The government needs to continue with economic reforms, rationalise taxes and lower cost of funds to boost investments and lay the foundation for double-digit economic growth, FICCI’s new president Jyotsna Suri said.
The proposed Goods and Service Tax (GST) should be implemented immediately and the rate should be “reasonable”, she added.
“To achieve double-digit economic growth, we have to continue with the reforms agenda. The government has already taken steps towards this. Our tax regime across the states is very varied. Government should make efforts to rationalise taxes to improve the investment cycle,” Suri told PTI in an interview.
“Budget is an annual account of government income and expenditure. One day cannot change the whole economy,” Suri said, when asked about her budget wishlist.
The FICCI president said that high interest rates are a major concern for the industry.
“Cost of funds is still high. We need to lower it further. The recent 25 basis point cut in repo rate is encouraging but is not going to impact much,” she said, adding that rates should be lowered by at least 100-150 basis points to really benefit the industry.