With one eye on flagging demand, businesses in India are likely to bank the gove...
MUMBAI/NEW DELHI - With one eye on flagging demand, businesses in India are likely to bank the government’s $20.4 billion corporate tax windfall rather than unleash the investments that Prime Minister Narendra Modi hopes will create millions of jobs and revive the economy.
GDP fizzled to a six-year low of 5% in the April-June quarter and India’s unemployment rate reached 8.19% in August, up from 6.27% in the same month last year, according to data from the Center for Monitoring Indian Economy . Although broadly welcomed by businesses, electronics manufacturers are so far among the few to indicate the tax cuts would be enough to trigger investment as they seek to hedge their bets amid the China-U.S. trade war.
“Further structural reforms to the labor market, land acquisition and regulatory environment,” would help generate sustainable growth, said Arnab Das, global market strategist at Invesco in London.
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