Business/Technology
Union Budget’24-’25 triggers growth with focus on infrastructure development to “Aam Janta “
By : PARTHA ROY
Union Budget 2024-25 presented by Smt . Nirmala Sitaraman Union Finance Minister, Government of India on 23 July 2023 welcomed by Business Chambers , common people including women ,youths.
Mr. Ameya Prabhu, President of Indian Chamber of Commerce (ICC) welcoming the budget stated, “This is a government that listens. We have given recommendations on the rationalization of custom duties, and while she ( Mrs. Nirmala Sitaraman) announced rationalization in a few sectors, I think once we go through the fine print, we will understand how many customs duties have been rationalized. Our idea about rationalization was twofold: Firstly, we need to protect sectors with strong domestic manufacturing to prevent dumping from other countries. Secondly, we should have lower customs duty on raw materials so that our downstream sectors can benefit. I am glad that this government has taken that into account. Our role is to speak to the government and give recommendations for our industry as a whole. It is a government that listens and I am happy about that. India is a federal country and the government has to think about all the states. ….”
Mr Brij Bhushan Agarwal, Vice President, ICC commented, “This is a very balanced budget. The government’s focus is on the agricultural sector, digitalization, transparency and improving farmer income. They are also prioritizing employment by creating platforms for MSMEs through loans and infrastructure support. Additionally, the focus on liberalization and nurturing new entrepreneurs is promising. Mudra Loans have been increased …. Energy remains a key focus with plans to increase power generation capacity using super ultra-critical power plants and exploring nuclear options to meet growing demands. Efforts to control inflation and optimize available resources and infrastructure are evident. The budget also addresses the development of underdeveloped states like the Northeast and Bihar . On the tax side, there have been changes, including an increase in the buyback tax and adjustments to the capital gains structure. The reduction of foreign tax from 40 percent to 35 percent is a positive step, showcasing the country’s welcoming approach.”
Calcutta Chamber of Commerce President Shri Hari Shankar Halwasiya commented ” Calcutta Chamber of Commerce welcomes the budget proposals in so far as it will give boost to Farmers, infrastructure, Health, Education, Women, MSMEs, Youth & Start-ups in the form of budgetary allocations and other fiscal benefits. The Focus of the Budget is on job creation and productivity improvement, to generate employment opportunities for the country’s youth.
There is clear direction for the economy. The estimated Fiscal Deficit is much lower at 4.9%, which is welcome move of the Budget.
The different policies that are announced for the development of various sectors and the enhanced allocation have given the roadmap for making India – Viksit Bharat by 2047….. There is increased allocation on infrastructure, women, youth, farmers and poor, which will make multiplier effect, help in employment generation and growth as well….”
CII President Shri Sanjiv Puri stated ” A People-Centric Budget which balances equitable growth with fiscal sustainability.
The maiden budget of the new government has unveiled a comprehensive roadmap for sustainable and equitable growth while retaining the focus on creation of jobs. Budget 2024-25 provides an extensive roadmap for each segment of society so that every Indian becomes an equity holder in the growth aspirations of the new and progressive India.
The nine key priorities unveiled in the Budget for Viksit Bharat provide an all-encompassing blueprint for an inclusive, resilient, prosperous, environmentally sustainable and technologically advanced India, and would be a crucial milestone in our journey for a developed India @2047.
The focus of the Budget on employment, skilling, MSMEs, and the middle-class along with measures for agriculture, urban development, incentivizing states to carry out NextGen reforms, taking steps for promoting a virtuous cycle of consumption, investment and demand, and support to start-ups and women, among others is timely and would contribute significantly towards empowering people, and making growth inclusive while providing an impetus to consumption and growth….”
ICC organized Post Budget Analysis with Mr. Aditya Hans, Partner, Dhruva Advisors LLP and his team. The session was moderated by Mr. Pallav Gupta, Chairman of the Expert Committee on Taxation, ICC . Mr. Aditya Hans and team decoded the budget’s fine print and discussed its industry-wide implications. The team analyzed the new regulations and their potential impact on business and personal finances.
