Investors are optimistic that the return of P. Chidambaram as the finance minister of India will revive the economy and bring it back on the trajectory of high growth.
Mr. Chidambaram appears to realize that he has a difficult task ahead of him, to revive the economy. The rating agencies are threatening to cut investment ratings and financial markets have been volatile. The new finance minister has already lunched initiatives to revive the economic growth. Mr. Chidambaram has already initiated directed a review of tax provisions with retrospective effect in order to find an acceptable solution to the tax department and assesses.
CII President Adi Godrej said that the statement from the new finance minister about efforts to revive the economy will significantly boost the business sentiment in the country. Mr. Godrej has said that the implementation of the General Anti-Avoidance Rules (GAAR) should be deferred as economic conditions in the country and the world are not adequate for a change in taxation policy.
Mr. Godrej said that the industry is expecting some efforts towards economic revival from the government in the next few days. Meanwhile, Assocham has praised Chidambaram's plans for issues relating to retrospective and controversial taxation issues. The association said that foreign investors will find themselves reassured and the country should see improvement in fund flow from abroad.
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