Central government should prioritize income-tax cut to corporate-tax cut: Sandeep Jain ..,

Ludhiana, Dec.20 (HS): Amidst economic slowdown and all the brouhaha being made by opposition for Indian economy in bad shape, Sandeep Jain, head of Oswal Group, Monte-Carlo has said that central government should concentrate on income-tax cut to increase the consumption level of average people who could save the economy by purchasing more from corporate products.

Jain, working as Executive Director of the company said, “I am not happy with the corporate-tax cut because ultimately it will not benefit the corporate people as they urgently need customers for their goods to support their production.”

Jain further said that demonetization had off course impacted the industry adversely as the hosiery market was ruling the roost but as demonetization was declared in the month of November, the industries were short of currency and it totally shattered the business prospects for that year. The industry’s sales has declined upto 20 percent thereafter.

But Jain was very enthusiastic about GST and said that people with honest approach has no problem with it. He further said that this industry was even benefitted with GST because some of the problems like filling of some difficult forms have been shorted out through GST.

He also lauded Union Finance Minister Nirmala Sitharaman and expected a good upcoming budget that would be given to the industries to push the economy. He also admitted the slowdown of Indian economy elaborating that India was not only country where slowdown was perceptible.

During his interview he reacted well in favour of income-tax cuts. He said the IT slabs would increase the purchasing capacity of people and they would be able to purchase and thereby corporate sector would reap resulting augmention in the growth of economy.

When asked about labour shortage faced by industries in Punjab particularly in Ludhiana, he did agree with it saying that it was manageable. But when Jain was asked about the deteriorating situation of the Indian economy due to all central government schemes, he said that slowdown of economy was admitted fact but government might have been done better and GST was one of the components that cure the sickening situation.