From concessions on FDI shift focus on removing hurdles for youth, MSMEs: RBI Governor
Updated: Dec 13, 2014 02:39:05pm
New Delhi, Dec 13 (KNN) Instead of extending too many tax concessions for attracting Foreign Direct Investment (FDI), Government should rather focus on ‘Ease of Doing Business’ to encourage the Indian youth to start new businesses. FDI would also eventually follow.
Delivering the key note speech at FICCI here on Friday, RBI Governor, Raghuram Rajan said that India’s growth strategy need not be manufacturing export led on the lines of China. Instead it should be ‘sector agnostic’ and should rather focus on domestic demand as Western economies continue to slow down.
Highlighting the plight of small entrepreneurs, Rajan stressed removal of regulatory hurdles and said that powered by a bad regulation a local bureaucrat could become a virtual tyrant for MSMEs.
Rajan emphasized that the ‘Make in India’ campaign should entail internal reforms to make Indian businesses more productive. “There is a need to make supply chain more efficient by developing infrastructure and improving human resources, introducing GST, putting policy framework and tax planning which is transparent and redressal quick.”
Governor RBI said he was not too much concerned about the Sensex and that his chief job was to target inflation. He did not give any assurance on reducing interest rates and said that in the current situation, reduction in interest rates was not holding back growth. (KNN/AB)
Delivering the key note speech at FICCI here on Friday, RBI Governor, Raghuram Rajan said that India’s growth strategy need not be manufacturing export led on the lines of China. Instead it should be ‘sector agnostic’ and should rather focus on domestic demand as Western economies continue to slow down.
Highlighting the plight of small entrepreneurs, Rajan stressed removal of regulatory hurdles and said that powered by a bad regulation a local bureaucrat could become a virtual tyrant for MSMEs.
Rajan emphasized that the ‘Make in India’ campaign should entail internal reforms to make Indian businesses more productive. “There is a need to make supply chain more efficient by developing infrastructure and improving human resources, introducing GST, putting policy framework and tax planning which is transparent and redressal quick.”
Governor RBI said he was not too much concerned about the Sensex and that his chief job was to target inflation. He did not give any assurance on reducing interest rates and said that in the current situation, reduction in interest rates was not holding back growth. (KNN/AB)
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