The upcoming Union Budget is very crucial in terms of bringing the Indian economy back on growth track; curb the budget deficit and creating an investment friendly environment.
The Budget needs to address issues of simplifying tax regulations, improve ease of doing business and accelerate the speed of big ticket tax reforms.
The government must rationalise the tax policies to have a stable tax environment. It will thereby help in successful impact of Government's two critical projects 'Make in India' and 'Digital India'.
The Finance Minister needs to remove anomaly in the inverted duty structure for the benefit of manufacturing in India. We hope this budget boosts the growth of Consumer Durable manufacturing in India with Excise Duty concession of 2 per cent withdrawn till the implementation of GST.
These initiatives will go a long way in strengthening the fundamentals for driving force for growth and employment generation. We look forward to a revived economy that will help companies prosper and build a positive sentiment in the country.
(Soon Kwon is MD, LG India)
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