Business failures must not be looked down upon: Nirmala

india

Updated: Aug 02, 2019 05:51 IST

Lawmakers cutting across party lines spoke about Café Coffee Day founder VG Siddhartha, whose body was found floating in Karnataka on the Netravathi river into which he is believed to have jumped on Monday, in Parliament on Thursday.

Referring to Siddhartha during the debate on the Insolvency and Bankruptcy Code in the Lok Sabha, Union finance minister Nirmala Sitharaman said that business failures should not be tabooed or looked down upon.

“On the contrary, we should give an honourable exit or resolution to the problem in letter and spirit of the IBC [Insolvency and Bankruptcy Code],” she said in Lok Sabha.

In Rajya Sabha, Congress’s Digvijay Singh asked the government to regain confidence of industrialists.

“The economy is in a bad shape. In 2018, around 1.10 crore workers became unemployed. Among them, 90 lakh were from villages. Five lakh cars, 30 lakh two-wheelers remained unsold. 100 car dealers have closed their shops,” he said.

In a letter purportedly written by Siddhartha, he alleged, among other reasons, harassment by the Income Tax department as the cause for taking his own life. The I-T department has denied the charges.

(With agency inputs)