Finance Minister Nirmala Sitharaman presented the interim Budget on February 1, 2024. Ahead of the Union Budget 2024 presentation, news emerged that Prime Minister Narendra Modi may face troubles this time, to accommodate the wishes of his alliance partners JD(U) chief Nitish Kumar and TDP supremo Chandrababu Naidu.
However, it is more likely that the Budget will be a feel-good one, coming on the back of the Rs 2.11 lakh crore record dividend to the Union government from the RBI.
Talking about the upcoming Budget, CEO of TVS Infrastructure said that he expects the Budget to bring MSME status for the industrial real estate sector, and sought relaxations in tax rates.
“As India's industrial and logistics warehousing sector stands poised for transformative growth in the economic landscape, the upcoming Budget holds significant promise for further accelerating this momentum. We look forward to budgetary provisions that bolster the sector's infrastructure, streamline regulatory processes, and incentivize technological advancements in warehousing facilities. Recognizing warehousing as a distinct and emerging asset class is crucial for India’s continued economic advancement, facilitating increased foreign direct investment and bolstering our global competitiveness," CEO of TVS Infrastructure, Nitin Aggarwal.
"Moreover, the rise of e-commerce hubs across India has amplified the demand for efficient warehousing solutions, reflecting the broader consumer trend towards rapid and reliable delivery services. This growth necessitates advanced, strategically located warehouses to meet the heightened expectations of modern consumers. Emerging corridors within Tier-2 and Tier-3 cities are poised for higher rental growth, outpacing established submarkets due to a dearth of quality supply of industrial projects. We anticipate measures that recognize the exponential demand for industrial warehousing and support the sector in meeting this demand through sustainable solutions," he said.
"We advocate for incentives, including MSME status for the industrial real estate sector, and seek budgetary relaxations in tax rates and norms, including the crucial allowance of input tax credit under GST. Uniform land acquisition norms across states and simplified warehousing compliance processes would further catalyse the sector's growth. We look forward to a budget that paves the way for a resilient, sustainable, and globally competitive warehousing ecosystem in India,” Aggarwal added.
Published 17 July 2024, 09:26 IST