CII meanwhile said: "Sustained GDP growth is essential for tax revenue buoyancy, and growth recovery needs a capex stimulus. Capital expenditure was budgeted at Rs 2.3 lakh crores in FY 15 and is still falling short."

It also said while the disinvestment target in the ongoing fiscal was 63,000 crore, company heads across sectors expect this to cross the 75,000 crore mark in the coming fiscal.

"The Kelkar Committee roadmap target for revenue deficit in FY 15 was 2 percent of GDP. The budget was 2.9 percent. According to majority of CEOs, the revenue deficit target for the coming year would be between 2.6-2.8 percent," it said.

It also sought s roadmap to bring the "subsidy burden" down to 1.5 percent of GDP from the current level of 2.3 percent over the next two years.

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