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Union Budget 2024 expected to focus on India’s manufacturing boom through tax incentives

Money Control · 4m

As India prepares for Budget 2024, the focus is on establishing the country as the next manufacturing hub. The Make in India and Aatmanirbhar Bharat initiatives have already played a significant role in boosting the economy and creating job opportunities. In the upcoming budget, there are expectations for the extension and relaxation of tax regimes for manufacturing units. The concessional tax regime has been successful in attracting investors and bolstering the manufacturing sector. There are also calls for expanding the regime to include allied segments like software development and testing services. Additionally, suggestions have been made to increase the employment generation incentive and widen the scope of deduction. Overall, the aim is to create a stable and favorable tax regime to further promote India's manufacturing capabilities.