Revamp fiscal, taxation policies: CII to Akhilesh

CII has suggested Uttar Pradesh to support the proposed GST regime, as it would bring enormous economic benefits to the state

The Confederation of Indian Industry (CII) today urged the Akhilesh Yadav government for revamping fiscal and taxation policies for giving industries an edge and attracting investment.

CII has suggested Uttar Pradesh to support the proposed Goods and Services Tax (GST) regime, as it would bring enormous economic benefits to the state.

"There is an urgent need for the rationalisation of Value Added Tax (VAT) to bring tax rates at par with neighbouring states," CII UP State Council chairman and Wartisila India Limited Director (development and financial Services) Debashish Mazumdar said here.

Industry further demanded quicker and long-term approvals from the State Pollution Control Board for the small and medium industries, as they lack the wherewithal regarding paperwork and regulatory compliances.
 

He listed lack of infrastructure, power, law and order issues and scarcity of suitable land as the major hurdles for industry in UP.

"However, we perceive that the present dispensation is serious about getting investment and helping industry. Yet, a lot needs to be done to win the confidence of industry, especially with regards to law and order," Mazumdar added.

Meanwhile, CII is planning to expand its annual 'Rozgar Mela' initiative to other districts apart from Lucknow. Last year, about 7,000 youth had attended the event in Lucknow.

"We are keen to organise similar events in other districts, but would first ensure that we have the requisite logistics, sufficient supply of manpower and support from the industries in these places," he informed.

He said after the announcement of new policies, it had become inevitable for CII to strive for new avenues of growth in the state. CII had formed 4 focused groups viz. Skill Development, Branding Uttar Pradesh & MSME, Agriculture & Food Processing.

These panels comprise industry members and other stakeholders to take up policy related issues, initiate and implement high impact programmes and work closely with the respective government departments.