Key Takeaways
- The interim Budget focuses on India’s growth to a 5 trillion-dollar economy by 2025 and a developed nation by 2047.
- The budget has announced an 11.1% increase in capex for 2024-25 and a significant increase in infrastructure outlay to Rs 11.11 lakh crores.
- The government’s vision is to make India a developed nation by 2047, with a focus on economic growth and sustainability.
New Delhi: Industry captains on Thursday hailed the interim Budget calling it visionary, pro-development and a blue-print for ‘Developed India.’
“It is India first budget. A confident budget of a confident government that focuses on the objective of ensuring that India becomes a 5 trillion-dollar economy by 2025 and a developed nation by 2047,” said SpiceJet Chairman and Managing Director.
Singh commended the increase in infrastructure spending and emphasis on clean energy.
Barely few months away from the general elections, Finance Minister Nirmala Sitharaman resisted temptations for populist measures and continued the government’s focus on higher capex for supporting economic growth.
She announced 11.1% increase in capex for 2024-25 and also raised allocation for various schemes.
Commenting on the budget announcements, Arun Shukla, President and Director, JK Lakshmi Cement said that the government’s strategic focus on all forms of infrastructure, be it digital, social, or physical, and a strong emphasis on women’s empowerment, resonates with our forward-looking mission.
“The significant increase in infrastructure outlay to Rs 11.11 lakh crores and the emphasis on green growth shows the Government’s pursuit to propel our nation towards economic excellence,” he said.
Gopichand P. Hinduja, Chairman, Hinduja Group said that interim budget commendably shunned any populist measures so often resorted to by the governments.
“Overall, stability and continuity with judicious acceleration are the wheels deployed through this interim budget for taking off this flight,” he said.
Pawan Munjal, Executive Chairman, Hero MotoCorp appreciated fiscal discipline followed by the government stating that the interim Budget reaffirms that commitment.
Abhay Bhutada, Managing Director, Poonawalla Fincorp said that the interim Budget 2024 is a decisive step towards India’s economic sustainability, in line with the ‘Viksit Bharat by 2047‘ vision.
“The ‘First Develop India’ focus promotes FDI, aligning with our global collaboration goals. I anticipate progressive policies supporting fintech, digital lending, and digital skills,” said Bhutada.
