Budget will help India deliver aspirational yet people-centric inclusive development Industry

    New Delhi, Feb 1 (PTI) 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.
    ITC Chairman Sanjiv Puri lauded the interim budget as it demonstrates India's confidence as an economy of substance and immense promise, marching towards a developed nation.
    "We are happy to see the continued increase in capex outlay for public works, with a focus on rural, tourism, women empowerment and technology. The Rs 1 lakh crore fund that is to be provided... So, all in all, many positives. It's a great budget. There are lots of stuff to be with rural," Puri told PTI.
    In a post on X, Mahindra Group Chairman Anand Mahindra said Sitharaman’s presentation was one of the shortest speeches and brevity, that is welcome and which 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.
    Hinduja Group Chairman G P Hinduja said the interim budget is both a time for reflection and visioning for the future while managing adroitly the present as it shunned any populist measures.
    However, he said: "Some bold measures are needed to increase the annual FDI level of USD 60 billion further. The banking and power sector reforms, coupled with further impetus on digital infrastructure, are imperatives to Vikasit Bharat with improved sovereign rating".
    Dilip Oommen, President of the Indian Steel Association and CEO of ArcelorMittal Nippon Steel India said this interim budget focuses on fiscal prudence and presents a well-balanced approach.
    "There is an 11.1 per cent increase in capital expenditure for infrastructure, taking the total outlay to Rs 11.1 lakh crore. This should translate into robust domestic steel demand, spurring private investments and job creation," he said.
    Biocon 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.
    Hero MotoCorp Executive Chairman Pawan Munjal also termed it as a "prudent and inclusive budget".
    "The emphasis on 'Garib Kalyan, Nari Shakti, Yuva (youth empowerment), and Annadata (empowerment of farmers)' by prioritising their needs and aspirations reflects a commitment to the holistic development of all, aligning with the government's vision of 'Sabka Saath Sabka Vikas'," he said.
    Maruti Suzuki India Senior Executive Officer, Marketing & Sales, Shashank Srivastava said being an interim budget not many path-breaking initiatives were expected.
    "What was really desired from the industry was a continuity of the positive growth-related policies. We are very happy that this is what exactly happened. So, while there was no substantial initiative, I would say a different initiative," he said.
    Daikin India CMD Kanwal Jeet Jawa appreciated the government's recognition of the HVAC industry's pivotal role in fostering sustainable infrastructure and environmental efficiency.
    "We are encouraged by the Budget 2024's focus on creating an enabling environment for the HVAC industry," he said.
    Dabur India CEO Mohit Malhotra said the standout feature of the interim Budget was its adherence to fiscal discipline, exemplified by the decision to cap Fiscal Deficit for FY2024-25 at 5.1 per cent.
    "The extension of healthcare coverage under Ayushman Bharat to ASHA and Anganwadi workers, and expansion of the 'Lakhpati Didi' scheme's target to 3 crore women are big positives and will go a long way in empowering rural women and enhancing the quality of life in rural India, thereby ensuring sustained demand for branded consumer goods," he said.
    Godrej Consumer Products CFO Aasif Malbari said the budget focused on enhancing connectivity and infrastructure also bodes well for India Inc, including the FMCG sector.
    "Moreover, the emphasis on upskilling and the significant rise in women in the workforce signify a holistic approach to fostering an inclusive and dynamic economy, setting an optimistic tone for the years ahead," he said.
    SpiceJet CMD Ajay Singh said it is "a confident budget of a confident government that focuses on the objective of ensuring that India becomes a 5 trillion dollar economy by 2025 and a developed nation by 2047".
    Essar Power CEO Kush said the government's commitment to providing free rooftop solar electricity to one crore households, signifies a strategic move towards resource-efficient economic growth.
    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".

(This story has not been edited by THE WEEK and is auto-generated from PTI)