Budget 2015 positive & promises growth for everyone: Ichiro Iino, Hitachi India

NEW DELHI: Giving thumbs up to Finance Minister Arun Jaitley's budget, Ichiro Iino, MD of Hitachi India said, "The current Union Budget strives to drive the growth of the Indian economy especially in the Social Infrastructure domain."

"We are all geared up to work towards transforming India into a self-reliant country by actively getting involved in fields such as water, urban transportation, IT, healthcare etc. and contribute to the overall welfare of the Indian society," Iino added.

"The current Union Budget is very positive and promises growth for everyone," said concluded Ichiro Iino.

Jaitley has said that the Corporate Tax Rate is proposed to be reduced from the current 30% to 25% over the next 4 years. In his Budget speech, Jaitley said this is expected to lead to higher level of investment, higher growth and more jobs.

The minister however said that the reduction has to be accompanied by rationalization and removal of various kinds of exemptions and incentives which is leading to a large number of tax disputes. He pointed out that the effective collection of Corporate tax today is about 23%.

The Finance Minister said he did not start the process of reduction right away as he wanted to give advance notice that these changes will start from the next financial year.

Jaitley also said that his government is moving forward on various fronts to implement Goods and Services Tax (GST) from the next year. GST, on which his government introduced a Bill in the last session of the parliament, is expected to play a transformative role in the way our economy functions.