Budget 2024: Rakesh Mittal seeks simplified tax regimes, support for MSMEs
NEW DELHI : Rakesh Bharti Mittal, vice-chairman of Bharti Enterprises Ltd, called for simplifying tax regimes for companies and individuals in the Union Budget 2024-25. In an interaction with Mint, he also sought financial support for micro, small and medium enterprises (MSMEs) and the healthcare sector in the budget to be presented to 23 July. He said the industry would be looking for a meaningful road map to advance the country towards becoming a developed nation by 2047 in the budget.
“India as a nation must continue the high-growth trajectory, which, I think, is extremely important when looking at our aspiration of Viksit Bharat. I expect finance minister Nirmala Sitharaman to ensure a meaningful road map is laid out to translate this vision into reality." Mittal acknowledged taxes are an important resource for the government for funding developmental projects but he sought a simplified tax structure that will contribute to the ease of doing business. “If that can be only further strengthened but implemented to the last mile.
Infrastructure projects like roads, airports, and ports go through the entire country should be equally focused upon," he said. India has kept the effective tax rate for new manufacturing units at 17% to attract new investments into the country. Industries have demanded that this rate be continued for a few more years.
He said infrastructure development will be required to form a bedrock for investments in the semiconductor industry and for India to become part of the global supply chains. India’s plans to scale up manufacturing are likely to be amongst the highlights of the budget 2024, according to several news reports. The country has been pushing to make space for itself in the global value
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