Industry body Confederation of Indian Industry (CII) has said that the multi-sectoral and multi-dimensional policy stimulus announced last week will have significant impact, imparting stability and underpinning a new growth impetus for India. It said, the measures announced come at a time when the world economy is buffeted by global headwinds and trade slowdown. The Industry body further added it expects that the economy will climb up in the coming months.
On Friday, the government announced a raft of measures, including rollback of enhanced super-rich tax on foreign and domestic equity investors, exemption of start-ups from ‘angel tax’, a package to address distress in the automobile sector and upfront infusion of 70,000 crore rupees to public sector banks, in efforts to boost economic growth.