UKIBC Hold Post Budget Analysis discussions in Delhi and London
THE UK INDIA BUSINESS COUNCIL (UKIBC) HOSTED TWO POST-BUDGET ROUNDTABLES IN DELHI AND LONDON TO DISCUSS INDIA’S 2020 BUDGET – AN IMPORTANT DISCUSSION GIVEN THAT IT DEFINES THE GOVERNMENT’S PRIORITIES FOR THE NEXT TWELVE MONTHS AND BEYOND.
The focus of these gatherings were not only to share the details of the Union Budget, but also to address how it may impact economic cooperation between the UK and India.
Members felt the budget was well balanced, with focus on some critical areas working towards a more conducive environment for trade, investments, and business in India.
Some of the key themes that were picked up included the new tax proposals – and the positives that the removal of DDT could have for investment into India – the focus on vital infrastructure such as railway and airports, and attention on creating jobs.
As stated in our Doing Business in India report, complex regulations and taxation issues are among the highest barriers to entry. The tax relaxations, such as raising the FPI cap to 15%, will prime investment opportunities and encourage foreign investment. There is a continuing need for stable taxation and policy.
Meanwhile, the dialogue surrounding foreign investments and trade showed India’s clear commitment to ‘Make in India’ and protecting the domestic industry through import tariffs.
This year’s budget reflects that growth in India has slowed, owed to a slump in domestic consumption and falls in global trade, which has limited the Government’s spending power and necessitated a balance between reigniting consumption and reducing the budget deficit.
This year will offer unique opportunities with the announcement of new High Commissioners in both the UK and India. It is also hoped that the Finance Minister will visit the UK later this year for an overdue Economic and Financial Dialogue (EFD) meeting. We look forward to ongoing collaboration with both governments as well as businesses in both the UK and India, and continuing to advocate for improvement to the business environment in India.
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Post Budget Analysis Discussions in Delhi and London
The UK India Business Council (UKIBC) hosted two post-budget roundtables in Delhi and London to discuss India’s 2020 budget.