CII's Comprehensive Recommendations for India's 2024 Budget - Infrastructure, Manufacturing, Tax Reforms, and Social Sector Enhancement

India 2024
31 January, 2024

The Confederation of Indian Industry (CII) has recommended several key measures for India’s 2024 budget:

  1. Infrastructure Spending: CII suggests a 20% increase in infrastructure spending, reaching 12 trillion Indian rupees, and extending support to states with interest-free loans.
  2. Manufacturing Incentives: An extension of the concessional tax regime for new manufacturing facilities for an additional five years.
  3. Import Duty Structure: A review of import tariffs to implement a three-tier duty structure, aiming to balance the taxation of raw materials, intermediate goods, and final products.
  4. Taxation Adjustments: They recommend revising the tax exemption limit for individuals and reviewing the capital gains tax structure for consistency.
  5. Healthcare and Education Investment: Suggesting an increase in spending on healthcare to 2.5-3% of GDP and on education to 6% of GDP.

These recommendations focus on enhancing infrastructure, manufacturing, and social services to support economic growth.

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