Industry Leaders Anticipate Major Reforms in Modi 3.0's First Budget

Finance Minister Nirmala Sitharaman is set to present the first Budget of the Modi 3.0 government, aiming to boost the rural economy and develop agri-infrastructure. Industry experts seek lower customs duties on medical devices, tax incentives for home loans, and strong focus on technology and skill development.

Finance Minister Nirmala Sitharaman is gearing up to present the first Budget of the Modi 3.0 government, with industry players anticipating proposals to bolster the rural economy and earmark funds for agri-infrastructure.

On Tuesday, Sitharaman will unveil the Union Budget 2024-25, the first significant economic document of the current administration. According to Ashish Modani of Icra, the government has set a capital expenditure target of Rs 11.1 lakh crore in the Interim Budget Estimate (IBE). However, recent trends show a decline in capital expenditure, suggesting a sharp increase is necessary in the latter half of FY2025 to meet targets.

Industry leaders are voicing various demands. Pavan Choudary of MTaI urges a reduction in customs duties on medical devices to counter smuggling and improve patient affordability. Sanjay Bhutani of Bausch & Lomb India emphasizes removing or reducing the health cess on imported medical devices. Akshay Munjal of Hero Vired stresses the importance of tech infrastructure and digital skills as India aims for a $5 trillion economy. Other sectoral leaders, such as Vijay Harsh Jha of VS Realtors and Madhusudan G of Sumadhura Group, are calling for tax breaks to boost housing and urban development. The budget is also expected to focus on rural job creation, infrastructure development, and real estate regulations to sustain growth.