Nagpur: Experts in different fields in Nagpur and State BJP President Chandrashekhar Bawankule gave their reaction and opinion on the Interim Budget presented by Union Finance Minister Nirmala Sitharaman on Thursday, February.
The State BJP President Chandrashekhar Bawankule hailed the Interim Budget 2024 saying that it is pride of the present and hope and confidence for the future. ‘Jai Anusandhan’ slogan gives India a strong confidence that it can achieve its goal of becoming a developed nation by 2047, he stated.
Posting his comments on ‘X’ social media, Bawankule congratulated Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman. He said that till now this country has promoted the slogan ‘Jai Jawan, Jai Kisan, Jai Vigyan.’ ‘Jai Anusandhan’ is the next slogan of the Modi Government. The needs, aspirations and welfare of the poor, women, youth and farmers are top priority of the Modi Government. And that is the core of today’s budget. As Finance Minister Nirmala Sitharaman said while presenting the budget in Parliament, the Modi Government’s July budget will bring a new roadmap for a developed India, the BJP leader said.
While congratulating Finance Minister Nirmala Sitharaman who presented the budget for the sixth time in her tenure, Bawankule highlighted some of the things in the budget. He said that it is an outstanding budget which will promote women’s empowerment, provide food to farmers, poor welfare, develop India, achieve all-round development, empower women, strengthen infrastructure to support women financially and empower youth to entrepreneurship start-up innovation.
Chartered Accountant Julfesh Shah said It is a judicious, promising and visionary budget. As was expected being an interim budget there are no changes in tax proposals and tax rates including import duty.
“Fiscal deficit coming below 5.1% will reduce net Government borrowings and lead to fiscal consolidation and macro economics management. Broad announcements with focus on infrastructure capex, rooftop solar, housing for middle class, private & public investment, innovation, sunrise sectors, aviation, EV ecosystem, coal gasification, bio-manufacturing, biodegradable products, tourism sectors & reduction of imports,” are highlights of the Budget, he said, adding, waiver of income tax demands of previous years up to a certain specified amount will result in reduction of litigation proceedings & relief to assesses.
Syed K Sirajuddin, Chairman, Indian Muslims Chamber of Commerce, Nagpur, said that the Finance Minister didn’t announce any populist measures and left the tax rates for direct and indirect taxes unchanged. But extending tax benefits for start-ups, pension funds is laudable.
“Major slogans for Tribal Welfare, Garib Ka Kalyan, Desh Ka Kalyan, ‘Viksit Bharat’ by 2047 with focus on poor, women, youth and the farmers are election-budget messages. We welcome the announcement of 40,000 normal railway bogies to be converted into Vande Bharat, and 517 new routes to be launched under the Udaan Scheme,” he stated.
Capex of Rs 11.1 lakh crore sets the stage for unprecedented growth in Indian trade: CAIT
B.C. Bhartia, National President and Secretary General Praveen Khandelwal of the Confederation of All India Traders ( CAIT) have welcomed the interim budget, stating that the highest-ever Capex of Rs 11.1 lakh crore will have a significant impact on the country’s markets, particularly benefiting traders. They emphasized that the creation of logistics corridors and improved railway cargo handling will simplify trade operations, fostering growth in businesses across the nation.
“Finance Minister Nirmala Sitharaman presented the ‘Progressive Document’ in Parliament today, reflecting Prime Minister Narendra Modi’s vision for the country’s future development,” they said..
Bhartia and Khandelwal highlighted that the substantial expenditure of Rs 11.1 lakh crore will boost various projects, leading to increased business opportunities and a considerable rise in employment on a large scale. They expressed confidence that this spending would enhance the pace of development, promoting growth in production and services, ultimately contributing to the overall progress of the nation.
They further stated that the funds would lead to extensive construction activities, facilitating the development of new foundational facilities in various sectors. This investment in infrastructure is expected to create a more robust foundation, resulting in improved business conditions and increased production capacity.
Bhartia and Khandelwal concluded by affirming that the allocation of these funds would not only stimulate production but also support various industries, fostering growth in the business sector. They anticipate a positive impact on the overall business landscape across the country, leading to increased financial stability.
Vishal Agrawal, President, Vidarbha Industries Association (VIA) said that the highlight of the budget is rooftop solarization for one crore houses, which will give 300 free units for the household people. This will help for the government’s sustainability development net zero effort.
“We appreciate the government’s three major railway corridor program for energy and mineral port connectivity and decongestion of high traffic areas. Proposal for dedicated freight corridor and 40,000 rail bogies which will be upgraded to Vande Bharat standards. FM said 149 airports is an appreciable number and Udaan scheme is also successful, which is helping Vidarbha also. Road connectivity is improving which will definitely help us. The government’s initiative for green energy is also appreciable. Offshore wind turbines and other initiatives are a good move: coal gasification, biomass, electric vehicles, other charging stations, e-buses, biodegradable plastics and polymers. This is an appreciable move,” Agrawal said.
He said the Government has initiated blue economy also, which is for the control of fisheries and other aqua products. The government is giving emphasis on tourist centres. They are planning to build 60 new tourist places, develop business conferences and spiritual tourism. This all will be rated by the Central Government which will help us and the government is giving 50 years long term loan without interest for development of such tourist places which is really good for us. Even Vidarbha will be benefited a lot with this. Port connectivity is also one good initiative what they have taken because Nagpur is a landlocked city, so if we get good connectivity with port then it is very much appreciable, Agrawal stated.
“The government’s target to reduce fiscal deficit from 5.8% to 5.1% is a good initiative and what they’ve targeted is 4.5% by 2027, so that’s a good move. This will reduce the inflation. Government’s move to promote urban transformation like Metro Rail and Namo Bharat is commendable. This will help industries to go farther away from the cities and cover a bigger radius from the city centre, which is very much needed because in China also, you can see they always measure distances in time, not by kilometre. So if this infrastructure is developed, then travel time will reduce further,” the VIA President said.
He further said that Government’s initiative to promote e-vehicles is very much appreciable because this will reduce the transportation cost for the cities like Nagpur, where fuel cost is one of the highest in the city, so EVs will help reduce the transportation cost for Nagpur.
As presented by the Finance Minister, the release time for the containers from Inland Containers has reduced by 47%, 28% air cargo and 27% at Seaport. So this is a good initiative. But I think there is still scope of reducing it further by 80% to 70%, because in China the shipping time is only 12 hours, but in India it is about two and half to three days. So there’s much scope for reduction in the transit time for the shipping ships, he said..
Dr. Anita Rao, Joint Secretary – VIA, said that this is a feel-good budget with an eye on the impending poll. More than budget, it was reading out of the progress report card of the government.
“More jargon and less substance. But I look forward to some solid propelling for N (Nari) in the acronym GYAN, in the full-fledged budget in July ‘24 irrespective of whosoever sits on the ruling chair, so that the gender disparity in workforce can be bridged. More outlay for human capital to increase employability so that AI and human capital can work in tandem, with no fear of job losses. Start-ups could also do with some more tax reforms like removing the double tax on ESOP so that they can attract and retain the incredibly talented people that our county has. Thank you, FM for not increasing the direct and indirect tax burden,” Dr Rao said.
Girdhari Mantri, Exe. Member of Manas Agro, Interface Automation, Chairman of VIA CSR Forum (Sector : Solar Energy), said one crore solar rooftop will cater to huge numbers, will help this sector by creating huge jobs. At the same time free electricity declaration for clinching power will diminish as up to 300 units, people will generate their own electricity, a good move by the Finance Minister.
CA Sachin Jajodia, Convener of VIA Taxation & Corporate Law Forum, said this Interim Budget 2024 is on the expected lines because it’s a vote on account budget. There are no changes in the direct and indirect taxations. This budget focuses on what the government has achieved in the last 10 years and also the way forward in terms of economic growth. The focus is on “Viksit Bharat 2047″.
Budget 2024 demonstrates a continued focus on the tech landscape, emphasizing inclusive growth across various sectors such as agriculture, finance, health, and diverse communities that empower the economy across all sectors.
In this interim budget, the FM could have brought in procedural relaxation in Direct & Indirect taxes which would be in line with Ease of doing Business.