The coming financial year will see the Indian economy becoming more robust according to Minister for Finance and Corporate Affairs, Arun Jaitley.
In a video message to the Confederation of Indian Industries (CII) Annual Session 2018, Jaitley emphasised that the year ahead would be one of consolidation for the economy. “Reforms such as GST, Insolvency and Bankruptcy Code and new income tax regulations are contributing to a better investment climate. An aspirational India, an impatient India, has accepted the idea of reforms,” he added.
Also speaking at the event, Shobana Kamineni, President, CII stressed that it is time for industry to invest given the improvement in domestic and global GDP. She said, “It is time for industry to take the risk and build new capacity.” Urging companies to do business ethically and transparently, she said, “we cannot have scams. Doing business responsibly is critical to the success of industry.”
Kamineni also requested the government to widen the tax base through lowering of corporate income tax. She also sought better allocation of resources and right pricing, and deregulation of labour laws, noting that stability of policy is a key. “We value the assurance of a red carpet but cannot live under fear that it can be pulled out from us at any moment,” she added.