Focus on Growth: Industry Leaders Share Pre-Budget Insights

In a pre-budget meeting with Finance Minister Nirmala Sitharaman, industry bodies proposed strategies to boost MSMEs, rural infrastructure, and consumption. Key recommendations included increasing public investment, tax adjustments, and establishing MSME universities for skill development, underlining the importance of credit accessibility for sector growth.

In a significant pre-budget meeting with India's Finance Minister Nirmala Sitharaman, representatives from various industry organizations presented an array of proposals aimed at economic stimulus. This meeting marked the fifth of its kind, underscoring the government's ongoing dialogues with industry stakeholders.

Post-meeting, Sanjiv Puri, President of the Confederation of Indian Industry (CII), emphasized the discussions on boosting labour-intensive sectors, particularly MSMEs, and on strategies to enhance economic consumption. Puri noted the government's reaffirmation of its focus on public investment while adhering to the fiscal glide path.

Among the suggestions, CII highlighted the need for a 25% increase in capex spending over the Rs 11.1 lakh crore budgeted for 2024-25, with a pronounced emphasis on rural infrastructure. Meanwhile, PHDCCI urged a streamlined tax structure and technological advancements for MSMEs, advocating for a green transition fund and tax tweaks to stimulate consumption, while ASSOCHAM called for MSME universities to bolster skills and credit flow enhancements.

(With inputs from agencies.)