The Union Budget for 2023-24 presented by Finance Minister Nirmala Sitharaman in the Parliament on Wednesday is a growth-oriented one, as it clearly indicates the government's vision for 'Amrit Kaal' through its focus on the seven priorities of inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector, said CII Northern Region Chairman, Anshuman Magazine.
"At CII, we believe that this year's Budget scores well on many fronts, including its focus on developing infrastructure, meeting green goals, providing tax relief to the middle class and boosting the MSME sector.
"Measures such as an increased outlay for affordable housing, enhanced focus on tourism and development of unity malls in key cities would give a fillip to the real estate sector, which will be further aided by the tax relief to citizens which should boost consumption appetite," he said.
Promoting 'Sabka Saath, Sabka Vishwas', the Budget focuses on promoting inclusive development of the agriculture sector, which is the major source of employment in the northern region, said Deepak Jain, Deputy Chairman, CII Northern Region.
The initiatives such as building digital public infrastructure; setting up of Agriculture Accelerator Fund; enhancing the agriculture credit target to Rs 20 lakh crore and making India a global hub of millets are the steps in the right direction, he said.
The CII also thanked the Finance Minister for accepting the recommendations on enhancing the prominent Credit Guarantee Scheme and easing the cost of credit by reducing the interest rates for loans to MSMEs.
"The CII Northern Region is happy to note that this was the last full Budget before the 2024 general elections, which ticked all the right boxes for growth and development. We welcome the government's announcement towards infrastructure development through building 50 additional airports, heliports, water aerodromes etc., which will improve regional air connectivity, especially for the landlocked northern region," the CII said in a statement.
The CII also welcomed the government's decision to increase the capital investment outlay by 33 per cent, which amounts to 3.3 per cent of the GDP.
"This will have a positive multiplier effect on economic growth. The highest ever outlay of Rs 2.40 lakh crore has been provided for the Railways, which will further spur regional connectivity," it said.
"The CII also welcomes the Finance Minister's thrust on boosting domestic demand by augmenting personal disposable incomes through the various direct tax reforms announced in the Budget," said Amit Thapar, Chairman, CII Punjab.
Rajiv Kaila, Chairman, CII Chandigarh, said the Budget has given a strong impetus to skill development and education through the setting up of 157 new colleges along with a new programme to promote research and innovation in the pharmaceuticals sector.
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