NBFCs need to be incentivised to become banks, says Hiranandani Group MD

'The government's decision to reduce corporation tax rate to 17% for new companies is faulty', said Hiranandani

Assocham’s new President and Hiranandani Group’s Managing Director, Niranjan Hiranandani, says tax rates should be slashed for individuals and partnership firms to boost consumption and revive investments. He tells Subhayan Chakraborty & Indivjal Dhasmana that the low corporation tax rate of 17 per cent should be expanded to all companies and not just the new manufacturing firms. Edited excerpts:

At the Assocham annual general meeting, Prime Minister Narendra Modi exhorted companies to invest. Why is economy not reviving despite reforms initiated by the Modi government? 

The prime minister has clarity on what he wants to attain, and has the ability to focus