Cut in income tax, schemes to generate jobs among demands in pre-Budget meetings with FM

Cut income tax for individuals, bring programmes to generate employment, increase spending to boost the economy and incentives for certain industries were the common pleas made in the pre-Budget meetings that Finance Minister Nirmala Sitharaman held with stakeholders.

Sitharaman held eight rounds of discussions starting with India Inc on November 21 and ending with a round of consultation with economists on Monday. The Budget 2023-24 would be tabled in Parliament on February 1.

The representatives of the stakeholder groups made a number of suggestions for the forthcoming budget that included a mechanism for green certification to help MSMEs, an urban employment guarantee programme to boost employment generation, and rationalisation of income tax, the finance ministry said.

Schemes for improving domestic supply chains, reduction of taxes on electric vehicles, the introduction of EV policy, measures to promote India as a hub for green hydrogen, a portable social benefit for children, coverage of unorganised workers under ESIC also featured in the demand.

Besides, a continuation of public capex, fiscal consolidation and lower customs duties, were among the suggestions received from stakeholders.

''More than 110 invitees representing 7 stakeholder groups participated in 8 meetings,'' the Ministry said, adding that Sitharaman assured that suggestions would be carefully considered while preparing the Budget 2023-24.