CII Organizes In-Depth Analysis of Union Budget 2024-25

Chandigarh, July 26, 2024: CII organized an interactive session to dissect the Union Budget 2024-25 from the perspective of various industries. The session aimed to provide a comprehensive understanding of the budget’s implications and its impact on businesses.
 
“The budget's emphasis on the MSME sector, through tech and financial support will undoubtedly strengthen this vital segment of our economy. Similarly, the strategic focus on infrastructure development, with long-term interest-free loans to states and special projects under the Purvodaya initiative, aims to catalyze economic growth and job creation” said Bharat Madan, Chairman, Regional Committee on Economic Affairs & Taxation and Whole Time Director and CFO Escorts Kubota Limited. He further appreciated the three employment linked incentives (ELIs) announced in the budget, aligning with CII’s recommendations.
 
Gaurav Kumar Jain Joint Commissioner CGST Commissionerate, Chandigarh, provided valuable insights into the government's perspective on indirect taxes. He emphasized the government's strategic focus on leveraging customs duties to bolster domestic manufacturing and promote exports. “In this budget, there has been focus on customs duties’, rationalization to support domestic manufacturing, deepening local value addition, promote export competitiveness, and simplify taxation. The government also has proposed to do comprehensive review of the rate structure over the next six months to rationalize and simplify it for ease of trade, removal of duty inversion and reduction of disputes”, Mr Jain stated.
 
He also mentioned that since minerals are critical to sectors such as nuclear energy, renewable energy, space, defence, telecom etc, custom duties on 25 critical minerals have been exempted and reduced Basic Custom Duty (BCD) on two of them, to provide a major fillip to the processing and refining of such minerals and help secure their availability for these strategic and important sectors.
 
Detailed analyses of direct and indirect taxation were presented by experts from Shardul Amarchand Managaldas & Co. and Grant Thornton, shedding light on the budget's impact on businesses and the economy. The discussions encompassed a broad spectrum of topics, including taxation, infrastructure, skilling, manufacturing, and capital goods.
 
Industry representatives from diverse sectors, including academia, IT, and finance, expressed optimism about the government's focus on capital expenditure, which is expected to boost economic growth and create employment opportunities. The emphasis on digital public infrastructure and skilling was also welcomed as a step towards building a future-ready workforce.
 
CII remains committed to working closely with the government to facilitate the implementation of the budget's provisions. The association will continue to engage with policymakers to ensure that the benefits of the budget reach the intended beneficiaries.