New Delhi: In the forth coming Union Budget, which is scheduled on July 6, 2009, India Inc has asked for an investment-oriented Budget, besides demanding a cut in the direct tax rates for boosting the economy. In the pre budget consultations with the Finance Minister Pranab Mukherjee, the industry leaders also sought fringe benefit tax removal and also demanded the raising of fund through disinvestment.
"We talked about reducing corporate tax rates a bit... we also talked about bringing down personal income tax rates, if possible. We suggested that income tax exemption limit be raised from Rs 1.5 lakh to Rs 2.5 lakh or Rs 3 lakhs," FICCI President Harshpati Singhania said.
On the other hand, CII President Venu Srinivasan asked the government to print more currency notes to finance the fiscal deficit.
He also said current borrowings, pegged at Rs 3.6 lakh crore should be monetised, so that private investment is not crowded out, and interest rates do not keep increasing.
What we need is significant investment in infrastructure. Money should be raised through disinvestment.
"We talked about reducing corporate tax rates a bit... we also talked about bringing down personal income tax rates, if possible. We suggested that income tax exemption limit be raised from Rs 1.5 lakh to Rs 2.5 lakh or Rs 3 lakhs," FICCI President Harshpati Singhania said.
On the other hand, CII President Venu Srinivasan asked the government to print more currency notes to finance the fiscal deficit.
He also said current borrowings, pegged at Rs 3.6 lakh crore should be monetised, so that private investment is not crowded out, and interest rates do not keep increasing.
What we need is significant investment in infrastructure. Money should be raised through disinvestment.
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