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Informist, Monday, Feb. 3, 2025

 

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--Fin secy: Will encourage industry to inculcate animal spirits 
--CONTEXT: Fin Secy Pandey speaking at CII's post-Budget event 
--Fin secy: Time for private investors to take the plunge now 
--Fin secy to industry: Time is right to come up with investments in big way
--Fin secy: Corporate tax rates fairly competitive

 

NEW DELHI – Finance Secretary Tuhin Kanta Pandey urged the industry to unleash the animal spirits in terms of their investments and approach the government to address any bottlenecks on the path to robust growth. Addressing the Confederation of Indian Industry's post Budget conference, Pandey said, "Time is right to come up with investments in big way."

 

"It is time to draw inspiration from animals who are not apprehensive about geopolitics and demand and other issues. The government has provided the support, and now it is time for the industry to bring out the animal spirits. I will tell the industry to take the plunge," Pandey said.  

 

One of the key takeaways from Finance Minister Nirmala Sitharaman's eighth Budget speech presented on Saturday was the hike in the tax rebate limit to INR 1.2 million, effectively meaning that individuals with income of up to INR 1.2 million per year will be entirely exempt from paying income tax.

This move was aimed at increasing disposable income in the hands of taxpayers to spur demand as a consumption slowdown was the widely cited reason by corporates for their subdued spending. Fast-moving consumer goods companies have said in two quarters at least that slowing urban demand has hit their sales and profits.

On one hand, the income tax bonanza will bring back the exuberance in the system and on other, the predictable and stable corporate tax structure will aid private investments to be bigger and better now, the finance secretary said. "Our corporate tax rates are fairly competitive," he said, adding that this should signal the industry that the government has facilitated its growth.  End

 

Reported by Priyasmita Dutta, Sagar Sen, and Krity Ambey

Edited by Akul Nishant Akhoury

 

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