For pre-budget consultations, a meeting held between Union Finance Minister Nirmala Sitharaman, her Budget team and representatives of India Inc and trade unions. Industry representatives include Bharti Enterprises Chairman Sunil Bharti Mittal, Confederation of Indian Industry President Vikram Kirloskar, and Assocham President Balkrishna Goenka.
In the meeting the industrialists requested the Centre to take more steps to augment ease of doing business, trade bodies stressed minimum wages, an income-tax ceiling, and pension. They have also asked officials to “create more freedom for industry to perform”.
The corporate leaders highlighted several issues, including income tax roadblocks coming in the way of mergers and acquisitions or slowing businesses.
As per the news report Mittal said that the idea is to create more freedom for industry so that they can perform. The industry is expecting that the budget will unleash the energy of the Indian entrepreneurs to do more. He also said “We are unnecessarily killing this industry in a manner and way that is not conducive for our industry, and that’s why we need TRAI intervention.”
Industry representatives also recommended that the centre should reduce income tax for those who earn less than Rs 20 lakh in a year so that there is more disposable in the hands of consumers, and that interest rate transmissions should be sped up.
The trade unions also requested the government to provide a minimum wage of Rs 21,000, minimum pension of Rs 6,000 under the Employees’ Pension Scheme and tax exemption on annual income of up to Rs 10 lakh.
The unions also highlighted the issue of rising unemployment in the country and suggested that massive public investment in infrastructure, social sectors and agriculture would generate employment and the Union Budget should give it a priority.
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