The Union Budget 2024-25 is a significant step towards building a robust and inclusive India. We commend the government’s focus on capital expenditure, which will be instrumental in creating jobs and boosting economic growth. The emphasis on the care economy, with initiatives like working women’s hostels and crèches, is commendable and aligns with CII’s vision of an inclusive society. Additionally, the budget’s focus on digital public infrastructure, especially in agriculture, will revolutionize the sector and benefit millions of farmers. The government’s initiative of introducing a credit guarantee scheme for MSMEs, enhancement of Mudra loans and the introduction of E-commerce hubs under the PPP model will not only boost revenue in these sectors but also fuel employment and provide for higher wage opportunities. Further, the thrust provided to skill development through a new Centrally Sponsored Scheme and upgradation of industrial training institutes is a welcome step and will leverage the potential of youth in the country,” said Mr Madhav Singhania, Chairman, CII Northern Region and Deputy Managing Director & CEO, JK Cement Ltd.
“The budget’s emphasis on ease of doing business, with measures like rationalising stamp duty and incentivising states for business reforms, is a positive step. The abolition of Angel Tax is a major boost for the startup ecosystem. CII is particularly encouraged by the government’s focus on energy transition and the development of a roadmap for HTA industries that include – steel, power, chemical and refinery. We believe these initiatives will accelerate India’s progress towards a low-carbon future. Furthermore, the increased allocation for skill development and the focus on e-commerce export hubs will create new opportunities for MSMEs and youth. The enhanced healthcare funding will strengthen the nation’s medical infrastructure, while the investment in agritech will support farmers with innovative solutions. The emphasis on digital public infrastructure is set to transform various sectors, ensuring India remains at the forefront of the global digital economy,” opined Mr Sunjay Kapur, Deputy Chairman, CII Northern Region and Chairman, Sona Comstar