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Four-pronged strategy to push up growth trajectory to 9 % : FICCI
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Written by Viswanath   
Thursday, 04 June 2009

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New Delhi: Mr. Harsh Pati Singhania, President, FICCI, urged the Finance Minister to script a four-pronged strategy to push investment-led growth, stimulate demand through fiscal measures, launch a second green revolution and give a fillip to social sector reforms.  Such a braodbased strategy, he said would pave the way for bringing  back the growth trajectory to 9% and lead to financial and social inclusion.

In his pre-budget meeting with Mr. Pranab Mukherjee, Union Finance Minister, the FICCI President pointed out that the need of the hour was to beef up growth through ceaseless efforts aimed at STEPPING UP INVESTMENT.

Mr. Singhania suggested the following steps:

-Reintroduce investment allowance
-Restore the  depreciation rate to 25%
-Provide100% depreciation for investments made through Energy Service Companies
-Abolish  Fringe Benefit Tax
-Remove the cascading impact of DDT
-Consider lowering the corporate tax rate from 30%  by a few percentage points
-Extend tax holiday benefit for Power Projects beyond 2010
-Fiscal sops to boost renewable energy development
-Raise Maximum tax bracket for personal income tax

On the EXPORT front, Mr. Singhania called for the following steps:
-Continue of the tax holidays for 100 per cent EOUs, Undertakings in FTZs, Industrial Development Parks and extended beyond 2010
-Earlier Tax benefit for exports under Section 80HHC be temporarily revived to tide over the current downturn
-Raise the interest rate subvention for exports from 2% to 3%
-Review the FTA arrangements, particularly in the light of the current environment

On INDIRECT TAXATION, the FICCI President, suggested the following:
-Evolve a suitable refund mechanism for the huge Cenvat  accumulations which cannot be modvated
-Reduction in excise, service tax and rationalization of  customs announced in stimulus packages be continued for one more year
-Avoid bringing down import duties any further.  Any duty reduction should be calibrated with internal reforms
-Withdraw service tax on packaged software as it is already subject to excise duty/CVD

 
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