'...how do they consume and contribute to the GDP?'
Finance Minister Pranab Mukherjee and other finance ministry officials have reached the last leg of pre-Budget consultations.
'The private sector believes that some enablers in labour-intensive sectors like apparel, toys, tourism, and media retail, can unlock a lot of jobs.'
Senior bureaucrats say the government has planned a 'feel-good' Budget after the 'pain' of demonetisation.
The minister customarily meets industry chambers, industrialists, economists, agriculturalists, trade unions and so on for pre-Budget interactions.
Seek permission to issue tax-free bonds.
In the run-up to Budget, Congress leaders have urged Finance Minister Pranab Mukherjee to take steps to appease the 'common man' - to raise the income tax exemption limit, reduce interest rates and provide greater Budgetary allocations for poverty alleviation programmes.
The Union government could target a fiscal deficit of 5.8-6 per cent of nominal GDP for 2023-24, and it should continue its capital expenditure push and look to simplify the personal income tax regime, economists recommended Finance Minister Nirmala Sitharaman and her team during their pre-Budget interaction on Monday. Starting last week, Sitharaman had eight pre-Budget consultations this time. More than 110 invitees representing seven stakeholder groups participated in these meetings, the finance ministry said in a statement. The stakeholder groups included representatives and experts from agriculture and agro-processing industry; industry, infrastructure & climate change; financial sector and capital markets; services and trade; social sector; trade unions and labour organisations; and economists.
Preparations for Budget 2011-12 are in full swing. Intelligence Bureau sleuths in plain clothes are watching each and every movement of the team which prepares the Budget documents.
Trade union leaders in the pre-Budget consultation with Finance Minister Pranab Mukherjee on Thursday demanded reigning in prices of essential items and increasing exemption limit on income tax to Rs 2 lakh (Rs 200,000).
Kerala Finance Minister KN Balagopal on Friday urged the Centre to provide more fiscal powers to the states as well as increase the shareable proportion of the GST collections. Besides, he asked the central government to expedite approval for the semi-high-speed railway line or the Silverline project from Thiruvananthapuram to Kasargod. The project is mired in controversies.
At his pre-Budget consultations with Finance Ministers of states, he is understood to have said that it was time to wrap up lose ends on GST.
In a joint memorandum of central trade unions in the pre-Budget consultation with the finance minister, the unions have also sought that big corporates and multi-nationals should not be allowed to enter retail trade and banking operations.
Indian industry put forth its demands for cut down on income and corporate tax rates in a pre-budget consulatation meet.
The finance minister as part of his pre-Budget consultations is meeting industry bodies and ministers and has slotted Deora for June 15, a source said. On Deora's agenda will be getting back the seven-year exemption or holiday from payment of income tax for natural gas producers. He may also press for infrastructure status for natural gas.
The Finance Ministry has told industry it should not expect any major fiscal sops in the Budget to be presented by the new UPA government, which has a limited headroom for giveaways due to the economic slowdown.
The delegation was led by Union Women and Child Development Minister Renuka Chowdhary and comprised non-governmental organisations, FICCI Ladies Organisation (FLO), and Bollywood actress Preity Zinta.
Petroleum Minister Murli Deora on Tuesday sought a Re 1 per litre cut in excise duty on diesel to contain runaway inflation.
As pre-budget consultations begin, Commerce and Industry Minister Kamal Nath recommends changes in the real estate picture.
The Society of Indian Automobile Manufacturers has asked the government to scrap about 70 million old vehicles, including cars, even as a transporters' body opposed any such move which could severely affect the domestic auto industry.
Following a meeting with Union Finance Minister P Chidambaram, foreign institutional investors expressed confidence in the economic reforms process of the Congress-led UPA government and are expected to increase their investments in India.
While praising the internship scheme announced in the Budget, India Inc wants clarity on how it will be implemented. The scheme is expected to help companies address the skill gap in employment. Dheeraj Hinduja, chairman, auto major Ashok Leyland, said: "We had started an internship programme at our plant in Pantnagar, which we established in 2010 with colleges there.
The demand for extension of the GST cess regime among others was made by several state finance ministers at a pre-budget consultation called by Union Finance Minister Nirmala Sitharaman in New Delhi. Besides, many states also demanded raising the share of the Union government in the Centrally Sponsored Schemes (CSS). Currently, the central government and state government share in some CSS is 60:40 while in others it is 75:25.
In a pre-Budget meeting with Finance Minister Nirmala Sitharaman, the corporate leaders highlighted several issues, including certain income tax matters which were coming in the way of mergers and acquisitions or slowing them down and roles that need to be played by state businesses to prosper at the ground level.
The final Budget for the fiscal is likely to be tabled in July after formation of the new government.
The idea is to get the budget passed by Parliament along with Appropriations Bill and the Finance Bill by the end of March as this would ensure implementation of the Budget proposals from April 1.
The finance ministry will kick-start the exercise to prepare the Union Budget for financial year 2022-23 (FY23) from October 12, according to an official notification released on Monday. "The pre-Budget meetings as well as the meetings to discuss the revised estimates will start from October 12 and will continue till the second week of November," according to the Budget circular of the Department of Economic Affairs' Budget Division. The Union Budget is expected to be announced on February 1, as has been the practice of the past few years.
The MPs went right up to the entrance of South Block, but were stopped at the first check point.
Sitharaman has held pre-budget meetings to elicit views of various sections including representatives of chambers of commerce and industry.
In the first phase, most of the outdated regulations in the state and central Acts will be removed. Further, compliances with regard to annual inspections, licence renewal, and storage of multiple data will be eased.
India Inc on Thursday pitched for continuation of reforms while ensuring tax and policy stability in the forthcoming Budget to prop up the economy hit hard by the COVID-19 pandemic. In the virtual pre-Budget consultation held with Finance Minister Nirmala Sitharaman, industry chambers said that government measures will help firmly entrench the nascent signs of recovery being currently seen in private investment. Capital expenditure by the government through enhanced infrastructure spending should in the meantime continue to support growth, CII president TV Narendran said.
The Left party had favoured spending six and three per cent of GDP on education and health care sectors.
The government, it would seem, is reserving its firepower to spend on big-ticket items that will be announced in the Budget, reports Subhomoy Bhattacharjee.
A 15 per cent corporate tax rate for services companies in SEZs, setting up a fund for deep-tech startups and establishing clusters to demonstrate design-to-manufacturing capabilities of tech firms were some of the key demands made by the IT sector at the pre-Budget consultation on Monday. The participants shared their views and suggestions regarding Big Data, incentives for encouraging setting up of data centres, fiscal incentives for data localisation, incentives for pushing digital penetration in rural areas, and corporate guarantee to startups for competing with other nations.
'Day by day, the queues will shorten.'
If the BJP comes to power, sources say it may change the financial year (April-March) to the calendar year (January-December).
On the telecom sector, he demanded auctioning of more spectrum.
CBDT has been given a collection target of Rs 5.69 trillion in personal income tax in the fiscal year 2019-20 - 19.2 per cent more than the Rs 4.77-crore collection in the previous year.
The Centre is grappling with the question of its fiscal roadmap not only for this year but for 2018-19
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