Industry hails govt’s focus on stability, not populism
Says the measures announced augur well for India to deliver on aspirational yet people-centric, inclusive development with prudence scoring a decisive victory
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Businesses place a high value on stability and predictability and that was evident in this Budget. The really good news was the higher Tax to GDP ratio which has long been hoped for and which cements a strong foundation for fiscal flexibility and aggressive expenditure when it is needed - Anand Mahindra, Chairman, Mahindra Group
New Delhi: Industry leaders on Thursday welcomed the interim Budget 2024-25 presented by Finance Minister Nirmala Sitharaman, saying the measures announced augur well for India to deliver on aspirational yet people-centric, inclusive development with prudence scoring a decisive victory.
They termed the Budget as a forward-looking one and a "budget of continuity and trust" with no populist measures despite being presented ahead of the general elections. In a post on X, Mahindra Group Chairman Anand Mahindra said Sitharaman's presentation was one of the shortest speeches and brevity is welcome and it communicates quiet confidence.
"No populistic measures were announced as has traditionally been expected in pre-election budgets. A welcome, and I hope, permanent approach! The fiscal deficit target was better than envisaged. Prudence scored a decisive victory!" he said.
With no major tax and duty changes announced, Mahindra said, "Businesses place a high value on stability and predictability and that was evident in this Budget. The really good news was the higher Tax to GDP ratio which has long been hoped for and which cements a strong foundation for fiscal flexibility and aggressive expenditure when it is needed."
Similarly, Biocon Ltd Chairperson Kiran Mazumdar-Shaw also said the finance minister has outlined a comprehensive roadmap for sustained economic growth that will enable India to achieve developed economy status by 2047.
"Her emphasis on #research & #innovation, biomanufacturing, robust infrastructure development, and technology-driven digital transformation augur well for India to deliver on aspirational yet people-centric, inclusive development," she said in her post on X.
Chief Financial Officer (India), ZEISS Group, Dhaval Radia, said the Budget is a forward-looking one and "it is a Budget of continuity and trust". "The extension of Ayushman Bharat facilities to anganwadi and ASHA workers is a crucial step in revolutionising the accessibility and affordability of healthcare services in rural India... It is a significant step in the right direction for healthcare, and it will have a far-reaching impact on the overall well-being of the population," he added.
Further, Radia said, "The government's announcement to open hospitals in all districts is a significant capital expenditure commitment aimed at improving accessibility and affordability of healthcare facilities across India." Taking inspiration from Bollywood, RPG Enterprises Chairman Harsh Goenka in a post on X said, "#Budget2024 is a Fighter that tames the Animal of recession; is a Gadar against poverty and friendly for India's Jawaan ensuring that no one is left 12th Fail. With measures on inclusion, education and employment for youth and welfare of the masses, Bahadur work by our Salaar FM Nirmala Sitharaman."
Snapdeal Co-Founder Kunal Bahl said the vision of "Viksit Bharat 2047" is built on the strong foundations of decisive governance, inspirational leadership and proven track record of delivering digital, physical, social infrastructure.
"The emphasis on boosting innovation through the low/no interest 50yr loan, expanding capex on infrastructure and adhering to fiscal deficit goals are significant strong points from this Interim Budget," he added. Federation of Hotel & Restaurant Associations of India, President Pradeep Shetty welcomed the government's emphasis on the tourism and hospitality sector.
"The enhanced focus of the government for promotion of MICE, religious tourism, iconic tourism centres and domestic tourism will lay the foundation of tourism development in the Amrit Kal and equip the sector to achieve the ambitious target of welcoming 100 million tourists by 2047. The tourism and hospitality sector are also very delighted to hear about the government's vision to grant long term financing to states for developing iconic tourism centres," he added.
However, Akums Drugs & Pharmaceuticals Ltd Joint Managing Director, Sandeep Jain expressed disappointment in the lack of specific measures for the pharmaceuticals sector.
"Despite emphasis on Make in India, self-reliance, green energy, and youth development, the pharmaceutical sector lacks robust support. As the Budget is interim, I anticipate the government implementing proactive measures in the forthcoming full-fledged Budget to bolster our position as the pharmacy of the World, spearheading global advancements in healthcare and innovation," he said.
