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If I were FM | Rashesh Shah, chairman, Edelweiss Securities

If I were FM | Rashesh Shah, chairman, Edelweiss Securities
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First Published: Wed, Jul 01 2009. 11 45 PM IST

Rashesh Shah, chairman, Edelweiss Securities. Abhijit Bhatlekar / Mint
Rashesh Shah, chairman, Edelweiss Securities. Abhijit Bhatlekar / Mint
Updated: Wed, Jul 01 2009. 11 45 PM IST
If you had three wishes?
Rashesh Shah, chairman, Edelweiss Securities. Abhijit Bhatlekar / Mint
• My priorities would be to increase growth, bring down the cost of capital, make taxation simpler and encourage the inflow of foreign capital.
• I would ensure that there is a long-term plan to rein in the deficit through divestments and raising resources through radio spectrum sales, and oil and gas exploration licences, etc.
• I would ensure that social spending continues to keep the inclusive growth intact. I would ensure that infrastructure gets a boost through government sending as well as incentives such as tax breaks.
If you could end something?
I would make the tax structure simpler and easy to manage. Taxes such as fringe benefit tax and securities transaction tax are distortionary and reduce the efficacy of corporate spending. These should be done away with.
I would also increase the tax-free slab and the standard deduction so that the common man has some relief.
I would increase foreign direct investment limits in retail, insurance and banking. I would increase the threshold for foreign investments in treasury papers and corporate bonds.
I would eliminate the dividend distribution tax as this is double taxation and eats into returns earned by equity investors for providing higher risk equity capital.
My three wishes are more efficiency in public spending, lower interest rates and lower food and oil prices.
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First Published: Wed, Jul 01 2009. 11 45 PM IST