Not enough for us in reforms: India Inc

Nov 08 2012, 20:35 IST
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India Inc demanded simpler tax rules, faster approvals and tougher rules on corruption at WEF. (Reuters) India Inc demanded simpler tax rules, faster approvals and tougher rules on corruption at WEF. (Reuters)
SummaryIndia Inc demanded simpler tax rules, faster approvals and tougher rules on corruption at WEF.

because of the government.

Yes, there are no perfect situations and no perfect solutions, minister Ashwani Kumar retorted. However, if everything we are doing is wrong in terms of policies, how is it that Bajaj Auto is one of the most successful organisations over the last few years?

Bajaj Auto is India's second-largest motorcycle manufacturer and world's largest three-wheeled vehicle manufacturer.

Generally the perception of India has improved, we need to further improve this perception. We need to further take the reform process forward, Adi Godrej, chairman of Godrej Industries, told Reuters.

Initiatives such as the Goods and Service Tax (GST) and a National Investment Board (NIB), seen as important steps to cut through bureaucratic red tape and boost business sentiment, appear to be stalled on desks and in committee rooms across the country's noisy democracy.

GST, intended to replace a myriad of state and central taxes, is seen reducing business costs and increasing government receipts. But some states are uneasy about a possible loss of fiscal autonomy.

The most important reform for India, whether it is for our group or for India generally or for most businesses, would be the Goods and Services Tax. Because that would add about two percentage points ... to India's GDP growth, Godrej said.

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