Indian economy is firmly on path of revival: FM

The IT industry urged the government to continue taking measures to facilitate exports, ease of doing business and rationalise tax procedures The Dollar Business Bureau

On Thursday, Urban Development Minister M Venkaiah Naidu met Congress President Sonia Gandhi and said that both the parties should move in unison on the GST bill to meet the April 1 deadline for its implementation

The Union Minister for Finance Arun Jaitley holding the pre-Budget Consultation Meeting with the representatives of IT (Hardware & Software) Sector, in New Delhi on Thursday.

Indian economy has emerged as one of the fastest growing economies in the world with its GDP growth at 7.3% in 2014-15 compared to 6.9% in 2013-14 and 5.1% in 2012-13, indicating that the country is firmly on path of economic revival, Finance Minister Arun Jaitley said. Speaking at the 4^th pre-budget consultative meeting with the representatives of IT industry on Thursday, the Finance Minister said the government has included the electronic systems and IT & BPM (Business Process Management) sectors among the 25 key sectors as it could play a significant role in driving several initiatives including Digital India, Make in India, Skill India and Start-up India. Representatives from the IT industry also praised the government for its several measures which helped them 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 our economic growth and they will be able to achieve the committed target of creation of job opportunities,” Ministry of Finance said in a statement. The industry also urged the government to continue with measures to facilitate exports, ease of doing business and rationalise tax procedures, in the country. They suggested deferring the provision of Place of Effective Management (POEM) by couple of years to maintain the industrial growth momentum. They also sought an early implementation of the Goods and Services Tax (GST). On Thursday, the Urban Development Minister M Venkaiah Naidu met the Congress President Sonia Gandhi and said that both the parties should move in unison on the GST bill to meet the April 1 deadline for its implementation. Other suggestions included reduction of corporate tax, specific time-bound policy to revive the mobile industry and incentivise pollution-free industries and vehicles. “There is also need to create duty differential benefits for Indian (IT hardware) manufacturers especially in case of mobile and tablets,” the ministry said.

January 08, 2015 | 12:52pm IST.

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The Dollar Business Bureau - Jan 08, 2016 07:20 IST

Indian economy is firmly on path of revival: FM

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