FICCI Director General Outlines Key Priorities for Union Budget 2026-27 to Sustain Growth
Jyoti Vij, Director General of FICCI, has proposed several focus areas for the upcoming Union Budget 2026-27 to maintain India's economic momentum. Key recommendations include increasing the capital outlay for defense to 30%, establishing an Eastern India defense industrial corridor, and boosting the National Critical Mineral Mission (NCMM). The proposal also emphasizes deepening corporate bond markets, resolving tax disputes through a dual-track disposal system, and calibrating customs tariffs to address inverted duty structures. These measures aim to strengthen domestic growth levers while maintaining fiscal consolidation and encouraging private investment across various sectors.
Key Points
- The budget should prioritize growth-enhancing productive capital expenditure and social sector spending.
- A dedicated fund for critical minerals recovery and tailings processing is suggested under the NCMM.
- To improve export competitiveness, the allocation for the RoDTEP scheme needs to be significantly raised.
- Addressing the 40% vacancy rate at the Commissioner of Income Tax (Appeals) level is crucial for reducing tax litigation pendency.
Exam Facts
- National Critical Mineral Mission (NCMM) approved in early 2025.
- Recommended defense capital outlay: 30%.
- RoDTEP: Remission of Duties and Taxes on Exported Products.
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