India Inc Awaits for Union Budget
India Inc is waiting with bated breath for Finance Minister Nirmala Sitharaman to present the interim Budget pertaining to fiscal 2024-25 on February 1, 2024,
while stressing several aspects of economic development. The leaders of the business community advise increasing capital expenditure, tax relief, and stress in the manufacturing sector, as well as infrastructure development. Budget is also considered a critical point for the Geographic Information Systems (GIS), space, and drone industries, which need customized options to suit their varied needs.
The Confederation of Indian Industry (CII) proposes initiating a ‘National Mission for Advanced Manufacturing’ in order to improve the quality and productivity of manufacturing. The Federation of Indian Chambers of Commerce & Industry (FICCI) points to continued emphasis on public capital expenditure for infrastructure development.
Expectations also include a lower import duty on medical devices. Akshat Khetan, Founder, AU Corporate and Legal Advisory Services Ltd (AUCL), predicts that more funds will be allocated to tourism marketing, the Digital India project, and housing for all.