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India Inc has strongly recommended the retention of existing tax levels and speedy implementation of the value added tax in its meeting with Finance Minster P Chidambaram.
Nearly a dozen captains of industry, including Ashwin Dani, vice-chairman and managing director, Asian Paints; Venu Srinivasan, CMD, TVS Motor Company; Nusli Wadia, chairman, Bombay Dyeing; Jagdish Khattar, MD, Maruti Udyog Limited, and the heads of the Confederation of Indian Industry, Federation of Indian Chambers of Commerce and Industry and Assocham, met the finance minister to put across their suggestions for the forthcoming Union Budget.
Sectors like food processing and housing received the maximum attention during the meeting, according to Venu Srinivasan. "These sectors were identified as important for large-scale employment generation," he said.
During the meeting, Srinivasan also suggested that the government should go all out to attract big foreign investors in food processing, as it would go a long way in improving the overall agricultural sector. The FM has asked the industry to present a detailed report on improving the food-processing sector.
At the two-hour long meeting in the Fresco Room in North Block, each person made a seven minute presentation after which the finance minister reportedly asked a few short, but pointed questions.
India Inc was fiercely opposed to levying of any additional cess such as the proposed