Budget 2024: A look at what corporate India expects from FM Nirmala Sitharaman — tax relief, higher capex & more

livemint.com:

Union Budget 2024: Industry leaders requested a host of considerations in the upcoming full Union Budget 2024 during their pre-Budget meeting with Finance Minister Nirmala Sitharaman on June 20.Expectations listed by India Inc. during the two-hour interaction include a reduction in the income tax burden for the common man, an increase in capital expenditure, and measures to control food inflation, PTI reported.Prominent industry figures, including Sanjay Aggarwal (President at PHD Chamber), Vinod Aggarwal (President at SIAM), Neeraj Akhoury (President at Cement Mfrs Association), Sanjay Kirloskar (CMD of Kirloskar Brothers), Arathi Krishna (MD of Sundram Fasteners), Shefali Misra (Vice President at Biocon), Yash Pal Sachar (Vice President at Ashok Leyland), and Samir Somaiya (President at IMC Chamber), and others, made recommendations for the Union Budget.Sanjiv Puri, President of industry body Confederation of Indian Industry (CII), presented eight points to Sitharaman for consideration.These included relief in income tax for lower income slabs, streamlining employment-linked incentive schemes such as the Production Linked Incentive (PLI) scheme, and promoting ease of doing business.CII also made recommendations for agriculture and rural development.Trade association, the Federation of Indian Chambers of Commerce & Industry's (FICCI) recommendations centred around driving capital expenditure, fostering innovation, and simplifying taxes.Former FICCI President Subhrakant Panda emphasised the need to support growth momentum by energising demand, enhancing infrastructure development, controlling food inflation, supporting MSMEs, and prioritising innovation and R&D.