Union Budget 2024 | “The proposals strike a balance between growth and fiscal discipline,” says MD & CEO of Manappuram Finance

“The Union Budget 2024-25 takes forward the measures announced in the provisional Budget, which outlines a roadmap for ‘Viksit Bharat’. Nine focus areas identified in the Budget, including agriculture, education and SME segments, will facilitate skill upskilling and job creation while boosting growth in manufacturing. The infrastructure push is reiterated with a capital outlay of $11.1 billion by the Central government and $1.5 billion for interest-free investment grants to the states. A special focus on rural roads augurs well for rural incomes as the hinterland will be better connected to the mainland and farmers will be able to market their produce more effectively. This is also good news for the transport and logistics industry. At the same time, the increase in Mudra credit limit and unsecured loans for small businesses are huge benefits as this sector accounts for 45% of our exports. Rationalisation of customs duties on gold, silver, mobile phones and 23 critical minerals will benefit these sectors. Removal of angel tax will improve the business climate. There has been some rationalisation in income tax, although the expected changes have not taken hold and disposable incomes will not rise to the expected levels.”

He added: “The budget proposals strike a balance between growth and fiscal discipline. The lower fiscal deficit target will reduce public debt and facilitate a credit rating upgrade, apart from moderating government and corporate bond yields.”

With PTI inputs

Union Budget 2024 LIVE | Nirmala Sitharaman presented her 7th consecutive Union Budget on July 23, 2024 under the Modi 3.0 government, setting a record for any finance minister. This budget brought tax relief for the middle class while focusing on job creation through skill training and incentives for employers. Follow the latest reports, live news, in-depth opinions and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube and Instagram.