As the Union Budget approaches, India Inc is keenly eyeing several key measures to bolster economic growth and sustain recovery. Foremost on the wishlist is maintaining the current corporate tax rate. Businesses seek stability in tax policies to plan long-term investments and ensure global competitiveness. The present rates, reduced in previous budgets, have been instrumental in attracting foreign direct investments and supporting domestic enterprises.
Source:- India today
Additionally, India Inc advocates for the expansion of the Production Linked Incentive (PLI) scheme. This initiative, which incentivizes manufacturing in strategic sectors, has already shown promise in sectors like electronics and pharmaceuticals. Expanding its reach to more industries could catalyze further industrial growth, enhance export capabilities, and generate employment. A broader PLI scheme could also encourage local sourcing and reduce dependency on imports, aligning with the ‘Atmanirbhar Bharat’ vision.
Source:- BBC news
Overall, a status quo on corporate tax and a more inclusive PLI scheme are seen as pivotal steps in fostering a resilient and robust economic environment. These measures could solidify India’s position as a manufacturing hub and drive sustained economic momentum.
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