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JSW Group Chairman Sajjan Jindal said the highest tax paid by Indian companies has made them less competitive globally.
Analysing the Budget, he said the government should also consider fulfilling its promise of reducing corporate income tax rate from 30 per cent to 25 per cent. After all, large corporates in India still pay one of the highest tax rates globally, making them less competitive, he added.
The government should also re-look at the introduction of Long Term Capital Gains Tax, which has been implemented without removing the Securities Transaction Tax and without the cost indexation benefit.
This will reduce the attractiveness of the Indian equities market for long-term investors, said Jindal. An allocation of ₹1.38 lakh crore (13 per cent higher than last) to health, education and social security and an outlay of ₹5.97 lakh crore (20 per cent up) on infrastructure development will improve the living conditions of citizens in India. Overall, the Budget has delivered a massive ₹14.34 lakh crore push to rural development to reduce the gap between rural and urban India, he said.
GDP, exports
For a sustained 8 per cent-plus GDP growth, the contribution of exports is the most important as India is still not a consumption-driven economy.
Currently at $30 billion, the government estimates the agriculture exports potential at over $100 billion, and has created a roadmap through the liberalisation of agricultural exports.
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