The CII said it believes that the Budget should aim at restoring the strength of the rural economy, which has been adversely impacted by two consecutive droughts, by taking steps to stimulate rural demand. Rural demand has to be supported not only through higher spending on rural infrastructure such as roads and irrigation, but also through measures to enhance rural purchasing power. Rural inflation has been consistently higher than urban inflation and measures are needed to mitigate the impact on rural incomes. The CII also suggested increased allocation on schemes such as Pradhan Mantri Gram Sadak Yojana and the Pradhan Mantri Krishi Seenchayi Yojana.
Ahead of the Union Budget the Confederation of Indian Industry (CII) has said that it looks forward to suitable policy interventions which would#
Measures such as reduction in corporate tax rate will go a long way in improving the tax base, the CII said. The government should announce a year-wise roadmap for reduction of corporate tax rate from 30 per cent to 22 per cent along with withdrawal of incentives. However, the incentives should be phased out in a calibrated manner, in line with the reduction in tax rate and on a prospective basis so that any investments made on the basis of these incentives are not affected, it said. (SH)
Fibre2Fashion News Desk – India
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