Dear Readers,
Being one of the Chartered Accountants firms offering strategic insights and customized solutions, we take great pleasure in presenting our next Budget publication, explaining the extraordinary opportunities arising from the present economic scenario of India and its global positioning.
A detailed analysis of the Economic Survey 2023-24 and the Finance Bill 2024 brings to light the remarkable resilience and robust performance of the Indian economy. With the GDP growth projection to be between 6.5% and 7% in the fiscal year 2024-25, India continues to reflect its capability for sustained economic expansion, effective inflation management, better current account deficit, and resilience in the banking sector.
Stable Macroeconomic Environment:
The fall in inflation from 6.7% in FY23 to 5.4% in FY24, along with further expected reductions, sets a favorable climate for investment and growth. Improvement in CAD to 0.7% of GDP in FY24, aided by strong foreign exchange reserves, reflects India’s economic stability and attractiveness as an investment destination.
Strategic Financial Measures:
Finance Bill 2024 gives measures through which India plans to play to its strength, that is, stable income-tax rates, through which IFSC operations will be given an enhanced tax incentive and easy assessment procedures, to attract global investments to boost the country’s financial sector.
Renewable Energy and Sustainability:
India’s stance on renewable energy and emissions reduction reiterates the goals of global sustainability and hence places the country in the forefront of all green activities. The increasing energy requirements right up to 2047 are offering immense opportunities for innovations and investments.
Rejuvenating Investor Confidence:
Even though the inflow of Foreign Direct Investment (FDI) has gone down, the Finance Bill 2024 provides for re-instilling the lost confidence among investors. The performance of the banking sector with double-digit credit growth and improved quality of assets serves as a bedrock to financial stability and growth.
Our publication is dedicated to preparing you with insights and strategies so that you can take all opportunities which open up and perform excellently in the changed landscape of the economy. We hope to do this together with you in order to achieve sustained success.
You can find the detailed publication of the Budget attached. Should you have any questions or need further elucidation, please do not hesitate to contact us at your convenience.
Together, let’s embark on a journey where visions transform into achievements and aspirations become remarkable realities.
Best Regards
Team – RMPS & Co., Chartered Accountants
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This article is only a knowledge-sharing initiative and is based on the Relevant Provisions as applicable and as per the information existing at the time of the preparation. In no event, RMPS & Co. or the Author or any other persons be liable for any direct and indirect result from this Article or any inadvertent omission of the provisions, update, etc if any.
