Home / Knowledge / News / Textiles / FM receives suggestions for Union Budget 2017-18
FM receives suggestions for Union Budget 2017-18
Dec '16
Finance minister Arun Jaitley chairing the Pre-Budget Consultative Meeting with the
Finance minister Arun Jaitley chairing the Pre-Budget Consultative Meeting with the 'Economists' Group. Courtesy: PIB
Union finance minister Arun Jaitley and other senior officials from the ministry of finance received a number of suggestions from economists and other economic experts for consideration by the government for the forthcoming Union Budget 2017-18. At the Pre-Budget Consultative Meeting, Jaitley said India remains a bright point in the global economy.
In his opening remarks at the meeting in New Delhi, Jaitley said the growth in US is weaker than anticipated earlier and Brexit has led to disturbing reactions in the markets. On the other hand, the Indian economy has made significant improvements as growth in India remains stable, and “we are in comfortable fiscal and debt situation”.
He said that the present government has taken various decisive steps in last two and a half years which have helped the economy to get-out from inflationary spiral to stable prices. He said that to further boost the growth, the government has taken many steps such as passing of GST Bill, institutional reforms like UDAY, improved Ease of Doing Business, banking reforms and focus on infrastructure among others.
Some of the participating members suggested that this time Union Budget should not be a conventional Budget as these were not the normal times. Rather the government should make best use of the opportunity arising from demonetisation to present a Budget full of ‘out of box’ ideas. Members suggested that provisions should be made in the Budget to ensure that generation of black money is curbed.
Some members felt that even after demonetisation, there is a strong case for boosting capital expenditure as public infrastructure in India is too low. 
Members expressed the need to widen the tax base but to reduce the tax slabs. Lower tax rates would increase compliance and reduce the generation of black money. Also many members expressed the disapproval of abolishing the Income Tax completely as this will create a huge gap between haves and have nots.
To push digitisation, it was suggested that a ceiling be fixed above which only digital mode/ cheque should be used and no cash transaction permitted above that limit. Also, the government can help by creating a single app for all banks and digital incentives under Section 80 C of Income Tax Act 1961 should be considered. At the same time, awareness about digitisation needs to be spread among masses. Keeping in view the low internet penetration in India, it was suggested that digitisation cannot be pushed beyond a point. 
Noticing that last time, government tried EET (Exempt Exempt Tax), some members felt that it would be better to try TEE (Tax Exempt Exempt) this time. With this, problem of implementation will be solved. And then, the cap of Rs 1 lakh can also be increased to Rs 5 lakh. This will result in increase in savings. (RKS)

Fibre2Fashion News Desk – India

Must ReadView All

Azerbaijan's Gilan Textile Park raises exports by 40%

Apparel/Garments | On 18th Aug 2018

Azerbaijan's Gilan Textile Park raises exports by 40%

Azerbaijan's Gilan Textile Park has raised its exports by 40 per cent ...

CPD studies living cost of Bangladesh RMG workers

Apparel/Garments | On 18th Aug 2018

CPD studies living cost of Bangladesh RMG workers

The living cost of readymade garment (RMG) workers in Bangladesh...

Brazilian cotton price index returns to April 2018 level

Textiles | On 18th Aug 2018

Brazilian cotton price index returns to April 2018 level

Cotton prices dropped in Brazil in the first fortnight of August as...

Interviews View All

Varinder Singh Jawanda
Trendy Bharat

Sizing and fitting issues are inherent problems for companies expanding...

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Awen Delaval

'Natural fibres are appreciated for traditional authenticity'

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Manuele Baggini

Comec Italia Srl is a world leader in the production of printing machines. ...

Melissa Tate
University of New South Wales

<div><div><div><div><b>Melissa Tate</b>, a well-known scientist currently...

Justin Gutierrez

The Association of the Nonwoven Fabrics Industry (INDA) has created a new...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Adriano Goldschmied
AG Jeans

The hype around 'designer jeans' was created by him. And the new wave of...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

August 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category

Related Categories:

Advanced Search