Indian Budget 2024: Aimed at Boosting India-US Economic Ties

The 2024 Indian Budget, featuring corporate tax reduction and removal of Angel Tax, is poised to enhance India-US economic engagement. IMF's Prof. Krishnamurthy Subramanian praised the budget for fostering inclusive development and promoting foreign investments. Discussions included fiscal management, digital infrastructure, and investment in clean energy.

The 2024 Indian Budget, with measures such as a reduction in corporate tax and the elimination of the Angel Tax, is anticipated to foster stronger economic ties between India and the US. These insights were shared by Prof. Krishnamurthy Subramanian, Executive Director at the International Monetary Fund (IMF), during an event organized by the Consulate General of India in New York.

Subramanian detailed the budget's provisions, highlighting the reduction of corporate tax from 40 per cent to 35 per cent, aimed at attracting foreign companies and boosting foreign inflows. The removal of the Angel Tax is also expected to significantly benefit India's startup ecosystem and spur innovation and entrepreneurship.

Other key points discussed included capital expenditure on infrastructure to create jobs, simplified tax procedures, improved fiscal management, investment in digital infrastructure, and reductions in customs duties. Experts like Nishith Desai and Sameer Narang also weighed in, praising the budget's fiscal prudence and its potential for strengthening the India-US partnership.

(With inputs from agencies.)