Budget 2024 must focus on tax relief to stimulate consumption: India Inc

In the Business Standard article, industry leaders emphasise the need for the 2024 Union Budget to focus on tax relief for lower-income groups to boost consumption. Key suggestions include reducing corporate tax rates, phasing out exemptions, and broadening the tax base. Mayank Gupta, Co-Founder & COO of Zopper, recommends increasing limits on insurance premium payments under Section 80C and allowing deductions for term life insurance under the new tax regime. Additionally, recommendations for supporting sectors like MSMEs and agriculture through structural reforms and investment in infrastructure were highlighted.