India Inc seeks capex drive, thrust on innovation, investment, tax simplification

Indian industry has sought sustained capex drive, prioritisation of innovation and investment in infrastructure, education and healthcare as well as continuation of tax simplification in the forthcoming Union Budget for 2024-25 during preBudget consultations with Finance Minister Nirmala Sitharaman on Thursday with industry leaders and associations.

- NIVEDITA MUKHERJEE

The discussions were also attended by Minister of State for Finance Pankaj Chaudhary, Finance Secretary, Secretaries of Department of Expenditure and Economic Affairs and Chief Economic Adviser.

The Union Budget, being the first major public policy announcement of the Government post the elections, is expected to set the tone for the next five years in terms of government’s policy direction. He further added that there is a need to keep an eye on global developments in the current uncertain times to ensure that the Indian industry is not impacted adversely.

Industry body FICCI has emphasised the need to continue supporting the growth momentum by energising demand, laying thrust on infrastructure development, taking further measures to rein in food inflation, supporting MSMEs and prioritising innovation and research and development in the country. “We look forward to a prudent budget that builds upon the strengths of Indian economy for accelerated growth and remains committed to fiscal consolidation,” said.

Subhrakant Panda, immediate Past President, FICCI. An integral part of this would be addressing food inflation, suggests FICCI, highlighting resolute action backed with hard data at multiple points and among multiple stakeholders and a Food Inflation & Response Strategy Team (FIRST) to create an eenabled, empowered coordination framework which can work with and across multiple key governmental agencies.