CII makes pre-budget recommendations to govt

30 Dec '20

1 min read

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The Confederation of Indian Industry (CII) has, in its pre-budget recommendations to the government, has suggested clarity in law, simplification of procedures, reduction of litigation and facilitating business transitions to make business easier for the industry. CII also proposed a set of general principles to guide the import tariff structure.

The industry body recommended a roadmap to encourage and calibrate domestic manufacturing in alignment with global trade trends that would strengthen its manufacturing capacities and boost its export competitiveness as per shifting global value chains in the next three to five years.

The limit prescribed for provision for bad and doubtful debts for Indian banks should be increased from the existing limit of 8.5 per cent to 15 per cent, CII said in a press release.

It suggested a graded roadmap towards competitive import tariffs over next three years, with lowest or nil slab 0-2.5 per cent for inputs or raw materials, highest slab of 5-7.5 per cent for final products and 2.5-5 per cent for intermediates. This will help Indian industry integrate into the global value chain while becoming competitive with its goods and services in the world markets.

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