New Delhi [India], As part of pre-budget deliberation, industry representative bodies met Union Finance and Corporate Affairs Minister Nirmala Sitharaman in the national capital on Wednesday.
During the meeting, industry representatives demanded restructuring of GST tax, reduction of tax and increase in capital expenditure.
The meeting was attended by CII president Sanjiv Puri, Sanjay Nayar, president of Assocham, and Subhrakant Panda, immediate past president of FICCI, among others.
During the meeting, CII suggested that the government increase capex by 25 per cent over the revised FY24 estimate, adding that enhanced capex should be considered for implementation in rural infrastructure. He demanded that a high-powered expert group be set up to review the FRBM Act. Enacted in 2003, the goal was to improve fiscal management and the management of public funds.
The sector body expressed the need to boost consumption, suggesting the reduction of income tax. He also suggested an upward revision of MNREGA minimum wages and an increase in the amount of Direct Benefit Transfer in schemes like PM KISAN.
FICCI emphasized the need to support growth momentum by energizing demand and boosting infrastructure development. The sector organization suggested controlling food inflation, supporting MSMEs and prioritizing innovation and research and development in the country.
During the meeting, the PHD Chamber of Commerce and Industry suggested that the ministry stimulate the growth of the manufacturing sector.
Emphasizing the need for subsidies in manufacturing, the industry body suggested that the government provide capital investment subsidies and customs duty exemptions for investments in wind turbine manufacturing to encourage industry expansion. He has also defended the toy industry by calling for a uniform national toy policy.
The body's other demands include access to government e-marketplace (GeM) contracts by reducing tariff, payment facilitation tips for the Ministry of Micro, Small and Medium Enterprises (MSMEs), focus on ease and cost of doing business, boosting new companies. and logistics sectors, etc.
Ahead of the announcement of the Union Budget, the Finance Ministry consults with key stakeholders of the economy, with an objective to obtain feedback and suggestions from key stakeholders to shape the upcoming Union Budget.
Earlier, after a meeting that took place between the Finance Ministry and financial and capital market representatives, Nilesh Shah, CEO of Kotak Mutual Fund, said, "I shared with the Hon'ble Finance Minister that under the auspices of our regulator SEBI, mutual funds We have spread financial awareness We have recruited more than 4 million Indians to participate in the Viksit Bharat journey and ensure their financial freedom We need to reach out to many more Indians now to ensure their financial freedom.
"We requested the Hon'ble FM to launch a Jan Nivesh campaign to create financial inclusion for millions of Indians who are trapped in Ponzi schemes and speculations," added Nilesh Shah.
During the meeting, industry representatives demanded restructuring of GST tax, reduction of tax and increase in capital expenditure.
The meeting was attended by CII president Sanjiv Puri, Sanjay Nayar, president of Assocham, and Subhrakant Panda, immediate past president of FICCI, among others.
During the meeting, CII suggested that the government increase capex by 25 per cent over the revised FY24 estimate, adding that enhanced capex should be considered for implementation in rural infrastructure. He demanded that a high-powered expert group be set up to review the FRBM Act. Enacted in 2003, the goal was to improve fiscal management and the management of public funds.
The sector body expressed the need to boost consumption, suggesting the reduction of income tax. He also suggested an upward revision of MNREGA minimum wages and an increase in the amount of Direct Benefit Transfer in schemes like PM KISAN.
FICCI emphasized the need to support growth momentum by energizing demand and boosting infrastructure development. The sector organization suggested controlling food inflation, supporting MSMEs and prioritizing innovation and research and development in the country.
During the meeting, the PHD Chamber of Commerce and Industry suggested that the ministry stimulate the growth of the manufacturing sector.
Emphasizing the need for subsidies in manufacturing, the industry body suggested that the government provide capital investment subsidies and customs duty exemptions for investments in wind turbine manufacturing to encourage industry expansion. He has also defended the toy industry by calling for a uniform national toy policy.
The body's other demands include access to government e-marketplace (GeM) contracts by reducing tariff, payment facilitation tips for the Ministry of Micro, Small and Medium Enterprises (MSMEs), focus on ease and cost of doing business, boosting new companies. and logistics sectors, etc.
Ahead of the announcement of the Union Budget, the Finance Ministry consults with key stakeholders of the economy, with an objective to obtain feedback and suggestions from key stakeholders to shape the upcoming Union Budget.
Earlier, after a meeting that took place between the Finance Ministry and financial and capital market representatives, Nilesh Shah, CEO of Kotak Mutual Fund, said, "I shared with the Hon'ble Finance Minister that under the auspices of our regulator SEBI, mutual funds We have spread financial awareness We have recruited more than 4 million Indians to participate in the Viksit Bharat journey and ensure their financial freedom We need to reach out to many more Indians now to ensure their financial freedom.
"We requested the Hon'ble FM to launch a Jan Nivesh campaign to create financial inclusion for millions of Indians who are trapped in Ponzi schemes and speculations," added Nilesh Shah.
