Mumbai – The 2024 Union Budget has been met with enthusiastic approval from key industry leaders, who applaud its focus on infrastructure, skill development, and job creation. The budget’s alignment with the diverse needs of India’s economic landscape has been particularly well-received.
“The 2024 Union Budget aligns with our expectations, prioritizing infrastructure, skill development, and job creation. It places an emphasis on rural development, recognizing the diverse needs of India’s economic landscape,” stated Mr. Sanjaya Mariwala, President of IMC Chamber of Commerce and Industry and Executive Chairman & Managing Director of OmniActive Health Technologies.
Agriculture is a standout focus in this year’s budget, with initiatives aimed at climate-resilient crops and increased Minimum Support Prices (MSPs) designed to boost farmer incomes and stability. “Agriculture takes center stage with initiatives for climate-resilient crops and increased MSPs, aiming to boost farmer incomes and stability,” Mariwala added.
A significant highlight is the groundbreaking Rs 1 lakh crore fund allocated for private-sector research, which positions India to compete globally and potentially replace China as a primary market in certain sectors. “A groundbreaking Rs 1 lakh crore fund for private-sector research positions India to compete globally and potentially replace China as a primary market in certain sectors,” noted Mariwala.
The budget also focuses on stimulating consumption, boosting employment, and creating a favorable environment for both domestic and foreign businesses. “With a focus on stimulating consumption, boosting employment, and creating a favorable environment for both domestic and foreign businesses, the budget sets the stage for sustainable economic growth,” said Mariwala.
Overall, industry leaders believe the budget presents a balanced and comprehensive strategy for India’s development, addressing critical needs in agriculture, research, and infrastructure. “Overall, a balanced budget presenting a comprehensive strategy for India’s development, addressing critical needs in agriculture, research, and infrastructure. An approach that has the potential to propel India towards a more competitive and prosperous future on the global stage,” concluded Mariwala.
The positive reception from industry stakeholders underscores the budget’s potential to drive sustainable economic growth and position India favorably on the global stage.