Financial Daily from THE HINDU group of publications
Tuesday, Sep 30, 2003
Financial Daily from THE HINDU group of publications Tuesday, Sep 30, 2003 |
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Industry & Economy
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Economy Govt plans schemes to boost investments Our Bureau
Chennai , Sept. 29 THE Government of India will bring in schemes to incentivise investments, Dr S. Narayan, Economic Advisor to the Prime Minister, has said. Addressing the Madras Chamber of Commerce and Industry (MCCI) here today, Dr Narayan observed that there was no dearth of investible resources, but what was lacking was "investments" (or, projects). He also said that corporates were sitting on large reserves (reported to be about Rs 40,000 crore), which should actually go into job-creating investments. He said that there was a need to "incentivise investments". Later, when journalists asked him what incentives the Government had in mind, he said, "for that you will have to wait for some time". He also declined to mention whether the incentives would be announced in the next budget, or earlier. Alongside incentives, he said that there should be expectation of stability and growth of demand. Dr Narayan was confident that this would happen after the October harvest. He noted that the two-wheeler manufacturers expected a good third quarter, and said that this was a good sign. Dr Narayan said that in a country as advanced in software as India is, where railway tickets could be reserved on the Internet, it ought not to be difficult to make tax compliance stricter, by tracking expenditure. He said that the proposed `tax information number (TIN)', which would be mandatory for large valued trade and financial transactions, would be brought in by October next year. He agreed with the MCCI that the effect of the rising rupee on the growth of exports was a matter of concern, but observed that the Reserve Bank of India was doing an excellent job of managing foreign exchange.
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