Budget Reactions 2024

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Budget 2024
Budget 2024

Sachit Nayak, Country Controller & Finance Director, Eaton India

“The interim budget presented today is excellent, continuing on the growth path. The Indian economy has grown significantly in the last ten years, and what strikes is the FM’s commendable fiscal deficit rectitude, which is at 5.1% of GDP for FY25. Tax collections in FY24 have been robust both on the direct and indirect. Three focus areas that will propel the economy will be Infrastructure development outlay increased by INR 11.11 lakh crores, Capex outlay at 3.4% of GDP, and Housing outlay. The building of 3 Railway corridors for Energy, Minerals, and Cement will help provide significant employment opportunities that will boost the economy in the coming years. Overall, the FM has touched upon agriculture, women empowerment, defense, and aviation, which lays the foundation for India on the path towards being a developed country.” Sachit Nayak, Finance Director, India, Eaton

Ranjit Naiknavare, President of CREDAI Pune Metro –

The finance Budget presented by the Finance Minister today was a statement of account of what the Government has achieved in the last 10 years of its governance. The progress has been quite impressive in sectors like education, agriculture, youth and women empowerment, infrastructure development, railways, etc.

There has also been a mention of a new housing scheme for the middle class. The Government has announced a passing reference to special housing schemes for the middle class while showcasing its vision of a shift from ‘rental to self-owned housing.’ This would encourage the deserving sections of the middle class to buy or build their own houses and would aid in the growth of the housing market.

Under the Pradhan Mantri Awas Yojana (Gramin), 3 crore houses have already been built, and the Government is now set to deliver 2 more crore housing in the next 3 years, which I find very promising.

Overall, the Government seems to be in a very positive frame of mind, and we are confident that the growth this industry has seen over the last 2 years (post-COVID) will remain unabated for the next few years to come.

The 1 lakh crore fund corpus for research in sunrise sectors, will boost innovations powered by private sectors in India. Sustained focus on infrastructure development under the Pradhan Mantri Gati Shakti Mission, increased and better rail and road connectivity to tier 2 & 3 cities, which will further see growth in the housing sector and development in these areas.

The tax and revenue collections have significantly increased, and the fiscal deficit has been reduced to 5.1%. This increase suggests a good amount of growth.

Most importantly, the Government is also willing to come up with a ‘white paper’ on their track records. This is perhaps the first time that such an initiative has been taken. Announcements made today lay the groundwork for the futuristic growth of the Indian economy.

However, as, and when the full budget is presented, it will give clarity on various fund allocations, fiscal deficit, and growth targets of the Government. I believe that this Government has done remarkably well in the last 10 years of its governance and is now promising an ‘Amrit Kaal’ in the next 5 years.

Vishal Gokhale, Chairman and Managing Director at Gokhale Constructions

As this was the interim budget, no major announcements were expected. Announcements like the construction of 2 crore houses in the next five years under the Pradhan Mantri Awas Yojana, and the plan to use solar energy on rooftops of 1 crore houses are quite welcoming. Similarly, the announcement to provide interest-free or low-interest loans of Rs 1 lakh crore to the tech-savvy youth of the country for the next 50 years is promising for aspiring entrepreneurs.

HP Srivastava, Vice Chairman of the Deccan Chamber of Commerce Industries and Agriculture, Pune

As expected, this being an interim budget, there were no major announcements on the taxation front. However, it was encouraging to hear the reaffirmation of the Finance Minister regarding the government’s commitment to pursue a capex-led growth strategy in 2024-25 as well, while conveying its intent to rein in the fiscal deficit at 5.1 percent which augurs well for the Indian economy. Withdrawing outstanding direct tax demands up to Rs 25,000 for the period up to the financial year 2009-10 will bring a lot of relief to taxpayers in the middle-income group.

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