The finance minister, Smt Nirmala Sitharaman, unveiled the Interim Budget of 2024-2025, which was received positively by the masses. The session started on a high note, with the minister recounting the milestones the country had achieved in the past ten years and later on went on to list the particulars of the budget, which emphasized women empowerment, agriculture, startup financing, and Sustainable development.
Numerous experts below have shared their opinions on the budget and how it’ll impact the industry and economy as a whole.
The Finance Minister has rightly described innovation as the foundation of development and showcased its commitment to fulfilling the aspirations of the youth. The announcement to establish a corpus of Rs. 1 lakh crore to provide financing with long tenors and low or nil interest rates will encourage the private sector to scale up research and innovation in sunrise domains. This augurs well for startups and young innovators. The announcement to extend tax benefits to startups and investments by sovereign wealth or pension funds by a year will provide continuity in taxation.
The Interim Budget for 2024-25, presented by Union Finance Minister Nirmala Sitharaman, reflects a comprehensive vision aimed at fostering inclusive growth and sustainable development in India. The focus on transforming India into 'Viksit Bharat' by 2047 underscores the government's long-term commitment to national development. This vision, encapsulated in the slogan "sabka saath, sabka vikas" (together with all, development for all), emphasizes the inclusive nature of the government's approach.
The emphasis on GDP redefined as governance, development, and performance, is a strategic move, particularly in the context of the upcoming general election. This redefinition indicates a shift towards a holistic view of economic growth, one that intertwines effective governance and sustainable development with performance metrics. It's a narrative that might resonate well with the electorate, considering the administration's bid for a third consecutive term.
The commitment to the PM Awas Yojana Grameen, with the target of constructing 2 crore additional houses, continues the government's focus on rural development. Achieving the milestone of 3 crore houses under the rural housing scheme and setting an ambitious target for the next 5 years reflects a significant investment in infrastructure development that addresses a basic need – housing.
The announcement of a new housing scheme for the middle class is particularly noteworthy. This initiative seems to be aimed at addressing the housing needs of those living in substandard conditions like slums and chawls or those burdened by rent. By facilitating home ownership, the government is not only looking to improve living standards but also to stimulate the real estate sector and associated industries.
Overall, the budget appears to be strategically crafted with an eye on both immediate and long-term goals. It caters to key segments of the population – the rural poor, the middle class, and those looking towards the government for improved governance and development. The success of these initiatives, of course, will depend on effective implementation and the government's ability to meet these ambitious targets.
“We commend the Government of India for its forward-looking approach in the 2024-25 budget, particularly promoting residential rooftop solarisation. This initiative is a pivotal stride in our nation's renewable energy journey, offering up to 300 units of free electricity per month. The envisioned economic relief, with estimated savings ranging from Rs 15,000-18,000 per household, is a testament to sustainability and a catalyst for new opportunities in the growing solar sector. As we eagerly anticipate major announcements in July, especially in areas like manufacturing, imports, and technological advancements, we laud the government's commitment to fostering a conducive environment for the renewable energy industry's growth.”
"It is India's first budget. A confident budget of a confident government that focuses on the objective of ensuring that India becomes a 5 trillion-dollar economy by 2025 and a developed nation by 2047. I commend the FM for her unwavering commitment to sabka saath, sabka vikas, sabka vishwas. I commend especially the increase in infrastructure spending that will have a multiplier effect on our economy. I commend the evident railway corridors and the one lakh crore fund for research and development and the startup sector. The emphasis on clean energy, technology and digital infrastructure will make India a world leader. This is India’s moment, and this budget is part of a continuous process of making policy that will provide massive opportunities for India and Indians."
"The budget addressed one of the most important needs of the middle class, that is housing. The government’s commitment to build 20 million houses for the poor in the next five years and the announcement of a scheme to help deserving sections of the middle class buy or build their own houses will all contribute to the high demand for construction inputs. The solar rooftop project for one crore houses, while providing financial savings, will also ensure easier access to energy for a better quality of life along with the demand of structural steel products to build the structure for the solar rooftop."
"JK Lakshmi Cement applauds the Honourable Finance Minister, Shree Nirmala Sitharaman, for crafting the visionary Union Budget 2024-25, a blueprint that aligns profoundly with our ethos of inclusive development. As a stalwart in the cement industry, we welcome the Government of India's commitment to fostering growth, sustainability, and inclusivity. The Government's strategic focus on all forms of infrastructure, be it digital, social, or physical, and a strong emphasis on women's empowerment resonates with our forward-looking mission. The significant increase in infrastructure outlay to INR 11.11 lakh crores and the emphasis on green growth shows the Government's pursuit to propel our nation towards economic excellence.
As a key player in the cement sector, we are eager to contribute meaningfully to the strategic railway corridor programs, particularly those targeting energy, mineral, and cement corridors. We also applaud the Government's efforts to deepen GST reforms, creating a more unified and efficient tax regime. This, coupled with initiatives like the bio-manufacturing scheme and multi-modal connectivity projects, creates a favorable environment for sustained economic growth and job creation. As we navigate the next five years of unprecedented development, JK Lakshmi Cement remains steadfast in its commitment to supporting the Government's vision of a Vikisit Bharat by 2047 and contributing to the nation's journey towards economic excellence while creating opportunities for all."
"Aligned with the government's strategy to 'Reform, Perform, Transform', to stimulate strategic growth. In parallel, Jakson aligns seamlessly with the government's visionary initiatives, including a substantial 11.11 lakh crore infrastructure investment and the introduction of 'Pradhan Mantri Suryodaya Yojana.' This program aims to provide 1 crore households with 300 units of free electricity through rooftop solarization, symbolizing our shared commitment to economic growth and net zero journey. These dynamic measures not only enhance energy security and promote clean energy accessibility but also drive a tech revolution, supported by an INR 1 lakh crore corpus for R&D. Jakson is committed to this journey towards a sustainable and inclusive future, championing synergies between innovation and economic empowerment."
