The Confederation of Indian Industry (CII) suggested further easing of indirect taxes, personal income tax and additional investment in infrastructure to revive the Indian economy, reported the PTI quoting CII National President Venu Srinivasan.
Srinivasan said that the Indian economy would revive in the next six months to eight months as some sectors like automobiles have reported notable gains in sales in April. However, he stressed the need to reduce Repo and reverse repo rate by 50 basis points to 4.5% and 3% respectively saying that the industrial growth has declined significantly since March.
The CII president expressed satisfaction over the stimulus packages announced by the government to encourage the economy and said that the government must raise infrastructure spending to 9% of GDP, citing significant improvement in China due to an increase in infrastructure spending. He said China has built 100 cities with all facilities and India should at least build 20 cities of that kind.
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