Trade and service sector representatives met finance minister Nirmala Sitharaman on Thursday for pre-budget consultations, seeking tax cuts for MSMEs, incentives for smaller companies to reduce their carbon footprint and energy costs, increased financial support for exporters, and the continuation of the Interest Equalisation Scheme (IES) to maintain export competitiveness.
The discussions, held ahead of the Union budget to be presented on 1 February 2025, come at a crucial time for India's economy, which is grappling with slowing growth and geopolitical challenges to its trading aspirations.
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