India Inc upbeat over tax cut

Mumbai, September 20

Hailing the massive tax giveaways to corporates to the tune of Rs 1.45 lakh crore, industry captains said the decision will not only boost the economy but will also make the industry more competitive globally.

“The steps to pump-prime the economy will lead to a big reset and revive the animal spirits in corporate India. The tax reduction will not only lead to economic buoyancy but will also make the industry more competitive globally,” Aditya Birla Group chairman Kumar Mangalam Birla said.

Tata Steel managing director TV Narendran welcoming the move said, “I guess the challenge for the government is to find alternate revenue streams to support the massive infrastructure spends planned.”

Mercedes-Benz India chief executive Martin Schwenk said the move is a shot-in-the arm as it is directly correlated to economic growth as it will boost manufacturing apart from promoting investment, higher profitability and buying sentiments.” — PTI 

Quotes

The steps to pump-prime the economy will lead to a big reset and revive the animal spirits in corporate India. — Kumar Mangalam Birla, chairman, Aditya Birla group

The reduction of corporate taxes will significantly boost the economy and will provide a huge impetus for the manufacturing and infrastructure sector. — Anil Agarwal, executive chairman, Vedanta resources

It is perhaps the boldest reform in  28 years! It will boost corporate bottomline and facilitate a reduction in product prices — Rajnish Kumar, SBI chairman

It is big bang reform. It signals that our government is committed to economic growth and supports legitimate tax abiding companies. A bold and progressive step forward —Uday Kotak, ceo, Kotak Mahindra bank

The steps announced by the FM have come as a much-needed gust of fresh air to resurrect and pump prime the economy. The move to rationalise the tax structure will help kick-start the next big economic upcycle — Sunil Bharti Mittal, chairman, Bharti enterprises