Shimla/Chandigarh, July 23, 2024:* The Union Budget 2024-25 has drawn praise from the Confederation of Indian Industry (CII) for its focus on middle class, skill development, employment, MSMEs, farmers, and youth, marking a clear path for a developing India.
Madhav Singhania, Chairman of CII North Region, welcomed the emphasis on skill development and upgrading ITIs through a new centrally sponsored scheme, stating that it will harness the potential of the country's youth.
"This budget is a major step towards building a strong and inclusive India. We appreciate the government's focus on capital expenditure, which will create jobs and boost economic growth. Initiatives like hostels and crèches for working women align with CII’s vision of an inclusive society.
The focus on digital public infrastructure in agriculture will revolutionize the sector and benefit millions of farmers," Singhania said.
The government's plans to launch a credit guarantee scheme for MSMEs, increase MUDRA loans, and establish e-commerce hubs through PPP models are also seen as positive steps that will enhance revenue, employment, and wage opportunities in these sectors.
Sanjay Kapoor, Deputy Chairman of CII NR and Chairman of Sona Comstar, highlighted the budget's emphasis on easing business operations, rationalizing stamp duty, and encouraging states for business reforms.
He noted that abolishing angel tax is a significant boost for the startup ecosystem.
"The increased allocation for skill development and the focus on e-commerce export centers will create new opportunities for MSMEs and youth.
The enhanced funding for healthcare will strengthen the medical infrastructure, while investments in agritech will offer innovative solutions to farmers.
The focus on digital public infrastructure is set to transform various sectors, ensuring India remains at the forefront of the global digital economy," Kapoor said.
CII praised the budget's emphasis on reducing compliance burdens, promoting entrepreneurship, and providing tax relief to citizens by abolishing the angel tax for investors.
The reduction of corporate tax rates for foreign companies from 40% to 35% and the rationalization of capital gains tax further enhance the investment landscape.
Anurag Gupta, Chairman of CII Chandigarh and Managing Director of Usha Yarns Limited, stated, "The Union Budget 2024 reflects a strong vision for the future growth and economic development of the country.
We welcome the Finance Minister's focus on a developed India, with continuous efforts towards creating ample opportunities for all, aimed at achieving a high growth path for India."
Navesh Narula, Chairman of CII Himachal Pradesh and Director of Tesna Tech Pvt Ltd, noted the budget's support for skill development and the MSME sector.
He highlighted the government's plan to provide internship opportunities for 1 crore youth in the top 500 companies for 12 months and the creation of mechanisms to continue credit to struggling MSMEs.
Financial assistance for setting up 50 multi-product food irradiation facilities is also a relief for the sector.
Abhishek Gupta, Chairman of CII Punjab and Chief of Strategic Marketing at Trident Limited, added, "Increased funding for healthcare will strengthen medical infrastructure, while investments in agritech will provide new solutions for farmers.
The emphasis on digital public infrastructure will transform various sectors, ensuring India stays ahead in the global digital economy."
Raaja Kanwar, Chairman of CII Haryana and Chairman & Managing Director of Apollo International Group, emphasized that the 2024 budget understands India's economic needs clearly, balancing immediate necessities with long-term goals.
"The allocation for infrastructure and rural development is at the core, with Rs. 11.11 trillion for infrastructure boosting productivity and creating jobs, and Rs. 2.6 lakh crore for rural development recognizing our villages as engines of growth.
This will reduce migration pressures, increase rural spending, and build a more balanced economy. This budget sets the stage for a stronger, more equitable, and environmentally conscious India," Kanwar said.
CII welcomed the government's decision to allocate Rs. 3 lakh crore for schemes for women and girls, highlighting the prioritization of women-led development.
