Confederation President urges ‘efficient welfare with suitable policy to control inflation’
Confederation President urges ‘efficient welfare with suitable policy to control inflation’
Confederation of Indian Industry (CII) President TV Narendran said on Monday that if global crude oil prices remain above $100 a barrel, the government should consider giving some relief to Indian consumers by reducing excise duty on petroleum products. .
On a mixture of ‘some efficient welfareism with appropriate policy action to control inflation’, Mr Narendran indicated that this was necessary to sustain consumption. “While most sectors have reached pre-pandemic activity levels, the recovery in consumption was a bit fragile and demand is now starting to strengthen,” he said in an interview.
“If oil prices remain around $100, then something can be done to ease the pressure on the common man on excise duty etc… margin and retail margin,” he suggested.
CII is also looking at simplification of Goods and Services Tax (GST) regime with lower rates and resolution of discrepancies in norms related to Tax Deduction at Source (TDS) and Collection of Tax at Source (TCS) to give a boost to the economy. Can you Uncertainty in Europe due to conflict and rising cost of living.
Mr Narendran was optimistic about the prospect of a hike in interest rates by the central bank, stressing that it would be ‘unfair’ to expect a lenient stance for the industry if inflationary pressures are high. “To be fair to the RBI, it has been very prudent so far and too much inflation is not good for economic activity,” he said, adding that the government should focus on its infrastructure spending as it would The area will be of great benefit.