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To reduce taxes for the average person, the Center should cooperate, says CII President

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In Science and Space: Confederation of Indian Industry (CII) President Sanjiv Bajaj said the central and state governments should work together to implement some tax cuts to ease the burden of inflation on ordinary citizens. Bajaj, who is also chairman of Bajaj Finserv, said higher inflation would lead to a slowdown in economic growth. He said the government and the Reserve Bank of India (RBI) should come forward and take some action to curb the price surge. Bajaj noted that the RBI has started raising interest rates, which will help contain inflation. “We should expect further rate hikes from the RBI as they are well ahead of pre-pandemic levels,” he said.

“If change is gradual, the industry can absorb this or set competitive prices,” he said. He said there are many positive tailwinds, such as a growing capital spending cycle over the course of the year, but there are also some headwinds, such as inflation and external uncertainties due to economic conditions in Russia and Ukraine. war. “This shows that we are part of a dynamic economy,” Bajaj commented on the recent Adani-Holcim deal. “We can see how many unicorns India has produced, he is the third largest emerging country in the world,” he added.

The projections we are looking at are for a normal monsoon, so food inflation will also ease,” he said. Mr Bajaj said of the lukewarm listing of the Life Insurance Corporation of India (LIC): The LIC trades at a discount rate, but if someone doesn’t sell their shares, they don’t lose their money. ” On the weakness of the rupee, which dropped to a low of 77.56 against the US dollar last week, he said the rupee should return to its original level.

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