New Delhi: Experts believe that the recent Budget announcements, including the reduction in customs duties on various goods and the introduction of credit guarantee schemes, will significantly boost domestic manufacturing and exports. The move to cut customs duty on goods like spandex, leather, and marine products is expected to make the industry more self-reliant.
The garment industry is particularly optimistic about the expansion of the list of trims and embellishments under IGCR, which is likely to increase the export of ready-made garments. Similarly, the Council for Leather Exports is pleased with the rationalization of export duties, especially on leather products.
Startup firms and organizations in various sectors also welcomed key provisions in the Budget, such as the abolition of the angel tax for all investors and initiatives to support agricultural research for climate-resilient crop varieties.
Overall, the Budget is seen as a positive step towards enhancing domestic production capacity, creating more jobs, and boosting investments in key sectors for sustainable growth.
Union Budget 2024 LIVE | Nirmala Sitharaman presented her 7th consecutive Union Budget on July 23, 2024, with a focus on tax relief, job creation, and skilling. Stay updated with Deccan Herald for the latest coverage and analysis.
Published 24 July 2024, 11:39 IST
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