With the Union Budget 2024 set to be presented on July 23, various industries and social sectors have laid out their expectations for the upcoming mega event.
To increase consumption, the Associated Chambers of Commerce and Industry of India (ASSOCHAM) has suggested tax cuts for taxpayers, particularly those who fall below a certain level of income.
ASSOCHAM has also urged to increase focus on structural reforms in the agriculture sector to enhance productivity and improve income opportunities for farmers.
The Department for Promotion of Industry and Internal Trade (DPIIT), strongly recommends scrapping the angel tax on startups to ease investment and growth.
Experts also suggest the expansion of production-linked schemes to cover job-creating sectors like handicrafts, textiles and leather, while continuing support for existing sectors like auto, electronics and semiconductors.
The pharmaceutical industry seeks incentives for R&D investments, including corporate tax concessions, and a robust intellectual property rights regime to strengthen the domestic pharma sector.