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Industry bodies term budget pro-growth, progressive, set to boost MSMEs
The Confederation of India Industry’s Telangana unit and the Federation of Telangana Chambers of Commerce and Industry (FTCCI) on Tuesday hailed Union Budget 2024-25 as growth-oriented and for its focus on micro, small and medium enterprises (MSMEs), job creation and skill development.
“The focus on MSMEs is extensive and the Budget provides a detailed strategy for each segment of society… the nine key priorities outlined for a Viksit Bharat offer a holistic framework for an inclusive, resilient, prosperous, environmentally sustainable, and technologically advanced nation,” CII Telangana chairman Sai D. Prasad said after a budget viewing session here on Tuesday.
The budget aims to empower individuals, make growth more inclusive and stimulate consumption and economic growth, said Mr.Prasad, who along with leaders of CII-Telangana spoke to media.
For entire country
On whether Telangana not finding a mention in the budget was a disappointment, he said “We don’t see this as a budget for any specific State… see it for the entire country. Industry, farmers and students can take benefit from most of the schemes announced.”
Chairwoman of IWN Telangana Anupama Panduru said the budget focuses on increasing women’s participation in the workforce through working women hostels, crèche facilities, women-specific skilling programmes, support for women SHG enterprises. The allocation of over ₹3 lakh crore to schemes benefiting women and girls underscores the government’s commitment to empowering women and integrating them more fully into the economic development process.
Hema M Srinivas, vice chairwoman, Telangana, India Women Network on Union Budget 2024, particularly what is in it for women
| Video Credit:
Nagara Gopal
In a release, FTCCI president Suresh Kumar Singhal said the Budget proposals will give a fillip to MSMEs. He also welcomed the proposal to open new SIDBI branches to expand its reach to serve all major MSME clusters within three years. With the opening of 24 such branches this year, the service coverage will expand, he said.
Telangana left out
Chairman of GST and Customs Committee of FTCCI Irshad Ahmed said though there were not specific benefits for Telangana, a noteworthy proposal is the allocation of ₹1.5 lakh crore for States to support their infrastructure projects. “As most of our State’s revenues go towards welfare measures, Telangana is left with little money for infrastructure development. Hence, this ₹1.5 lakh crore is a ray of hope provided if we manage to get a large chunk of it at least for the regional ring road project,” he said.
Separately, CEO and Founder of Marut Drones Prem Kumar Vislawath said exempting lithium imports from Customs Duty is a bold step and demonstrated India’s commitment to strengthening the drone manufacturing sector. Lithium, crucial for drone battery production, will now bolster domestic drone manufacturing, underlining the government’s support for this industry, he said in a release.
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