Home / Knowledge / News / Textiles / Economy firmly on revival path: Jaitley
Economy firmly on revival path: Jaitley
08
Jan '16
Union Finance Minister Arun Jaitley has said that Indian economy has emerged as one of the fastest growing economies in the world. India's GDP growth accelerated at 7.3 per cent in 2014-15 compared to 6.9 per cent growth in 2013-14 and 5.1 per cent in 2012-13, indicating that the economy is firmly on the path of economic revival, Jaitley said according to a Finance Ministry press release.

Jaitley's comments came during his opening remarks at his fourth Pre-Budget Consultative Meeting with the representatives of IT (Hardware & Software) Sector in New Delhi on January 7.

Highlighting the contribution and importance of IT sector, the Finance Minister said that the Government's 'Make in India” programme has included the electronic systems and IT & BPM (Business Process Management) sectors among the 25 key sectors. He said that the Governments recognizes this sector's potential and the Information Technology sector is a key pillar in various flagship initiatives like digital India, Make in India, Skill India as well as Start-up India among others.

The participants thanked the Government for the measures undertaken in the previous year which facilitated their market performance and enabled them to revive and improve their growth .They expressed full confidence in India being the next big player in the manufacturing field in the world. They further said that Manufacturing will be the major driving force of India's economic growth and they would be able to achieve the target of creating jobs.

Major recommendations by the industry included the continuance of measures to facilitate exports, facilitating ease of doing business, measures for simplifying and rationalizing tax procedures. Other suggestions included the provision of Place of Effective Management (POEM) to be deferred by couple of years as this short period can be a hurdle for industrial growth. There was also suggestion that the scope of POEM need to be rationalized and made applicable to overseas shell companies. It was also suggested that GST be implemented at the earliest.

On the proposal of sunset clause in case of SEZ companies, they sought extension of tax relief to the eligible development activities and the sales activities by a SEZ unit till March 2019, as it will be unfair to deny the tax benefits to such SEZ developers who have planned large investments in setting-up SEZ infrastructure.

Other suggestions included reduction of corporate tax, specific time bound policy to revive the mobile industry, incentive to pollution free industries and vehicles, TRIPS Plus (Agreement on Trade-Related Aspects of Intellectual Property Rights ) commitment need to be relooked, directive to make all State and Inter-State duties and procedures online among others. There is also need to create duty differential benefits for Indian (IT hardware) manufacturers especially in case of mobile and tablets, they said.

It was also suggested to reduce Minimum Alternate Tax (MAT) and utilization period under MAT be increased from 10 years to 15 years. (SH)

Fibre2Fashion News Desk - India

Must ReadView All

Textiles | On 20th Jan 2017

TEA expects budget to upscale textile skill industry

The Tiruppur Exporters’ Association (TEA) has requested the Central...

Textiles | On 20th Jan 2017

Bangladesh could earn $60 billion in exports by 2021

Bangladesh is expected to earn over $60 billion in exports by the...

Courtesy: PIB

Textiles | On 20th Jan 2017

Govt to help Tangaliya weavers purchase looms: Irani

Government of India will facilitate Tangaliya weavers in purchase of...

Interviews View All

Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd

Productivity, creativity and innovation play a vital role in the growth of ...

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Veronique Lee
Modavanti

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search