US-India Strategic Partnership Forum Praises Modi 3.0 Budget for 2024
The US-India Strategic Partnership Forum (USISPF) commended the Union Budget 2024, presented by Finance Minister Nirmala Sitharaman. The budget supports both domestic consumers and foreign investors by enhancing the ease of doing business in India.
Key Highlights
The budget includes:
- Reduced tax rates for foreign companies to 35%, creating parity with domestic players.
- Duty cuts on critical imports like medical equipment, mobile phones, and solar energy machinery.
- Abolition of the angel tax, benefiting India’s startup ecosystem.
- Duty exemptions on vital cancer drugs, improving healthcare affordability.
- Measures to increase financial sector efficiency and transparency.
- Emphasis on renewable energy and digitalization.
- New employment-linked initiatives focusing on job creation in the manufacturing sector.
- Reforms in digital taxation and transfer pricing regulations.
USISPF believes these measures will boost India’s economic growth, attract foreign investment, and strengthen the economic partnership between the US and India.
Doubts Revealed
US-India Strategic Partnership Forum (USISPF) -: USISPF is a group that works to improve the relationship between the United States and India, especially in business and trade.
Modi 3.0 -: Modi 3.0 refers to the third term of Prime Minister Narendra Modi’s government in India.
Union Budget 2024 -: The Union Budget is a financial plan presented by the Indian government every year, showing how it will spend money and collect taxes.
Finance Minister Nirmala Sitharaman -: Nirmala Sitharaman is the person in charge of managing India’s money and economy. She presents the budget every year.
Tax rates for foreign companies -: These are the amounts of money that companies from other countries have to pay to the Indian government when they do business in India.
Duty cuts on critical imports -: This means reducing the extra charges on important goods that India buys from other countries.
Abolition of the angel tax -: Angel tax was a tax on the money that startups received from investors. Abolition means it has been removed.
Healthcare -: Healthcare refers to services provided to keep people healthy, like hospitals and doctors.
Financial sector efficiency -: This means making banks and other money-related services work better and faster.
Renewable energy -: Energy that comes from natural sources that can be used again and again, like sunlight and wind.
Job creation -: This means making new jobs for people so they can work and earn money.
Economic growth -: This means the country is making more money and getting richer.
US-India economic ties -: This refers to the business and trade relationship between the United States and India.
