Before the Budget on July 05, the Federation of Indian Chambers of Commerce and Industry (FICCI) has submitted\u00a0a set of recommendations to the Centre.<\/p>\n
– Priority should be given to\u00a0revitalise the agriculture sector<\/strong>\u00a0through increased investments in irrigation (including micro-irrigation), strengthen the agricultural supply chain to reduce wastage, and better prices for farmers.<\/p>\n – Need for priority investments in farmgate and near-farmgate storage (of more than 1,000 MT) built under Rashtriya Krishi Vikas Yojana (RKVY) to enable small producers to hold produce till market prices are remunerative enough to sell.<\/p>\n A plan for a national warehouse grid along highways should be launched and\u00a0need for a major improvement in the agro-processing industry given that India is\u00a0one of the largest producers of several agri-products.<\/p>\n – Provide\u00a0fillip to the infrastructure sector<\/strong>through major projects in roads and highways, sub-urban metros and airports\u00a0to create jobs,\u00a0a necessity at the current juncture.\u00a0It will also generate demand for steel, cement, power, commercial vehicles and capital goods.<\/p>\n – Increase exports<\/strong>: Union Budget should allocate a suitable amount for\u00a0the market intelligence cell to regularly conduct market studies and understand the dynamics of global trade, barriers to trade and opportunity for market entry across sectors to increase exports. The government must also support campaigns in foreign markets\u00a0to build brand India and promote Make in India\u00a0products.<\/p>\n – The government should\u00a0increase the disinvestment target<\/strong>\u00a0from Rs 90,000 crore set in the interim Budget to Rs 150,000 in the upcoming FY20 Budget. Reports indicated that Niti Aayog has prepared a list of over 50 public sector enterprises (PSEs) and their idle asset \u2013 land, industrial units, etc. \u2013 that are ready\u00a0to be monetised.<\/p>\n – Sectors that generate employment such as textiles, leather, gems and jewellery, footwear and toys should be incentivised with benefits like subsidised land, duty-free imports and tax holidays.<\/p>\n – Scientific research<\/strong>\u00a0is the key to innovate and the industry needs tax incentives to encourage expenditure.\u00a0Similar to\u00a0Make in India and the Startup initiative, an innovation and scientific research initiative should be given equal weight. It is recommended that weighted deduction under the Income Tax Act, 1961 to various modes of scientific research expenditure be restored. Further, innovation and digitisation in service sectors should be incentivised for expenditure incurred on scientific research.<\/p>\n – Reduction in corporate tax<\/strong>\u00a0to 25 percent in line with the global corporate tax rate structure between 15-25 percent. The reduction in tax will spur domestic investment and make India globally competitive.<\/p>\n – Direct tax exemption<\/strong>\u00a0announced in the interim Budget FY019-20 should continue, to stimulate household consumption and savings. Apart from the tax exemption for individuals with annual income less than Rs 5 lakh, FICCI recommends the imposition of the highest tax rate of 30 percent for incomes over Rs 20 lakh per annum. Overall deduction limit under 80C, 80D and housing loan interest should be enhanced so that households have more disposable income.<\/p>\n","protected":false},"excerpt":{"rendered":" Before the Budget on July 05, the Federation of Indian Chambers of Commerce and Industry (FICCI) has submitted\u00a0a set of recommendations to the Centre. – Priority should be given to\u00a0revitalise the agriculture sector\u00a0through increased investments in irrigation (including micro-irrigation), strengthen the agricultural supply chain to reduce wastage, and better prices for farmers. – Need for […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_monsterinsights_skip_tracking":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[1],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/udaen.info\/index.php?rest_route=\/wp\/v2\/posts\/4115"}],"collection":[{"href":"https:\/\/udaen.info\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/udaen.info\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/udaen.info\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/udaen.info\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4115"}],"version-history":[{"count":1,"href":"https:\/\/udaen.info\/index.php?rest_route=\/wp\/v2\/posts\/4115\/revisions"}],"predecessor-version":[{"id":4116,"href":"https:\/\/udaen.info\/index.php?rest_route=\/wp\/v2\/posts\/4115\/revisions\/4116"}],"wp:attachment":[{"href":"https:\/\/udaen.info\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4115"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/udaen.info\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4115"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/udaen.info\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4115"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}