Chambers ask FM to focus on growth, fiscal consolidation

Industry chambers FICCI (Federation of Indian Chambers of Commerce and Industry) and CII (Confederation of Indian Industry), at a pre-budget meeting with finance minister Pranab Mukherjee, on Friday underlined the need to revive the growth momentum in the economy while focusing on fiscal consolidation. HT reports.

Industry chambers FICCI (Federation of Indian Chambers of Commerce and Industry) and CII (Confederation of Indian Industry), at a pre-budget meeting with finance minister Pranab Mukherjee, on Friday underlined the need to revive the growth momentum in the economy while focusing on fiscal consolidation.

The government should look at allowances to boost the investment environment, they said.

FICCI urged the government to reduce the MAT from the existing 18.5%. This translates into almost 20% with surcharge and education cess. It also underlined the need to revive the disinvestments programme.

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“With bold and innovative policy measures, India can not only prevent further decline in growth but can actually reverse its trend even if the global economic outlook remains uncertain for some more time,” said B Muthuraman, president, CII.

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FICCI president RV Kanoria said that the government must continue with its disinvestments programme.