New Delhi: Hailing the Union Budget 2024-25, the country’s leading industry associations on Tuesday said that the Budget has focussed on growth and provided policy continuity while maintaining fiscal discipline.
FICCI President Dr Anish Shah said the budget is inclusive, with a strong thrust on quality job creation and skilling.
“There is continuity in policy announcements. The focus on simplification and ease of doing business, boost to manufacturing, focus on research and innovation, thrust on public capex, use of technology, support to women, farmers and MSMEs, and promoting sustainability are the key themes that resonate once again in this Union Budget proposals,” he said.
Confederation of Indian Industry (CII) President Sanjiv Puri said that the maiden budget of the new government has unravelled a comprehensive roadmap for sustainable and equitable growth while retaining the focus on creation of jobs.
“The nine key priorities unveiled in the Budget for Viksit Bharat provides an all-encompassing blueprint for an inclusive resilient, prosperous, environmentally sustainable and technologically advanced India, which would be a crucial milestone in our journey for a developed India @2047,” he said.
Puri further said that Finance Minister Nirmala Sitharaman deserves credit for displaying astute financial management by bettering the fiscal deficit target at better than expected 4.9 per cent of GDP for the current fiscal while retaining the focus on capital expenditure.
The Modi 3.0 government’s first Budget on Tuesday announced a Rs 2 lakh crore package to create more jobs while making the tax regime attractive for foreign companies and provided income tax relief to the salaried class.
Infrastructure remained one of the key focus areas of the Budget as in the previous year with the Finance Minister provisioning Rs 11.11 lakh crore for capital expenditure (capex) during Fy25.
Describing the Union Budget for 2024-25 as an affirmation of strong intent to leverage India’s demographic dividend and entrepreneurial spirit, industry body Assocham complimented Sitharaman for ‘directing national resources towards generating quality jobs, giving a boost to manufacturing and a five-year commitment toward capital expenditure while balancing fiscal prudence.’
“This is a Bold budget by the government keeping in view longer-term fiscal prudence. With no easy giveaways, it focuses on a longer, more sustainable path of job creation through manufacturing in the country and a strengthened role of the MSMEs. Skilling the youth, formalising job creation, continuing infrastructure spending, and urban development, along with the climate of enhanced local capex spending, will encourage the private sector to join in, given under levered balance sheets. This is a longer, more sure way to enhance employment and sustainable consumption,” said Assocham President Sanjay Nayar.
Commenting on the budget, Neeraj Akhoury, President, Cement Manufacturers’ Association (CMA) and Managing Director, Shree Cement Limited, stated, “Against the backdrop of global uncertainties and inflation, the Union Budget 2024-25 is transformative and forward looking with an eye on fiscal consolidation. The announcement of Rs 11 lakh crore capital expenditure signifies the Government’s commitment to modernising India’s infrastructure through various significant projects and allocations, which will undoubtedly drive demand for Cement and other building materials. These initiatives collectively illustrate the Budget’s comprehensive and strategic approach to bolstering India’s infrastructure across various sectors.”
