The Confederation of Indian Industry (CII) has asked the government to dole out incentives for investments in manufacturing through reintroduction of investment allowance.
In its pre-budget memorandum submitted to the Union finance minister Yashwant Sinha on Monday, CII has sought a slew of concessions on several fronts including reduction in certain rates.
CII president Sanjiv Goenka told Business Standard that they had sought reduction of interest rates and reduction of corporate taxes. Some of the highlights of the pre-budget memorandum submitted to the government include:
1. Reintroduction of investment allowance to spur investments. Incentives on investments in manufacturing.
2. Reduction of interest rates and corporate taxes.
3. Realistic exchange rates.
4. Simplification of procedures on mergers and acquisitions.
5. Carry forward losses should be allowed to be carried over.
6. Implementation of approved infrastructure projects.
7. With entertainment and media expected to grow to around Rs 48,000 crore in four years, and the potential it has to grow much faster than the software sector. Hence the government should give the same incentives which are given to the software sector.
8. This time around too, the CII has not made any recommendations on FDI in print media because there has been no consensus in CII on the issue.
9. Better labour policy should be in consensus with international norms.
Goenka, who is also the vice-chairman of the RPG Group, said the response from the summit has been exceedingly good.
