India Inc, FM talk interest rates
Times of India, June 2, 2009, Page 22
TIMES NEWS NETWORK
New Delhi: High interest rate on long-term loans and difficulty in accessing credit at affordable price dominated the discussions between top industry honchos and FM Pranab Mukherjee on Monday, ahead of finalisation of the Union Budget for 2009-10.
In a pre-budget meeting with FM, industrialists demanded an investment-led Budget to bring the economy back on 8% growth path. The economy needs significant investments in infrastructure to stimulate growth, said CII president Venu srinivasan. Ficci president Harsh Pati Singhania suggested to withdraw fringe benefit tax, which does not generate much revenue.Mukherjee had invited 22 top industrialists for their views on measures required to stimulate demand in the sagging economy. Both the Ambani brothers, Mukesh and Anil, gave a slip to the meet. Other notable absentees include Ratan Tata and Assocham president Sajjan Jindal.
Those who attended the Budget deliberations included Airtel’s Sunil Bharti Mittal, Gautam Singhania of Raymond, A M Naik of L&T, V N Dhoot of Videocon and Singhania. Deviating from making the customary demands of cutting the excise and customs duties, industry captains on Monday asked the government to make large investments in infrastructure developments, which would generate demands for industrial products and help revive the economy. CII suggested abolition of all surcharges and cess.
Industry bodies suggested that actions should be taken on fiscal prudence, capacity creation, promoting investments and fuelling consumption. As the exports sectors is not performing because of global slowdown, industry captains pointed out that growth has to be achieved through domestic economy only.
CII presideent Venu Srinivasan said that the government should borrow directly from RBI to avoid pre-emption of money from market.
Times of India, June 2, 2009, Page 22
TIMES NEWS NETWORK
New Delhi: High interest rate on long-term loans and difficulty in accessing credit at affordable price dominated the discussions between top industry honchos and FM Pranab Mukherjee on Monday, ahead of finalisation of the Union Budget for 2009-10.
In a pre-budget meeting with FM, industrialists demanded an investment-led Budget to bring the economy back on 8% growth path. The economy needs significant investments in infrastructure to stimulate growth, said CII president Venu srinivasan. Ficci president Harsh Pati Singhania suggested to withdraw fringe benefit tax, which does not generate much revenue.Mukherjee had invited 22 top industrialists for their views on measures required to stimulate demand in the sagging economy. Both the Ambani brothers, Mukesh and Anil, gave a slip to the meet. Other notable absentees include Ratan Tata and Assocham president Sajjan Jindal.
Those who attended the Budget deliberations included Airtel’s Sunil Bharti Mittal, Gautam Singhania of Raymond, A M Naik of L&T, V N Dhoot of Videocon and Singhania. Deviating from making the customary demands of cutting the excise and customs duties, industry captains on Monday asked the government to make large investments in infrastructure developments, which would generate demands for industrial products and help revive the economy. CII suggested abolition of all surcharges and cess.
Industry bodies suggested that actions should be taken on fiscal prudence, capacity creation, promoting investments and fuelling consumption. As the exports sectors is not performing because of global slowdown, industry captains pointed out that growth has to be achieved through domestic economy only.
CII presideent Venu Srinivasan said that the government should borrow directly from RBI to avoid pre-emption of money from market.
Posts
No comments:
Post a Comment