Budget must focus on consumption, capex, jobs: CII president Sanjiv Puri Puri said consumption could be boosted by cutting fuel excise duty and lowering personal income tax rates for incomes up to ₹20 lakh per annum.
Budget Must Focus on Consumption, Capex, Jobs: Insights from CII President Sanjiv Puri
As India gears up for its upcoming budget, the Confederation of Indian Industry (CII) President Sanjiv Puri has shared critical insights that emphasize the need for a budget that prioritizes consumption, capital expenditure (capex), and job creation. With a focus on stimulating the economy, Puri suggests several measures to boost consumer spending and enhance economic growth.
Boosting Consumption Through Tax Reforms
Puri advocates for measures that could revitalize consumer spending, particularly highlighting the potential benefits of an excise duty cut on fuel. Lowering fuel prices could alleviate the financial burden on households, encouraging them to spend more on essential goods and services. Additionally, he recommends reducing personal income tax rates for individuals earning up to ₹20 lakh per annum. This move could increase disposable income, allowing consumers to invest in experiences and products that drive economic activity.
Capital Expenditure: A Key Driver of Growth
Investing in capital expenditure is essential for infrastructure development and long-term economic health. Puri stresses that the government should focus on enhancing capex to create jobs and stimulate various sectors, including manufacturing and services. Increased government spending on infrastructure projects can lead to a multiplier effect, generating employment opportunities and fostering growth in related industries.
Job Creation: The Need of the Hour
Job creation remains a pressing issue for India, and Puri emphasizes that a budget focusing on consumption and capex will inherently support employment generation. By investing in sectors that require a skilled workforce, the government can address unemployment while simultaneously fostering innovation and productivity.
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Conclusion
In conclusion, the upcoming budget presents an opportunity for the Indian government to focus on consumption, capital expenditure, and job creation, as highlighted by CII President Sanjiv Puri. By implementing strategic tax reforms and enhancing government spending, India can pave the way for a robust economic recovery, ultimately benefiting consumers and businesses alike.
