The Interim Budget 2024, presented by the Finance Minister Nirmala Sitharaman, plays a pivotal role in steering the logistics sector towards resilience and transparency through innovative solutions and streamlined regulations. Kamal Jain, Director, Cargomen Logistics, mentions, “Budget 2024 has proposed to raise capex by 11.1% to Rs 11.11 lakh crore, which indicates the government continues its focus on developing transportation infrastructure.”

Budget 2024 has proposed to raise capital expenditure—for the fourth consecutive year—by 11.1% to Rs 11.11 lakh crore, which is 3.4% of the GDP indicating the government continues its focus on developing transportation infrastructure, such as roads, railways, ports, and logistics parks. This could include increased capital expenditure, investments in dedicated freight corridors, and expansion of airport cargo facilities.

FM announced a Rs 1 lakh crore [ Rs 1 trillion] corpus to help finance research in technology which will also be available for the tech startup in logistics and initiatives of National Logistics Policy and ULIP. 

Ease of doing business: Rationalisation of direct and indirect tax rates, including GST, to ease the tax burden and improve compliance. Proposals to withdraw outstanding direct tax demands for small amounts, benefiting about a crore taxpayer.

 

Continuation of an export incentive scheme – RoSCTL – for apparel, garments and made-ups up to March 31, 2026 will create global competitiveness of our products and export is likely to increase. 

 

Thrust on Solar energy will also give some momentum to the logistics Industry.