Budget 2024: Nirmala Sitharaman, Union Finance Minister, will present the interim budget on February 1. The budget will be the last budget of the Modi 2.0 government as it will presented before the general elections in 2024. Meanwhile, industry leaders across all sectors have been expressing their expectations before the budget announcement.
Meanwhile, manufacturers under the Make In India scheme are seeking some sort of positive announcement in their favour.
Ravi Gupta, Creative Director of Gargee Designer's urged the government to amend laws, liberalization guidelines, and regulations to reduce unnecessary compliance burdens.
"As a clothing designer brand operating in the dynamic landscape of global economic shifts, we understand the importance of staying attuned to the governmental initiatives that impact the manufacturing sector. Amendments to laws, liberalization of guidelines, and regulatory reforms have been important in reducing unnecessary compliance burdens. This has not only streamlined operations but also contributed to a significant reduction in costs for businesses like ours," said Ravi Gupta.
He appreciated digitization, which enhances the ease of doing business.
"Furthermore, the government has focused on simplification, rationalization, decriminalization, and digitization, all of which collectively contribute to enhancing the ease of doing business in India. For a designer brand like ours, these measures translate into a more agile and responsive operational framework, allowing us to navigate the market with greater flexibility and efficiency. The government's continued focus on these reform measures, coupled with targeted budget allocations, reinforces our confidence in the resilience and competitiveness of the initiative. These measures not only address challenges but also open up new opportunities for growth and innovation in key sectors," Ravi Gupta added.
Dishi Somani, founder of DishiS Designer Jewelry is hopeful that the government may address challenges and leverage opportunities in the jewellery industry in the upcoming budget.
"In the dynamic economic landscape of 2024, DishiS Designer Jewelry eagerly anticipates measures in the upcoming budget to address challenges and leverage opportunities in the jewellery industry. A key expectation is a potential reduction in import duties on gold, a move that could significantly impact our sector," said Dishi Somani.
She demanded that the government should implement policies fostering an environment conducive to domestic manufacturing and economic growth.
"Beyond jewellery, the government is likely to implement policies fostering an environment conducive to domestic manufacturing and economic growth. The 2024 budget is expected to tackle global economic shifts through fiscal policies, regulatory reforms, and targeted investments, including streamlining processes and providing financial support to industries facing challenges. Resources may be allocated for research, innovation, and skill development, positioning India as a hub for cutting-edge manufacturing. The Interim Budget 2024 aims to fortify Make in India across diverse sectors, aligning with the evolving global economic landscape. The government's focus on competitiveness and resilience is crucial for attracting investments, promoting self-reliance, and ensuring sustained growth amidst global economic shifts," she added.