Economists suggests for manufacturing policy

The need for a manufacturing policy, reining in food inflation and raising investment in the country were among key suggestions given by economists who met Finance Minister Nirmala Sitharaman and senior ministry officials in the first round of pre-Budget consultations.

Various suggestions were given to the finance ministry on the need for fiscal consolidation with many suggesting that flexibility on this aspect can put more resources in the hands of the government.

All economists agreed that the country needs a manufacturing policy beyond the industrial policy. There were also suggestions on the supply-side measures which can be taken to tackle food inflation such as cold chain storage at the local level.

Economists suggested that there was scope to reduce personal income tax.

One of the economists suggested that there was a need to make a distinction between individual and corporate tax. This is especially since the dividend distribution tax paid by companies earlier is now paid by the individual.

The economists were confused and divided on whether the government should take an approach of consumer demand-led development or investment and export-led growth.

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