IMF praises Indian budget: Subramaniam said - decisions on corporate and angel tax are positive; economic progress will happen
Subramanian especially praised the budget for the provision of capital expenditure on infrastructure, as it will boost job creation.
Leading economist and Executive Director of the International Monetary Fund (IMF) Prof. Krishnamurthy Subramaniam has praised the corporate tax cut and removal of angel tax in India's budget. He said this will further improve India-US relations and promote economic progress. Reducing corporate tax will enable foreign companies to set up their branches and offices in India.
Subramanian said in a gathering of the business community and investors in a program organized by the Consulate General of India in New York in collaboration with the US, the removal of the angel tax will strengthen India's startup system and increase investment from abroad. Speaking at the India Strategic Partnership Forum (USISPF) event, he said, "This budget will strengthen the foundation of the Indian economy, and promote inclusive growth by strategically advancing the vision of a 'developed India'."
Subramanian particularly lauded the budget for its provision of capital expenditure on infrastructure as it will boost job creation. However, he also emphasized on formal job creation by setting up more manufacturing units. He also discussed fiscal management, Indian investments in digital infrastructure, and the announcement of a reduction in customs duty on several items in the budget.
