Union Budget 2024: Bengal Inc Hails Growth Support & Demand Creation

Kolkata, Feb 1 (PTI) The interim budget presented by Union Finance Minister Nirmala Sitharaman on Thursday received thumps up from West Bengal industries with businessmen across sectors stating that it will act as a catalyst for economic rejuvenation.

They were also appreciative of measures aimed at empowering the poor, women, youth, and farmers, along with the emphasis on infrastructure development and rural housing.

RP-Sanjiv Goenka Group Chairman Sanjiv Goenka said the finance minister once again highlighted the combination of sound economic management and social welfare as key pillars of Prime Minister Narendra Modi's economic philosophy.

"The past ten years have seen India undertake what was once considered impossible: the combination of economic growth and large-scale welfare measures that reach the last person who needs help," he said.

Emami Ltd Vice Chairman & MD Harsha V Agarwal stated that the Union Budget 2024 reaffirms the government's commitment to a comprehensive and inclusive development of the country.

Bengal Chamber president designate Arnab Basu lauded the FM's budget proposals, stating that it continues the government's development-focused programmes aimed at achieving an 'Atmanirbhar Bharat'.

Basu also emphasised on the Centre's commitment to fiscal deficit while increasing capital expenditure by 11 per cent, which is expected to attract private investments.

He also appreciated the establishment of a Rs 1 lakh crore loan corpus for financing innovation and a holistic focus on making the eastern region of India a powerful growth driver.

Tata Steel CEO & MD T V Narendran welcomed the increase in capital expenditure on infrastructure. He highlighted the significance of expanding rural housing and developing economic railway corridors.

CenturyPly executive director Keshav Bhajanka termed the budget as "excellent and well-aligned" with the long-term vision of India.

Indian Chamber of Commerce hailed the budget as a 'statement of strong intent'. It appreciated the budget's commitment to reduce the fiscal deficit to 4.5 per cent by 2026, increase capital expenditure and extend income tax benefits to startups till March 2025.

Balrampur Chini Mills Ltd executive director Avantika Saraogi praised the Interim Budget 2024 for its transformative steps for farmers, including modern storage and improved transportation.

Saraogi also appreciated the government's commitment to net zero and environment-friendly measures in manufacturing through Blue Economy 2.0.

Annapurna Swadisht MD Shreeram Bagla highlighted the government's focus on empowering the poor, women, youth, and farmers. He expected that these measures would boost the rural economy and increase farmers' income.

Bagla also said the increased outlay on infrastructure development is expected to improve access and connectivity to rural areas, leading to increased sales for companies.

He predicted a recovery in demand from rural and semi-urban markets in the coming fiscal year, driven by the expected rise in farmers' income and infrastructure spending.

Bharat Chamber of Commerce president N G Khaitan termed the budget as a growth-oriented, people-centric, and forward-looking plan. He appreciated the maintenance of the taxation status quo and the withdrawal of outstanding direct tax demands up to Rs 25,000.

He found the announcements regarding the development of the eastern region and the creation of economic corridors for railways encouraging, although implementation remains a concern.

Merchants' Chamber of Commerce & Industry president Namit Bajoria welcomed the budget, citing that the continued focus on capital expenditure and improved fiscal deficit should garner positive ratings and encourage further investment in India.

Jayanta Roy, Managing Director, Peerless said the interim Budget 2024 has set the foundation for 'Viksit Bharat 2047' guided by the principle of “reform, perform, transform” with the aspiration of a USD 5 trillion economy.

Jupiter Wagons Ltd Managing Director Vivek Lohia applauded the budget proposals to upgrade 40,000 regular rail bogies to 'Vande Bharat' standards, highlighting its pivotal role in India's railway modernisation. It underscored ongoing efforts to enhance the quality and reliability of railway services, benefiting millions of passengers nationwide.

Shristi Infrastructure Development Corporation Ltd CEO Sahil Saharia appreciated the budget's focus on addressing middle-class housing needs.