USISPF Applauds Modi 3.0 Inaugural Budget for 2024: Boosts Investors Confidence and Domestic Growth

The US-India Strategic Partnership Forum (USISPF) praises Union Budget 2024 presented by Finance Minister Nirmala Sitharaman, highlighting measures that enhance ease of doing business in India, support for foreign investment, tax reductions, and sector-specific reforms aimed at boosting industrial growth, healthcare, and the digital economy.

The US-India Strategic Partnership Forum (USISPF) has commended the Union Budget 2024, lauding the inaugural budget of Modi 3.0 for its support to consumers and foreign investors. The forum congratulated Finance Minister Nirmala Sitharaman and the Indian government for presenting a commendable budget for 2024-25.

The USISPF's statement highlighted the budget's fine balance between inclusive fiscal prudence and growth-oriented initiatives. Key measures include reducing tax burdens on individuals and industries, and a notable reduction of tax rates for foreign companies to 35 per cent, promoting parity with domestic players and encouraging global investment.

The budget also introduces duty cuts on critical imports such as medical equipment and solar energy machinery, boosting local manufacturing capabilities. Another landmark reform is the abolition of the angel tax across all investor classes, expected to benefit India's startup ecosystem. Healthcare priorities were addressed with duty exemptions on vital cancer drugs, underlining the government's commitment to accessible healthcare.

USISPF welcomed measures to increase financial sector efficiency and transparency, including a financial sector vision and strategy, and simplification of FDI regulations. This, along with the focus on renewable energy and employment-linked initiatives, is expected to attract foreign investment and promote economic growth.

Furthermore, the removal of the equalisation levy and ongoing reforms in transfer pricing regulations aim at fostering a compliant and transparent business environment. USISPF is confident that these reforms will accelerate economic progress, boost investments, job creation, and solidify India's position as a global economic powerhouse, thus strengthening US-India economic relations.