ET Graphics: What India Inc expects from Nirmala Sitharaman in July's full Budget
Budget expectations: Finance Minister Nirmala Sitharaman is set to initiate consultations starting Wednesday for the upcoming full budget of the new government, scheduled for presentation in July. India Inc has proposed a series of reforms, includ...
Budget expectations: Finance Minister Nirmala Sitharaman will begin consultations on Wednesday, ahead of the new government’s first full budget, to be presented in July. India Inc has suggested a host of reforms, including medium-term ones, to catapult the economy to a higher growth trajectory, spur employment creation, trigger private investments and preserve macro stability.
A look at their wish list:
1. SUSTAIN GROWTH:
Continue capex push for a longer period
Pursue land, agri, capital, power, labour market reforms
Stick with prudent spending, fiscal discipline
Improve trade edge, domestic value addition
Maintain well-calibrated interest rate strategy
2. SPUR INVESTMENT:
Extend March 2024 sunset date for low corporate tax on new units
Introduce new industrial policy, more PLI schemes
Cut costs of logistics and doing business
Boost private consumption
3. SIMPLIFY TAXES:
Ease, reduce tax rates further
Rationalise TDS provisions, capital gains tax
Reduce GST rate slabs to 3 from 5 with lower rates
Bring petroleum, power and realty under GST
4. EASE OF DOING BUSINESS
Further decriminalise, rationalise laws
Fast-track dispute resolution
Speed up labour code rollout
Prepare industry decarbonisation road map
develop credible carbon markets
5. INCREASED JOBS FOCUS
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Launch outcome-based employment policy
Roll out incentive schemes linked to jobs
Boost apprenticeships and internships aided by industry
