E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
  • Need Help?

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

What Closing Costs Do Home Buyers Have?

February 25, 2023

What Is Realtek HD Audio Manager

February 2, 2023

A Basic Guide To Cell Tower Leasing

February 2, 2023
Facebook Twitter Instagram
E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
  • Need Help?
Facebook Twitter Instagram
E Amazings
You are at:Home»Business»Reduce personal income tax to spur economic activities – CII urges Modi government
Business

Reduce personal income tax to spur economic activities – CII urges Modi government

By August 3, 2022No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter Pinterest WhatsApp Email

[ad_1]

The Confederation of Indian Industry president Sanjiv Bajaj on Wednesday asked the Central government to contemplate reducing the personal income tax rates to spur economic activities. The business tycoon also said the country’s underlying growth drivers are strong and the economy would grow in the range of 7.4 per cent to 8.2 per cent in the next fiscal.

“Putting more money in the pockets of the consumers is of vital importance to revive consumption demand in the economy. The government should contemplate a reduction in the rates of personal income tax in its next push for reform as this would increase disposable incomes and revive the demand cycle,” Bajaj, who is chief managing director of Bajaj Finserv, said in a press conference.

He was speaking to reporters as part of the CII’s theme 2022-23 “Beyond India @75: Growth competitiveness, sustainability and internationalisation”.

The CII is also organising ‘Sankalp Se Siddhi’ in the city, in which Union Home Minister Amit Shah will attend on Thursday.

“The Central and state capex are rising and tax buoyancy would support growth in FY23. Hence, on balance, CII has retained India’s GDP forecast in a range of 7.4 to 8.2 per cent in FY23,” Bajaj said.

He also said the CII believes that there is a lot that industry and CII could do themselves in taking India to a USD 40 trillion goal post by 2047.

Bajaj also maintained that India needs to boost its forex reserves to revive the economy especially in view of the capital outflows by foreign institutional investors, prompted by an uncertain global economic environment.

“The government should work towards inclusion of some of the large market cap companies into the global equity indices like MSCI and FTSE indices, expedite India’s entry into J P Morgan’s Global

Emerging-Market Bond Index and Barclays Global Bond Index, and consider bringing out a special issue of India Millennial Bonds like was done in 2008,” he opined.

Replying to a query, he said the demonetisation gave a major push to the digital payment, which helped tide over the COVID-19 pandemic induced lockdown and its cascading effect on the economy.

According to him, the digital payment in India today is more than the digital payment in the United States of America and China put together.

With reference to the big boost to the digital payment in India, Bajaj said, “If we can innovate for ourselves, we can do it for the world as well.”

The CII president also predicted that by 2027, some initiatives will make India a USD five trillion economy.

Bajaj underscored the importance of expanding the Production Linked Incentive Scheme (PLIS) and bringing more sectors within its ambit, especially those which are labour intensive and also in sectors where our imports are high.

The CII will continue to scale up its engagement in skilling and will skill 1.5 lakh youth and help place another two lakhs youth, improve manufacturing competitiveness by proposing to build a Cost of Doing Business (CoDB) Index, and work with the states to strengthen the national single window system, he said.

 



[ad_2]

Source link

Related Posts

Air Duct Repair 101: Everything You Need To Know

By Corbin BowenFebruary 2, 2023

Advantage LIC? How Budget Insurance Amendment Bill may benefit the PSU insurance giant

By January 5, 2023

LIC offering multiple benefits on premium payment with co-branded credit cards with Axis Bank: Check features, offer

By January 5, 2023

Foreign universities will need UGC’s nod to set up campuses in India

By January 5, 2023
Add A Comment

Comments are closed.

Our Picks

What Closing Costs Do Home Buyers Have?

By Corbin BowenFebruary 25, 2023

What Is Realtek HD Audio Manager

By Corbin BowenFebruary 2, 2023

A Basic Guide To Cell Tower Leasing

By Corbin BowenFebruary 2, 2023
Recent Posts
  • What Closing Costs Do Home Buyers Have? February 25, 2023
  • What Is Realtek HD Audio Manager February 2, 2023
  • A Basic Guide To Cell Tower Leasing February 2, 2023
  • Air Duct Repair 101: Everything You Need To Know February 2, 2023
  • Advantage LIC? How Budget Insurance Amendment Bill may benefit the PSU insurance giant January 5, 2023
  • The Flight Of The Dremel January 5, 2023
  • LIC offering multiple benefits on premium payment with co-branded credit cards with Axis Bank: Check features, offer January 5, 2023
Archives
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • September 2021
Facebook Twitter Instagram Pinterest TikTok
© 2022 E Amazings - All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.