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Pre-Budget Meetings

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Job Creation, Steps To Broaden Tax Base Should Be Budget’s Focus: India Inc

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The virtual pre-Budget meeting was called for an aggressive focus on privatisation of public sector units and increasing allocation to capital expenditure

The focus of upcoming budget should be on measures to boost job creation and widen the tax base by rationalising GST and personal income tax slabs. This will enhance the consumption, said the industry bodies during their pre-Budget meeting with finance minister Nirmala Sitharaman on 21 November.

The president of CII (Confederation of Indian Industry), Sanjiv Bajaj said that the external scenario may continue to remain unfavourable for some time. Therefore, we need to broaden the base of our domestic economy. This can be achieved by creating new sectors of growth and driving employment generation to enhance domestic demand, inclusion and growth.

The virtual pre-Budget meeting was called for an aggressive focus on privatisation of public sector units and increasing allocation to capital expenditure. This is to be done with an aim on an investment-led growth strategy to lift India’s economy amidst the global uncertainty.

The CII forming part of the virtual meet suggested that an employment linked incentive scheme maybe introduced and consideration of an urban employment guarantee scheme and initiate a pilot in metro cities first in this budget, is what the government could do to boost job creation.

Another important industry body PHDCCI (The PHD Chamber of Commerce and Industry) too submitted its suggestions for the Budget to the finance minister virtually on 21 November.

A five-pronged strategy in order to revitalise the private investments through measures to boost consumption, increase capacity utilisation in factories, increase job creation, improve social infrastructure quality and accelerate economic growth of India, formed part of the suggestion.

The president of PHDCCI, Saket Dalmia in a statement said that the union budget 2023-24 is being presented amidst at a crucial juncture where exists geo-political uncertainties, high inflation and slowing world economic growth. At this point, in order to boost domestic sources of growth, calibrated steps would be important to maintain the steady economic growth trajectory.

Credits: AFP

FM Nirmala Sitharaman To Begin Pre-Budget Meetings From 21 Nov

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Following the schedule, she will also meet the representatives of services sector and trade bodies, along with the experts from social sector, including health, education, water and sanitation, on 24 November. Also, critical issues related to high inflation will have to be addressed in the budget for the next year

The finance minister Nirmala Sitharaman is ready to begin the customary pre-budget meetings starting from 21 November. This time the discussion will be focusing on issues concerning climate change and infrastructure.

The meetings will take place virtually by Sitharaman on 21 November in three groups along with industry chambers, infrastructure sector and environment experts looking at suggestions for the 2023-24 Budget from the stakeholders.

On 22 November, the minister will meet agriculture and agro-processing industry, representatives from financial sector and capital markets.

Following the schedule, she will also meet the representatives of services sector and trade bodies, along with the experts from social sector, including health, education, water and sanitation, on 24 November.

The trade union representatives and economists will hold the pre-budget meetings scheduled on 28 November.

Suggestions from the participants will be taken on the 2023-24 Budget which will further be presented in Parliament by the finance minister on 1 February.

The climate change would be would be discussed with high priority in 2023-24 Budget making. This is due to India’s pledged towards becoming net zero emitter of carbon by 2070, reported a media house.

Also, critical issues related to high inflation will have to be addressed in the budget for the next year. This shall boost demand, job creation and putt the economy on a sustained 8 per cent plus growth path.

The Modi led government and Sitharaman will be discussing the fifth budget and the last full budget prior to the general elections slated in April-May 2024.