Pre-budget consultations with FM: Industry groups seek rationalising of Income Tax slabs, infra status to digital services

More than 120 invitees representing seven stakeholder groups participated in eight meetings, scheduled during this period, it said.

Rationalisation of income tax slabs, infrastructure status for digital services and incentives to hydrogen storage as well as fuel cell development were some of the suggestions made by various stakeholders at the pre-Budget consultation meeting convened by Finance Minister Nirmala Sitharaman.

The customary pre-budget consultation meetings were held with the finance minister virtually between December 15 and December 22, as per the finance ministry statement.

More than 120 invitees representing seven stakeholder groups participated in eight meetings, scheduled during this period, it said.

The stakeholder groups include representatives and experts from agriculture and agro-processing industry; industry, infrastructure and climate change; financial sector and capital markets; services and trade; social sector; trade union & labour organisation and economists, it said.

“The stakeholder groups made several suggestions on various issues that included increased R&D spending, infrastructure status for digital services, incentives to hydrogen storage and fuel cell development, rationalisation of income tax slabs, investments in online safety measures etc, among others,” he said.

Ministers of State for Finance Pankaj Chaudhary and Bhagwat Karad, Finance Secretary T V Somanathan; Economic Affairs Secretary Ajay Seth; Financial Services Secretary Debasish Panda; Corporate Affairs Secretary Rajesh Verma and Revenue Secretary Tarun Bajaj, were among others who attended these meetings.

It will be the fourth Budget of Modi 2.0 Government and Sitharaman. The Budget would come against the backdrop of gradual recovery taking place in the Indian economy hit by the COVID-19 pandemic.

The growth this fiscal year is expected to be in double-digit. The RBI in its latest bi-monthly monetary policy review pegged a GDP growth of 9.5 per cent in 2021-22.

The government has projected a fiscal deficit of 6.8 per cent of the gross domestic product (GDP).

The Budget 2022-23 is likely to be presented on February 1 during the first half of Parliament’s Budget session which usually begins in the last week of January every year.

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