The Budget ought to deal with measures to speed up job creation and broaden the tax base by rationalising GST and private revenue tax slabs to spice up consumption, trade our bodies mentioned of their pre-Budget assembly with finance minister Nirmala Sitharaman on Monday.

“The external scenario is likely to continue to be unfavourable for some time. Hence, we must broad-base our domestic economy by creating new sectors of growth and driving employment generation to boost domestic demand, inclusion, and growth,” CII president Sanjiv Bajaj mentioned.

The Confederation of Indian Industry (CII) was a part of the digital pre-Budget assembly which was referred to as for an aggressive deal with privatisation of public sector items and growing allocation to capital expenditure with deal with an funding led progress technique to pump India’s economic system amidst the worldwide uncertainty.

To increase job creation, CII prompt that an employment linked incentive scheme be launched and the federal government might contemplate an city employment assure scheme and provoke a pilot in metro cities first on this Budget.

“Going forward, to provide tax certainty to businesses, the corporate tax rates should be maintained at the current levels.

“Further simplification, rationalisation, ease of paying taxes, and lowering tax litigation ought to be key priorities,” the CII president said.

Industry body PHDCCI also submitted its suggestions for the Budget to the finance minister virtually on Monday.

It suggested a five-pronged strategy to revitalise the private investments through measures to enhance consumption, increase capacity utilisation in factories, boost job creation, improve quality of social infrastructure, and accelerate India’s economic growth.

“The Union Budget 2023-24 is being introduced at an important juncture of geo-political uncertainties, excessive inflation and slowing world financial progress. At this juncture, calibrated steps to reinforce home sources of progress could be essential to take care of the regular financial progress trajectory,” mentioned Saket Dalmia, president, PHD Chamber of Commerce and Industry (PHDCCI), in a press release.