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.
.
Network Tweets Archive
| Resources | Partners
| Site Map | Links
| Newsletter
Archive | Contact
| RSS Feeds
About | Syndication |
Advertising & Marketing |
Recruitment |
Terms & Conditions |
Privacy
Copyright © 2012 - All Rights Reserved - Tax-News.com
All content provided by BSI Media
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment