In a few months from now, the Modi government will announce its last full Budget before the 2024 general elections an all eyes will on finance minister Nirmala Sitharaman as she unveils the fiscal plan for a year.
As all industry experts will have some expections from the budget, Industry body CII president Sanjiv Bajaj has pitched in for the expectations. The Budget should focus on measures to accelerate job creation and broaden the tax base by rationalising GST and personal income tax slabs to boost consumption, industry bodies said in their pre-Budget meeting with finance minister Nirmala Sitharaman.
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It suggested a five-pronged strategy to revitalise the private investments through measures to enhance consumption, increase capacity utilisation in factories, boost job creation, improve quality of social infrastructure, and accelerate India's economic growth.
To boost job creation, CII suggested that an employment linked incentive scheme be introduced and the government could consider an urban employment guarantee scheme and initiate a pilot in metro cities first in this Budget.