Budget sets path for $40 trn GDP vision with MSME support, skilling programs
Allots Rs 10 lakh crore for one crore houses for the urban poor
image for illustrative purpose
Mumbai: Experts feel that increasing of Mudra loan limit, other steps will make MSMEs more competitive.
Talking to Bizz Buzz, Vijay Kalantri, chairman, World Trade Centre, said, “I welcome the Union Budget for its thrust on increasing Mudra loan limit, enhancing credit guarantee fund for MSMEs, expanding SIDBI’s branches in MSME clusters operation, skilling of 4.1 crore youth and financing small scale labour intensive units, along with relaxation of fresh credit disbursement norms for stressed MSME loans.”
By taking these actions, Indian MSMEs will become more competitive worldwide. By introducing a skilling programme for 4.1 crore youngsters, energy security measures, recycling of vital minerals, and reforms to accelerate insolvency proceedings under the Insolvency and Bankruptcy Code, the Union Budget FY25 has established the path for a $40 trillion GDP vision, he said.
The real estate sector has appreciated the steps taken by this year’s Union Budget 2024-2025 in the housing market. Listed as priority five, FM Sitharaman spoke on services for 100 large cities for urban development. In addition, the government has allotted Rs 10 lakh crore for one crore houses for the urban poor.
These are advanced and modern policies for ensuring that all people have adequate shelter, a basic need of human life.
Dhaval Barot, MD & CEO, Bharat Realty Venture, said, “The government has also slashed stamp duty for women, which will now empower more women to become homeowners, giving them freedom and power to take control of their own lives. This reflects the third pillar of the Viksit Bharat scheme, with power being given to Mahila (women) for all-encompassing equitable development.”
The government has announced internship schemes targeting 1 crore youngsters across India. Young men and women will be placed for internships in 500 top companies in India. Companies are expected to pay Rs 5000 to each intern through their CSR funds, skilling up to ten million youth through this over five years
Dr Shuchi Gautam, Director, Thakur Global Business School said, “This will inspire young people to pursue and complete their education at leading academic institutions, create a better life for themselves, and contribute to building India’s trillion-dollar economy.”
The Union Budget 2024-25 proposes revising the Model Skill Loan Scheme to help 25,000 students every year. The government will also offer internships in 500 of India’s top companies. The companies can employ these interns through their CSR funds.
