Budget a missed opportunity for economic reforms: TNCCI
The budget announced a reduction in income tax rates, the benefits remain negligible for most taxpayers, N Jegatheesan, president, Tamil Nadu Chamber of Commerce and Industry, Madurai said on Tuesday.
Tamil Nadu Chamber of Commerce and Industry
MADURAI: The Union budget for the fiscal 2024 through 2025 has left the business sector and the public largely disappointed. Despite high expectations for various concessions following Prime Minister Narendra Modi’s third tenure, the budget failed to deliver significant new initiatives or benefits.
While the budget announced a reduction in income tax rates, the benefits remain negligible for most taxpayers, N Jegatheesan, president, Tamil Nadu Chamber of Commerce and Industry, Madurai said on Tuesday.
A minor reduction in customs duty was noted, but, the anticipated broader tax reforms did not materialise.
Conversely, there were no new announcements for railway projects, metro expansions or airport developments in Tamil Nadu.
Additionally, the budget proposes the creation of e-commerce export hubs, 12 industrial parks and priority schemes for nine sectors to support MSMEs. Despite a few positive measures, the Budget is largely seen as a missed opportunity for significant economic reform and creative solutions to current challenges, Jegatheesan said.
