Industry seeks more tax sops in next Budget

Industry seeks more tax sops in next Budget
Times of India, December 9, 2009, Page 25

TIMES NEWS NETWORK, New Delhi

The finance ministry on Tuesday held its first pre-Budget meeting for 2010-11 Budget when revenue secretary P V Bhide met an industry delegation from Ficci at North Block.

The chamber has sought further tax sops to prop up the economy which has still not come out of the impact of the financial meltdown. Members of the delegation impressed upon the revenue secretary that government should not consider rolling back the stimulus measures taken to spur growth as it was too early. The group of industrialists included H P Singhania of JK Group, Rajan Bharti Mittal of Bharti Airtel and Daljeet Singh from Fortis. They suggested that RBI should not restrain liquidity as it would hurt economic recovery which is still at a nascent stage.

“While we are conscious of high fiscal deficit, we feel government can resume FRBM target once economy has recovered well from ongoing crisis,” Singhania said.