Finance Minister, Nirmala Sitharaman says the government is working on a budget which is going to set 25-year template.
25-yr Template Budget: Finance Minister, Nirmala Sitharaman says the government is working on a budget which is going to set 25-year template.
25-yr Template Budget: The FM also says industry needs to chalk out strategy to attract firms in advanced countries, including in Europe. The European firms may be scouting for better locations for relocating their manufacturing base getting rid of China.
25-yr Template Budget: The indications insinuates retaining the Budget’s enhanced focus on capital expenses in the form of a credible growth lever where the budget for the Financial Year 24 is going to follow the spirit of the earlier ones.
Main policy plank belonging to the earlier Budgets by the Modi government will also be kept in view and this implies that the tax rates would be gentle and kind as before and the fiscal consolidation road map will be strictly followed, and domestic manufacturing will be incentivized.
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The main crux out of the statement of the Finance Minister’s was that the Budget is going to “set the template” for the next twenty five years.
Addressing the gathering at a FICCI event, Nirmala Sitharaman also warned of import tariff walls which are being erected on certain products i.e. steel, in some advanced economy nations undergoing green transition. The Finance Minister also cautioned about a suspicion about “long-drawn recession” in a Europe like large market, asking domestic industry to opt for better preparation towards such external headwinds.
“There are lots of nations who want to fund their green transition while imposing tariff walls on products from other countries. If India plans to export steel to such places, we are likely to face this tariff wall and tax for green transition. Our industry now requires to reset itself in accordance with this situation,” says the Finance Minister.
