Union Budget 2024: Jobs focus and a lower fiscal deficit are big pluses

The first budget from the new government has broadly been received well by the captains of industry. The abolition of angel tax, a thrust on employment and fiscal deficit at 4.3% of GDP are viewed as some of the positives.

Anuj Poddar, MD & CEO, Bajaj Electricals said the focus on creating jobs is a step in the right direction. "Specifically on consumer demand, an increase in income is a positive. We need to see how the residual savings part now takes off," was his view.

For the hospitality and tourism industry, the announcements on the projects in the eastern part of India is expected to give it a fillip. While calling it an "inclusive budget", Sanjay Sethi, MD & CEO, Chalet Hotels said the industry should have been given an infrastructure status. "That is perhaps a missed opportunity."

Thd start-up world has been enthused by the abolition of angel tax, something that Ashank Desai, MD, Mastek, called a "huge plus." According to him, the budget has laid out a roadmap for the next five years. "One cannot view it from a one year perspective," he said, while adding that announcements on AI, higher education and renewable energy were missing. "It is a reform-oriented budget and that is good." Likewise, the real estate sector have the thumbs-up to digitisation of land records. "The process will get simplified," pointed out Ramesh Nair, CEO, Mindspace REIT.

The focus on jobs is expected to lay the ground for a more robust future. "It is heartening and the thrust on skill development is most welcome," said Swati Salgaocar, Chairperson, CII, Western region. The proposal to gave internships for youth and setting up training institutes, she maintained, will give much-needed exposure to the workforce. The abolition of angel tax, according to her, will encourage entrepreneurship.