Finance Secretary Reveals Non-Inflationary Union Budget and Economic Growth Plans

Finance Secretary Tuhin Kanta Pandey outlined India's economic strategies, affirming the non-inflationary nature of the Union Budget 2024-25. Speaking at PHDCCI, he discussed global challenges and initiatives to support businesses, while CBIC Chairman Sanjay Kumar Agarwal highlighted customs duty rationalization and efforts to boost exports without excessive tax imposition.

In a recent address to the PHD Chamber of Commerce and Industry, Finance Secretary Tuhin Kanta Pandey affirmed the government's resolve to maintain fiscal discipline alongside economic growth. He described the Union Budget 2024-25 as "absolutely non-inflationary," emphasizing policy measures aimed at supporting businesses, startups, and encouraging voluntary tax compliance.

Amid the global economic headwinds, Pandey recognized the less-than-ideal conditions for trade and growth. He reiterated India's aspirational vision of becoming 'Viksit Bharat' by 2047, highlighting initiatives such as extended tax holidays and an augmented Rs 10,000 crore fund for startups. The focus remains on fostering a conducive environment for economic progress amidst global uncertainties.

Complementing these efforts, CBIC Chairman Sanjay Kumar Agarwal discussed the post-July 2024 customs duty rationalization strategy. He illuminated government measures that exclude food and textile tariffs from rationalization while exempting key industrial goods like lithium-ion cells. The approach underscores a balanced focus on boosting exports without unnecessary revenue maximization.