Indore, Jan 29 (KNN) As the Union Budget 2024 draws near, industries are eagerly anticipating a potential booster for the manufacturing sector and pivotal policy reforms.

Scheduled for presentation on February 1, 2024, the Interim Union Budget 2024-25 is expected to address key concerns and foster growth.

Industry associations, including the Federation of Indian Chambers of Commerce & Industry (FICCI), are calling for measures to enhance the country's competitiveness as a global manufacturing hub.

FICCI has proposed the implementation of an 'Indian Taxonomy,' advocating for a comprehensive national policy framework for sustainable financing.

To bolster the manufacturing sector, FICCI emphasises the need for incentives to attract substantial investments from global manufacturing giants.

Gautam Kothari, President of Pithampur Audhyogik Sangathan, highlights the importance of changes in taxation and expanding the ambit of Production Linked Incentive (PLI) schemes.

Industries are urging the government to support the Micro, Small, and Medium Enterprises (MSME) segment by revising the NPA classification.

Virendra Porwal, Vice President of the Federation of Madhya Pradesh Chambers of Commerce and Industry, recommends extending the limit for classifying overdue MSMEs from 90 to 180 days, providing crucial relief to these enterprises.

Further demands include simplifying compliance and policy to establish testing laboratories in every state for MSMEs.

Additionally, industries are advocating for a 25 percent grant for solar power installations in the MSME sector to promote sustainable energy practices.

Lastly, there is a collective call to extend the timeframe for obtaining licenses and permissions across various industries by at least 10 years.

These proposed measures aim to create a conducive environment for growth, innovation, and development across the manufacturing landscape in India.

(KNN Bureau)