Economy is facing a reset exercise
AMN / NEW DELHI
Union Finance Minister Nirmala Sitharaman has said that the momentum of economic reforms will continue to make India a hotspot of global investment.
Addressing a conference organised by CII, Ms Sitharaman said Prime Minister Narendra Modi has not lost any opportunity to take deep reforms at this time of pandemic.
“In the present pandemic times when the headwinds to growth have exacerbated, the reforms momentum has continued, and will continue in the future as well”, said Sitharaman.
She said, Mr Modi also undertook those kinds of reforms which have not seen the light of the day over the decades.
The Finance Minister said, several more active reforms related steps are being taken up to ensure that the reform momentum continues even during the pandemic. She said, the financial sector is being professionalised and the government will continue with disinvestment.
On reforms in taxation system, the Finance Minister said the use of technology, such as faceless assessment, has eased the tax filing process. On corporate tax, Ms Sithraman said that the reduction in corporate tax clearly shows that our intent is to show immediate benefits for the MNCs and any large companies or small companies.
Mr Soumitra Bhattacharya, Chairman, CII National Committee on MNCs, in his opening remarks stated that MNCs acknowledge the fast-paced reforms that have become a regular feature of the current economic environment. The reforms must continue given the tectonic shifts in global supply chains in a post-COVID world, which are attracting many foreign firms to shift their base to India. This opportunity must be seized fully, he further added.
Mr Chandrajit Banerjee, Director General, CII earlier in his welcome remarks highlighted that the Government has been working rigorously to create a strong, vigorous, and dynamic environment for MNCs by introducing a plethora of reforms. He suggested that slab-based incentives could be offered, depending on size of FDI. “CII remains committed to continue supporting the government in making India an even more attractive destination for foreign investors”, he added.