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What does industry want from government in Budget 2024? Read this report

Sagar Patel

By Sagar Patel

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In the overall budget for the financial year 2024-25, attention should be paid to providing relief to taxpayers, especially people in lower income categories, so that consumption can be promoted. Industry insiders have made this suggestion to Finance Minister Nirmala Sitharaman. Sitharaman is scheduled to present the full budget for 2024-25 on July 23, which will be the first major policy document of the new government. The industry has also urged the Finance Minister to reduce corporate taxes, phase out tax exemptions and broaden the tax base to boost economic growth.

Assocham’s lawsuit

Industry body Assocham said the tax system should be streamlined and simplified to improve compliance and promote investment. To make the tax system more efficient and equitable, measures such as reducing corporate tax rates, phasing out tax exemptions and broadening the tax base should be considered.

What did Iqra say?

Rating agency ICRA said the government can set the fiscal deficit target for 2024-25 at 4.9-5 per cent without compromising on the capital expenditure target of Rs 11.1 lakh crore. Earlier, in the interim budget presented on February 1, the government had estimated it at 5.1 per cent. The rating agency said favourable developments on the revenue front give positive signals for the fiscal situation in the 2024-25 financial year. ICRA believes fiscal consolidation will be challenging after the current financial year.

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Relief for lower-income classes

Mayank Gupta, co-founder and chief operating officer (COO) of Jopper Insurtech, said the budget is expected to focus on policies to boost economic growth and provide relief, especially to the lower-income group, to boost consumption. He said from the insurance perspective, Section 80C of the Income Tax Act should be amended, so that more people can be encouraged to buy insurance products. Besides, there should also be an exemption for term life insurance under the new tax regime.

Extension of the PLI scheme

Rumki Majumdar, an economist at Deloitte India, suggested that the government should expand the scope of PLI schemes. She said this should be done especially in those sectors that can generate more employment, such as textiles, handicrafts and leather. Majumdar said the schemes in successful sectors such as electronics, automobiles and semiconductors should be continued.

Suggestion for help to farmers

Religare Finvest CEO Pankaj Sharma expressed hope that financing costs need to be reduced through interest rate subsidies and policy measures to facilitate access to credit. ASSOCHAM has also suggested structural reforms in the agricultural sector to increase productivity, market access and income opportunities for farmers.

Sagar Patel

Sagar Patel

I am Sagar Patel, specializing in business news reporting. With a keen focus on economic trends, market analysis, and corporate developments,

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