Mumbai, Jul 23 (UNI) There was a mixed reaction to the Union Buduget for financial year 2024-25 presented by Union Finance Minister Nirmala Sitharaman in parliament on Tuesday from industry captains and businessmen.
Ms Geetanjali Kirloskar, chairperson and managing director of Kirloskar Systems Ltd and member of CII National Council, said that Union Budget’s focus on empowering women and youth in the workforce is very welcome.
Establishing working women hostels and creches in collaboration with the industry will significantly boost female participation, she added.
Saiyam Mehra, chairman of All India Gem & Jewellery Domestic Council, said that the reduction in the basic Customs duty on gold and silver to six per cent and on platinum to 6.4 per cent is a commendable move by the government, fulfilling their long-standing demand.
Additionally, the Finance Minister has also increased the scope of working capital loans to SMEs and MSMEs, which will help these units expand their businesses in the future, he added.
Chirag Agrawal, co-founder of TravClan, said the Finance Minister’s proposals to develop tourism corridors at Vishnupad Temple and Mahabodhi Temple, along with support for Nalanda as a tourist hub, represents a positive leap towards enhancing India’s tourism infrastructure.
These initiatives could stimulate local economies and attract more visitors, promising substantial growth for the travel and tourism sector, he added.
Aditya Sanghi, chief executive officer & co-Founder of Hotelogix, said the 2024 budget introduces impactful initiatives for the tourism sector, poised to enhance India’s global appeal as a tourist destination significantly.
The government’s decision to promote Nalanda and Orissa, along with focus on religious tourism, reflects a strategic and holistic approach that will drive economic growth and showcase India’s rich heritage, he added.
Satyajit Hange, co-founder of Two Brothers Organic Farms, said that the budget’s emphasis on sustained efforts to boost productivity and resilience in agriculture is indeed a much-required step that could accelerate the sector’s growth and tackle gaps related to climate-induced challenges.
“As a part of the organic farming community, I believe that the government’s vision to initiate one crore farmers into natural farming in next two years is commendable and could prove effective in making organic farming go mainstream. However, its success would depend largely on timely access to financial aid under schemes like Pradhan Mantri Kisan Samman Nidhi & Paramparagat Krishi Vikas Yojana along with support for branding and certification,” he added.
H P Srivastava, vice-chairman of Deccan Chamber of Commerce, Industries & Agriculture (DCCIA), said that one of the main focuses of this budget is to create employment for which the government has sought to use the Social Security Scheme as a tool.
Although the Prime Minister’s Internship programme for skilling of one crore youths in the country and some relief for salaried class on their personal income tax front are welcome initiatives, there are no major steps to increase consumption, he noted.
Industry was expecting extension of date with regards to concessional rate of income tax at 15 per cent for new domestic manufacturing units, he added.
