Noting that the Indian economy has grown rapidly in an environment where other major economies have slowed down, the Confederation of Indian Industry (CII) has offered a few policy suggestions for the present government that it may announce in the upcoming interim Union Budget.
The group has suggested far-ranging measures in different sectors that Finance Minister may look into in order to augment further growth in the said sectors, like investment, tax rationalisation, boosting revenues, among other policy suggestions.
Promotion of low-cost and affordable housing has been sought by extending the interest subvention scheme to cover total housing cost of up to Rs 35 lakh, up from Rs 25 lakh presently.
India Inc has suggested that the government may balance fiscal consolidation with economic growth and that the fiscal deficit should be reduced to around 5.4 per cent of the GDP in the upcoming financial year. CII in its note also suggested that the goods and services tax (GST) may be moved to a three-rate structure, with a low rate for essentials, standard rate for most goods and a high rate for luxury and demerit goods.
Read more at: The Economic Times
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