FICCI seeks more sops to bolster economy

Last Updated: Tuesday, December 8, 2009 - 16:44

New Delhi: Industry body FICCI today sought
more fiscal sops in the 2010-11 budget to prop up the economy.

In a pre-budget meeting with revenue secretary P V
Bhide, a Federatation of Indian Chambers of Commerce and
Industry delegation asked the finance ministry to tread with
caution on rolling back the stimulus measures taken to spur
growth.

It suggested that the Reserve Bank of India should not
restrain liquidity as it would hurt the economic recovery
which is still at a nascent stage.

"While we are conscious of the problem of high fiscal
deficit, we feel that the government can resume back to FRBM
target. Once again after the economy has recovered well from
the ongoing crisis," FICCI President Harsh Pati Singhania told
reporters.
The fiscal sops asked by Ficci include retaining the peak
custom duty to 10 per cent, applying peak rate of personal
income tax to an annual income of Rs 10 lakh in a year and
raising income tax concessions for housing loans.

PTI



First Published: Tuesday, December 8, 2009 - 16:44

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