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.
