look news india
Confederation of Indian Industry: Sanjeev Puri, the new president of the Confederation of Indian Industry (CII), has recommended a cut in the lowest slab of income tax in the next full budget of 2024-25 in view of the high level of inflation. Sanjeev Puri said in an interview that he has also proposed to create an institutional platform to show consensus between the Center and the states to successfully pursue all reforms related to land, labor, electricity and agriculture. The Union Budget may be presented in the second fortnight of July.
CII wants to make these amendments in Income Tax
Sanjeev Puri has appealed to continue the process of simplification regarding income tax. He said that some suggestions have been given regarding capital gains and they have been considered. He does not think that the political obstacles of the coalition will hinder economic reforms in the third term of Prime Minister Narendra Modi. We believe that the performance of the Indian economy and the success of the policies in the last two terms can accelerate this process.
Puri has expressed some expectations in the full budget for the financial year 2024-25. There will be more public capital expenditure, funds for investment in social infrastructure, green funds in villages and rural areas and much more. Investment principles are important. It is important to think in this area to achieve the goal of fiscal growth.
Inflation will remain under control due to good monsoon
CII estimates that retail inflation will be around 4.5 percent this year due to good monsoon. This is within the tolerance rate of RBI. Wholesale inflation rose for the third consecutive month to 2.61 percent in May. A slight increase was recorded due to increase in prices of food, especially vegetables and manufactured goods. Wholesale inflation (WPI) stood at 1.26 percent last month, while a year ago i.e. in May 2023, it was -3.61 percent.