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Stimulus package to boost growth, stabilise economy: CII

Aug '19
Pic: Shutterstock
Pic: Shutterstock
The economic package recently announced by minister of finance and corporate affairs Nirmala Sitharaman imparts stability and underpins a new growth impetus for India, said the Confederation of Indian Industry (CII). The package covers the financial and automotive sectors, taxation and micro small and medium enterprises, which were being advocated by CII.

CII expects the economy will climb up in the coming months, it said in a statement.

“The macro impact of the economic package announced can be expected to be significant It is indeed commendable that all these multi-sectoral steps were carried out without pressure on the fiscal deficit. With her six-dimensional announcement, FM [finance minister] has indeed hit a sixer out of the grounds,” said CII president Vikram Kirloskar.

India’s gross value added (GVA) growth stood at 5.8 per cent in the fourth quarter of 2018-19 and advance indicators reveal that it might remain range-bound in Q1 2019-20.

In CII’s Business Outlook Survey for April-June 2019, two-thirds of survey respondents expected growth of over 6.5 per cent for 2019-20. CII president designate Uday Kotak said CII and the industry are looking forward to more such announcements from the minister, as mentioned in her speech.

Removal of surcharge on foreign portfolio investments (FPI) by the ministry of finance and the amendments in the FPI regulations by the Security and Exchange Board of India (SEBI) is expected to boost investor sentiments and is in line with CII recommendations for the equity markets, CII said.

Tax measures such as alleviating angel tax on startup investors and easier long term and short-term capital gains tax promise to re-energize investments.

With credit momentum being restored, demand in the economy is bound to pick up in coming months, in turn leading to capacity enhancements, it added. (DS)

Fibre2Fashion News Desk – India

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