Politics
What Indian industry expects from PM Modi's budget after poll setback | Budget 2024 News
The Indian government should consider tax cuts for lower income brackets to leave more money in the hands of the people. (Photo: PTI)
Prime Minister Narendra Modi's government is expected to present India's budget in mid-July after a shock election in which Modi failed to secure a majority and returned to power with the help of his allies.
The budget, Modi's first major policy announcement in his third term, is expected to outline possible changes in India's economic priorities for the next five years during the coalition government's tenure.
Indian Finance Minister Nirmala Sitharaman is considering cutting personal tax rates for certain categories of individuals while still meeting the country's budget deficit target for the year, government sources said.
Here are some of the key demands made by various industry bodies regarding the budget.
Increase in consumption
The Indian government should consider tax cuts for lower income brackets to leave more money in the hands of citizens, the Confederation of Indian Industry (CII) lobby group has said. to support consumption.
While the Indian economy grew at a record 8.2% in 2023-24, consumption grew at half the rate. CII said the government should offer higher salary in its only rural employment guarantee scheme and increase cash distributions to farmers.
Restrictions on the export of agricultural products
India should lift restrictions on exports of agricultural products such as rice, wheat, sugar and onions to support farmers' incomes, agricultural economist Ashok Gulati and several farm bodies said after a consultation meeting pre-budget with Sitharaman.
To keep consumer prices low, the Modi administration began cracking down on exports of these commodities in 2022, and also lowered tariffs on pulses and vegetable oils to allow less imports. expensive.
The move hurt rural wages, which have stagnated during Modi's decade of rule, with more than 45 percent of India's 1.4 billion people making a living from agriculture.
More jobs
The CII also suggested the government introduce a system of incentives linked to job creation by private companies in labor-intensive sectors such as textiles and tourism.
A post-election survey showed that Indian voters were mainly concerned about unemployment, falling incomes and inflation, causing disenchantment that led to Modi's weak performance in the national election.
The Indian government should immediately fill its vacancies and restore pension benefits to a now-abandoned scheme, according to a joint statement by 10 unions that participated in Sitharaman's pre-budget consultations.
Tax reforms
At least two industry bodies have suggested the introduction of measures to simplify India's various tax regimes.
India's capital gains tax regime should be simplified into two or three broad categories, the Federation of Indian Chambers of Commerce and Industry (FICCI) said in a statement.
The government should also initiate reforms to the country's indirect tax regime, the Goods and Services Tax, with fewer tax slabs and the inclusion of sectors that have so far remained outside its scope, FICCI added. in his press release.
(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First publication: June 26, 2024 | 12:27 p.m. EAST
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