The recently announced interim budget for 2024 by the Hon’ble Finance Minister has garnered significant attention and sparked discussions across various sectors. Among those analyzing the implications, Mr. Sidharth Pansari, President of CREDAI Bengal, provides insights into the key aspects that stand out in Budget 2024.
Empowering the Marginalized:
One of the notable features of the budget is its emphasis on empowering the vulnerable sections of society. Mr. Pansari acknowledges the government’s commitment to uplift the poor, women, youth, and farmers. The focus on fiscal consolidation is particularly commendable, indicating a conscientious effort to ensure a balanced and inclusive economic growth trajectory.
Boost to Real Estate:
The budget’s commitment to assisting the middle class in building their own homes has caught the attention of the real estate sector. Mr. Pansari highlights the positive impact this move is expected to have on the real estate industry. By supporting the “deserving” sections of the middle class, the government aims to stimulate growth in the housing sector, potentially leading to increased demand and activity.
Infrastructure Development:
The proposed increase in the infrastructure outlay by over 11% underscores the government’s dedication to tangible development. Mr. Pansari notes that this move aligns with the vision of creating a robust and modern infrastructure network. Such investments not only contribute to economic growth but also pave the way for job creation and improved connectivity, fostering overall development.
Tech Push for Advancement:
An exciting element of Budget 2024 is the substantial allocation for a “Tech push.” Mr. Pansari points out that this initiative extends beyond the defense sector, potentially catalyzing advancements in manufacturing capabilities. By investing in technology, the government aims to bolster innovation and competitiveness, positioning India as a leader in technological advancements on a global scale.
Support for Start-ups:
The extension of tax benefits for start-ups until March 2025 is deemed a welcome move by Mr. Pansari. This decision is expected to promote and instill confidence in young entrepreneurs across the country. Encouraging the growth of start-ups is crucial for fostering innovation, generating employment, and propelling economic development.
Conclusion:
In conclusion, Mr. Sidharth Pansari acknowledges the positive aspects of Budget 2024, emphasizing its focus on inclusive development, support for the real estate sector, increased infrastructure outlay, technological advancements, and continued backing for start-ups. While recognizing the budget as interim, these measures set the tone for the nation’s economic trajectory and provide a glimpse into the government’s priorities for the coming years. The collaboration between the public and private sectors will be crucial in translating these budgetary allocations into tangible results for the benefit of the nation as a whole.
