CII Proposals on Budget 2007-08

The Indian Economy is growing at an impressive annual rate of around 10 percent presently. For sustaining this rate of growth and achieving new heights, Indian budget plays a significant role. In the same direction the Confederation of Indian Industry has proposed certain key areas for emphasizing in the coming budget 2007-08, which are as follows:

• The percentage share of agriculture in the total GDP in India is declining at a continuous rate. This sector constitutes a larger employed sector in the country. The need of the hour is to undertake quick steps to provide productive employments and self-employments in other sectors.
• More investments on education and skill formation: Investment on the formation of Social Overhead Capital in India is necessary for achieving global expertise and competitiveness. The chamber proposes for more investments on education and skill formation.
• More emphasis is to be given for achieving FRBM targets.
• It proposes for a single goods and services tax in the coming budget 2007-08.
• Generation of employment and self-employment in the non-farming sectors.
• The poverty rate in the country must be reduced by creating income earning sources for the peoples.
• Developing elementary and secondary education in the country.
• Budget 2007-08 should aim at the growth of Indian Economy, which is led by the level of consumption in the country.