Shift Budget focus away from corporate, Jaitley told

The Confederation of All India Traders (CAIT) has urged Finance Minister Arun Jaitley to shift focus of the Union Budget from corporate to the non-corporate sector, and spell out policies with “top down bottom up” approach in order to exhilarate the economy.

“Small businesses deserve support policies in the Budget,” CAIT said.

“There is a need to liberate reforms from Chicago School Milton Friedman thinking, which rests on three pillars, supporting big business, MNCs and big capital. India’s non-corporate sector is the largest dis-aggregated business ecosystem in the world and therefore, should be given due priority in the Budget,” CAIT said.

CAIT has also called for declaration of incentives to promote cashless economy in the country, thereby encouraging more usage of debit/credit cards. CAIT said that the non-corporate sector has outperformed the corporate sector in terms of GDP contribution, domestic manufacturing, employment and exports. “With more than six crore business establishments, the sector is contributing 45 per cent to India’s GDP and providing employment to about 46 crore people, out of which about 26 crore are self-employed. The sector produces value addition of Rs 6.28 lakh crores per year,” it said.