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Tuesday, November 30, 2021

Budget 2021: Be a hierarchical slab for competitive import tariffs, industry body CII suggests to government

Union Budget 2021: Industry organization CII has suggested a graded roadmap for three years on competitive import tariffs as per its pre-budget recommendations to the government. This includes a nil slab of 0 to 2.5 per cent for raw materials, a high slab of 5 to 7.5 per cent for finished goods, and a 2.5 to 5 per cent slab for intermediates.

The Confederation of Indian Industry (CII) has proposed this roadmap for Budget 2021 to encourage domestic manufacturing and has taken into account global trade trends. The industry organization says that this will give a boost to India’s export competitiveness. Indian industry will be helped to integrate into the global value chain and the country will remain competitive in the world markets with its goods and services.

Need to boost employment to higher levels

Emphasizing the need to promote employment to higher levels, CII has suggested that the upper limit of total monthly salary should be increased to Rs 50000 per month to encourage jobs in higher-skilled jobs.

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