With the objective of building greater awareness and consensus on various issues critical for the country’s growth, CII has launched a new monthly publication called Policy Watch. It is widely circulated to all stakeholders, particularly to membership and government to communicate Industry’s views and recommendations across different sectors.
The February issue of Policy Watch would focus on CII’s recommendations for the Union Budget 2013-14 which can help revive the economy.
The Union Budget 2013-14 will be presented amidst a challenging macro-economic environment characterized by slowing growth, high inflation, escalated twin deficits (fiscal & current) and weak exports. The advance estimates released by CSO recently has pegged GDP growth for the current financial year at a decade’s low of 5 per cent.
Against this backdrop, it is hoped that the forthcoming Union Budget will put in place a conducive set of policies that will boost business sentiments and help revive the growth momentum of the economy. To this end, CII has suggested that the Government focus on the following macro-economic challenges: fiscal consolidation, revival of investment and consumption demand, reducing current account deficit, initiating tax reforms, and promoting inclusive development.