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Budget 2023
Budget 2023

Budget 2023 | Need income tax cuts to revive demand, CII tells finance ministry

The finance ministry began its pre-budget consultation meetings with stakeholders on November 21

November 21, 2022 / 01:09 PM IST
Finance Minister Nirmala Sitharaman.

Finance Minister Nirmala Sitharaman.

The Confederation of Indian Industry (CII) has asked the finance ministry to lower income tax rates in the budget for 2023-24 to help revive consumption demand in the economy.

"…the government should contemplate a reduction in the rates of personal income tax in its next push for reform as this would increase disposable incomes and revive the demand cycle," CII president Sanjiv Bajaj said in a statement on November 21 as the finance ministry began its pre-budget consultations with stakeholders on November 21.

Finance Minister Nirmala Sitharaman chaired the first meeting, which was attended by industry representatives and infrastructure and climate -change experts.

More meetings are scheduled this week, including those with experts and representatives from the agriculture and agro-processing industry, financial sector and capital markets, services and trade, the social sector, trade unions and labour organisations, and economists.