The Union Budget presented by Finance Minister Nirmala Sitharaman provides a roadmap for stability, growth and development, the head of an American non-profit business advocacy and strategic partnership group that is centred towards India said Wednesday.
Mukesh Aghi, President and CEO of US India Strategic and Partnership Forum (USISPF) also said that the budget took into consideration the needs of all sectors of the economy, reflecting the Indian Government's commitment towards a prosperous and inclusive India.
India's Union Budget 2023-24 provides a roadmap for stability, growth and development. The 7 priorities and the economic agenda paves way for India @100 giving a strong impetus to growth, job creation and stabilizing the macro economy amidst global headwinds," said Aghi.
"The Union Budget 2023 has taken into consideration the needs of all sectors of the economy, reflecting the Indian Government's commitment towards a prosperous and inclusive India. Increased government spending in critical areas of the economy such as agriculture, Green Energy & infrastructure, education and new age technology adoption are indeed welcome announcements towards India @100," Aghi said.
Welcoming the proposed rationalisation of tax rates in the Union Budget, USISPF praised the concessional tax rate of 15 per cent for cooperative societies setting up manufacturing or production and increased threshold limits for presumptive taxation schemes.
It welcomed the proposal to introduce a new programme that will boost research and innovation in the pharmaceutical sector through centres of excellence. This will greatly encourage the industry to invest more in research and development, it said.
The budget brings in measures for improving ease of doing business, USISPF said as it welcomed the proposals of decriminalisation of certain offences under the Income Tax Act, use of PAN as a common identifier and extended incorporation dates for eligible startups claiming tax exemption.