Shri Namit Bajoria, President, MCCI feels that the proposed budget provides direction to the dream of ‘Viksit Bharat’ or developed India by 2047
While complimenting the Hon’ble Union Finance Minister, Smt. Nirmala Sitharaman, on her 7th Budget placed in the Parliament today, Shri Namit Bajoria, President, MCCI feels that the proposed budget provides direction to the dream of ‘Viksit Bharat’ or developed India by 2047. The Budget envisages sustained efforts on the following nine priorities considering Agriculture, Employment, Human Development, Energy Security, Manufacturing, Innovation, Infrastructure, and Next Generation Reforms for generating ample opportunities for all these priority sectors.
The budget is focused on the Poor, Women, Youth, and Farmers. FM Sitharaman announced plans to raise spending, create jobs, and provide relief to the middle class.
While speaking on Eastern India, the Hon’ble Finance Minister announced that the Industrial node at Gaya on the Amritsar Kolkata Industrial Corridor is to be developed. Road connectivity projects to be developed at the cost of Rs 26,000 crore considering Patna-Purnia Expressway, Buxar-Bhagalpur Expressway, Bodhgaya, Rajgir, Vaishali & Darbhanga Spur and Additional 2-lane bridge over river Ganga at Buxar.
Among many pro-growth measures announced in the Budget, MCCI welcomes the following:
- Five schemes to focus on 4.1 crore youth over 5 years with a central outlay of ₹2 lakh crore
- Focus on digitisation in the Financial as well as Agricultural sector is a positive for data consumption of telecom service providers
- Support for MSMEs via credit guarantee schemes up to Rs. 100 crore to support the auto ancillary industry. Increase in MUDRA loan limit from Rs. 10 lakhs to Rs. 20 lakhs for borrowers with a repayment track record to improve fund flow to the MSME sector
- Reduction in turnover threshold from Rs. 500 crores to Rs. 250 crores of buyers under the Trades platform to enhance financing availability and reduce the overall cost of funds for auto ancillaries
- The development of industrial parks is a positive for the road logistics sector as a whole. The Government has decided to set up Industrial Parks around 100 cities
- IBC has resolved more than 1,000 Cos with the recovery of more than Rs. 3.3 lakh crore to creditors
- Fully exempt Customs Duty on 25 critical minerals and propose to cut Customs Duty on Gold & Silver to 6%.
- To boost the Start-up ecosystem, no Angel Tax on all classes of Assets
- Hike in STT but reduced the short-term capital gains and long-term capital gains tax
- Capital Expenditure at Rs. 11.11 lakh crore for the infrastructure 3.4% of GDP
- Capital Gain exemption increased to Rs. 1.25 lakh per year to benefit lower and middle-income classes
“Union Budget is balanced and consistent in policy. The agriculture support of Rs. 1.5 lakh crores is expected to boost the rural economy on the other hand the relaxation in personal income tax slabs will increase consumption. The Budget 2024-25 focuses mainly on Next generation Reforms considering job creation, agricultural productivity human and skill development, manufacturing and education, etc. The announcement of abolishing the angel tax in Budget 2024-25 will lead to injecting a fresh lease of life into start-ups investments in India. A significant push to MSMEs towards their financial health and credit ability will help to boost this sector. However, we anticipate a better budget next year, with potential comprehensive reviews of the Income Tax Act and a customs duty rate structure overhaul to simplify taxation and reduce disputes.”, said Shri Namit Bajoria, President, MCCI
(This story has not been edited by News Mania staff and is published from a MCCI Media Release)
