kochi the peculiar situation of the indian economy will force the finance ministry to refrain from taking bold measures in the upcoming union budget observed r v kanoria president of the federation of indian chambers of commerce and industry ficci he was delivering a lecture at the kerala chamber of commerce and industry kin kochi on wednesday we have a current account deficit and the negative trade balance is not sufficiently compensated through inflow of capital from fiis or our invisible earnings which constitutes remittances from the services sector hence india has got into a high fiscal and current account deficit situation which leaves the ministry with little scope to take bold decisions kanoria said from the international point of view the overhang of the 2008 crisis and compounded problem of the european union will affect india because our exports cant grow till the world is ready to absorb additional exports he added india will see considerable pressure on the rupee because of the fiscal and current deficits as well as inflationwhile inflation is in the region of one to two per cent in the rest of the world in india it is between seven and eight per cent kanoria explained ficci also recommended three budget proposalskeeping taxes at existing rates while dispensing cess from income tax amnesty for those who have swiss bank accounts and the disinvestment of coal india we asked the government to not increase service tax and excise duty from 10 to 12 kanoria said talking about swiss bank accounts of indians he said amnesty should be given to those who have kept money with swiss banks with a provision for anonymity similar to the scheme followed by the british and german governments on the disinvestment process kanoria said we should get disinvestment back on track break coal india into small segments and privatise it the market capitalization of coal india is rs 25 lakh crore a single disinvestment could reduce our fiscal woes and increase the competitiveness of the coal industry kcci chairman k n marzook said the chamber is planning to start a television channel dedicated to business news p l prakash james president of indian chamber of commerce c p jain executive committee member of ficci and m p deepak kumar shetty vicechairman of kcci also spoke