Union Textiles Minister Smriti Irani on Saturday said the country needed “fiscal discipline” to build a strong economy, and citizens’ cooperation would go a long way in this regard. “Benefits of demonetisation need to percolate down to entrepreneurs and their enterprises, many of which are outside the ambit of formal economy,” Irani said at the 31st regional conference of Western India Regional Council of Institute of Chartered Accountants of India on Saturday.
“The country needs fiscal discipline to build a strong economy and for social justice,” she said. On her Ministry’s response to demonetisation, Irani said it had facilitated opening of five lakh new bank accounts for textile workers. Since demonetisation, tax collection of civic bodies and cashless transactions had increased, Irani noted.
Appealing to the ICAI members to stand by the Government during demonetisation, the Minister said “if citizens decided to cooperate, a lot can be done to strengthen the Indian economy”. She also expressed hope that ICAI would enrol more women and encourage meritorious girls to join the profession.
Earlier, speaking at Bhiwandi in neighbouring Thane district, which is known for its powerloom industry, the Union Minister said the Centre would soon come out with a policy for powerloom sector.
Addressing a meeting of representatives of powerloom owners and workers, organised by the local BJP MP Kapil Patil, she said in the next three years a total of 900 million meters of cloth would be procured from the powerloom units.
Irani also instructed the local sub-divisional officer to ensure that every powerloom worker has a bank account and is trained to carry out cashless transactions.