The PHD Chamber of Commerce and Industry (PHDCCI) has submitted its pre-budget wish list to the government, highlighting key recommendations for the upcoming budget. The chamber has pitched for the establishment of a Green Bank to promote sustainable financing and environmentally friendly projects. This initiative aims to support the country’s transition towards a low-carbon economy and aligns with the government’s climate change goals.
Another significant proposal made by PHDCCI is the reform of Public Sector Banks (PSBs). The chamber has suggested that PSBs should be given more autonomy to operate efficiently and effectively. This includes allowing them to raise capital from the market, improving their governance structures, and enhancing their risk management capabilities. By doing so, PSBs can become more competitive and play a vital role in supporting the country’s economic growth.
PHDCCI has also emphasized the need for simplification and rationalization of the tax regime. The chamber has recommended reducing the complexity of tax laws, lowering tax rates, and introducing a more streamlined tax administration system. This would help to improve tax compliance, reduce litigation, and increase revenue collections.
Furthermore, the chamber has proposed measures to boost economic growth, such as increasing investment in infrastructure, promoting exports, and supporting the growth of micro, small, and medium enterprises (MSMEs). PHDCCI has also suggested that the government should focus on improving the ease of doing business, reducing regulatory burdens, and enhancing the overall business environment.
In addition, the chamber has recommended that the government should prioritize investments in human capital, including education, skills development, and healthcare. This would help to create a more skilled and productive workforce, which is essential for driving economic growth and competitiveness.
Overall, PHDCCI’s pre-budget wish list aims to promote sustainable and inclusive economic growth, improve the business environment, and support the country’s transition towards a more environmentally friendly and socially responsible economy. By implementing these recommendations, the government can help to unlock the country’s potential, boost economic growth, and improve the overall well-being of its citizens. The chamber’s proposals are expected to be considered by the government as it prepares the upcoming budget, which is likely to have a significant impact on the country’s economic trajectory.