Sunday, September 20, 2020
Home Reports Kris Gopalakrishnan advocates temporary relief on GST to improve consumer sentiment

Kris Gopalakrishnan advocates temporary relief on GST to improve consumer sentiment

Also Read

 

Bengaluru: Amidst some measures taken by the central government and RBI to arrest the domestic downturn, Infosys Co-Founder and multiple investor Kris Gopalakrishnan Friday advocated temporary relief on GST and few other taxes to improve consumer sentiment to arrest the problem, which has been the result of NBFC crisis.

“There have been some suggestions like having some temporary relief on GST, (some other) taxes, so that we can improve consumer sentiment to tide over the problem of economic downturn, which has been fallout of NBFC crisis,” he told this correspondent on the sidelines of an event conducted by Confederation of Indian Industry (CII) here.

The government has taken some steps to improve flow of funds for housing loans by infusing Rs 10,000 crore in NBFCs.

Reserve Bank of India also has taken some steps in this regard by allowing banks’ lending to NBFCs for on-lending to classified priority sector lending like agriculture, micro and small enterprises, up to specified limits.

“Of course, the government has taken some measures. The RBI has reduced interest rates and increased liquidity inflow in the system, which will probably provide credit for industry. Hopefully, some of these measures sooner than later will have a positive impact on the sentiments of the consumers and growth forges an upward swing,” he added.

Gopalakrishnan said the NBFC crisis has majorly hit the real estate and construction sectors, besides automotive industry, which is the largest job provider in manufacturing space. “This in turn has affected jobs atmosphere and consequently, the economic growth,” he said.

 

Endorsing Finance Minister Nirmala Sitharaman’s comments on RBI and government’s relationship, Gopalakrishnan believes Reserve Bank of India and the central government are on the same page and are coordinating better, which hopefully bear positive results.

“I believe they are on the same page and coordinating better. Hopefully we will see the results,” he said.

The statement comes in the wake of Sitharaman’s assurance to industry leaders that RBI and government are on ‘same page’ and making efforts to boost the economy.

 

On abrogation of Article 370, Gopalakrishnan said it will definitely boost the economy of Jammu, Kashmir and Ladakh, but did show keen interest to invest there because he has not so far invested beyond South India so far.

“Already many industries – the film, startups and finance – have shown interest in investing in Jammu and Kashmir. I think, everybody is optimistic about the abrogation of Article 370. It will definitely give boost to businesses and companies,” he said.

“No (I am not keen on investing in Jammu and Kashmir). I am focused only in the South, because when you invest in startups you need to interact with them periodically. It is easier to do that in and around Karnataka and Bengaluru. Maybe, the maximum is Chennai or Hyderabad. I don’t go beyond that,” he added.

Asked about the penal provisions concerning mandatory investment towards corporate social responsibility by companies, Gopalakrishnan said he hopes that the government stands by its statement, saying nobody is going to be punished.

Sitharaman today said the government’s intention is not to criminally prosecute anybody.

  Support Us  

OpIndia is not rich like the mainstream media. Even a small contribution by you will help us keep running. Consider making a voluntary payment.

Trending now

Latest News

“UPSC Jihad”: A tale of ignominious judicial capriciousness

The Indian judiciary appears to lose all semblance of nuance so soon as the word, “minority” appears. This is yet another problem in the Hollow Republic of India — and I use that term after prodigious consideration.

Bappa Rawal – The legend untold

Bappa Rawal in a sense had broken the myth that Indian Kings could not unite against foreign invaders to protect the mother land. The fake narrative to divide and derecognize them has been in history books for too long

वो यात्रा जो सफलता से अधिक संघर्ष बयाँ करती है

आज भारत विश्व में अपनी नई पहचान के साथ आगे बढ़ रहा है। वो भारत जो कल तक गाँधी का भारत था जिसकी पहचान उसकी सहनशीलता थी, आज मोदी का भारत है जो खुद पहल करता नहीं, किसी को छेड़ता नहीं लेकिन अगर कोई उसे छेड़े तो छोड़ता भी नहीं।

One nation, one market 2020: Will the dream come true?

New policies of Modi govt for farmers is for their betterment. However, as always, the opposition just does not want the farmers to be better.

Lessons from Sweden

What happened after seventy years, which is making Europe moving for right wing and Nationalism again? Why is a country like Sweden today feeling the heat? What changed in past decade that made liberal society to change?

Mirror of self-discovery in pandemic

This year has been really horrific. Obnoxious amount of sadness, sickness and death. Nature forced us to confront ourselves in a lot many ways. But hope prevails. The waves of faith keep crashing the beach.

Recently Popular

5 Cases where True Indology exposed Audrey Truschke

Her claims have been busted, but she continues to peddle her agenda

Mughals are NOT Indians

In this article we analyse whether Mughals were Indians or invaders who stayed because of the vast wealth and resources and also the power it gave them in the Islamic world.

Daredevil of Indian Army: Para SF Major Mohit Sharma’s who became Iftikaar Bhatt to kill terrorists

Such brave souls of Bharat Mata who knows every minute of their life may become the last minute.

Digital service delivery will bolster an Atmanirbhar Bharat

A clear vision of the Digital India program has stimulated the efficiency of digital service delivery by ensuring development at the grassroots level via the formulation of 796 digital villages and more than 3.6 lakh functional common services centers offering digital access points for the delivery of essential public utility services

पोषण अभियान: सही पोषण – देश रोशन

भारत सरकार द्वारा कुपोषण को दूर करने के लिए जीवनचक्र एप्रोच अपनाकर चरणबद्ध ढंग से पोषण अभियान चलाया जा रहा है, भारत...
Advertisements