Focus on reforms to bring growth back on track: India Inc to govt

We asked for giving infrastructure status to healthcare and education sector.

Written by ENS Economic Bureau | New Delhi | Published: February 4, 2012 1:29 am

As the industry faces the heat of turmoil in the developed world,decline in investments and weak investment sentiments,Corporate India today urged the government to use the Budget 2012-13 to introduce new reforms for giving a fillip to growth.

In a pre-Budget meeting with Finance Minister Pranab Mukherjee,India Inc demanded that while the tax rates should be retained at the current level,exemption limits should be increased to boost growth. The industry also demanded that the aviation,telecom,healthcare and education sectors,should be given infrastructure status and pending tax reforms like Goods and Services Tax (GST) should be expedited.

The meeting was attended by industry chambers,ITC Ltd chairman YC Deveshwar,HUL MD and CEO Nitin Paranjpe,Tulsi R Tanti from Suzlon Energy Ltd,FIEO president M Rafeeq Ahmed among others.

“We asked for giving infrastructure status to healthcare and education sector. We also sought speeding up of PSU disinvestment,widening tax net and implementing GST as fast as possible,” CII president B Muthuraman told reporters after the meeting.

Ficci has demanded “one-time amnesty scheme to encourage Indians to bring back overseas wealth back to India”. “We have made a case for retaining the tax rates at the present level. There should be no increase in corporate tax,service tax and excise,” Ficci President RV Kanoria said.

In view of the current fiscal situation,corporates also suggested that the Fiscal Responsibility and Budget Management (FRBM) Act should be amended with a roadmap for reduction in fiscal deficit in the next five years.

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