The Budget 2024, plays a vital role in fostering growth, encouraging innovation, and equipping the logistics industry to address future challenges and opportunities.
Apace Digital Cargo has gathered industry perspectives on the expectations for the logistics sector in Budget 2024.
Dushyant Mulani, Chairman, Federation of Freight Forwarders’ Associations in India (FFFAI) shares his opinion…
“A trust based working environment needs to be created on an urgent basis with manufacturers, trade and industry, MSME sector, which will help our country to grow and generate jobs”
In the first budget of the new term of Hon’ble Prime Minister Shri Narendra bhai Modi, the trade and industry, particularly in EXIM Trade sector look forward to the following to sustain the high growth rate.
It is important that a trust based working environment needs to be created on an urgent basis with manufacturers, trade and industry, MSME sector which will help our country to grow and generate jobs.
- There is an urgent need to create a trust based working environment in the industry. Laws should be formulated in order to ensure that interpretative disputes during the process of Customs Clearance do not result in adjudication, fine and penalties to the trade.
- Compliances are important, however fulfilling the compliance should be eased out which will result in significant growth of MSME sector.
- Decriminalisation of laws under Customs, GST and TDS provision should be carried out.
- TDS for Logistics players under EXIM Sector needs to be realigned for ensuring compliance in a simplified manner. Tax collected at source will help instead of Tax deducted at source.
- Suitable steps should be taken to create a concept of Atma Nirbhar in the Freight Forwarding and Logistics industry. Logistics sector is able to create substantial first time entrepreneurship opportunities and also generate first time employment opportunities for MSME Sector in India.
