Union Budget 2024: Industry leaders urge for tax, inflation relief

India Inc on Thursday asked Finance Minister Nirmala Sitharaman to reduce tax burden on common man, continue capital expenditure, and announce steps to contain food inflation in the upcoming Union Budget.

During pre-Budget consultation with Sitharaman, the industry leaders and associations also urged the government to focus more on infrastructure development with a view to maintaining the economic growth momentum.

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The industry leaders also laid stress on boosting the MSME (Micro, small, and medium enterprises) sector, considered a backbone of the Indian economy and main employment generator.

President of industry body CII Sanjiv Puri put forth eight points for consideration for the finance minister.

These include relief in income tax at the lower end of income slabs, streamlining of employment inked incentive schemes like Production Linked Incentive (PLI), and promoting ease of doing business. CII also made recommendations for agriculture and rural development.

Recommendations of Ficci centred around capex drive, innovation and tax simplification.