Time For Industry To Take Plunge Towards Making Big Investments: Finance Secretary
'If there are any obstacles or bottlenecks coming in the way, please bring them to our notice, we will take action,' Tuhin Kanta Pandey says.
Finance Secretary Tuhin Kanta Pandey said on Monday that it is time for private investors to take the plunge now, nudging the industry towards making big investments on the heels of the budget.
"We have done our bit to prepare grounds not only to sustain growth but also to propel it," Pandey said at an interactive session organised by the Confederation of Indian Industries with officials from the Ministry of Finance. He added that India has opportunities of demography and demand that needs to be capitalised.
The finance secretary quoted Adam Smith, the celebrated economist, and said that the industry needs to revive its animal spirits as an animal is free from bondages and the industry needs to come up with investments in a big way without any fear. "If there are any obstacles or bottlenecks coming in the way, please bring them to our notice, we will take action," he said.
Chief Economic Adviser V Anantha Nageswaran said it is clear that the current state of the world is the driving force behind steps announced in the budget. Nageswaran added that the budget not only addresses the current issues that were plaguing the system; but puts India on a path to a robust medium term growth.
Ravi Agrawal, chairperson of the Central Board of Direct Taxes, talked about the tax rebates offered for taxpayers earning up to Rs 12 lakh per year, adding that the new slabs and rates would ultimately benefit all. "If people are happy, we are happy." Agrawal said.
Sanjay Agrawal, Anantha Nageswaran of the Central Board of Indirect Taxes & Customs, spoke on the rate rationalisation carried on the customs front and said that the same was done to simplify the duty structure and to ensure competitiveness of the Indian industry.
M Nagaraju, secretary at the Department of Financial Services, talked about building a conducive ecosystem for startups and stated that the government is expecting to support numerous startups through the Rs 10,000 crore allocated to Small Industries Development Bank of India. Nagaraju stated that the initiative will support 500 well-funded startups and the funds will be used to aid the growth of these startups.
Lastly, Ajay Seth, secretary at the Department of Economic Affairs, said India, as a nation, would have to expand on its manufacturing base significantly, adding that a whole lot is required to be done for the manufacturing mission.
