Finance Minister Arun Jaitley now says the central government does not intend to tax retrospectively, and the taxation policy is not against foreign investments.
This is a rather belated statement as the Indian investors have lost several croresin the last two weeks . ‘A’ group shares shed 50 per cent of their market value due to the confusion.
Foreign institutional investors (FIIs) sold their stocks at a throwaway price, driving Indian investors to despair. Unlike former finance minister P Chidambaram, Jaitley lacks the skills to protect Indian stock market. Investors were in a lively mood when the Narendra Modi government assumed charge.
The business now seen in the market is only speculative play by some bear operators.
KA Solaman
Alappuzha, Kerala The Hindu Business Line on 29-4-15
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