Comprehensive development plan and enhanced support measures signal growth-oriented approach
Union Budget 2024-25 earns CII acclaim for its emphasis on Eastern region development, MSME empowerment, and strategic infrastructure investments to foster economic progress.
JAMSHEDPUR – The Confederation of Indian Industry has come out with profusely praising words for the Union Budget 2024-25 for its thoughtful emphasis on the growth of Eastern states and the strengthening of the MSME sector and said that the budget is balanced and growth-oriented.
The organization has said that the budget presents the ambitious ‘Purvodaya’ plan, aiming for comprehensive growth in Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh, CII feels.
Ranjot Singh, Chairman of the CII Jharkhand State Council, has expressed a very positive outlook regarding the plan’s potential to drive regional development and said that it would spur all round growth.
According to the business outfit, four significant infrastructure projects worth ₹26,000 crores have been allocated for Bihar, with the aim of improving connectivity and boosting economic activity and the CII has lauded the budget for this.
The government’s focus on tourism development, including the plans for the Vishwanath and Mahabodhi temples in Gaya and the revival of Nalanda University, has been positively received.
It is commendable that S K Behera, CII Eastern Region Chairman, has praised the allocation of ₹1.48 lakh crore for education, employment, and skill development initiatives.
"This investment will really enhance the skills and abilities of our workforce in our region," Behera commented.
There was a significant boost in support for the MSME sector, as eligible borrowers saw an increase in Mudra loan limits from ₹10 lakh to ₹20 lakh.
Introducing a fresh Credit Guarantee Scheme that provides up to ₹100 crores of coverage without the need for collateral. The primary objective is to enhance the MSME ecosystem.
Arun Prakash, the CII Jharkhand Economic Affairs Convenor, emphasized the government’s commitment to fiscal discipline, mentioning their intentions to decrease the deficit from 5.1% to 4.9%.
With a staggering allocation of over ₹11 lakh crore, the budget aims to fuel infrastructure projects that are anticipated to have a significant impact on economic growth.
Industry leaders have expressed their approval of the tax reforms, which include the review of the Customs Act and the introduction of an amnesty scheme in direct taxes.
"These measures will make it easier for businesses to operate and encourage growth," Prakash stated.
The budget’s emphasis on four important demographics – those facing economic challenges, women, young individuals, and farmers – was well received by members of the CII.
An innovative internship program has been launched with the goal of empowering millions of young individuals over the span of five years, with a focus on improving their employability within the manufacturing industry.
