Ajay Piramal, Chairman, Piramal Group said that “the announcement made by the Finance Minister today is commendable. With this, the Government has signaled that it is listening to the industry and is willing to embrace it as a partner for the progress of the Country. We are certain that this Big Bang reform will kickstart the economy. Surplus funds available to companies will be invested in capex and talent. The NBFC sector will save between Rs. 250 – 300 crore that can potentially be redeployed as loans. In a climate of the global slowdown, this reform will make India an attractive destination for FIIs and long term investors. The announcement has brought parity to India’s corporate tax rate compared to that of advanced markets thus making it very competitive.”
