Godrej & Boyce CEO Anil G Verma Urges Tax Reforms and Consumption Boost in Upcoming Union Budget

Anil G Verma, CEO of Godrej & Boyce, calls for personal income tax slab reviews and GST optimization in the Union Budget to boost private consumption and investment. He emphasizes the need for steps that promote inclusive development and innovation. The full budget is set for presentation on July 23, 2024.

Anil G Verma, the Executive Director and CEO of Godrej & Boyce, has called for significant reforms in the upcoming Union Budget to invigorate private consumption, which is essential for driving private investment. He stressed the need to review personal income tax slabs and optimize GST rates to achieve this goal.

Verma expressed optimism that the government would build upon the interim budget's solid foundation, which emphasized infrastructure, fiscal prudence, and welfare measures for various social groups, including women, youth, and farmers. He highlighted the importance of policies promoting innovation, production-linked incentives, and sustainable practices.

With Finance Minister Nirmala Sitharaman scheduled to present the full budget for 2024-25 on July 23, Verma remains hopeful for measures that will provide economic tailwinds for the consumer durables industry and create a multiplier effect across related sectors.

(With inputs from agencies.)