Priyanka Tiwari
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Secretary of Economic Affairs Ajay Seth attended a conference in Vishakhapatnam and spoke about the stock market corrections, linking it to taxation policies. Seth made sure to point out that the two regions of concern should be addressed separately and that the stock market correction has its own unique reason for happening.
During his speech, Seth claimed that stock market rises and declines are usually motivated by many different factors and that taxation is certainly not one of them. He further went on to support his statement by claiming that tax levels and the stock market are completely unconnected subjects.
Seth also stated that the government will continue to maintain its position on the equal treatment of taxes on various classes of capital assets.
Seth further clarified that when it comes to these specific policies, the Indian government does not have an opinion on treating diverse payments corresponding to assets as distinct and, thus, taxes are imposed without differentiation.
He claimed that the Indian economy is doing particularly well, especially in the past three years when it grew over 7%, exceeding the performance of other countries.
In the past few weeks, the Indian stock market has had a lot of notable ups and downs. For example, the Nifty 50 index closed around 22,550 on March 6, while the BSE Sensex increased by around 610 points.
The Nifty 50 index, on the other hand, faced a grueling phase recently where it witnessed its longest losing streak since 1996. This, coupled with the market decline of over 15 percent from the September peak resulted in a whopping $1 trillion loss to the investors. Gaining from all this, was an uptick of the index.
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