India Inc Thursday welcomed Budget 2013-14 as a laudable effort to kickstart the next cycle of investment while addressing inclusive and sustained development.
India Inc said Wednesday that there should not be any increase in taxes for the "super rich" as it would dampen business sentiments and lead to relocation of professionals to low tax regions like Singapore, Dubai and London.
In its bid to attract big ticket investments in the industry-hungry state, the West Bengal government is organising its annual investors' meet - the second edition of 'Bengal Leads' - from Tuesday, but the likely absence of big names is proving a major dampener.
India Inc Thursday lauded the cabinet's decision to approve legislative changes that will allow up to 49 percent foreign equity in the pension sector and hike such limit in insurance to 49 percent from 26 percent, calling it "landmark" and "pathbreaking".
India Inc urged the government on Monday to introduce the Goods and Services Tax (GST) and Direct Tax Code (DTC) to spur economic growth, which has been declining over a year owing to various global and domestic factors.
Most in India Inc. expect stagnancy or decline in their business activities in the July-September period due to high cost of borrowings, unfavourable macro-economic condition and the government's inability to push forward the reforms process, a survey revealed.
With the worst power blackout in India affecting almost half the country and causing business losses of thousands of crores of rupees, India Inc. called for raising capacity in the power sector on a war footing. "Availability of coal and gas is a pre-requisite for spurring investments in the power sector. Reforms that would help make coal and gas available as per the nation's requirements must no longer be held back," said RV Kanoria, FICCI President.
Welcoming the hike in petrol prices, industry organisations have called for differential pricing of diesel and liquefied petroleum gas (LPG) to curb ballooning fuel subsidy. "The current under-recoveries in diesel and LPG require immediate action to ensure that dual pricing of diesel is introduced, where non-farm use of diesel should have minimum subsidy," said Chandrajit Banerjee, Director General of Confederation of Indian Industry (CII).
Credit rating agency ICRA said that the provisions of the General Anti-Avoidance Rules (GAAR) prescribed in this year's budget has added to investors' anxiety.