Budget should cut tax rates, focus on domestic drivers to boost growth: EY

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Budget should cut tax rates, focus on domestic drivers to boost growth: EY - Business Standard

Quick Summary:

The forthcoming Budget needs to focus on domestic drivers like reducing personal income tax and allocating higher capex, to boost growth amid global economic uncertainties, EY's chief policy advisor D K Srivastava has said.

Srivastava, a member of the Advisory Council of the 16th Finance Commission, said since urban consumption is lagging, it is necessary to rationalize the personal income taxes structure, both in terms of rates and deductions such that additional disposable incomes could be put into the hands of lower and middle income class groups.

"At this time when global economic conditions are not very suitable for the Indian economy and for the global economy as a whole, the government has to rely very heavily on domestic demand drivers," he told PTI in an interview.