"Rural wages have been trending down and growth has been stymied due to insufficient job creation and tepid growth in disposable income," Vivek Gambhir, Godrej Consumer Products Managing Director and CEO, told PTI. Putting forth industry's Budget wish list, he added, "Focused efforts are needed to improve agricultural productivity and better target subsidies to put more money in the hands of farmers."
With regard to job creation, Gambhir said accelerating rural development projects, especially in infrastructure, and making concrete efforts to boost the MSME sector, will lead to more productive jobs being created outside agriculture.
EY Tax Partner Prashant Khatore said the government needs to bring policies to increase consumption, like reduction in personal income tax enabling more disposable income. Echoing similar views, Gambhir said, "Reduction in personal income tax slabs would provide relief to the middle and salaried class, increase disposable income and put the cash back in the economy."
Industry players said the government needs to make labour markets more attractive and resume stalled infrastructure projects, to create more jobs across sectors. The Budget for 2018-19 will be presented on February 1.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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