With a vision of Viksit Bharat by 2047, Interim Budget 2024-25, to facilitate India’s march as the fastest growing economy: FIEO

NEW DELHI : Hailing the Interim Budget 2024-25, President (Officiate), FIEO, Mr Israr Ahmed said that the budget has focused on growth potential of the Indian economy by focusing on investment in modern infrastructure including digital and environmental and opportunities for all to help the country to remain as the fastest growing economy. Though not populist, as was perceived in many quarters, the Interim Budget has drawn a roadmap about the government’s vision for the Indian economy’s developmental mantra. Mr Israr Ahmed said that the Budget talks about People-Centric Inclusive Development of all forms of infrastructure, deepening and widening tax base, strengthening the financial sector & investments, inflation management and overall economic growth from across the country. 

FIEO heartily welcomes allocation of Rupees One lakh crores for R&D and innovation, which will encourage the private sector to scale up their research and innovation significantly in sunrise sectors of the trade and industry, added Mr Israr Ahmed.

He said that the highest-ever Capital Expenditure of 11.1 lakh crore will have a significant impact on the country’s markets enhancing various projects, thereby leading to increased business and employment opportunities.

Besides, the creation of logistics corridors and improved railway cargo handling will simplify trade operations, further giving boost to international trade especially exports and imports, added FIEO President (Officiate).

Mr Israr Ahmed reiterated that these spendings would also add to the pace of development, promoting growth in production and services, ultimately contributing to the overall progress of the nation. The investment in infrastructure is expected to result in increased production capacity adding to the growth of manufacturing sector in the economy. Apart from this, extension of tax benefits to Start-ups till 31.03.2025, will help the government initiative of ease of doing business.

FIEO President (Officiate) also said that while the increase in PLI allocation, Development of Semi-conductors and Display manufacturing ecosystem, Solar Power (Grid) and National Green Hydrogen Mission is a welcome step, the need of the hour is easy & low cost of credit. Besides, support for Development of a Global Shipping Line of India, Increased allocation for MAI Scheme with the target of USD 2 Trillion Exports, Financial outlay for the District as an Export Hub (DEH) Scheme would have not only added to the growth of exports sector but also to the growth story of the fastest growing economy, the Prosperous Bharat, which Mr Ahmed expects the regular budget of the new Government will take into consideration.