Industry demands fiscal stimulus in Budget to spur economic growth

Ficci batted for income tax slabs for individuals be revised with the highest tax rate of 30 per cent applicable to incomes above Rs 20 lakh as opposed to Rs 10 lakh, currently

Industry bodies demanded fiscal stimulus to spur the sagging economic growth in their pre-Budget meetings with finance ministry officials on Monday. They told the officials that the creation of jobs in labour-intensive sectors and providing a stimulus to consumption, particularly in rural areas that have fallen dangerously low, should be the new government’s focus.

“The upcoming Union Budget 2019-20 is an opportunity for the government to boost consumption and investments through appropriate fiscal stimulus and policies,” Ficci said during the meetings, including one with revenue secretary A B Pandey.

Business chambers called for a reduction in taxes, both on personal