Pragmatic budget, has all ingredients to boost econnomy, spur growth : IACC
Chennai, Feb 2 (UNI) The Indo-American Chamber of Commerce (IACC) today hailed the Union budget as pragmatic and forward looking and has all the ingredients to boost the economy and spur growth. In a statement here, IACC National President N V Srinivasan said Finance Minister Arun Jaitly should be complimented for presenting a pragmatic and forward looking Budget. " It has all the ingredients to boost the economy and spur growth impulses, particularly in areas like infrastructure, manufacturing and agriculture," he added. The FDI liberalization should be fast tracked and to give special focus to sectors like defense, aerospace and digital space. In this regard, he specially welcomed the proposal to abolish FIPB and felt that it would pave the way for accelerating the inflow of FDI since in some cases decisions were delayed, Mr Srinivasan said. He said it was a happy augury that India has emerged as the sixth largest manufacturing country in the world. "Having regard to the Government's approach and systematic decisions that are taken from time to time, to ease doing business, India can move in the value chain very soon'', he said, adding, the IACC would sensitize its US counterparts of the changes that have happened in the Indian investment climate to ensure greater inflow of investments from the US corporations. The IACC President welcomed the efforts the government is doing to rein inflation, and success the government achieved in containing current account deficit (CAD) from one to 0.3 per cent. Mr. Srinivasan welcomed the benefits extended to the middle class by bringing down the tax rates and hoped that it would lead to both increase in aggregate demand and higher savings to meet increased resource generation for investment. However, he felt that the government should have taken some measures for slashing the steep corporate tax rates and should have given some firm indication about the roll out of GST.