Industry chamber PHDCCI came out in public and shared their predictions on India's economy which according to them is set to rebound in 2020 and inflation to remain benign on account of reforms such as a reduction in corporate tax.
"We believe that speedy implementation and synchronisation of various reforms will refuel our economic growth trajectory soon," PHDCCI President DK Aggarwal said.
He adding that 2020 will be a year of an economic rebound, wherein the expectation is that the economy will regain its dynamic growth trajectory once again and take its position to become a $5-trillion economy by 2024. The PHD Chamber of Commerce and Industry (PHDCCI) president said the economic reforms in 2019 were amazing as the government "reduced corporate tax significantly from more than 30 per cent to an effective rate of 25.17 per cent and 17.01 per cent".
Besides, he observed that inflation in 2020 will remain benign except few fluctuations because of weather disruptions.
"At this juncture, the focus of the Government must be to refuel the consumption demand with a significant reduction in the direct taxes. Thus, reforms in direct taxation are the need of the hour with the remarkable rationalisation of tax rates in the forthcoming Budget," said Aggarwal.