Representatives from industry organizations advocated for a reduction in personal income tax rates to enhance the disposable income of the middle class.
New Delhi:
During their traditional pre-Budget meeting with the Finance Minister on Monday, representatives from industry organizations called for a decrease in personal income tax rates to boost the disposable income of the middle class, a reduction in excise duties on fuel, and initiatives aimed at stimulating employment-intensive sectors.
Additionally, industry representatives addressed concerns regarding the global dumping of surplus stock by China, including its impact on India, as well as the challenges to food security and inflation arising from the ongoing “climate emergency,” during the fifth pre-Budget consultation meeting.
The Union Budget for 2025-26 is scheduled to be presented on February 1.
In attendance at the meeting, alongside the finance minister, were the finance secretary, the secretary of the Department of Investment and Public Asset Management (DIPAM), the Secretaries of the Department of Economic Affairs, and the Chief Economic Adviser to the Government of India, among others.
Following the meeting, CII President Sanjiv Puri remarked that while the Indian economy is performing well, there are numerous global challenges to consider.
India’s Corporate Sector Advocates for Reduction in Personal Income Tax Rates at Pre-Budget Meeting
Representatives from various industry organizations have called for a decrease in personal income tax rates to enhance the disposable income of the middle class. They also advocated for a reduction in excise duties on fuel and proposed initiatives aimed at boosting employment-intensive sectors during their traditional pre-Budget discussion with the Finance Minister on Monday.
Additionally, industry representatives addressed concerns regarding the global dumping of surplus stock by China, including its impact on India, as well as the challenges to food security and inflation arising from the ongoing “climate emergency” during the fifth pre-Budget consultation meeting.
The Union Budget for 2025-26 is scheduled to be unveiled on February 1.
In attendance at the meeting, alongside the finance minister, were the finance secretary, the secretary of the Department of Investment and Public Asset Management (DIPAM), the secretaries of the Department of Economic Affairs, and the Chief Economic Adviser to the Government of India, among others.
Following the meeting, CII President Sanjiv Puri remarked that while the Indian economy is performing well, there are significant global challenges to contend with.
“We are witnessing a considerable influx of products being dumped (by China) into various regions, including India. Furthermore, the climate emergency poses additional challenges that affect food and nutrition security, as well as inflation. In light of these issues, we have proposed several recommendations and ideas,” he stated.
He emphasized that the CII is advocating for measures that would stimulate sectors with substantial employment potential.
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