Blitz Bureau
THE 2024-25 Union Budget highlights nine priority areas for the Modi 3.0 administration and beyond. It emphasises a comprehensive strategy encompassing agriculture productivity, employment generation, human capital enhancement, social equity, industrial and service sector bolstering, urban development, energy security, infrastructure fortification, as well as innovation, research, and progressive reforms.
Sitharaman’s Budget speech outlines a strategic framework aimed at fostering inclusive growth, enhancing economic resilience, and propelling India towards sustainable development goals, underscoring the Government’s commitment to prioritising key sectors pivotal for national progress and prosperity. The Budget proposals are designed to enable forthcoming budgets to build upon these foundational pillars. The four priority areas spelt out are employment augmentation, skill development, bolstering Micro, Small, and Medium Enterprises (MSMEs), and fortifying the middle class.
The Finance Minister expressed the Government’s commitment to implementing schemes aimed at benefiting 4.1 crore young people over five years, with an investment of Rs 2 lakh crore. Additionally, provisions totaling Rs 1.48 lakh crore were earmarked for education, employment, and skill enhancement initiatives.
Special attention has been accorded to MSMEs, including labour-intensive manufacturing, with initiatives such as facilitating continued access to bank credit during periods of financial stress. The budget announced support for 50 multi-product food irradiation units within the MSME sector, alongside plans for e-commerce export hubs in collaboration with the private sector. The Budget expands Mudra loan limits from Rs 10 lakh to Rs 20 lakh, underlining efforts to empower small and micro enterprises.
In agriculture, the Budget allocated Rs.1.52 lakh crore, emphasising resilience and productivity enhancements, with initiatives like promoting natural farming practices and deploying Digital Public Infrastructure to boost agricultural efficiency. Furthermore, the budget proposed the establishment of 10,000 bio-input resource centres and the introduction of over 100 climate-resilient crop varieties.
Ashok Hinduja Chairman, Hinduja Group of Companies (India)
With an alarming 1.46 million new cancer cases projected, the exemption of customs duties on three additional cancer medicines is a vital step toward easing treatment costs.
Prathap C Reddy Founder, Apollo Hospitals
Budget has delivered both short term demand stimulus and actions focused on medium to long term growth imperatives, while maintaining fiscal discipline. It also strikes a balance between agriculture and manufacturing, with elements of services
Anish Shah President, Ficci
The Budget provides an extensive roadmap for each segment of the society so that every Indian becomes an equity holder in the growth aspirations of the new and progressive India
Sanjiv Puri President, CII
