CII Recommends Budget Relief Measures to Boost Consumption

Industry chamber CII has proposed a series of budgetary measures, including marginal tax relief for incomes up to Rs 20 lakh, increased assistance under PM Kisan, and enhanced MNREGA wages to boost consumption. Key suggestions also include lowering excise duty, rationalising capital gains taxes, and maintaining current corporate tax levels.

The Confederation of Indian Industry (CII) has put forth several budgetary recommendations aimed at stimulating economic activity and boosting consumption. Among the proposals are marginal tax relief for individuals earning up to Rs 20 lakh annually, higher assistance amounts under the PM Kisan scheme, and enhanced daily wages under MNREGA.

In a pre-budget meeting with Revenue Secretary Sanjay Malhotra, CII President Sanjiv Puri recommended reducing excise duty on petrol and diesel, rationalising capital gains taxes, and maintaining current corporate tax levels. These measures, Puri argued, are essential to maintain upward momentum in public and private capital expenditure.

Furthermore, CII suggested that a portion of the Rs 2.11 lakh crore RBI dividend be used to boost capital spending by 25% in FY25. The goal is to invigorate economic activities and generate demand. Additional recommendations include revising the MNREGA minimum wage to Rs 375/day and increasing the PM Kisan direct benefit transfer amount to Rs 8,000 per year.

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