PINAKI MAJUMDAR
Jamshedpur, July 24: The Confederation of Indian Industry (CII) has termed the Union Budget 2024-25 as growth oriented.
The budget has touched several sectors including MSME, agriculture, infrastructure, skills, technology, innovation and ease of doing business.
The industry commends the government for prioritizing MSMEs in the Union Budget 2024-25. These initiatives will fortify the backbone of the economy, driving innovation, job creation, and sustainable growth.
CII hailed the government for formulation of plan for the all-round development of Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh.
The Four expressway and bridge projects worth ₹ 26,000 crores for Bihar will give the necessary boost to the region. CII also welcomes FM’s announcement in prioritizing tourism as a sector and the development of Vishwanath and Mahabodhi temples in Gaya. The development of Nalanda as a tourist destination besides reviving Nalanda University is a positive step. Tourism in the Eastern Region will benefit from development of temples, monuments, beaches and cultural heritage of Orissa and the comprehensive development of Rajgir.
S K Behera Chairman of CII Eastern Region and Vice Chairman and MD RSB Transmission Pvt Ltd hailed the government’s initiative for formulation of plan for Purvodaya for the round development of Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh. He also applauded the Government’s focus on the tourism development of heritage sites of the eastern region.
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Comment on Union Budget by Prof. Fr. (Dr) K S Casimir, Director of XLRI Delhi-NCR
The 2024 Union Budget is dedicated to enhancing education and securing a bright future for our youth, Prof. Fr. (Dr) K S Casimir, Director of XLRI Delhi-NCR said.
“The Finance Minister’s allocation of Rs 1.48 lakh crore for education, employment, and skilling demonstrates a robust commitment to nurturing our nation’s future. The provision of financial support of loans up to Rs 10 lakh for higher education in domestic institutions and the introduction of e-vouchers for interest subvention will significantly alleviate the financial burden on students, enabling them to pursue their academic goals. Furthermore, the ambitious plan to skill one crore youth in collaboration with India’s top companies and the Prime Minister’s Internship initiative are commendable steps towards enhancing employability and bridging the skills gap. These measures are poised to empower our youth, fostering a more inclusive and prosperous society,” he said.
Comment on Union Budget by T. V. Narendran, CEO & MD, Tata Steel
“We welcome the Next Generation Reforms, which mark significant strides toward holistic economic development. These reforms are poised to enhance the ease of doing business in India. The government’s comprehensive development vision for rural, semi-urban, and urban areas will undoubtedly foster growth and employment,” Narendran said.
“The increased provision for capital expenditure of approx. Rs 11 lakh crore is a major boost for building and improving infrastructure and will have a strong multiplier effect on the economy and will also reduce the cost of doing business. As a key component of all such infrastructure development, steel will see increased demand, particularly with the enhanced budgetary allocation for housing and water supply,” he further stated.
“The various employment linked Incentive schemes are a positive step that will boost employment, particularly in manufacturing, and support economic development. The impetus on education and skilling will empower youth to meet the demands of a dynamic job market” Narendran added.
“We also commend the government’s intention to develop a roadmap for emission targets in ‘hard to abate’ industries. Government support is crucial for the successful transition of these industries. We await further details on the regulations pertaining to the ‘Indian Carbon Market’,” he said.
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