Industry Calls for Capex, Fiscal Consolidation, Tax Rationalization in Pre-Budget Meet

Industry bodies present key suggestions on capex, fiscal consolidation, and tax rationalization in pre-budget meeting with Finance Minister.

- TBG NETWORK

In the pre-budget meeting with Finance Minister Nirmala Sitharaman on Monday, representatives from various industry bodies put forward a bouquet of suggestions before the government. Today was the fifth pre-budget consultation with industry representatives. Sanjiv Puri, president of Confederation of Indian Industry (CII), post the meeting said, they discussed ways to provide impetus to sectors that are labour intensive, in particular the MSMEs. Besides, they discussed ways and means to boost consumption in the economy. Sanjiv Puri noted that the government reiterated that the focus would be on public investment while maintaining the fiscal glide path. "To build on this strong foundation, we discussed several suggestions which are to do with providing impetus to sectors with high labour-intensive components, providing impetus to MSME, integrating India with the Global Value Chain, and how to boost consumption. The government reiterated that the focus on public investment with a fiscal glide path should continue," Puri said. Asserting that continued focus on capex and fiscal consolidation will have a multiplier impact on the economy, CII suggested a 25 per cent ramp-up in capex s