India's Budget Ushers in Manufacturing Renaissance

The Indian Budget, presented by Finance Minister Nirmala Sitharaman, prioritizes ease of business and bolsters domestic manufacturing to enhance global competitiveness. The Institute of Chartered Accountants of India's suggestions were adopted, including tax reforms. It introduces measures to develop India as a toy manufacturing hub.

The Indian government's latest Budget aims to improve ease of doing business while bolstering domestic manufacturing. With measures poised to enhance India's competitiveness in global trade, economic resilience is a key focus, the Institute of Chartered Accountants of India (ICAI) affirmed on Saturday.

According to ICAI President Ranjeet Kumar Agarwal, several proposals from the Pre-Budget memorandum have been acknowledged in the new finance bill. These include rationalizing tax regimes and encouraging business growth. Finance Minister Nirmala Sitharaman also announced substantial middle-class tax cuts, alongside envisioned reforms for a Viksit Bharat.

In addressing the manufacturing sector, the Budget introduces initiatives for a global toy hub in India through cluster development. Contract manufacturer Aequs' CEO Aravind Melligeri heralded this approach, particularly for toy and electronics components, as vital for propelling the 'Make in India' movement.

(With inputs from agencies.)