Budget 2024 Echoes Of Unstoppable India In The New Parliament Building: Rakesh Nangia

Standing in the freshly inaugurated Parliament building and delivering her sixth consecutive Union Budget, Hon바카라�ble FM, Smt. Nirmala Sitharaman, resounded the development-mantra of 바카라�Sabka Saath, Sabka Vikas, Sabka Vishwas바카라�, strongly underpinning her Government바카라�s pointed-resolve for inclusive growth. She re-coined the acronym 바카라�GDP바카라� as symbolizing 바카라�Governance, Development and Performance바카라�, and re-emphasized that India바카라�s undeniable 바카라�Amrit Kaal바카라� (Golden-era) was going to bear the fruits of the ongoing 바카라�Kartavya Kaal바카라� (Action-time) strongly set into motion by her Government.

Hon바카라�ble FM underlined the focus-groups of her Government as GARIB (Garib Kalyan, Desh-ka-Kalyan), YOUTH (Empowering-the-Youth), ANNADATA (Welfare-of-Farmers) and WOMEN (Nari-Shakti).

Taking cue from Hon바카라�ble Prime Minister바카라�s slogan of 바카라�Jai Anusandhan바카라� (Victory-to-Innovation), FM emphatically announced establishment of a corpus of INR 1 lakh crore for providing long-term financing to 바카라�tech-savvy youth바카라� perpetually hungry for low-interest capital to fund their ambitious R&D needs.

Betting on a growth-trajectory of appx. 7% increase in GDP, and surging desire among foreign investors to enter lucrative Indian markets, she alluded that India is now confidently poised than ever before to reconsider bilateral investment treaties seeking 바카라�Foreign Direct Investment바카라� on the prioritized-principle of 바카라�First Develop India바카라�.

On the tax front, whether direct or indirect, no changes in law, rate or duty-structure have been proposed. Status quo has been maintained, as is usually expected from a 바카라�Vote-on-Account바카라�. However, on the fringes, marginal extensions by an additional year (i.e. commencement up until March 31, 2025) are proposed in respect of sun-set clauses as they apply to certain specified-units commencing operations in the GIFT city, and also in relation to incorporation of companies qualifying as eligible start-ups. TCS provisions have been tweaked. In a gesture of generosity, it has been proposed that the Government will write-off arrears of income-tax upto a ceiling-limit of INR 10,000 or INR 25,000 pertaining to specified historical assessment years, which would potentially allow relief and bury litigation across 10 million small taxpayers.

Overall, the mood of the Government sounded confident and upbeat. India바카라�s growth-story is turning out to be real.

Rakesh Nangia is the Chairman of Nangia Andersen India