|
|
|
'Incentives to manufacturing, tax cuts among major expectations'
|
|
|
|
Top Stories |
|
|
|
|
IANS | 10 Jan, 2023
Continued focus on investment in infrastructure, further incentivising
manufacturing and sustained efforts in 'Ease of Doing Business', pushing
through disinvestment and leaving more money in the hands of middle and
lower middle class people are amongst the major expectations of India
Inc, as brought out by an ASSOCHAM pre-Budget survey.
The
survey, covering more than 400 people from 40 plus cities across the
country, pointed towards the industry being optimistic about economic
recovery and embracing the 'new normal' following the Covid period,
challenging geo-political situation and slowdown or recession fears in
several important economies of the world.
More than two third of
the respondents in the survey stated that the government should reduce
the tax rates in income tax and rework the exemption limit leaving more
disposable income in the hands of consumers. "The economy needs both
robust demand across different sectors. This would eventually lead to
newer investment, giving a double push to growth that would be a
catalyst for job creation on a large scale," ASSOCHAM Secretary General
Deepak Sood said.
Despite global challenges, it is expected that
the Indian economy is likely to grow by 6.8-7 per cent in the medium
term, buoyed by a revival in the capital formation cycle. This growth
projection is in line with the International Monetary Fund's forecast of
6.8 per cent in the current fiscal year and 6.1 per cent in the next.
An
overwhelming number of respondents also want a boost to the
infrastructure and housing sector as well as giving further incentives
to the companies to hire more people.
The tax rates for
individuals have not been changed since FY 2017-18, apart from the new
tax regime, which is subject to onerous conditions. Accordingly, the
majority of the respondents suggested reducing the effective rate of
personal income tax.
The current capital gains tax structure is
too complicated. Therefore, "we need to re-look at the capital gains tax
structure in terms of the rates and the holding periods. There should
be alignment in the rates of taxation across all asset classes and the
holding period across all asset classes", it said.
|
|
|
|
|
|
|
|
|
|
|
|
|
Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
|
|
Daily Poll |
|
|
PM Modi's recent US visit to redefine India-US bilateral relations |
|
|
|
|
|
Commented Stories |
|
|
|
|
|
|
|
|