[ad_1]
Industry bodies have called on the government to prioritise policies that revive consumption, boost investments in infrastructure and manufacturing and drive job creation to sustain economic growth.
They urged finance minister Nirmala Sitharaman to rationalise the taxation system, lower the cost of doing business and initiate next-level policy reforms during a pre-budget consultation she held with all leading business chambers and industry groups on Monday.
Confederation of Indian Industry (CII) president Sanjiv Puri suggested a seven-point agenda to propel growth, including employment generation, integrating India into global value chains, increasing capital expenditure and a target to reduce government debt to 50% of the GDP.
For employment, CII recommended targeted interventions for sectors with large-scale employment potential like readymade garments, footwear, furniture, tourism, real estate and construction.
Support for MSMEs
The industry bodies also recommended measures to boost consumption, such as reducing excise duty on fuel, lowering income-tax rates, increasing the minimum wage rate under Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS)and extending the classification norms for NPAs and the restructuring scheme for MSMEs.
Associated Chambers of Commerce and Industry of India (Assocham) requested the finance minister to extend the scope of presumptive taxation to MSMEs and new-age businesses like data centres, data hosting and cloud computing, which, it said, will offer a win-win situation for taxpayers and the government.
“This would help simplify compliances in the hands of such taxpayers by computing income on a predetermined basis, thereby reducing the apprehension of tax disputes and litigation,” said Sanjay Nayar, president of Assocham.
The association also called for developing integrated infrastructure townships for MSMEs across the country.
[ad_2]
Source link