ET Graphics: What India Inc expects from Nirmala Sitharaman in July’s full Budget

Budget expectations: Finance Minister Nirmala Sitharaman will begin consultations on Wednesday, ahead of the new government’s first full budget, to be presented in July. India Inc has suggested a host of reforms, including medium-term ones, to catapult the economy to a higher growth trajectory, spur employment creation, trigger private investments and preserve macro stability.

A look at their wish list:

1. SUSTAIN GROWTH:

• Continue capex push for a longer period
• Pursue land, agri, capital, power, labour market reforms
• Stick with prudent spending, fiscal discipline
• Improve trade edge, domestic value addition
• Maintain well-calibrated interest rate strategy

2. SPUR INVESTMENT:

• Extend March 2024 sunset date for low corporate tax on new units
• Introduce new industrial policy, more PLI schemes
• Cut costs of logistics and doing business
• Boost private consumption

3. SIMPLIFY TAXES:

• Ease, reduce tax rates further
• Rationalise TDS provisions, capital gains tax
• Reduce GST rate slabs to 3 from 5 with lower rates
• Bring petroleum, power and realty under GST

4. EASE OF DOING BUSINESS

• Further decriminalise, rationalise laws
• Fast-track dispute resolution
• Speed up labour code rollout
• Prepare industry decarbonisation road map
• develop credible carbon markets

5. INCREASED JOBS FOCUS

• Launch outcome-based employment policy
• Roll out incentive schemes linked to jobs
• Boost apprenticeships and internships aided by industry
• Set up task force to raise female participation
• Handhold msmes, widen their market access