Not only an Interim Budget, but an inclusive and pragmatic budget, paving roadmap for prosperous Bharat: CII Northern Region

Chandigarh, February 1, 2024: “The Interim Union Budget 2024 lays down the long-term vision for India, focusing on infrastructure, youth, agriculture, women, amongst others”, said Mr Deepak Jain, Chairman, CII Northern Region and Chairman, Lumax-DK Jain Group. The Government has shown commendable commitment towards fiscal prudence and consolidation, while keeping the fiscal deficit to 5.8% of GDP for 2023-24, which has been in line with CII Budget recommendations. At CII, we believe that despite being a Vote on Account Budget, this budget scores well on many fronts including its focus on developing infrastructure, meeting green goals etc and lays down a strong foundation for a ‘Viksit Bharat’ by 2047, he added.

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Description automatically generatedThe continued thrust on capital expenditure with the proposal to spend a record ₹11.11 trillion on infrastructure creation in 2024-25, as highlighted in the budget, is expected to pave the way to boost overall economic productivity, crowd in private investment, and drive growth through a multiplier effect. Measures such as implementation of railway corridor programmes under PM Gati Shakti, promotion of foreign investment via bilateral investment treaties, expansion of existing airports and comprehensive development of new airports under UDAN scheme, promotion of urban transformation via Metro rail etc are steps in the right direction, expressed Madhavkrishna Singhania, Deputy Chairman, CII Northern Region and Deputy MD & CEO, JK Cement Ltd.

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Description automatically generated“It is noteworthy to mention that the Government has renewed its focus on sustainable development and India’s commitment towards achieving ‘Net Zero by 2070’ through policy announcements such as viability gap funding for wind energy; setting up of coal gasification, greater adoption of e-buses for public transport networks etc, which are welcome steps to pave India’s way towards a sustainable future”, shared Vivek Gupta, Chairman, CII Chandigarh & Managing Director, NEC Packaging Ltd.

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Description automatically generated“The Interim Budget presented today is reflection of Government’s Vision of Building an ‘AatmaNirbhar Bharat’. The budget’s focus on developing additional dedicated freight corridors, setting up a corpus for interest free loans to sunrise domains, promoting solar power, and tax benefit extension to start-ups amongst other announcements will facilitate overall economic development of the country,” said Anjali Singh, Chairperson, CII Haryana & Executive Chairperson, ANAND Group.