To reverse the current slowdown in the manufacturing sector, industry body Ficci has recommended reducing excise duties on consumer goods in the forthcoming Budget, besides cutting interest rates and implementation of appropriate raw material policies.
Ficci has also demanded that there be no further cuts in custom duty on manufactured goods and sought a relief package for exporters, increase in the rate of depreciation, reduction of corporate tax rate, capacity building of SMEs, besides skill development and better infrastructure.?While the slowdown is not pervasive and has affected only some sectors, it is a cause for concern. The trend may continue for some time, given the current economic scenario,? the chamber said.
