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Need lower corporate tax, higher outlays on health, education: CII
New Delhi, March 10 (IANS) Making suggestions for drawing up election manifestoes for the upcoming polls, industry chamber CII on Sunday said the next government should lower the corporate tax to 18 per cent and increase the public expenditure on healthcare and education.
A statement by the Confederation of Indian Industry (CII) said their “suggested election manifesto” favoured the “lowering of corporate income tax to 18 per cent with no exemptions to make Indian tax rates globally competitive”.
Currently, the corporate tax for companies with turnover of up to Rs 250 crore is 25 per cent, and for those with a turnover of over Rs 250 crore it is 30 per cent.
The suggested manifesto said public expenditure on healthcare should be increased to 3 per cent of the GDP.
“The healthcare sector should be notified as an infrastructure sector. Reducing India’s maternal and infant mortality ratios must be taken up on priority basis,” the statement said.
The CII note advocates raising public expenditure on education to 6 per cent of GDP. It suggests making vocational training part of the curriculum and incentivising better performance of teachers with upgraded digital school infrastructure, especially in rural schools.
“A key measure would be to link universities with the industry and increase government funding for R&D (research and development) to 1 per cent of GDP,” it said.
The industry body also targets an average GDP growth rate of 8 per cent per annum for the next five years and called for reducing the Good and Services Tax (GST) rate slabs to 2 or 3, from the current four slabs of 5, 12, 18 and 28 per cent.
Commenting on the suggestions, Chandrajit Banerjee, Director General, CII said: “The CII suggested manifesto envisages a continued high pace of reforms, enabling India to take a lead in a world of multiple transformations in the global and technology environment.”
According to the suggested manifesto, industrial corridors and sector-specific industrial parks need to be promoted through public-private partnership.
Micro, small and medium enterprises (MSME) should be allocated 25 per cent land in industrial corridors at lenient rates, it said.
In the infrastructure sector, public-private partnerships needs to be strengthened, and the issues of delayed projects and delayed payments to project contractors must be addressed, it added.
On electoral reforms, CII suggests devising a model for simultaneous elections of Parliament and State Legislatures from 2024.
CII said it has shared the suggested election manifesto with all the major political parties, both national and regional, for their consideration and inclusion in their party manifestos.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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