Transformation of regulatory landscape set to boost a sustainable economy
The Budget adeptly strikes a harmonious balance between the nation's aspirations for growth and the imperative of fiscal prudence. It underscores the Government's commitment to technology, innovation, and infrastructure, which are pivotal to realizing the vision of a developed India, or 'Viksit Bharat.' The introduction of the Investment Friendliness Index for states is a laudable step that promises to stimulate a dynamic of competitive yet cooperative federalism, spurring states to cultivate an investment-friendly atmosphere. Moreover, the emphasis on export promotion, bolstering Micro, Small and Medium Enterprises (MSMEs), and the establishment of a national framework to advance Global Capability Centres in tier-two cities are strategic moves that will enhance the nation's business ecosystem. Further, the reduction in personal tax rates aims to boost consumption and stimulate economic growth.
Delving into the details of the Budget, the earmarking of approximately INR 5,932 crores for strategic oil reserves signifies a prudent measure for bolstering the country's energy security. Additionally, the Expenditure Budget allocates financial support for biomass collection to the tune of INR 150 crore and INR 250 crore for the development of pipeline infrastructure essential for the injection of Compressed Bio Gas (CBG) into the City Gas Distribution (CGD) network. Furthermore, Public Sector Enterprises are set to continue their investment in exploration and production projects, with a uptick in investments within the refinery and marketing sectors.
As we anticipate the unveiling of the new income-tax bill next week, the key tax proposals outlined in the Budget are summarized below for your consideration.
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