Industry Leaders Welcomed Nirmala’s Interim Budget 2024

Corporate leaders across sectors appreciated the interim Budget presented by Finance Minister Nirmala Sitharaman. Many of them hailed Sitaraman’s balanced and optimistic approach with a vision to make fully developed and economically robust India by 2047.

Here is how the industry leaders and professionals reacted to Nirmala Sitharaman’s Interim Budget 2024:

Mr. Kuldip Maity, MD & CEO, VFS Capital:

“We commend the Hon’ble Finance Minister for presenting a budget focused on ‘Vikasit Bharat,’ with a prime emphasis on the welfare of the poor, women, youth, and farmers. In today’s interim budget, the minister highlighted the substantial growth in women entrepreneurship over the past decade, allocating 30 crore MUDRA Yojana loans to empower women entrepreneurs. This is expected to catalyse further advancements in women’s entrepreneurship, contributing to the overall development of the Indian economy.”

Mr Chandra Shekhar Ghosh, MD & CEO, Bandhan Bank:

“The interim budget focuses extensively on inclusive development and is a step forward in the $5 trillion economy aspirations of the nation. The focus on housing sector will benefit a range or peripheral sectors like cements, paints and, steel, among others, and create employment opportunities. The focus on women empowerment will further boost the economy. The emphasis on infrastructure and rural development will lay a strong foundation for India’s growth story.”

Mr Sidharth Pansari, President of Credai Bengal:

“We need to bear in mind that it is an interim budget while considering expectations for the economy going forward. Having said that, the Hon’ble Finance Minister has given a confident budget ensuring focus on empowering the poor, women, youth and the farmers. The aim of fiscal consolidation is praiseworthy. The government’s commitment to help the “deserving” sections of the middle class to build their own houses, will have a positive impact on the real estate sector going forward. The proposal to increase the budget for infrastructure outlay by more than 11% shows the government’s commitment towards tangible development. Also, the “Tech push” with a substantial corpus will ensure advancement not only in the defence sector but also in the manufacturing capabilities. Extension of tax benefit for Start-ups to March 2025 is a welcome move as it will promote and instil confidence in young entrepreneurs of the country.”

CS (Dr.) Adv. Mamta Binani, President of MSME Development Forum of WB:

“The recently declared Union Budget for 2024-25 carries significant implications for our Micro, Small, and Medium Enterprises (MSMEs). Building on the foundation laid in the previous fiscal year, this budget showcases a commitment to fostering growth and innovation within our sector. The emphasis on de-risking credit inflows to critical MSME sectors, such as automotive and electronics, through measures like credit guarantees and insurance schemes is commendable. These steps address the crucial need for risk mitigation in capital flows. Access to credit remains pivotal for our progress, and the introduced measures like tailored packages, interest subvention schemes, and reduced collateral requirements align with our collective aspiration of propelling India toward a $5 trillion economy.”