India Inc praises tax donations, says 'the decision will boost the economy'
MUMBAI: Praising the massive donations of taxes to corporations for the amount of Rs 1.45 lakh crore, industry captains said the decision will not only boost the economy but also make the industry more competitive worldwide.
Finance Minister Nirmala Sitharam announced a series of changes in the direct tax regime, including a 10 percentage point cut in corporate taxes to a cash of 25.17 percent, which is more or less on par with the US. UU. And many other developed economies.
The steps to boost the economy of the economy will lead to a great restart and revive animal spirits in corporate India. The tax reduction will not only lead to economic buoyancy but will also make the industry more competitive worldwide, said Kumar, president of Aditya Birla Group. Mangalam Birla said.
He also said that these measures only reaffirm the will of the government to go beyond incrementalism and act with conviction to carry out economic reforms.
The managing director of Tata Steel, TV Narendran, welcomed the measure and said: I think the challenge for the government is to find alternative sources of income to support the planned massive infrastructure expenses.
The president of the JSW Group, Sajjan Jindal, said that strong tax cuts and the special tax rate for new manufacturing investments will not only revive the feeling but also improve our competitiveness.
The president of the SBI, Rajnish Kumar, said the measure will increase corporate results and reduce prices. In addition, the movement to encourage the establishment of new manufacturing units comes at the most appropriate time for multinationals that could be actively seeking opportunities to invest worldwide.
The managing director of JM Financial Group, Vishal Kampani, said that these bold movements will boost the next great economic cycle as they will revive the history of consumption.
Spicejet president Ajay Singh said that this measure, the latest in a series of steps taken by the government to stimulate growth, demonstrates its ability to find great solutions to big problems.
Nirmal Jain, of Group IIFL, said that the stimulus of Rs 1.45 lakh crore to restart the economy is a bold move that will unleash animal spirits. This can certainly change the course of the economy and markets. It is a move towards a simpler and lower tax regime with minimum incentives and exemptions.
Praising the decision, said Ajay Piramal of the Piramal Group, that tax cuts can help the paralyzed NBFC sector save Rs 250-300 rupees that can potentially be reallocated as loans.
The executive president of Mercedes-Benz India, Martin Schwenk, said the measure is a blow to the arm, since it is directly related to economic growth, as it will boost manufacturing, apart from promoting investment, greater profitability and feelings shopping .
Whirlpool of India managing director Sunil D'Souza said that allowing companies to use their CSR spending of 2 percent in incubation will increase Ru0026D and innovation in shifts.
The president of Kalyan Jewelers, TS Kalyanaraman, said that a lower tax rate will increase transparency in the gem and jewelry industry, which will eventually lead to a change from the disorganized to the organized sector.