“New instruments for disinvestment include listing of CPSEs through IPOs (initial public offering), mergers and acquisitions of CPSEs, and listing of exchange traded funds (ETFs). Since 2014, Government has realized over Rs 2 lakh crore from disinvestment of PSEs. In 2017-18, Government realized a record Rs 1 lakh crore. “This can be compared to the performance of the preceding 10 years (2004-05 to 2013-14) during which the cumulative collection was Rs 1.08 lakh crore. We have realized double the amount in less than half the period,” Mr Modi said.

The Prime Minister pointed out that on the direct tax front, income tax return forms have been rationalized to make them taxpayer-friendly and the income tax department has eased norms for scrutiny of assessments. The first slab of income tax up to Rs 5 lakh has been reduced from 10 per cent to 5 per cent for non-corporate tax payers. “For the law-abiding, the procedures and processes are being simplified; for the unscrupulous there is no escape. As part of our mission against black money and corruption, my Government has struck off the names of around 2.6 lakh shell companies and 3.09 lakh directors. Names of 55,000 companies more will be struck off this month,” the Prime Minister said.