India Inc today outlined a 38-point agenda in its pre-budget meeting with finance minister Yashwant Sinha to pull the economy out of recession. The prescription included slashing corporate tax rate to 30 per cent, abolition of minimum alternate tax (MAT) and reintroduction of investment allowance.
In the meeting attended by leading industrialists, the industry chambers said re-introduction of the investment allowance at the rate of 25 per cent was essential to boost manufacturing. They also asked for enhancing public investment and allowing corporate restructuring for non-industrial companies while objecting to any move towards a single customs duty rate.
After the meeting, Mukesh Ambani, vice-chairman and managing director of Reliance Industries said,
