India To Ease Tax Burden In Key Industrial Sectors
Indian Finance Minister P. Chidambaram has pledged a number of tax reforms in
an attempt to stimulate investment and help achieve long term economic growth
rates of more than 7%.
Addressing the 77th annual general meeting of the Federation of Indian Chambers
of Commerce and Industry (FICCI), Chidambara promised to overhaul taxation in
four key industrial sectors. "The textile, petroleum, sugar and telecom sectors have a complex and
convoluted tax structure. I acknowledge it is an unfinished exercise and I have
to unravel them," Chidambaram announced. The Finance Minister added that the new tax reforms would be directed towards
encouraging investment from domestic, rather than foreign, sources. “We need to embark on the path of sustained high growth of over 7% over
the next 10 to 15 years through an investment-led growth strategy,” Chidambaram
declared. "India's growth depends vitally on investment. Only investment-led growth
can be sustained over a long period,” he warned. .
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