CII has termed the Union Budget 2024-25 as growth-oriented budget. The Budget has touched several sectors including MSME, Agriculture, Infrastructure, Skills, Technology, innovation and Ease of doing business. The industry commends the government for prioritizing MSMEs in the Union Budget 2024-25. These initiatives will fortify the backbone of our economy, driving innovation, job creation, and sustainable growth.
CII hails Government for formulation of plan for all round development of Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh. The Four expressway and bridge projects worth ₹ 26,000 crores for Bihar will give the necessary boost to the region. CII also welcomes FM’s announcement in prioritizing tourism as a sector and development of Vishwanath and Mahabodhi temple in Gaya. Development of Nalanda as a tourist destination beside reviving Nalanda University is a positive step. Tourism in the Eastern Region will benefit from development of Temples, Monuments, beaches and cultural heritage of Orissa and comprehensive development of Rajgir .
Abolition of Angel tax and major rationalisation proposals for taxation of charitable organisations, TDS, Reassessment and Search cases and Capital Gains Tax Regime has been a strong call from CII. The 3 schemes for ‘Employment Linked Incentive’, as part of the Prime Minister’s package which will be based on enrolment in the EPFO, and focus on recognition of first-time employees, and support to employees and employers has been a long standing ask of CII.
Reconstruction and Rehabilitation support to states affected by extreme-weather events such as floods, cloudbursts, landslides etc. is much appreciated by Industry members. CII also welcomes the Critical Minerals Mission, which focuses on boosting domestic production and recycling of critical minerals. CII further welcomes the announcement of a new initiative to provide internship opportunities for 1 crore youth over the next five years, with placements in 500 leading companies. This scheme will enhance skill development, employability, and nurturing future talent in the manufacturing sector.
Mr S K Behera Chairman CII Eastern Region and Vice Chairman and MD RSB Transmission Pvt Ltd hailed Government’s initiative for formulation of plan for Purvodaya for all round development of Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh. He also applauded Government’s focus on tourism development of heritage sites of the eastern region. Mr Behera further mentioned that the allocation of ₹1.48 lakh crore for education, employment, and skill development will significantly enhance opportunities for the youth, improve workforce capabilities and support Eastern and Northeastern States to provide skilled workforce to the entire country. The budget focus on 4 major areas, namely ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth) and ‘Annadata’ (Farmer) is particularly laudable. The provision of 2.66 lakh crore for rural development including rural infrastructure will have a multiplier effect on the economy.
Mr Shashwat Goenka Deputy Chairman CII Eastern Region Vice Chairman RPSG opined that the budget is an inclusive one that builds on India’s strong economic foundation, with 9 key pillars outlined, acting on which will help us move closer to a Viksit Bharat.
He applauded the budget’s emphasis on Infrastructure development. The development of ports and airports will generate significant momentum, and the support extended to MSMEs is expected to have a positive impact. He commended the Critical Minerals Mission for its focus on enhancing domestic production and recycling of essential minerals. He also welcomed the schemes of employment-linked incentives. Setting up of Integrated Technology Platform for improving the outcomes under the Insolvency and Bankruptcy Code (IBC), and initiatives to improve the ease of doing business (EODB) for states, will further boost regional development.
Mr Debashish Dutta Vice Chairman CII West Bengal State Council and Director hailed Government’s decision to propose a simpler tax regime for foreign shipping companies operating domestic cruises in the country. He further added that ownership, leasing and flagging reforms will give necessary boost to this sector. Mr Dutta lauded Government of India for simplifying the tax regime for foreign companies operating Cruise liners in India. This will give a fillip to Cruise Tourism.
Mr Simarpreet Singh, Co Chairman, CII ER Education and Skill Development Subcommittee and Director, JIS Group applauded the Union Budget 2024–25 for its significant initiatives in education and skill development. The budget’s allocation of Rs. 1.48 lakh crore for education, employment, and skills underscores a commitment to empowering India’s future generation, improving healthcare outcomes, and supporting formal employment through financial aid and e-voucher systems.
Mr Bijay Murmuria, Chairman CII ER Banking and Financial Services Subcommittee and Director Sumedha Fiscal Services Ltd. opined that the Budget sets out the framework for 5 years Government plans and initiatives for overall Vikshit Bharat with continued emphasis on infrastructure development, self-reliant production, skilled workforce and uplifting people at the bottom of the pyramid. Overall budget has kept restraint on fiscal deficit with a long-term vision.
Ms Sucharita Basu, Chairman CII ER EODB Subcommittee and Partner Aquilaw felt that the Budget is probably as expected with focus on employment generation and inclusivity. The stress on enhancing participation of women in labour force is palpable due to emphasis on enablers such as making working women hostels and crèches. Apart from these, the emphasis on Ease of Doing Business is also noticeable.
Mr Anil Kariwala MD, Kariwala Industries and Member International Trade opined that the finance minister’s budget masterfully balances the immediate demands of capitalism with the enduring benefits of social welfare demonstrating a deft handling of both short-term gains and long-term goals
Mr Ravi Todi, Past Chairman, CII Eastern Region and Managing Director, Shrachi Group. felt that the announcement of expanding MSME support through the Credit Guarantee Scheme and the launch of a new Guarantee Fund is a significant step forward. By allowing internal assessments for bank financing and providing access to the Guarantee Fund for stressed loans, the government is ensuring more comprehensive and accessible support for MSMEs. This will not only enhance their financial stability but also promote growth and resilience in the sector.
Mr Sumit Goyal, Chairman CII International Trade Subcommittee & President Patton International Ltd felt that Reduction in custom duty on gold and silver to 6% from the previous 10%, is a significant development for the precious metals market. This would enhance the competitiveness of Indian jewellery in the global market. Reduction and rationalisation of duty on copper and other precious metals will help Indian industry to become more competitive and have a larger pie of the global trade. Exporters would see an increase in their profit margins and overall export volumes.
Mr Ashwani Lal, Co Chairman, CII ER International Trade Subcommittee and Chief Steel Exports, Flat Products, Tata Steel Ltd felt that the announcement of establishing E-Commerce export hubs under the PPP model is a strategic move to streamline trade and export services by consolidating them under one roof. This initiative would enhance efficiency, reduce costs, and support SMEs, boosting India’s e-commerce export volumes.
Mr Rupak Barua, Mentor, CII, West Bengal, Healthcare Taskforce, Member, CII West Bengal State Council & Managing Director and CEO, Woodlands Multispecialty Hospital Limited felt the budget expectation was around middle-class demand for affordability by capping healthcare expenditure at 2.5 percent. The positive takeaway is the additional exemption on custom duty for some selected cancer medicines and medical equipment which is always a welcome relief for the common people. Mr Barua strongly felt these measures will significantly benefit the common people.
