Prune I-T, 3-tier customs duty to spur growth: CII

New Delhi : Representatives from industry bodies sought reduction in personal income tax rates to ensure higher disposable income in the hands of the middle class, reduction in excise duty on fuel, and measures to provide impetus to employment-intensive sectors in their customary pre-Budget meeting with the Finance Minister on Monday.

Industry bodies also raised the issue of dumping of excess stock by China globally, including in India, and challenges posed to food security and inflation due to the "climate emergency", during the fifth pre-Budget consultation meeting.

The 2025-26 Union Budget will be presented on February 1. Apart from the finance minister, the meeting was attended by finance secretary, secretary of DIPAM (Department of Investment and Public Asset Management), Secretaries of the Department of Economic Affairs and the Chief Economic Adviser to the Government of India, among others.