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US-based Indian organizations welcome India's foreign investor friendly Budget
USIBC and USISPF praised the Modi administration for the investor- friendly initiatives introduced in the budget.
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Mehak Luthra - Wed, 24, Jul 2024
- 03:13 EDT
- 921
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US-based Indian advocacy organizations commended the Indian government’s 2024 Budget presented on July 23 for its emphasis on improving the ease of doing business in the country and strengthening India’s position as an attractive investment destination.
The budget included proposals to streamline foreign direct investment rules, reduce the differential taxation levels between international and domestic companies and slash tax for foreign companies investing in India. These measures are expected to position India as a global manufacturing hub and aid its journey in becoming a major global player.
Welcoming the initiatives, US-India Business Council (USIBC) Ambassador Atul Keshap said the proposals will enhance India's competitiveness, which is crucial for attaining developed country status.
The budget's focus on investing in human capital and infrastructure, reducing tariffs and duties, and maintaining fiscal consolidation were welcomed. "We are very encouraged by the budget's focus on measures to increase India's integration into global value chains,” Keshap said.
USIBC President Ambassador @USAmbKeshap
— U.S.-India Business Council (@USIBC) July 23, 2024
issued the following statement on India’s Union Budget 2024:
"USIBC Welcomes India’s Investment- and
Jobs-Focused Budget and Support for
Strategic U.S.-India Priorities"@USAmbKeshap @earth2miller @aslater00_India @USChamber pic.twitter.com/8D3PzQa3EI
“Developing more investment-ready industrial parks across the country while also delivering on a promise to streamline foreign direct investment rules will put India in a position to fully reap the benefits of these changes and impact all sectors,” he added.
The Ambassador expressed optimism that the proposed tax changes, especially the lowering of tax for foreign companies investing in India and abolishing the angel tax, will help usher significant foreign investment into India.
Keshap emphasized USIBC’s commitment to work with the Indian government to help it “realize the full potential of Viksit Bharat” and lauded the ambitious budget.
The US-India Strategic Partnership Forum (USISPF) also highlighted the commendable “growth-oriented” initiatives introduced in the budget.
“The inaugural budget of Modi 3.0 strikes a fine balance between inclusive fiscal prudence, and growth-oriented initiatives, and supports both consumers at home and foreign investors with steps to enhance the ease of doing business in India,” USISPF said in a statement.
USISPF commends Finance Minister @nsitharaman and the @FinMinIndia, Govt of India, on presenting an inclusive #UnionBudget 2024-25, empowering people, businesses, and global investors alike.
— US-India Strategic Partnership Forum (@USISPForum) July 23, 2024
A forward-looking Budget that strikes a fine balance between inclusive fiscal prudence… pic.twitter.com/ZFHMkkMug5
The organization particularly praised the decision to reduce tax rates for foreign companies to 35 percent from 40. According to them, this move establishes parity between domestic and foreign players and is expected to significantly attract global investors looking to shift their international supply chains away from China.
USISPF also commended the reduction in duties on critical imports like medical equipment, mobile phones and chargers, and solar energy machinery noting that it will boost local manufacturing capabilities and improve supply chain efficiencies, which are essential for India's industrial growth.
USISPF applauded the new Employment Linked Initiative, which focused on creating jobs in the manufacturing sector, aiming to employ 3 million youth.
“USISPF is confident that the budget will further propel India's economic growth and act as a catalyst for accelerated economic progress, boosting investments, job creation, and innovation, and further solidifying India's position as a global economic powerhouse,” the organization said.
India Finance Minister Nirmala Sitharaman presented her seventh consecutive Budget for the fiscal year 2024-25 on July 23, surpassing the record held by former Prime Minister Morarji Desai. This marks the first Budget by the BJP-led NDA government since its re-election in June.
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