As we eagerly await the unveiling of Budget 2024 by Finance Minister Nirmala Sitharaman, the expectations are high for significant economic policies that will shape the future of India under the Modi 3.0 government. This budget will mark Sitharaman’s seventh consecutive Union Budget presentation, making her a trailblazer in the realm of fiscal planning.
In the lead-up to the Budget 2024 announcement, various industry associations and bodies are laying out their suggestions in the form of Pre-Budget Memorandums for the year 2024-2025. One such influential entity, ASSOCHAM (Associated Chambers of Commerce and Industry of India), has put forth a comprehensive set of recommendations covering taxation, regulatory procedures, fiscal policy, and more.
To facilitate long-term growth, ASSOCHAM proposes a series of ‘Structural Reforms’ that can serve as the guiding principles for Budget 2024. These reforms encompass key areas such as:
- Enhancing the balance between employee security and flexibility in the labour market
- Promoting ease of doing business by streamlining regulatory processes and fostering private sector growth
- Strengthening financial markets through innovation and improved governance
- Accelerating infrastructure development via Public-Private Partnerships
- Prioritizing agricultural reforms for enhanced productivity and market access
- Simplifying the tax regime to stimulate investments and compliance
- Embracing environmental sustainability and green practices across industries
By focusing on these structural reforms in Budget 2024-25, ASSOCHAM believes the government can lay a solid foundation for sustainable and inclusive economic growth.
Looking ahead, the government’s budgetary initiatives will play a crucial role in supporting various sectors and industries. These reforms are essential not only for fulfilling promises and gaining public confidence but also for fostering development and ensuring equitable progress as India aims to become the world’s third-largest economy by 2027.
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