While presenting the CII's recommendations, the president of the industrial body, Mr Venu Srinivasan complimented Mr Mukherjee on the government's efforts in steering India and Industry out of the economic slowdown, noting that stimulus package was what the economy needed.
Mr Srinivasan stressed that that the industrial turnaround was at an early stage and investments had not picked up yet and therefore, needed special care to ensure that there is no “W" shaped growth phenomenon.
However, taking stock of the growing fiscal deficit the president said that the government could consider an exit from the stimulus package provided it was gradual, calibrated and the end point of the exit coincided with the date of introduction of GST.
Besides this, CII suggested measures for raising revenue such as disinvestment, and introduction of special tax.
The CII president advised against any amendment with retrospective effect in the direct tax front, apart from bringing to light the need for special tax incentives to enable industry to adhere to the challenges of climate change and emerging technology needs.