The US-India Strategic Partnership Forum (USISPF) has urged Finance Minister Nirmala Sitharaman to reduce taxes and ease customs regulations as part of its budget wish list. The body has called on the government to clarify carry forward and loss offset rules and streamline regulations related to withholding taxes, indirect transfer and dispute resolution.
USISPF has also recommended amendments to address challenges with deferred duty payments.
The group which represents top business groups in India and the United States has recommended steps to accelerate the digital economy including, increase in contactless payments and expanding use of digital instruments in negotiable instruments and other legal documents. “For the continued competitiveness of India’s BPO sector, we recommend updating telecommunications regulations by removing burdensome registration and scrutiny formalities on data-based service providers”, said the USISPF.
“In India, the pandemic has severely constrained domestic investment and consumption, but there are hopeful signs of a recovery to come. We look forward to the 2021-2022 Union Budget providing the blueprint for that recovery, one that goes beyond restoration of the pre-pandemic levels to achieve an even higher baseline level of growth”, said Mukesh Aghi, the President of USISPF.
The USISPF has also pitched for reforms in the insurance sector, including lifting the cap on foreign direct investments and expanding the number of pension funds in India. In order to strengthen India’s banking sector, the group has called for the privatisation of mid-sized public sector banks and addressing the unsustainable asset-liability mismatch in the funding model of NBFC’s.
(Edited by : Aditi Gautam)
First Published: Jan 8, 2021 1:28 PM IST
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