Commerce minister Piyush Goyal says relations between the Indian and the US governments at the leaders' and the people to people level are better than ever before
In a global slowdown scenario, Indian industry stalwarts and leaders met in New Delhi for a two-day India Economic Summit here.
Industry captains including Adi Godrej, Vikram Kirloskar, Sunil Bharti Mittal sat together with the likes of Wilbur Ross, US secretary of Commerce and Piyush Goyal, Minister of Railways & Commerce to deliberate on the matter.
Trade tensions are mounting between India and US on issues ranging from tariff on Harley Davidson bikes to other exports. However, Piyush Goyal said, "Relations between the Indian and the US governments, at the leaders' and the people to people level are better than ever before."
THE US DEAL
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- Commerce minister Piyush Goyal said relations between the Indian and the US governments at the leaders' and the people to people level are better than ever before
- Wilbur Ross, US Secretary of Commerce, said there are artificial barriers, protectionist barriers, that countries have thrown and we want to reduce it and are focused on that
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Wilbur Ross, US Secretary of Commerce, said, "There are artificial barriers, protectionist barriers, that countries have thrown and we want to reduce it and are focused on that."
Indian industry hailed corporate tax cut with Vikram Kirloskar, co-chairman, Toyota Kirloskar Motor, saying, "The step by the finance minister is very bold and we will further pass it on to the investors. This is a long- term measure which will show its effect soon." He said there was good demand from the festive season and hoped that NBFCs and banks would give loans easily to retail customers. On RBI being on a rate-cutting spree, he said, "RBI is cutting repo rates for a long time. However, the banks should pass it on to the customers for the real result."
M K Surana, chairman and managing director, HPCL, said, "Corporate tax cut by the finance minister is good. However, it will not have any effect on our capex plans since they were pre-decided. However, in the upcoming days, this cut will help us to raise capital and improve our debt to equity ratio."
Adi Godrej, Chairman of Godrej Group, feels that the government has many areas that they can work upon. "The government should now look forward to reducing personal income tax as it will help them to earn more revenue, should give more incentives, divestment which would help in reversing the slowdown," he said.
Zee Media Newsroom
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 "Piyush Goyal")
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