Vijyender Sharma
New Delhi---------In a communication sent today to Union Finance Minister Mr. Arun Jaitley, the Action Committee For Formal Finance For Non Corporate Sector has urged him that in pursuance of his announcement made in the Union Budget for providing financial architecture for non corporate sector, the Joint Committee of Ministry of Finance, Ministry of MSME and RBI may be formed immediately. The Action Committee has said that Prime Minister Shri Narendra Modi has already initiated process of financial inclusion with inauguration of Pradhanmantri Jan Dhan Yojna on 29th August and in line of the same the financial inclusion of non corporate sector shall prove to be a further big and constructive step of the Government.
Mr. Praveen Khandelwal, National Coordinator of the Action Committee in his communication to Mr. Jaitley has also urged him to include representatives from non corporate sector and banking & financial experts so that the said Committee may study the ground relaties and also the participation of non corporate sector in drawing financial architecture is ensured.
It is remembered that Mr. Jaitley in Para 102 of his budget speech said that SMEs form the backbone of our Economy. There is a need to examine the financial architecture for this sector and in this regard he proposed to appoint a Committee with representatives from Finance Ministry, MSME Ministry and RBI to give concrete suggestions in three months.
The Action Committee has lauded the announcement of the Finance Minister since for the first time any Government has officially spelled out importance of the non corporate sector and has announced concrete steps for its financial inclusion. The non corporate sector consisting of Traders, Transporters, Truck Operators, SMEs, Self Employed Groups, Hawkers, Women Entrepreneurs and other sections is providing employment to about 46 crore people in the Country. If a viable financial architecture is given to this sector, its present contribution of 45% to national GDP can rise to any extent. Further in such an event the domestic exports will get a boost which will help in curtailing the current account deficit.
The non corporate sector of the Country compliment Shri Jaitley for such a landmark step and assure its utmost cooperation to the Government in designing a strong financial architecture for non corporate Sector.
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