Industry bodies like the Confederation of Indian Industry (CII) are recommending a focus on enhancing quality and productivity in manufacturing, coupled with the launch of a National Mission for Advanced Manufacturing.
Sitharaman, who has already presented five annual Budgets, will be unveiling an interim Budget for fiscal 2024-25 on February 1 in the Lok Sabha. It will be the last major economic document before the next general elections.
Industry says that it is imperative for the government to take measures to boost economic growth in the country as India marches towards becoming the third largest economy in the coming years.
Industry body CII has suggested launch of National Mission for Advanced Manufacturing to enhance quality and productivity in manufacturing.
India Inc wants Finance Minister Nirmala Sitharaman to announce more measures in her interim Budget for fiscal 2024-25. Industry also calls for increased capital expenditure outlay. Sitharaman had indicated that it would be a vote-on-account. Expectations include reduced customs duty on medical device imports. The forthcoming budget is viewed as pivotal for Geographic Information Systems (GIS).
Union Budget: The Confederation of Indian Industry (CII) has offered policy suggestions to the Narendra Modi government for the upcoming interim Union Budget. The CII suggests balancing fiscal consolidation with economic growth by reducing the fiscal deficit to around 5.4% of the GDP. They propose a three-rate structure for the goods and services tax (GST) and prioritizing investor interest in the government s divestment program.