Budget 2024: Corporate India lauds Interim Budget; sees long-term growth potential
The interim budget presented by the FM today is in the direction of fuelling growth in the long-run, say corporate leaders.
- Feb 1, 2024,
- Updated Feb 1, 2024 4:52 PM IST
The last union budget before the Lok Sabha is being dissolved and the country undergoes a general election, is in the right direction of imparting long-term growth - the corporate India hailed. Finance Minister (FM) Nirmala Sitharaman today tabled the budget document at the Parliament and announced record outlay for infrastructure development, new allocations to boost research and development and a tighter fiscal deficit target for FY2024-25.
“In the second term, our government under the leadership of Hon’ble Prime Minister doubled down on its responsibilities to build a prosperous country with comprehensive development of all peopled all regions. Our government strengthened its ‘mantra’ to ‘Sabka Saath, Sabha Vikas, and Sabka Vishwas’. Our development philosophy covered all elements of inclusivity, namely - social inclusivity through coverage of all strata of the society and geographical inclusivity through development of all regions of the country,” the FM said.
According to Gopichand P. Hinduja, Chairman, The Hinduja Group, the interim budget is both a time for “reflection and visioning for the future while managing adroitly the present. Compliments to FM Nirmala Sitharaman for effectively achieving this. She articulated the achievements of the past decade and spelt out the broad roadmap to 2047 while maintaining the path of fiscal rectitude with fiscal deficit targeted at 5.1% in FY2025 and down to 4.5% in FY2026,” he says.
“The interim budget commendably shunned any populist measures so often resorted to by the governments. But Bharat could certainly do more on its infrastructure CAPEX budgeting which increased nominally by 11%. Some bold measures are needed to increase the annual FDI level of US$ 60 billion further,” he adds.
Sanjiv Puri, Chairman & MD of diversified conglomerate ITC Ltd. lauded the Finance Minister for the interim budget. It "demonstrates India’s confidence as an economy of substance and immense promise, marching towards a Viksit Bharat on the pillars of exemplary governance, continuity of far-sighted reforms, consistency of vision and strategy and an unprecedented thrust on infrastructure development, sustainable and inclusive growth as well as technological excellence. The Budget builds on the extraordinary vision of the Hon’ble Prime Minister to spearhead an era of Amrit Kaal and positions India on the global stage as a shining example of socio-economic transformation,” says Puri.
Pawan Munjal, Executive Chairman, Hero MotoCorp feels the FM has presented “a prudent and inclusive budget”. “The emphasis on 'Garib Kalyan, Nari Shakti, Yuva (youth empowerment), and Annadata (empowerment of farmers)' by prioritizing their needs and aspirations reflects a commitment to the holistic development of all, aligning with the government’s vision of “Sabka Saath Sabka Vikas”. Upholding fiscal discipline has consistently been the hallmark of this government, and this Budget reaffirms that commitment. Through these measures, the interim Budget takes a decisive stride towards realising the vision of making India ‘Viksit Bharat’ by 1947 - the centennial year of our independence,” says Munjal.
“Overall, the Union Budget 2024 lays the foundation of inclusive growth that will lead to ‘Sabka Vishwas’. The next five years holds the promise of unprecedented development towards realising the dream of developed India at 2047. The trinity of demography, democracy and diversity supported by ‘Sabka Prayas’ has the potential to fulfil aspirations of every Indian,” says Angshu Mallick, MD & CEO, Adani Wilmar.
The last union budget before the Lok Sabha is being dissolved and the country undergoes a general election, is in the right direction of imparting long-term growth - the corporate India hailed. Finance Minister (FM) Nirmala Sitharaman today tabled the budget document at the Parliament and announced record outlay for infrastructure development, new allocations to boost research and development and a tighter fiscal deficit target for FY2024-25.
“In the second term, our government under the leadership of Hon’ble Prime Minister doubled down on its responsibilities to build a prosperous country with comprehensive development of all peopled all regions. Our government strengthened its ‘mantra’ to ‘Sabka Saath, Sabha Vikas, and Sabka Vishwas’. Our development philosophy covered all elements of inclusivity, namely - social inclusivity through coverage of all strata of the society and geographical inclusivity through development of all regions of the country,” the FM said.
According to Gopichand P. Hinduja, Chairman, The Hinduja Group, the interim budget is both a time for “reflection and visioning for the future while managing adroitly the present. Compliments to FM Nirmala Sitharaman for effectively achieving this. She articulated the achievements of the past decade and spelt out the broad roadmap to 2047 while maintaining the path of fiscal rectitude with fiscal deficit targeted at 5.1% in FY2025 and down to 4.5% in FY2026,” he says.
“The interim budget commendably shunned any populist measures so often resorted to by the governments. But Bharat could certainly do more on its infrastructure CAPEX budgeting which increased nominally by 11%. Some bold measures are needed to increase the annual FDI level of US$ 60 billion further,” he adds.
Sanjiv Puri, Chairman & MD of diversified conglomerate ITC Ltd. lauded the Finance Minister for the interim budget. It "demonstrates India’s confidence as an economy of substance and immense promise, marching towards a Viksit Bharat on the pillars of exemplary governance, continuity of far-sighted reforms, consistency of vision and strategy and an unprecedented thrust on infrastructure development, sustainable and inclusive growth as well as technological excellence. The Budget builds on the extraordinary vision of the Hon’ble Prime Minister to spearhead an era of Amrit Kaal and positions India on the global stage as a shining example of socio-economic transformation,” says Puri.
Pawan Munjal, Executive Chairman, Hero MotoCorp feels the FM has presented “a prudent and inclusive budget”. “The emphasis on 'Garib Kalyan, Nari Shakti, Yuva (youth empowerment), and Annadata (empowerment of farmers)' by prioritizing their needs and aspirations reflects a commitment to the holistic development of all, aligning with the government’s vision of “Sabka Saath Sabka Vikas”. Upholding fiscal discipline has consistently been the hallmark of this government, and this Budget reaffirms that commitment. Through these measures, the interim Budget takes a decisive stride towards realising the vision of making India ‘Viksit Bharat’ by 1947 - the centennial year of our independence,” says Munjal.
“Overall, the Union Budget 2024 lays the foundation of inclusive growth that will lead to ‘Sabka Vishwas’. The next five years holds the promise of unprecedented development towards realising the dream of developed India at 2047. The trinity of demography, democracy and diversity supported by ‘Sabka Prayas’ has the potential to fulfil aspirations of every Indian,” says Angshu Mallick, MD & CEO, Adani Wilmar.