According to industry chambers, by prioritizing structural reforms, strategic infrastructure development, sector-specific initiatives and a rationalized tax system, India can meet the current challenges and emerge as a stronger and more competitive economy in the long run.
Assocham has recommended accelerating investments through public-private partnerships (PPPs) focusing on key sectors such as transport, energy, water supply and digital infrastructure. This will improve connectivity, improve productivity and strengthen India's overall competitiveness.
To address growing concerns over environmental sustainability, the leading chamber of commerce urged the government to introduce policies and incentives that promote clean technologies, renewable energy sources and sustainable practices in industries such as agriculture, manufacturing and transportation.
According to industry observers, the government can further simplify regulations, speed up approvals and permits, and leverage digitalization to attract investment and improve operational efficiency.
According to ICRA, government revenue is likely to see an upward revision of Rs 1.2 trillion in the 'Revised Budget FY2025' against the 'Interim Budget Estimate' (IBE), while a relatively smaller increase in revenue expenditure (revex) is expected. objective, focused largely on the rural economy.
The rating agency expects government revenue to rise on the back of a higher RBI dividend and an increase in tax collection.
"The government is likely to set a fiscal deficit target of 4.9 to 5.0 percent for fiscal year 2025, against the OIE of 5.1 percent of GDP, without compromising the capital expenditure target of 11.1 trillion rupees," according to ICRA. .
The budget session of Parliament will begin on July 22 and will continue until August 12.
Finance Minister Nirmala Sitharaman will present the budget at a time when the Indian economy has recorded robust growth of 8.2 per cent in 2023-24, which is the fastest among the world's major economies, and inflation is falling below 5 percent.
The RBI has stated that the economy is heading towards a growth trajectory of over 8 per cent.
Prime Minister Narendra Modi has already declared that "the next five years will be a decisive fight against poverty."
Meanwhile, leading business chamber CII has called for rationalization of stamp duty on land and phasing out cross-subsidy on electricity tariffs to "reduce the cost of doing business".
CII has also suggested that captive power plants (CPPS) should be brought on par with the power sector in terms of coal pricing, allocation and transportation.
It notes that, as highlighted in the National Logistics policy, the government should continue digitalization by targeting paperless logistics to save significant time and costs.
The business chamber has also urged the government to maintain corporate tax rates at current levels to provide fiscal certainty to companies.
It has also sought rationalization of the capital gains tax rate structure.
Assocham has recommended accelerating investments through public-private partnerships (PPPs) focusing on key sectors such as transport, energy, water supply and digital infrastructure. This will improve connectivity, improve productivity and strengthen India's overall competitiveness.
To address growing concerns over environmental sustainability, the leading chamber of commerce urged the government to introduce policies and incentives that promote clean technologies, renewable energy sources and sustainable practices in industries such as agriculture, manufacturing and transportation.
According to industry observers, the government can further simplify regulations, speed up approvals and permits, and leverage digitalization to attract investment and improve operational efficiency.
According to ICRA, government revenue is likely to see an upward revision of Rs 1.2 trillion in the 'Revised Budget FY2025' against the 'Interim Budget Estimate' (IBE), while a relatively smaller increase in revenue expenditure (revex) is expected. objective, focused largely on the rural economy.
The rating agency expects government revenue to rise on the back of a higher RBI dividend and an increase in tax collection.
"The government is likely to set a fiscal deficit target of 4.9 to 5.0 percent for fiscal year 2025, against the OIE of 5.1 percent of GDP, without compromising the capital expenditure target of 11.1 trillion rupees," according to ICRA. .
The budget session of Parliament will begin on July 22 and will continue until August 12.
Finance Minister Nirmala Sitharaman will present the budget at a time when the Indian economy has recorded robust growth of 8.2 per cent in 2023-24, which is the fastest among the world's major economies, and inflation is falling below 5 percent.
The RBI has stated that the economy is heading towards a growth trajectory of over 8 per cent.
Prime Minister Narendra Modi has already declared that "the next five years will be a decisive fight against poverty."
Meanwhile, leading business chamber CII has called for rationalization of stamp duty on land and phasing out cross-subsidy on electricity tariffs to "reduce the cost of doing business".
CII has also suggested that captive power plants (CPPS) should be brought on par with the power sector in terms of coal pricing, allocation and transportation.
It notes that, as highlighted in the National Logistics policy, the government should continue digitalization by targeting paperless logistics to save significant time and costs.
The business chamber has also urged the government to maintain corporate tax rates at current levels to provide fiscal certainty to companies.
It has also sought rationalization of the capital gains tax rate structure.
