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Industry hails Budget; optimistic about 9% growth rate
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Tuesday, 30 July, 2024, 08 : 00 AM [IST]
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Ashwani Maindola, New Delhi
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Industry bodies have welcomed the Union Budget 2024-25 and called it a step in the right direction to achieve 9 per cent growth rate.
With this, industry experts feel that there is continuity in policy announcements. The focus on simplification and ease of doing business, boost to manufacturing, focus on research and innovation, thrust on public capex, use of technology, support to women, farmers and MSMEs, and promoting sustainability were the key themes that resonated in the Union Budget proposals.
Piruz Khambatta, chairman, Rasna Group said, "Though I believe that the growth target taken by the government is pretty conservative, I am sure that with the approach of Public Private Partnership between the government and industry in almost everything, this target can be easily surpassed. I definitely believe we can touch around 9% growth".
Harsh Pati Singhania, past president, FICCI and CMD, JK Paper Ltd, said, “By addressing the near-term challenges, while keeping an eye on the long-term, the government has assured that this Budget is growth oriented, inclusive and will create opportunities for all sections of society.”
He added that the indirect tax proposals are aligned with focus on promoting domestic value addition, reducing trade bottlenecks, curbing litigation and improving the ease of doing business."
Sanjay Jain, director, Elanpro, said, "The Budget prioritises enhancing MSMEs by introducing a new credit assessment model based on digital footprints, and offering term loans for machinery and equipment purchases without requiring collateral or a third-party guarantee. Moreover, establishment of new SIDBI branches in MSME clusters to enhance reach and provide direct credit to businesses will significantly improve cash flow in the market and support various industries including ours."
Dhairyashil Patil, national president of AICPDF, said, "The Indian Budget 2024 is a visionary document that addresses the immediate needs of our economy while laying a solid foundation for future growth. The emphasis on infrastructure, MSMEs, and agricultural advancements will significantly benefit the distribution sector and the wider economy ".
Sanket S, co-founder, Scandalous Foods, remarked, " The Budget marked a significant step forward for the MSME sector and the broader startup ecosystem. The government's decision to get rid of the angel tax gives startups a big push, encouraging more investment and innovation.
Banks will now have a new way to provide credit during tough times, and with the increased Mudra loan limit to Rs 20 lakh, they will offer essential support for MSMEs to sustain and grow their businesses."
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