India’s top business leaders asked finance minister Nirmala Sitharaman to boost capex to ₹10 trillion, rationalize personal tax rates, especially at the lower end of the income spectrum, and focus on job creation in the Modi government’s last full budget before the 2024 national elections.
Lobby groups and top industry executives said that the budget for the year starting 1 April would be crucial to address challenges related to consumer demand and job creation amid slowing world economic growth and geopolitical uncertainties.
Businessmen, including Sanjiv Goenka, chairman of RPSG Group; B.V.N. Rao, chairman of GMR Group; and Naveen Munjal, managing director of Hero Electric Vehicles; and representatives of lobby groups, participated in the meeting with Sitharaman as she readies the budget for the next fiscal year.
Union budget for 2023-24 is expected to be presented on 1 February.