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Nisha Biswal on FM Sitharaman Announcements

A statement from U.S.-India Business Council President Nisha Biswal on Finance Minister Nirmala Sitharaman’s August 23 announcement of measures to boost the Indian economy:

“We commend Finance Minister Nirmala Sitharaman and the Government of India on this comprehensive set of proposed reforms, which will provide needed stimulus for the Indian economy and ensure continued economic expansion. We are confident that these reforms will help India attract additional foreign investment, unlock much-needed credit to sustain business growth and innovation, and ensure that India remains one of the world’s fastest growing major economies.

As a package, the proposals will strengthen India’s position as a global investment destination.  By removing surcharges on capital gains tax for foreign portfolio investors (FPIs), deepening the bond market with the creation of a credit default swap market, and eliminating debenture redemption reserve requirements, the Finance Ministry has sent a strong positive signal to the many foreign investors watching India’s capital markets.  The government has buoyed efforts to support innovation and make India a hub for entrepreneurship and startup capital with the move to eliminate the angel tax on startups.  USIBC welcomes the recapitalization of public sector banks (PSBs), which will benefit corporates, retail, and all market segments.  We also see new measures to simplify the goods and services tax (GST) – particularly the commitment to ensure GST refunds within 60 days – as a critical step to give both U.S. and Indian companies confidence in the predictability of India’s tax system.”