New Delhi
In pre-budget discussions, industry representatives met with Union Finance Minister Nirmala Sitharaman in Delhi. They put forward several demands, including restructuring GST taxes, reducing taxes, and increasing capital expenditure. Attendees included CII President Sanjiv Puri, Assocham President Sanjay Nayar, and FICCI Immediate Past President Subhrakant Panda.
CII proposed a 25% increase in capital expenditure from FY24’s revised estimate, focusing on rural infrastructure. They suggested forming an expert group to review the FRBM Act, which aims to improve fiscal and public fund management since 2003.
The industry stressed boosting consumption by lowering income taxes and revising MNREGA wages. They also proposed increasing Direct Benefit Transfer amounts in schemes like PM KISAN. FICCI emphasized energizing demand and infrastructure development, controlling food inflation, supporting MSMEs, and prioritizing innovation and R&D.
PHD Chamber of Commerce suggested stimulating manufacturing growth and providing subsidies and customs duty exemptions for wind turbine manufacturing investments. They advocated for a uniform national toy policy and easier access to Government e-Marketplace contracts.
Before announcing the union budget, the finance ministry consults major stakeholders for feedback. Earlier, financial representatives also met with the finance ministry to discuss financial awareness and inclusion campaigns, proposing a Jan Nivesh initiative for Indians impacted by Ponzi schemes and speculations.
Overall, the consultations aim to gather suggestions from key stakeholders to shape the upcoming Union Budget.
