NEW DELHI: Industry captains on Monday asked the Finance Minister Nirmala Sitharaman To maintain our focus on public spending on infrastructure, which will also include private investment, provide concessions to sectors that create additional jobs, continue the concessional tax regime for the manufacturing sector and help channelize money into the green economy helping out.
The recommendations come amid an assessment that developments in the global economic situation could have an impact on India. “Overall, while the Indian economy has done well, it is not immune to the global context. Global uncertainties and slowdown in global growth have already started affecting our exports after a stupendous performance in the last financial year.” CII President Sanjeev Bajaj Proposing a target of Rs 10 lakh crore for capital expenditure for the next financial year, he said.
“It should also focus on rural infrastructure which will help generate employment in rural areas and boost rural demand which is a matter of concern in the domestic economy today,” he added.
Sitharaman on Monday launched pre-budget consultations with representatives of industry bodies, infrastructure sector and climate change initiatives. She is scheduled to hold similar talks with state finance ministers on Friday.
In its recommendations, FICCI has called for emphasis on physical, social and digital infrastructure. “It will also encourage private investment. , , Emphasis on public capital expenditure will increase private investment and boost overall development.
infrastructure sectors also suggested higher public expenditure, along with rationalization of GST and easy bank credit. While other industry chambers have also recommended rationalization of GST, this issue is outside the purview of GST. budget because it’s up to him to decide GST CouncilIn which the finance ministers of the states are included.
To further boost employment generation, CII suggested that concessions could be given to specific industry groups such as tourism, logistics and retail.
The recommendations come amid an assessment that developments in the global economic situation could have an impact on India. “Overall, while the Indian economy has done well, it is not immune to the global context. Global uncertainties and slowdown in global growth have already started affecting our exports after a stupendous performance in the last financial year.” CII President Sanjeev Bajaj Proposing a target of Rs 10 lakh crore for capital expenditure for the next financial year, he said.
“It should also focus on rural infrastructure which will help generate employment in rural areas and boost rural demand which is a matter of concern in the domestic economy today,” he added.
Sitharaman on Monday launched pre-budget consultations with representatives of industry bodies, infrastructure sector and climate change initiatives. She is scheduled to hold similar talks with state finance ministers on Friday.
In its recommendations, FICCI has called for emphasis on physical, social and digital infrastructure. “It will also encourage private investment. , , Emphasis on public capital expenditure will increase private investment and boost overall development.
infrastructure sectors also suggested higher public expenditure, along with rationalization of GST and easy bank credit. While other industry chambers have also recommended rationalization of GST, this issue is outside the purview of GST. budget because it’s up to him to decide GST CouncilIn which the finance ministers of the states are included.
To further boost employment generation, CII suggested that concessions could be given to specific industry groups such as tourism, logistics and retail.