The Confederation of Indian Industry (CII) has said a reduction in personal income tax could wait while the government fixes bigger issues related to non-banking finance companies, infrastructure and credit flow to micro, small and medium enterprises to help the country come out of the downturn.
“We are facing challenging headwinds in the economy and everyone acknowledges that. But the current environment where the government is willing to listen to the industry is very encouraging,” CII CII president Vikram KirloskarNSE 1.44 % said during an interaction with ET.
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The government must focus on increasing infrastructure spending for growth to pick up, and it is one of the key areas for the industry to remain bullish about India’s growth story, he said. “I think they (the government) want to remove the knots in the game,” Kirloskar said, hailing the government’s approach to listen to suggestions from stakeholders.
Source: Economic Times
