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“Turbo-charging India’s growth by making it the most tax-efficient investment destination” said Ramkumar Ramamoorthy, President of the 184-year-old, Madras Chamber of Commerce and Industry, commented on the Union Budget.
The combination of globally competitive corporate tax rates for new investments, abolition of DDT, tax exemption for global sovereign funds for investment in infrastructure and expansion of tax benefits to start-ups should truly turbo-charge India’s economy.
The proposal to corporatise ports, improve agriculture logistics infrastructure through the introduction of Kisan Rail and create geo-tagged village warehouse facilities are innovative moves to significantly enhance the logistics infrastructure of the country, he said.
In the context of structural changes in business driven by technology and global employment opportunities, the opening up of education to FDI and ECB should provide significant impetus for developing human capital. With 270 million people in the age group of 20 to 29, India has an obligation to educate and skill its youth for global opportunities unleashed by emerging technologies including artificial intelligence, data science and IoT, he said.
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