Minister of State for Finance Jayant Sinha has indicated that the government is likely to get rid of exemptions and rebates that it has been extending to industry and high net-worth individuals to adjust the revenue loss that it might incur on account of reduction of corporate tax from 30 percent to 25 percent.

Addressing the Session on 'India's Economic environment - Removing Hurdles' at a 110th Annual Session of PHD Chamber of Commerce and Industry in New Delhi on Saturday, Sinha said that Indian economy has begun to look up especially in the consumption driven sectors but it is still facing challenges on fronts such as exports, metal and even agriculture sector due to wide spread global slow -down and on account of inadequate monsoon.

Otherwise, by and large the economic conditions of the country are stable since the government of the day is committed to build on capacities not only in infrastructure, power and other sector to make the execution capacities so that the benefits of the growth are percolated down to masses, pointed out the Minister.

Without detailing on the subject on curtailment of exemption and tax rebates, the minister pointed out that the government has to pay off its bills and honour liabilities, therefore, some exemptions and rebates so far extending to industry and others would have to be chopped as such the government had already extended tax benefits to industry in terms of reduction in surcharges and corporate taxes.

According to Sinha, in the last one decade, with NDA government coming into power the public investments have gone up by 40 percent and India also witness substantial increase in the foreign direct investments which showed the repose of trust of the investors and other stakeholders in the government of the day which is totally committed to empower the poorest of the poor against the entitlements.

In his introductory observations, the President, PHD Chamber, Alok B. Shriram spoke very high of Sinha and his ancestry, pointing out that the government of the day so far done a remarkable job in handling the second generation reforms despite constraints of India's political economy. "It has succeeded in ushering in further reforms in sectors such as defence, telecommunication, finance, insurance and even in banking through the routes possible at the government's disposal which industry hail", concluded Shriram.

In his vote of thanks, Sr. Vice President, PHD Chamber, Dr. Mahesh Gupta echoed and the observations made by Shriram adding that Sinha is one of the most energetic ministers in the present government and PHD Chamber is all out to support him as well the government.