CII hails financial measures of government |
Indian Industry body Confederation of Indian Industries has said that the multi-sectoral and multi-dimensional policy stimulus announced last week will have significant impact, imparting stability and underpinning a new growth impetus for India. Coming in the wake of several retaliatory and counter-retaliatory trade measures between the two largest global trading nations, the economic package announced by Nirmala Sitharaman, Minister of Finance and Corporate Affairs, on Friday imparts stability and underpins a new growth impetus for India. The macro impact of the economic package announced can be expected to be significant. The industry body said it expects that the economy will climb up in the coming months. The comprehensive measures removing enhanced surcharge on foreign portfolio investors and domestic investors, securing transmission of lower repo rates, addressing delayed payments and ensuring that bank officials are confident about lending are strategically targeted towards raising investments. On Friday, the government announced a raft of measures, including rollback of enhanced super-rich tax on foreign and domestic equity investors, exemption of startups from `angel tax`, a package to address distress in the automobile sector and upfront infusion of 9.7 billion dollars to public sector banks, in efforts to boost economic growth from a five-year low.
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