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Interim Budget 2024 - Tax reforms impacting the telecom sector
On Thursday, 1 February 2024, the Hon'ble Finance Minister, Nirmala Sitharaman, presented interim Budget 2024 in the Lok Sabha.
The Union Finance Minister underscored that the forthcoming five years are poised to witness unprecedented development and golden moments to realize the vision of developed India @ 2047. Technology, epitomized by the telecom sector, shall be a crucial catalyst in this transformative journey.
The increased budget allocation for BSNL's technology upgradation combined with allocation for Bharatnet project shall translate into more opportunities for domestic manufacturers.
Additionally, a northward trend in allocation of funds for the production linked incentive scheme clearly demonstrates the vision and commitment towards Make-in-India policy of the Government.
Though no major changes or policy announcements were expected in interim budget, however, the continued push towards domestic manufacturing would lead to an increase in employment, capital investment and import substitution to a greater extent in this sector.