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India is in a much better position to deal with the challenges related to growth and inflation, said Sanjiv Bajaj, President of industry body CII. According to official figures, India's retail inflation continues to remain above the Reserve Bank's tolerance level of 6 per cent since January, while the economic growth in the first quarter of the fiscal was 13.5 per cent, lower than the central bank's estimate of 16.2 per cent. "I don't want to say we don't have our own challenges with growth, with inflation but we are in a much better position and credit must go to everybody including the central and state governments. I don't see economic growth as an issue," Bajaj, who is also the CMD of Bajaj Finserv, told PTI. Tata Steel Managing Director and CII's former President T V Narendran also spoke to PTI and appreciated the efforts undertaken by states to attract investments. "There are complexities to solve but ... I feel the environment is encouraging investments, encouraging growth,
The Confederation of Indian Industry president Sanjiv Bajaj on Wednesday asked the Central government to contemplate reducing the personal income tax rates to spur economic activities. The business tycoon also said the country's underlying growth drivers are strong and the economy would grow in the range of 7.4 per cent to 8.2 per cent in the next fiscal. "Putting more money in the pockets of the consumers is of vital importance to revive consumption demand in the economy. The government should contemplate a reduction in the rates of personal income tax in its next push for reform as this would increase disposable incomes and revive the demand cycle," Bajaj, who is chief managing director of Bajaj Finserv, said in a press conference. He was speaking to reporters as part of the CII's theme 2022-23 "Beyond India @75: Growth competitiveness, sustainability and internationalisation". The CII is also organising 'Sankalp Se Siddhi' in the city, in which Union Home Minister Amit Shah wil