By Priyanka Deshpande
CNBC-TV18.com
Published June 18, 2024
The Confederation of Indian Industry (CII) on Tuesday, June 18, proposed a series of budgetary recommendations to stimulate economic growth and increase consumer spending. Here are some of the key recommendations:
Marginal relief in income tax for taxable income up to ₹20 lakh.
The MNREGA minimum wage could be revised to ₹375/day from ₹267/day in FY24 as suggested by the ‘Expert Committee on Fixing National Minimum Wage.’
Increase the direct benefit transfer amount under PM KISAN to ₹8,000 per year from ₹6,000 per year.
Lower excise duty on petrol and diesel.
Rationalise long-term gains tax rate at 10% on financial assets and 20% (with indexation) on assets other than financial assets (like immovable property, etc).
The short-term gains tax rate on financial assets should be 15%, while for immovable properties, it should be applicable rates.
The holding period for an asset classified as long-term should be 12 months for financial assets and 36 months for non-financial assets.
Increase capex by around 25% in FY25 over the revised figure of FY24.
Fiscal deficit should be at 5.1% in FY25 and below 4.5% in FY26.
Launch employment-linked incentive schemes for labour-intensive & high growth potential sectors such as Toys, Textiles & Apparel, Furniture, Tourism, Logistics, Retail, Media & Entertainment.