Growth Oriented, Employment Creating, All
Inclusive Budget: PHDCCI
The focus on GYAN (Gareeb, Yuva, Annadata and Narishakti) will
all inclusive development and strengthen India’s journey towards
Viksit Bharat
Shri Sanjeev Agrawal, President, PHD Chamber of Commerce and
Industry congratulates Smt. Nirmala Sitharaman, Honourable Finance
Minister on presenting a strong Union Budget 2024-25.
We appreciate that the economy is on a strong wicket and stable
footing towards its journey to Viksit Bharat, said Shri Sanjeev Agrawal.
The nine priority areas of productivity and resilience in agriculture,
employment and skilling, inclusive human resource development and
social justice, manufacturing & services, urban development, energy
security, infrastructure, innovation and R&D and next generation
reforms will strengthen the growth and all inclusive development of the
country, said Shri Sanjeev Agrawal.
Support to MSMEs with the announcement of credit guarantee
schemes in manufacturing to facilitate term loans for MSMEs, with a
guarantee fund of up to Rs 100 crore, will enhance the business activity
and employment creation in the country, said Shri Sanjeev Agrawal.
We appreciate that India's economic growth continues to be the
shining exception and will remain so in the years ahead, despite global
uncertainties, said Shri Sanjeev Agrawal.
We are happy to note Budget’s focus on employment, skilling, MSMEs
and middle class with the announcement of Rs 2 lakh crore for five key
schemes over the period of five years, said Shri Sanjeev Agrawal.
Government's continued focus on infrastructure development is
encouraging. The announcement of Rs 26,000 crore to boost road
connectivity projects will reduce the time and transportation costs and
support trade and industry, said Shri Sanjeev Agrawal.
The Budget allocation to capital expenditure of Rs 11.11 lakh crore,
which is 3.4% of India's GDP, will be the strong fiscal support for state
of the art infrastructure development, said Shri Sanjeev Agrawal.
Government’s announcement to enhance the limit of MUDRA loans to
Rs 20 lakh from the current Rs 10 lakh for those who have availed and
successfully repaid loans under the TARUN category, will support the
inclusive development of the country, said Shri Sanjeev Agrawal.
The allocation of Rs 1.52 lakh crore to the agriculture sector, will
ehnace farmer incomes and benefit rural demand for automobiles, said
Shri Sanjeev Agrawal.
Comprehensive review of the agricultural research setup to increase
productivity and develop climate-resilient varieties with domain
experts, will boost agriculture productivity and strengthen agri exports,
said Shri Sanjeev Agrawal.
The PM's package and a direct benefit transfer (DBT) of one month's
salary, up to Rs 15,000, will bolster employment opportunities for the
growing young population, said Shri Sanjeev Agrawal.
The Budget announcement of “critical mineral mission” for the
recycling of critical minerals and their overseas acquisitions is highly
appreciable as this will strengthen the energy intensive sectors and
promote sustainability, said Shri Sanjeev Agrawal.
The proposed revision of “Model Skill Loan Scheme” to help 25,000
students every year by utilizing E-vouchers for loans upto Rs. 10 lakh for
higher education in domestic institutions, will support skilling of youth
and enhance their employability, said Shri Sanjeev Agrawal.
The government has given thrust to overall inclusive development of
the country by announcing Rs 2.66 lakh crore for rural development,
sanctioning of 12 industrial parks and Rs 2.2 lakh crore push to make
housing more affordable, said Shri Sanjeev Agrawal.
The government has proposed to set up a venture capital fund of ₹1000
crore for the space economy, this will strengthen India’s global stance
in the space sector, said Shri Sanjeev Agrawal.
Simplification of rules and recognition for Foreign Direct Investments
(FDIs) will boost FDI inflows and prioritize and promote the use of the
Rupee for overseas investments. This will enhance India’s
attractiveness to foreign investors, said Shri Sanjeev Agrawal.
It is inspiring to note that the fiscal deficit is estimated at 4.9% of GDP
for 2024-25, and the government aims to reduce it to 4.5 percent of
GDP, keeping on the path of fiscal consolidation, said Shri Sanjeev
Agrawal.
The Budget announcements of rationalization of the tax structure,
especially GST has significantly reduced tax incidents for the common
man and eased compliance for industry, said Shri Sanjeev Agrawal.
Duty reductions on mobiles and accessories to 15% and reduction in
customs duty on gold and silver to 6% and on platinum to 6.4%, will
provide a positive push to these sectors, said Shri Sanjeev Agrawal.
The Budget announcements on the Tax regime are highly motivating for
the middle class, which will boost demand in the economy, including
standard deduction for salaried employees increased to Rs 75,000 in
the new regime and two tax exemption regimes for charities merged
into one, said Shri Sanjeev Agrawal.
Budget has come with motivating stance for the tax system. Tax rate of
12.5% on long-term capital gains on all financial and non-financial
assets, the limit of exemption for capital gains set at Rs 1.25 lakh per
year; and abolishing of angel tax will boost the industry, said Shri
Sanjeev Agrawal.
The TDS regime has been strengthened by Budget announcements
including 5% TDS rate on payments merged into 2% TDS rate, 20% TDS
rate on repurchase of units by mutual funds or UTI withdrawn and TDS
rate on e-commerce operators reduced