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The reduction in corporate tax, GST rate cuts and a slew of other measures taken up to boost economic growth are “far reaching, decisive and bold”. These will help rejuvenate the economy and also trigger a virtuous cycle of investment, consumption and employment, says Sanjiv Puri, Chairman and Managing Director, ITC Ltd.
According to him, these proposals look to make India “a globally competitive manufacturing hub”.
“Investments channelled to the food processing sector and agri-value chains will provide significant fillip to the rural economy. Research can be leveraged in the agri-food value chain (too),” Puri said, as per a statement issued by ITC Ltd.
The move to cut GST rates in the hospitality sector , “will enhance the competitiveness of the tourism sector” thereby being a multiplier to employment generation, he further added.
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