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Industry chambers on Wednesday welcomed the Economic Survey’s suggestion on fiscal consolidation through a new Fiscal Responsibility and Budget Management (FRBM) Act and a modern replacement of existing tax laws.
FICCI said that Direct Taxes Code needs a review with focus on widening the tax base, simplification of laws and rationalising exemptions. “Our thinking is mirrored in the Survey that also calls for a clean and modern replacement of existing tax laws,” FICCI President Sidharth Birla said.
The Survey highlights that fiscal consolidation is important and that the country needs a new FRBM. “We would look for specific proposals in the Union Budget on further subsidy rationalisation,” Birla added.
The Confederation of Indian Industry called the Survey ‘realistic’, and said the bold reform measures outlined need to be implemented to reenergise investment and revive demand in the economy.
While supporting an empowered FRBM Act, CII President Ajay Shriram said, “Apart from fiscal consolidation, creating a competitive market for food would address the long festering problem of inflation.” The chamber also called for early implementation of GST.
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