Kolkata: Finance Minister Nirmala Sitharaman presented the Modi 3.0 Government’s Budget on Tuesday, a day after the commencement of the Budget Session. This is the first full Budget of the Narendra Modi Government following its re-election for the third term.
The Finance Minister said, for pursuit of ‘Viksit Bharat’, the budget envisages sustained efforts on the following 9 priorities for generating ample opportunities for all: Productivity and Resilience in Agriculture; Employment & Skilling; Inclusive Human Resource Development and Social Justice; Manufacturing & Services; Urban Development; Energy Security; Infrastructure; Innovation, Research & Development and Next Generation Reforms.
Industry leaders have lauded the Budget. They welcomed Modi Government’s focus on Infrastructure, Healthcare and its aim to make India a ‘Viksit’ (Developed) nation by 2047. Let us take a look at what experts have to say about this budget:
Dr. Moni Abraham Kuriakose, Co-founder and Medical Director, Karkinos Healthcare said, “The exemption of customs duty on cancer drugs in Union Budget 2024, is a welcome announcement. This, coupled with the increased government expenditure and focus on public health programs, demonstrates a strong commitment of the Government towards making healthcare more accessible and affordable. With the focus on research and development ecosystem being strengthened, we look forward to prioritise advancements in the oncology sector for reducing the cancer burden. Collaborative engagement between industry, academia, and research institutions, fosters innovation in areas like drug discovery, treatment modalities, and early detection, ultimately making better health outcomes for all, a possibility.”
P R Seshadri, MD & CEO at South Indian Bank, said, “The Finance Minister has announced many impactful measures in the Union Budget. The proposal to rationalise both direct taxes and GST are heartening and may potentially lead to a truly progressive tax structure. The push for housing and employment are commendable. Similarly, the measures announced for improving credit delivery to MSMEs – enhancement of MUDRA loan limits and introduction of credit guarantee scheme, will incentivise financial entities to lend to India’s small entrepreneurs. Besides, the Budget has made provisions to improve the rural economy, including increasing outlay under PMAY, and for agricultural research and rural development. The Union Budget has enough incentives to spur India’s youth, farmers and business class to seek fulfilment of their aspirations. It will allow the economy to move ahead on its growth trajectory.”
NS Rao, Group CFO, Ramky Group, said, “We applaud the Finance Ministry and the Indian government’s enduring dedication to economic progress. Their decision to retain the Rs 11.11 lakh crore capex outlay for infrastructure over five years, alongside fiscal support, is warmly welcomed. This commitment, along with attracting private investment through viability gap funding and a market-driven financing framework, promises a bright future for infrastructure. Furthermore, the allocation of 3.4% of GDP to infrastructure, along with Rs 1.5 lakh crore in long-term, interest-free loans to states, empowers the industry to innovate and deliver cutting-edge projects that drive economic growth and job creation. The significant aspect is the emphasis on plug-and-play industrial parks, water, sewage and municipal solid waste treatment, paving way for SDG fulfillment and circular economy.
