Cooperative Ministry is a right decision at right direction: CA DB Mehta

12:08 PM, Sunday, August 1st, 2021
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 DB Mehta Mangaluru : In the last few years, most cooperative banks in the country have been hit by inadequate financial management. The newly created cooperative ministry by the Union government is the right decision in the right direction, said CREDAI Vice President and Economic Expert CA DB Mehta.

Speaking at a National-level seminar on “Indian Economy in a Global Context”, jointly hosted by the Economics PG Department of University College Mangaluru and The Institute of Chartered Accountants of India (Mangalore) on Friday, he said there is no benefit by the merger of banks. The only solution is privatization of major public sector banks. Subsidies have a negative impact on GDP, and only indirect taxes can boost the economy.

“Now China’s economy is 5 times bigger than our’. We can compete with China only if we build infrastructure, create jobs, increase the productivity of SEZs, improve water-use in agriculture, labour law reform, industry reform and industry-friendly environment,” Mehta estimated. ICAI Washington branch Head CA Gokuldas Pai said that increase in the oil price has led to rising prices for other goods in India. There is no increase in revenue.

ICAI Mangalore Branch former head CA SS Nayak moderated the program. Principal Anasuya Rai presided. PG Department Coordinator Dr. Jayawanth Nayak, Dr. B M Ramakrishna, Dr. Suresh, Shama INM, Adarsh hosted the program. ICAI Mangalore branch Chief CA K Subramanya Kamath was present among others.

                         

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