, those who did not have habit of paying taxes were affected by this system, because now tax cannot be evaded, you have to pay tax, so their model was over.”

‘Banks Were Looted Under UPA Govt’

The chief minister said that during the tenure of the UPA government many businessmen looted the banks, due to which the economy had to bear losses. He said that under Modi government this loot has been stopped.

“Banks were looted between 2008-2014. After Modi government came to power, an IBC kind of code was prepared. This arrangement was prepared so that these kind of frauds cannot happen in the future. And the properties of the defaulter will be auctioned immediately, so that recovery can be done before the assets are sold off. By doing this, the fraudsters were caught. Money worth thousands of crores of rupees was recovered.”

How Will Nirmala Sitharaman Fix Everything?

“Nirmala ji has given Rs 70,000 crore to the banks and Rs 5 lakh crore was re-monetised. The retail businessmen or the consumer takes money from the NBFC, in this case banks will be able to give loans to the NBFC.”