MPs seek sops for agri, relook at FBT, oil duties
Ahead of the Budget, MP's have sought greater focus on agriculture and infra, reforms in power sector.india Updated: Feb 11, 2006 20:50 IST
Ahead of the Budget, Members of Parliament have sought greater focus on agriculture and infrastructure, reforms in power sector, relook at the Fringe Benefit Tax and a review of duty structure on petroleum.
At a meeting of the Parliamentary Consultative Committee of Finance Ministry, the members also emphasised the need for incentives including subsidy for agriculture, lowering import duty on coal and aluminium, restructuring VAT rates, sops for tourism sector and a host of other social sector schemes, an official release said.
Finance Minister P Chidambaram, who invited suggestions from the members for the Budget 2006-07, said that country's revenue and fiscal deficit as well as inflation have come down. This was very good for boosting investment and growth, he said.
The plan expenditure up to December 2005 was 66 per cent of the Budgetary expenditure as compared to 56 per cent of last year. It was a good sign that the Union and state governments were more focused on plan expenditure, he said.
Chidambaram also said the government has set up a Special Purpose Vehicle for infrastructure funding but no firm proposals have so far been received from state governments.
During the meeting, the members also suggested revitalising the public distribution system, specific schemes for promoting self-employment and attracting private sector investment in infrastructure, education and other sectors.
Besides Chidambaram and Minister of State in Finance Ministry PK Bansal, other MPs who attended the meeting included Arun Shourie, Bimal Jalan, Abani Roy, Lalit Suri, Ravi Shankar Prasad, M Ramadass, Prahlad Joshi and R Prabhu.
First Published: Feb 09, 2006 21:18 IST