CII Telangana anticipates sustained growth

Hyderabad:Union Budget 2024 will pave way to a sustained growth in the country, says C Shekar Reddy, Chairman of Confederation of Indian Industry (CII) Telangana, and Chairman & Managing Director of CSR Estates Ltd, told Bizz Buzz. The Budget announcements will give a boost to all industries, specifically to the infrastructure and housing sectors, he said.

Union Finance minister Nirmala Sitharaman has announced an outlay of 3.4 per cent of the GDP to spend on infrastructure. Lauding this initiative of the Central government, Shekar Reddy said: “The allocation on the capital expenditure outlay in the interim budget was increased by 11.1 per cent to Rs 11.11 lakh crore. This will have a huge impact on the economic growth and job creation.”

He also appreciated the Centre for announcing two new schemes – one for the middle class and poor people living in rental homes, and another scheme to give two crore houses under Pradhan Mantri Awas Yojna (PMAY) - Rural in five years. This will not only provide the required impetus to the housing and construction industry, but also other allied sectors.

However, Reddy was disappointed a bit as there was no major announcement on new industrial corridors. “As this is the year of elections, we have expected the Central government to create more employment opportunities by setting up new industries in tier-1 and tier-2 cities in States like Telangana and Andhra Pradesh. But, it seems the government has not focused on these aspects.”

“Also, there was no major relief provided to the micro, small & medium enterprises (MSMEs) in the Interim Budget. The MSME sector is the backbone of the country, which needs the support from the government. Unfortunately, nothing positive is visible in the Budgetary announcements today. Let us see if there will be any in complete Budget by the new government in July 2024.” he added.