CII Suggests I-T Cut, Higher Public Spend In Budget’23 Wish List

The industry body made suggestion on raising capital spending to 3.3 to 3.4 per cent of GDP (Gross Domestic Product) in FY24 from 2.9 per cent. Also, The suggestions include surge in outlays on green infrastructure along with traditional infrastructure such as roads, railways and ports

The Confederation of Indian Industry (CII) in its pre-budget wish list has suggested a cut in personal income-tax and a boost in public spending.

The industry body made suggestion on raising capital spending to 3.3 to 3.4 per cent of GDP (Gross Domestic Product) in FY24 from 2.9 per cent. The aim is to increase it further to 3.8 to 3.9 per cent by FY25. It focused on the need for revitalising the investment along with consumption demand.

The president of CII, Sanjiv Bajaj thinks a fresh perspective is required at the capital gains tax regarding its rates and holding period to remove complexities and inconsistencies. Also, in his suggestion the personal income tax rates be cut down to give consumers more money.

The suggestions include surge in outlays on green infrastructure along with traditional infrastructure such as roads, railways and ports.

Along with including infrastructure bonds, the CII has proposed amplification of corporate bond markets for the financing infrastructure. This is for prioritising a package for large play of urban municipal bonds among others.