Dont pin hopes on FDI: Jain

CHENNAI: Indian entrepreneurs can be encouraged rather than pinning hopes on Foreign Direct Investment (FDI), said Gyan Chand Jain, Chief Commissioner of Income Tax(CCIT)-I, Chennai, here on Saturday.Addressing the post-budget session interaction organised by Federation Of India Chamber Of Commerce & Industry (FICCI), the CCIT ruled out apprehensions of the amendments to the Finance Bill dampening the FDI into the country.“These amendments were not just aimed at Vodafone case alone, but also the other similar cases which will affect the tax collection between Rs 35,000 - Rs 45,000 core. That is why the Finance Minister Pranab Mukherjee had taken such a decision”, he observed.The CCIT observed that there were several industrialists who had acquired several companies abroad which were now being run successfully.“We can encourage such industrialists by giving them tax incentives”, he said adding, “FDI is not the future of the country”.With regard to the retrieval of Black Money, Jain pointed out that there were some agreements with the foreign countries to exchange information which could be followed up for action.