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Industries feel that Union Budget 2024 will help speed up India's Economic Growth



2024-05-25 01:16:22 Government

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The Union Budget 2024 presented by Hon'ble Finance Minister, Mrs. Niramala Sitharaman is very much appreciated by the business and industrialist community. Many leading business leaders came forward with their candid opinions after the budget is presented in the parliament. Industrialists feel that this is a growth-oriented budget, which will have a positive impact on the economic growth of the country.

Here are some important quotes on the Union Budget 2024 from some of the leading names in the Indian business world:

The Union Budget 2024 further builds on the push for edible oils self-sufficiency through its "Atma Nirbhar" strategy and expanded adoption of nano DAP in all agro-climatic zones. Investing in our Annadata's (farmers') future is investing in India's future itself. While the timely push for edible oil production of mustard, groundnut, sesame, soybean, and sunflower oils is welcome, the scope should be extended to oil palm as well given its higher productivity. The vision for research, modern farming techniques, and infrastructure investment aligns perfectly with our company's mission to empower farmers and unlock the sector's potential in palm oil production and processing. We are enthusiastic to empower our farmers and be a part of the journey towards a truly self-reliant India.
---Sanjay Goenka, Managing Director and CEO, 3F Oil Palm

Gem & Jewellery Export Promotion Council (GJEPC) welcomes Union Finance Minister (FM) Smt Nirmala Sitharaman's announcement to make our country Viksit Bharat by FY2047. Exporters will agree with Hon. FM that globalization is being redefined and a new world order is emerging after the pandemic. For gem & jewellery exporters, the recently announced India-Middle East-Europe Economic Corridor is a strategic and economic game changer for India and others. Just as the CEPA trade agreement has increased jewellery exports to the Middle East, we welcome bilateral trade agreements with European countries and others to boost gem & jewellery exports. We welcome FM coining real G.D.P. growth as well as her emphasis on Governance, Development & Performance. Before FM presents the full budget and detailed roadmap for the pursuit of 'Viksit Bharat' in July, Council seeks inclusion of gem & jewellery artisans and craftsmen in the PM-Vishwakarma Yojana provides end-to-end support scheme. Of the increase outlay of Rs. 11.11 lakh crore announced by the FM, we seek allocation towards modern infrastructure such as Jewellery Parks for boosting gem & jewellery exports from India. As 80%+ of gem & jewellery industry are MSMEs, we urge FM to include Government schemes for Gems and Jewellery that will help the sector compete globally, including the skilling and training for MSMEs. We eagerly await FM's detailed strategy for Amrit Kal and an economic export policy with Sustainable Reform, Perform and Transform earning Sabka Vishwas for the next 5 years of unprecedented development.
---Shri Vipul Shah, Chairman, Gem & Jewellery Export Promotion Council

The Interim Budget 2024-25 presented by Finance Minister Nirmala Sitharaman has brought positive news for the FMCG and retail sectors in India. The threshold for presumptive taxation in retail businesses has been increased, corporate tax rate dropped and new manufacturing companies enjoy a reduced rate. These measures create a favorable environment for the retail sector, supporting business growth and economic stability".
---Vikram Agarwal, Managing Director, Greendot Health Foods Pvt. Ltd.

Union Budget 2024 lays a robust foundation for a holistic and empowered India, aligning with our collective vision of achieving developed nation status by 2047. Combined with investments in green energy, infrastructure, and R&D, this budget positions us to meet the projected 25% hiring intent increase in sectors like Core, Energy, and Manufacturing as forecasted India Decoding Jobs 2024.
---Devashish Sharma, CEO and founding member at Taggd

As an MSME in the IT sector, Ishan Technologies appreciates the government's recognition of the importance of timely finances, relevant technologies, and training for the growth and global competitiveness of MSMEs. The orientation of the regulatory environment to facilitate the growth of MSMEs is a crucial element of the policy mix, and we look forward to the positive impact it will have on the MSME ecosystem.
--- Pinkesh Kotecha, MD & Chairman, Ishan Technologies

We commend the government's visionary Interim Budget 2024, a monumental step towards a sustainable and technologically advanced future. The strategic allocation for a robust electric vehicle ecosystem aligns seamlessly with our commitment to entrepreneurship, innovation, and growth in the EV industry. The emphasis on supporting manufacturing and creating employment opportunities, coupled with initiatives for women's empowerment and the adoption of e-buses, reflects a comprehensive approach to inclusive progress. The dedicated support for manufacturing and charging infrastructure is a game-changer, promising exponential growth in our industry. This budget represents a significant step towards cleaner air, sustainable transportation, and a thriving domestic EV industry. We are euphoric about the prospects outlined in this budget, providing a robust framework for us to accelerate EV adoption and contribute to a cleaner, interconnected future for India.
---Uday Narang, Chairman, Omega Seiki Pvt Ltd.

The 2024 interim budget marks a crucial point in India's EV journey. At Bounce Infinity, we are pleased by the government's commitment to strengthening the EV ecosystem by boosting manufacturing and charging infrastructure. As a nation, our path to accelerating EV adoption rests significantly in creating a robust EV ecosystem within the country. This will help bolster the domestic manufacturers leading to innovation in the sector with EVs being built to suit the Indian markets making them economical and better.
---Anil G, Co-Founder, Bounce Infinity

The interim budget 2024 is a tough balancing act carried out by the Government, reinforcing its steadfast strategy of inclusive growth, embodying the core principles of 'Sabka Saath, Sabka Vikas', its commitment towards the poor, farmers, youth, and women, while maintaining its vision of making India a Viksit Bharat by 2047. The emphasis on inclusion in education, income generation, and employment opportunities are great moves in the positive direction towards building a skilled talent pool that attracts global stakeholders to India. Moreover, the focus on building 'Nari Shakti' by the government is commendable and will truly reflect in India's boardrooms in the forthcoming years.
---Viswanath PS, MD & CEO, Randstad India

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