New Delhi, July 24, 2024.
Presenting the Budget, Ms. Sitharaman said the standard deduction for salaried employees will be hiked to ₹75,000, from ₹50,000 under the new income tax regime in FY25. The Union Budget 2024-25 identified nine priorities for generating ample opportunities — Productivity and Resilience in Agriculture, Employment and Skilling, Inclusive Human Resource Development and Social Justice, Manufacturing and Service, Urban Development, Energy Security, Infrastructure, Innovation, Research and Development and Next Generation Reforms.
“I would also particularly commend the fresh-thinking and approach of the government in ‘Skilling’ and ‘Urban development’ both of which demanded urgent attention. I greatly appreciate the operationalization of Anusandhan NRF and the exclusive venture-fund for Space segment,” said Baba Kalyani, Chairman & MD, Bharat Forge Ltd.
Kalyani added, “More importantly, the 1-lakh crore financing pool to bolster private sector driven research and innovation at commercial scale will have a great impact in transitioning India towards a Product’s Nation in the long-term. While the budget allocation for Defence Industry is in expected lines, creation of the Critical Minerals Mission and articulation of India’s strategy on Small Modular Nuclear Reactors will go a long way in bolstering the AatmaNirbhar Bharat agenda.”
Mr. Paritosh Kashyap, Head of Wholesale Banking Group, Kotak Mahindra Bank Said, “Budget emphasizes high capital expenditure, with Rs 11.11 lakh crore allocated to infrastructure, equating to 3.4% of GDP. The holistic approach, including a roadmap for Viksit Bharat by 2047 and a credit guarantee scheme for MSMEs to reduce credit risks and enhance financing access, will drive inclusive growth. The focus on low, stable inflation and the nine priorities for generating opportunities underscores a clear strategy for economic development.”
“The provisions for the rural economy and infrastructure, coupled with land reforms and ease of doing business, will further boost the overall economy. Furthermore, this budget reinforces our commitment to supporting youth, farmers, women, and the underprivileged, ensuring inclusive growth and prosperity for all,” stated, Pawan Munjal, Executive Chairman, Hero MotoCorp.
Mr. Vikram Gulati – Country Head and Executive Vice President, Corporate Affairs and Governance, Toyota Kirloskar Motor Said “The budget is finely balanced with the government continuing to focus on infrastructure development as well as heightened outlays towards social sector, while maintaining the glide path towards fiscal consolidation by keeping the fiscal deficit at 4.9%.
The thrust on welfare of farmers through enhanced productivity in the agricultural sector as well as the measures to improve women participation in workforce will help to broaden the benefits of economic growth.
Furthermore, the government has given special attention to MSME and manufacturing sector with key measures and specially formulated packages. This will help to enhance the contribution of manufacturing to national GDP. It is encouraging to note the various measures proposed by the government towards energy transition and for mitigating climate change. The fight against carbon emissions and the goal of achieving carbon neutrality by 2050 is at the core of Toyota Kirloskar Motor (TKM) sustainability efforts.
We welcome the increased emphasis towards education and skilling with the introduction of several transformative measures for students and youths. Complementing this, the introduction of internship scheme with stipend from CSR (corporate social responsibility) spending is encouraging, aimed at providing good exposure to real work environment and heighten job opportunities. These measures are bound to help the country realize the advantages of demographic dividends. At TKM, youth upskilling is one of the core areas where we have been contributing aligning with ‘Skill India’ initiative, through various skill programs making them industry ready.
The tax rationalization will make available more disposal incomes, thereby boosting consumption which will help spur economic growth. We welcome and look forward to the various reforms that the government intends to bring within the given timeframe.
Reiterating our pursuit of ‘Grow in India, Grow with India’, we at TKM are aligned with the nation’s priorities, committed with our strong efforts towards the set path of ‘Viksit Bharat’.”