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FICCI's Recommendation for Union Budget

In a meeting of Finance Ministry with FICCI for the preparation of Budget. FICCI recommended few measures to follow:

  1. Budget should focus on  growth alongside look at fiscal management for three years.
  2. Centre expenditure should be prioritise in three area- Health, Infrastructure and Sustainability. Government health expenditure to increase to 3% in three year period.
  3. Budget should address critical area of private investment and providing support for employment generation(Sustainability).
  4. India need strong financial sector to achieve the vision of $5Tn Economy. For this government need to bringdown its stake on PSB to below 50% through market route except for 3 to 4 large PSB such as SBI, BOB, BOI etc.
  5. There is need to form government owned Development Finance Institution to finance key sector of economy. DFIs can be established on line with KFW Germany, Brazil Development Bank and this could be achieved by financing NABARD for financing agriculture and rural sector and SIDBI for financing MSMEs and IIFCL for financing Infrastructure project.
  6. There should be MGNREGA  like scheme for urban poor and higher interest subvention on housing loan and utilising FOREX(15bn$ or 20bn$) for setting up for lending subsidised loan to Indian Industry at around 6% for new project.
  7. Government can raise revenue by pledging share of PSUs to RBI by issuing long term Corona bond and by aggressive selling of non-core State owned asset.
  8. The GST rate should be rationalise to 3 rate to address issue such as interpretation issue w.r.t to GST, reduce complexity and probability of disputes.
Though there will be no direct question for this in UPSC but these recommendation can provide brief insight on the issue and some of it can also be used in mains as well.

To see NK singh recommendation on Centre-state relation click here-->
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