Focus on Rural Development and MSMEs
Kolkata, 23rd July 2024: The Confederation of Indian Industry (CII) has lauded the Union Budget 2024-25 as a growth-oriented blueprint that emphasizes several critical sectors, including MSMEs, agriculture, infrastructure, skills, technology, and ease of doing business. The industry body commends the government for prioritizing MSMEs, highlighting the backbone of the economy, driving innovation, job creation, and sustainable growth.
Boost for Eastern and North-Eastern States
CII has hailed the government’s comprehensive development plans for Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh. The announcement of four expressway and bridge projects worth ₹26,000 crores for Bihar is seen as a significant boost for the region. Additionally, the focus on tourism, including the development of Vishwanath and Mahabodhi temples in Gaya and the revival of Nalanda University, is expected to enhance the tourism potential in the Eastern region.
Major Tax Reforms and Incentives
The abolition of the angel tax and rationalization proposals for charitable organizations, TDS, reassessment cases, and the capital gains tax regime have been well-received. CII has long advocated for these reforms. The introduction of three schemes under the Prime Minister’s package for ‘Employment Linked Incentive’ is also a welcome move. These schemes aim to support employees and employers, particularly recognizing first-time employees.
Infrastructure and Skill Development
Reconstruction and rehabilitation support for states affected by extreme weather events, such as floods and landslides, have been appreciated. The announcement of the Critical Minerals Mission, focusing on boosting domestic production and recycling of critical minerals, has been lauded. Furthermore, the new initiative to provide internship opportunities for one crore youth over the next five years aims to enhance skill development and employability.
CII’s Positive Outlook
Mr. S K Behera, Chairman of CII Eastern Region, applauded the budget’s focus on the all-around development of Eastern and North-Eastern states. He emphasized the positive impact of the ₹1.48 lakh crore allocation for education, employment, and skill development. Mr. Behera also highlighted the budget’s attention to key areas such as poverty alleviation, women empowerment, youth development, and support for farmers.
Inclusive and Forward-Thinking Budget
Mr. Shashwat Goenka, Deputy Chairman of CII Eastern Region, described the budget as inclusive, building on India’s strong economic foundation with nine key pillars. He commended the emphasis on infrastructure development, particularly the support for ports and airports, and the Critical Minerals Mission.
Boosting Tourism and Trade
Mr. Debashish Dutta of CII West Bengal State Council praised the budget’s proposals for the cruise tourism sector. Simplifying the tax regime for foreign companies operating cruise liners in India is expected to give a significant boost to this sector.
In summary, CII views the Union Budget 2024-25 as a balanced and forward-thinking document that addresses immediate needs while laying the groundwork for long-term growth and development. The focus on rural development, MSMEs, public infrastructure, and the enhanced role of women in economic development, with a special focus on the Eastern and North-Eastern regions, reflects a holistic approach to national progress.
