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USIBC presents recommendations for India’s Budget 2024-25
The council offered a set of policy recommendations aimed at catalyzing India's economy and fostering bilateral ties with the United States
USIBIC / (ImageCourtesy:@USIBC/X)
The U.S.-India Business Council (USIBC), a business advocacy organization aimed at strengthening US-India ties, has presented a set of policy recommendations to the government of India for its 2024-25 budget that is to be announced on July 23.
The “U.S.-India Business Council (USIBC) Budget Recommendations for Policy Innovation to the Government of India,” offered recommendations aimed at catalyzing India's economy, investment, and growth and fostering bilateral ties with the United States. Covering diverse sectors from digital economy and telecommunications to energy, financial services, logistics, manufacturing, infrastructure, and life sciences, these proposals are designed to enhance regulatory clarity, attract foreign investment, and promote sustainable development across key industries.
The USIBC's recommendations, which prioritize innovation, efficiency, and global competitiveness, aim to make the most of India's economic potential and solidify its standing as a top investment destination and the most reliable partner for strategic, economic, and technological cooperation between the United States and India.
USIBC recommended innovations in the digitization of the economy, energy and infrastructure, life sciences, and more. The organization has also recommended ease in trade, logistics, and supply chain measures and reforms that can strengthen the business relationships between the United States and India.
Some of the specific recommendations are:
1. Launching a U.S.-India Trade and Technology Council to deepen strategic collaboration in areas under the U.S.-India Initiative on Critical & Emerging Technologies (ICET)
2. Achieve tax parity between foreign bank branches and India-domiciled banks to level the playing field between Indian and foreign financial services firms and to reduce friction.
3. They advocate for a balanced intellectual property rights (IPR) policy to facilitate technology transfer and bolster FDI, enhancing the effectiveness of schemes like the Production Linked Incentive (PLI) Scheme.
4. Market-based mechanisms for climate solutions, recognizing nature-based carbon sinks, and promoting carbon capture and storage (CCS) for industrial decarbonization. These measures aim to foster competition, improve regulatory efficiency, and achieve environmental goals.
5. The Central Board of Indirect Taxes and Customs (CBIC) should issue clarifications regarding the import restrictions on IT hardware.
6. Integrating a single window system for courier shipments to enhance operational ease and reduce bureaucratic hurdles.
In addition to highlighting the potential for improved bilateral cooperation between India and the United States, the Council's recommendations provide a strategic roadmap for India's economic advancement in the upcoming fiscal year.
The U.S.-India Business Council (USIBC), which was founded in 1975 at the request of both the Indian and American governments, is the voice of hundreds of leading international businesses that conduct business in the Indo-Pacific region, India, and the United States.
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