Response of Different Confederation of Industries on Union Budget 2024-25

23th July, (Odisha Tazanews) Bhubaneswar :-> Different confederation of Industries today praised the Union Budget 2024-25 as a growth-oriented budget and also congratulated the Hon’ble Finance Minister, Smt Nirmala Sitharaman. In this regard ASSOCHAM Odisha Chairman Mr Pankaj Mohanty lauded FM for development announcements for Odisha. Odisha holds potential to be a major Indian state, said.

ASSOCHAM has been speaking of industrial development and tech revolution of the state, he added. Dr Anish Shah, FICCI President said, FICCI welcomes this well-structured, growth-oriented budget. It offers short-term stimulus through a ₹17,500 benefit for salaried taxpayers while focusing on long-term growth via infrastructure, capex, and skilling initiatives. The balanced approach across manufacturing, agriculture, and services, coupled with inclusive growth targeting the poor, youth, women, and farmers, is commendable.

We're particularly encouraged by the emphasis on simplification and ease of doing business, which will boost our & Make in India' vision. It aligns perfectly with FICCI's vision for Viksit Bharat, setting the stage for India to become a low-cost manufacturing destination. These are significant steps towards our long-term growth objectives. Mr J B Pany, Chairman ICC Odisha State Council said, This is a very balanced budget which will provide impetus towards overall economic growth of state like Odisha.

The government &’s focus is on the agricultural sector, digitalisation, transparency and improving farmer income. They are also prioritising employment by creating platforms for MSEs through loans and infrastructure support. Additionally, the focus on liberalisation and nurturing new entrepreneurs is promising. Mudra Loans have been increased to enhance women&’s roles and upgrade their status.

Energy remains a key focus with plans to increase power generation capacity using super ultra-critical power plants and exploring nuclear options to meet growing demands. Efforts to control inflation and maximise available resources and infrastructure are evident. On the tax side, there have been changes, including an increase in the buyback tax and adjustments to the capital gains structure. The reduction of foreign tax from 40 percent to 35 percent is a positive step, showcasing the country's welcoming approach.