Wednesday , July 17 2024

Delhi: People in lower slabs should be given income tax relief in the budget: CII

Due to the high rate of inflation and inflation in the country, the new President of Confederation of Indian Industry (CII), Sanjeev Puri has demanded that people in the lower slab of income tax should be given relief in income tax in the budget of the new government. It will be presented now.

Puri stressed on creating a collective platform to build consensus between the Centre and the states to successfully push forward all reforms related to land, labour, power and agriculture sectors. Puri expressed confidence that the coercion of allies will not become an obstacle in pushing forward reforms in the third term of the Modi coalition government.

There is a need to increase capital expenditure

Puri hoped that in the full budget of 2024-25, the government will take steps to increase capital expenditure substantially and reduce the fiscal deficit. A new framework will be prepared for investment in the social sector and steps will be taken to attract more investment in the rural sector. Wholesale inflation rose for the third consecutive month to 2.61 percent in May due to increase in prices of food items, especially vegetables and manufactured goods in the country. Wholesale price based inflation was 1.26 percent last month. In May 2023, it was 3.61 percent below zero.

hoping for a good monsoon

Puri expressed hope that this year the monsoon will be good and the country will receive good rainfall. Due to which the consumer price inflation may remain around 4.5 percent this year. He was of the view that the reforms in the tax structure should continue. He demanded to make the provision of capital gains consistent.