CII calls for GST cut, expansionary policy to pull economy out of slowdown

The Centre's fiscal deficit has crossed the Budget FY20 projection of Rs 7.04 trillion by October itself

The Confederation of Indian Industry (CII) and Aditya Birla group Chairman Kumar Mangalam Birla on Friday pitched for an expansionary fiscal policy to pull the economy out of slowdown.

In a pre-Budget interaction with Revenue Secretary A B Pandey, a CII delegation recommended widening the fiscal deficit by 0.5-0.75 percentage points from the target, which will give the government additional fiscal space of about Rs 1.1 trillion to Rs 1.6 trillion.

Birla said at another event: “The best way to get out of it (slowdown) is only through a fiscal stimulus. If the GST (goods and services tax) rate is brought down