Industry World On Thursday, urged Finance Minister Nirmala Sitharaman to reduce the tax burden on the common man in the budget, continue capital expenditure and take measures to control inflation of food items. In a pre-budget consultation meeting with Sitharaman, industry leaders and associations also urged the government to focus more on infrastructure development to maintain the momentum of economic growth.
Emphasis on promoting MSMEs
The industry also talked about promoting the MSME (Micro, Small and Medium Enterprises) sector, which is considered the backbone of the Indian economy and important in terms of employment. Sanjeev Puri, President of the Industry Body Confederation of Indian Industry, suggested relief on the income tax front at the lower level of the income slab, improving employment promotion schemes like Production Linked Incentive (PLI) and promoting ease of doing business. He also gave his suggestions for agriculture and rural development. Industry body FICCI gave suggestions like maintaining the pace of capital expenditure, innovation and tax simplification.
The full budget will be presented in July
Former FICCI President Shubhkant Panda called for further measures to boost demand, focus on infrastructure development, curb food inflation, support MSMEs and continue to support the growth momentum by prioritising innovation and R&D in the country. Vivek Jalan, chairman of the National Fiscal Affairs and Taxation Committee of the Bengal Chamber of Commerce and Industry, suggested easing licensing requirements for import of electronics goods. The full budget for the financial year 2024-25 is expected to be presented in Parliament next month.
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