PHDCCI wants more focus on tier 2 and 3 cities and smart villages
PHDCCI has suggested to Finance Minister Nirmala Sitharaman to support create consumption demand and provide relief to middle income group with rationalization of tax slabs to bolster manufacturing sector https://www.bseindia.com/ .
During interactions with the Minister on 20 June, the industry body suggests 10 reforms to strengthen India’s journey towards Viksit Bharat https://rbi.org.in/ .
Further reforms to enhance the manufacturing share in GDP to 25% by 2030 https://www.nseindia.com/ .
Expand the PLI scheme beyond the 14 sectors with addition of more labour-intensive sectors http://deutsche-boerse.com .
Change in Classification Norms of MSMEs for NPAs from the 90 days limit to 180 days https://www.londonstockexchange.com/ .
Rationalization of direct taxes for the middle class.
Focus more on tier 2 and 3 cities with state-of-the-art infrastructure and smart villages with adequate facilitation of public utilities https://www.conexpoconagg.com/ .
Status quo on the corporate tax rates http://iba.org.in .
Strengthen University-Industry Linkages to enhance R&D activity in the country https://www.wto.org/.
Reduce costs of doing business including costs of capital, costs of power, costs of logistics, costs of land and costs of compliances https://ficci.in/api/home .
Implement the four labour codes across the states to enhance the competitiveness of the industry https://www.cii.in/ .
Strengthen supply chains and address the shortages in key food items to mitigate inflationary pressures https://sbi.com.in/ .
“We recommend status quo on the corporate tax rate at 22% for existing companies and 15% for new manufacturing companies incorporated after 1 Oct 2019 to enhance the manufacturing share in GDP,” said PHDCCI President Sanjeev Agrawal said https://www.phdcci.in/ .
The middle class must be spared from the 30% tax rate and this rate must be applicable only to those with taxable income above Rs.40 lakh, this will support consumption demand in this country, said Agrawal. Fiinews.com
