Pre-Budget Talks: India Inc. Pushes for Income Tax Relief, Lower Fuel Duties & More | Pragativadi

FM Nirmala Sitharaman led the fifth pre-budget meeting on Monday to align with the industry leaders from various sectors.

The 2025-26 Union Budget will be presented on February 1, 2025. Officials from industry sectors proposed a reduction in personal income “ up to Rs 20 lakh” with the aim of leaving the middle class with higher disposable income. The report added other proposals made during the meeting which included a reduction in excise duty on fuel, and actions to stimulate sectors with high employment potential.

The meeting also saw the attendance of dignitaries like the finance secretary, Secretaries of the Department of Economic Affairs, secretary of DIPAM (Department of Investment and Public Asset Management), and Chief Economic Adviser to the Government of India.

Post-meeting, Confederation of Indian Industry (CII) President Sanjiv Puri interacted with the media officials and said that even though the Indian Economy is doing well, internationally there are a lot of challenges to be tackled.

“We are seeing dumping of a lot of products (by China) into various parts of the world, including India. We also have the issue of climate emergency, which, besides other things, also impacts food and nutrition, (food) security and inflation. In this context, we have made several suggestions and ideas”.

He mentioned that the CII has also requested initiatives to boost sectors with significant job growth potential such as garments, footwear, tourism, and furniture, in addition to proposing recommendations for MSMEs and incorporating India into global value chains.

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