Suggestions like fiscal consolidation path, capital expenditure (Capex) to follow growth and expansion in inflation were made by economists for the FY23 Budget to Union Finance Minister Nirmala Sitharaman. Other suggestions were to execute the direct tax code (DTC), rationalisation of the capital gains tax, uniform mechanism for new green energy policy, support for growth and fiscal management.

The government has thought to decrease the fiscal deficit to 4.5 per cent of GDP by 2025-26 from 6.8 per cent of GDP budgeted for the current fiscal. On taxation, economists asked for tax stability and recommended avoiding any changes in the tax structure. There was also a discussion on recycling solar generation and the new green energy policy highlighted by Prime Minister Narendra Modi.

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Sitharaman has held regular meetings with different stakeholders, including industry and farmers’ bodies. The stakeholder groups have made several suggestions on various issues that included increased R&D spending, infrastructure status for digital services, incentives to hydrogen storage and fuel cell development, rationalisation of income tax slabs and investments in online safety measures, the Finance Ministry said in a statement.