FICCI president Sanjiv Mehta has stated that constant tax policy is crucial to sustained growthNew Delhi: Greater concentrate on ease of working and a consistent tax policy are essential towards accomplishing a sustained growth of 8 percent in the long run, the recently elected president of industry body FICCI Sanjiv Mehta has said.Mr Mehta also stressed on the requirement for regular efforts to improve private financial investment for high economic growth over an extended period of time.He had actually taken over as FICCI president earlier this month.
Mr Mehta is the chairman and handling director of Hindustan Unilever Limited (HUL) We require to keep over 8 percent of growth on a sustained basis which will be a difficulty.
The present year is expected to attain over 9 percent financial growth as several sectors have already reached the pre-COVID-19 levels, Mr Mehta said throughout an interaction.India, he said, will be close to a $3 trillion economy at the end of the existing fiscal, and we need long-term growth on a high base .
The Reserve Bank of India has projected the GDP growth at 9.5 percent for the current financial ending March 2022.
He even more said there are favorable check in the economy as taxation are going up, and exports are also nearing $400 billion.Foreign direct financial investment (FDI) is likewise going up, which is a positive sign for the economy, he added.Mr Mehta, however, added that the personal financial investment is yet to get, and as such, the federal government needs to keep investing money to prop up the economy.Referring to his conference with Prime Minister Narendra Modi on Monday, the FICCI president stated that during the interaction, he made a case for accelerating research and advancement activities with a special concentrate on biotechnology, greentech and digitech.