INDIA: The budget for the year 2024-25 focuses on low and stable inflation, with a target of 4 percent. The Prime Minister has announced a package of 5 schemes and initiatives with an outlay of 2 lakh crore to facilitate employment, skilling, and other opportunities for 4.1 crore youth in 5 years. The budget also includes efforts on 9 priorities for generating opportunities for all, with a focus on employment, skilling, MSMEs, and the middle class. Additionally, there will be new high-yielding and climate-resilient crop varieties released for cultivation, and 1 crore farmers will be initiated into natural farming. A provision of 1.52 lakh crore has been announced for the agriculture and allied sectors. The budget also includes plans for the all-round development of the eastern region and schemes benefiting women and girls. There will be investments in rural development, enhancement of Mudra loans, internship opportunities for youth, housing needs for urban poor and middle-class families, and all-weather connectivity to rural habitations. The space economy will be expanded, and there will be relief in income tax for salaried individuals and pensioners. Corporate tax receipts under the new regime have been collected, and there have been changes in income tax deductions. Angel tax has been abolished to boost start-ups and investments. Foreign companies will benefit from reduced corporate tax rates, and there have been changes in TDS rates, capital gain exemptions, and customs duties on various items.
“I congratulate the Hon’ble Finance Minister for an excellent budget that lays strong emphasis on strengthening the fundamental pillars that would propel Indian economy towards a Viksit Bharat.
The focus on natural farming and agricultural productivity, incentivizing job creation and employment, continued impetus to bolster MSMEs, modernizing urban cities, and policies aimed at accelerating India’s energy transition will have a long-standing effect that would significantly improve economic resilience in an otherwise volatile world economy. I would also particularly commend the fresh thinking and approach of the government in ‘Skilling’ and ‘Urban development’ both of which demanded urgent attention.
Infrastructure creation, which is a direct contributor to India’s competitiveness and positioning as a favored investment destination, has been the hallmark of Prime Minister Modi’s government; continued attention towards roads, ports, plug-and-play industrial parks, irrigation projects, and affordable housing is noteworthy. The special thrust given on promoting Tourism is a welcome move that would have a great multiplier effect on local economies.
I greatly appreciate the operationalization of Anusandhan NRF and the exclusive venture fund for the Space segment. More importantly, the 1-lakh crore financing pool to bolster private sector-driven research and innovation at commercial scale will have a great impact in transitioning India towards a Product Nation in the long term.
While the budget allocation for the Defence Industry is in the expected lines, the creation of the Critical Minerals Mission and articulation of India’s strategy on Small Modular Nuclear Reactors will go a long way in bolstering the AatmaNirbhar Bharat agenda.
We are all greatly inspired by the vision for a Viksit Bharat by 2047 and I am confident that these initiatives collectively signal a robust blueprint for India’s progressive, integrated, and inclusive development.”
