Mumbai: The Indian Merchant's Chamber, a leading business organization in the western region of the country, has outlined its expectations from the Union Budget 2008-09.

In a statement, IMC Secretary General P N Mogre outlined a short and sweet four-point list of things the IMC would like to see happen in the budget this year, as outlined by IMC President, Niraj Bajaj. These are as under:

1. Indian economy has been growing at 8-9 per cent per annum during last 4 years. However, during the last few months, some signs of slowdown are being seen, including in exports. ''The Budget's biggest challenge would be not only how to prevent any slowing down but lead the economy to a double digit growth. Budget should give clear signals on interest rate reduction and tax reductions,'' said Bajaj.

2. The surcharge on Corporate Tax needs to be abolished. Fringe Benefit Tax on business promotion expenses should be withdrawn. At the personal level, the basic exemption level should be increased to Rs1.5 lakh. Mean Excise Duty should be brought down from 16 per cent to 12 per cent, which is in line with the Kelkar Committee recommendations. The country should move fast towards a single GST regime though in the interim period a two GST system – Centre and States – may be more practical.

3. Removal of infrastructure bottlenecks should be a focus area. Also making agriculture viable. For both these, the PPP model carries huge potential, suggested Bajaj.

4. The Budget should have an inclusive development strategy by increasing budgetary allocations for the social sector, especially in areas like health, education and rural development. It is critical that the Budget should facilitate proper delivery mechanisms and processes for the social expenditure to reach the intended beneficiary. Advantage should be taken of public - private partnerships and involving reputed NGOs. To tackle the talent crunch and increase the employability of the Country's youth more focus should be on improving the higher education system and Vocational education programs.