India Inc seeks stimulus at least for six months
Economic Times, January 6, 2010, Page 17
Our Bureau NEW DELHI
CAPTAINS of Indian industry, who met the finance minister Pranab Mukherjee on Tuesday as part of pre-budget drill, sought continuation of stimulus packages for at least next six months, implementation of goods & services tax (GST) as planned besides checking the fiscal deficit, to help India post a robust economic growth in the coming fiscal.
The industrialists, who were present at the meeting in the Capital, said the finance minister was receptive to suggestions and assured that the government will take suitable measures to boost economic growth. Last year the government came out with three fiscal stimulus packages to provide a boost to domestic production and pull the economy from the downturn.
The meeting that lasted for more than two hours was attended by the presidents of industry associations CII, Ficci and Assocham besides industrialists like Mahindra & Mahindra chairman Anand Mahindra, Videocon Group chairman Venugopal Dhoot, Raymond chief Gautam Singhania, Tulsi Tanti of Suzlon and Nasscom president Som Mittal among others.
During the meeting, industry associations pointed their fears that GST may not be implemented on its scheduled date of April 1, 2010. “GST is going to be the biggest reform ever seen in fiscal and financial regime,” said CII president Venu Srinivasan. He said that even if there are flaws in GST, it should be implemented at the earliest and the government should take corrective measures on the way.
Moreover, India Inc jointly sought for continuation of stimulus packages that have helped the companies fight slowdown so far. “The stimulus should continue for another six months at least considering that economic recovery was fragile last year,” said Assocham president Swati Piramal.
Adds Ficci president Harshpati Singhania, “Customs duty should be maintained at the current level to help export led industries as the global recovery is still slow.”
Corporate India also asked the government to expedite the divestment process, cut corporate tax besides extending incentives to exporters and small and medium enterprises (SMEs), to fuel India’s economic growth.
India Inc feels that while the green shoots of recovery were seen sprouting in India faster than in most parts of the world, it is essential to remain cautious to ensure India attains 9% growth.
“The FM was hopeful that India’s economic growth will reach 8% in the current quarter and further increase to 9% in the coming financial year,” Mr Dhoot said.
Economic Times, January 6, 2010, Page 17
Our Bureau NEW DELHI
CAPTAINS of Indian industry, who met the finance minister Pranab Mukherjee on Tuesday as part of pre-budget drill, sought continuation of stimulus packages for at least next six months, implementation of goods & services tax (GST) as planned besides checking the fiscal deficit, to help India post a robust economic growth in the coming fiscal.
The industrialists, who were present at the meeting in the Capital, said the finance minister was receptive to suggestions and assured that the government will take suitable measures to boost economic growth. Last year the government came out with three fiscal stimulus packages to provide a boost to domestic production and pull the economy from the downturn.
The meeting that lasted for more than two hours was attended by the presidents of industry associations CII, Ficci and Assocham besides industrialists like Mahindra & Mahindra chairman Anand Mahindra, Videocon Group chairman Venugopal Dhoot, Raymond chief Gautam Singhania, Tulsi Tanti of Suzlon and Nasscom president Som Mittal among others.
During the meeting, industry associations pointed their fears that GST may not be implemented on its scheduled date of April 1, 2010. “GST is going to be the biggest reform ever seen in fiscal and financial regime,” said CII president Venu Srinivasan. He said that even if there are flaws in GST, it should be implemented at the earliest and the government should take corrective measures on the way.
Moreover, India Inc jointly sought for continuation of stimulus packages that have helped the companies fight slowdown so far. “The stimulus should continue for another six months at least considering that economic recovery was fragile last year,” said Assocham president Swati Piramal.
Adds Ficci president Harshpati Singhania, “Customs duty should be maintained at the current level to help export led industries as the global recovery is still slow.”
Corporate India also asked the government to expedite the divestment process, cut corporate tax besides extending incentives to exporters and small and medium enterprises (SMEs), to fuel India’s economic growth.
India Inc feels that while the green shoots of recovery were seen sprouting in India faster than in most parts of the world, it is essential to remain cautious to ensure India attains 9% growth.
“The FM was hopeful that India’s economic growth will reach 8% in the current quarter and further increase to 9% in the coming financial year,” Mr Dhoot said.
Posts
No comments:
Post a Comment