The Federation of Indian Chambers of Commerce and Industry (FICCI) has put forth key recommendations to Finance Minister Nirmala Sitharaman, advocating for a significant increase in capital expenditure (capex) and a streamlined Goods and Services Tax (GST) regime in the upcoming Union Budget 2024.

FICCI has proposed a substantial 25% hike in capex to bolster infrastructure development and stimulate economic growth. This move is crucial in revitalizing various sectors and creating employment opportunities across India. The increased investment in infrastructure is expected to enhance productivity and competitiveness, positioning India favorably in the global economic landscape.

Additionally, FICCI has recommended a reduction in GST slabs to a maximum of three, aiming to simplify the tax structure and reduce compliance burdens for businesses. Streamlining GST would ease administrative complexities and potentially boost tax revenues by broadening the tax base and improving compliance.

These measures, according to FICCI, are essential to accelerate India’s economic recovery post-pandemic and pave the way for sustained growth in the years ahead. As stakeholders eagerly await the Union Budget 2024, all eyes are on the Finance Minister’s response to FICCI’s recommendations and the potential impact on India’s economic trajectory.