Home GST CII Seeks Urban NREGA Scheme, Streamline to GST

CII Seeks Urban NREGA Scheme, Streamline to GST

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CII Seeks Urban NREGA Scheme, Streamline to GST
CII Recommends Urban NREGA and Streamline GST in Budget 2024

The Confederation of Indian Industries (CII) urged Finance Minister Nirmala Sitharaman on Wednesday to focus on a 20% enhance within the capital expenditure outlay for the upcoming monetary yr, reaching Rs 12 lakh crore in her forthcoming finances.

The trade physique additionally beneficial a revision of beneficiary standards for the free meals scheme and the initiation of pilot tasks to evaluate an city employment assure scheme modelled after the Mahatma Gandhi Nationwide Rural Employment Assure Act (NREGA).

In its finances suggestions abstract, the CII emphasised the necessity to speed up the privatization of public sector items (PSUs), categorical a dedication to simplify the Items and Companies Tax (GST) to a three-rate construction, introduce measures to advertise reasonably priced housing, goal a fiscal deficit of 5.4% in FY25, and exhibit an intention to ascertain a brand new Ministry of Funding.

As a part of its options, the CII proposed the creation of an unbiased Ministry for Funding, serving as a central level of contact to facilitate each home and international personal investments, and to help Indian traders in worldwide ventures. Sitharaman is scheduled to current the interim finances for the subsequent monetary yr (FY25) on February 1.

The CII advocated for linking the exemption restrict and rebate of non-public revenue tax with inflation. It referred to as for an extension of the curiosity subvention scheme for low-cost housing to cowl a complete housing value of as much as Rs 35 lakh, a rise from the present Rs 25 lakh restrict.

The trade physique additionally emphasised the necessity for augmented allocations for flagship schemes just like the Pradhan Mantri Awas Yojana, Pradhan Mantri Gram Sadak Yojana, and the Nationwide Rural Employment Assure Scheme.

In its report, the CII beneficial the launch of a Nationwide Mission for Superior Manufacturing to boost high quality and productiveness in manufacturing. This mission would fortify the ecosystem for the event of a technologically superior manufacturing trade and expedite the adoption of transformative applied sciences.

Moreover, the CII referred to as for the enlargement of the Manufacturing-linked Incentive Scheme (PLI) to labour-intensive sectors reminiscent of attire, toys, and footwear to stimulate employment technology. It additionally instructed extending the PLI to sectors with substantial imports however home functionality, together with capital items and chemical compounds, to lower import dependence.

In a report shared by Chief Economist Madan Sabnavis, the Financial institution of Baroda (BoB) outlined its expectations for the upcoming finances 2024, anticipating the federal government to stick to its fiscal consolidation path with out compromising the standard of expenditure.

Given the affect of a weaker monsoon and challenges noticed through the Rabi sowing season, the emphasis will probably be on bolstering rural development. To realize fiscal consolidation aims whereas sustaining spending momentum, it’s unlikely that there will probably be alternatives for tax reductions.

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