The consumer durables sector outlines important expectations for policy considerations as the budget draws near. The industry is pushing for a 5 or 12 per cent GST cut on both entry-level and luxury appliances in order to increase affordability and spur growth for all income brackets. In order to strengthen local manufacturing and create jobs, tax reductions for raw materials, components, and machinery improvements are emphasised, along with the necessity of continued support for the Production-Linked Incentive (PLI) plan and the Made in India initiative.

In fact, the Union Budget of 2024 plays a crucial role in keeping India as the world’s third-largest economy. With India contributing $3.7 trillion to the global economy and having the largest population of young people, there is a lot of untapped potential.

Source: Financial Express