Talk by Shri Deepak Parekh Chairman HDFC and Shri Yashwant Sinha, MP, Chairman Standing Committee of Finance & Former Finance Minister

Tax has a significant effect on actions of the people, which determines the economic growth of the Country. The Chamber of Tax Consultants and D.M.Harish Foundation organised 3rd D.M. Harish Memorial lecture on the topic of “Economic Growth, Equity and Taxation” addressed by Hon’ble Shri Yashwant Sinha, MP, Chairman of Parliament’s Standing Committee on Finance. Shri Deepak Parekh, Chairman HDFC was the Guest Speaker who spoke on the subject “Governance”

While delivering the Guest Speech, Shri Deepak Parekh, placed emphasis on the Education and systematic efforts to be made to fix corruption in the economy. He emphasised need to have in place mission 2020 on Governance with immediate focus on governance at National, local and, corporate and self levels. E-Governance should be encourage which would reduce corruption and increase transparency in system. In coming days large number of people would live in urban India. Persons like City Manager can be appointed to manage the City. In the days to come hand of the professionals would be full due to introduction of DTC, GST, IFRS, and new Companies Bill.

Shri Yashwant Sinha lauded the efforts of The Chamber of Tax Consultants for representations, since it is not a institution of vested interest. He mentioned that this will help for better tax policy and administration. Growth without equity is like a jungle and growth with equity is garden. Growth should be an inclusive growth. What is required in current period is better quality of living of the people but within predetermined time frame. He compared ideal tax policy with the quote from Raghuvams by Kalidasa. Wherein learned poet mentions “King receives taxes from his subjects only for the promotion of their welfare; for the sun sucks up water simply to give it back a thousand-fold (in the shape of rain)”.

Upcoming proposed tax legislations viz DTC,GST are path breaking legislation in the years to come. He also promised that his committee (Standing Committee on Finance) would take every effort to ensure that DTC law is better law then what is currently presented before the Parliament and which would withstand the test of time for next atleast half a decade. To over come the weakness in present form of DTC representation from the institution like Chamber has a greater weight than others, since it is neutral body. On the functioning of the parliamentary committees his view was that it in need of time to move from opaqueness to openness.