The interim budget 2024 is very growth-oriented and puts the economics at the center, according to Anish Shah, president of the Federation of Indian Chambers of Commerce and Industry.
“The budget puts economics in the center, includes no politics, not much of a populous measure, which has been the theme for the past budgets,” he told NDTV Profit on Thursday.
It was a very thoughtful budget, which would help India position itself well to achieve its Viksit Bharat goals, according to Shah.
The capex in the budget shows a “solid growth” over the previous year, along with achieving the “fiscal discipline target setup", he said.
Shah expects private investment to come in at a faster pace in comparison with the past. This will help place India in a better position, he said.
“For manufacturing sector to grow 16 times from where it is currently, it requires a huge capex investment over a period of time."
This will assist the manufacturing sector to cover 25% of the total gross domestic production and further meet the goals set from both the GDP standpoint and per capita in 2047.
“The economy is running well. Demand is doing good, along with a positive consumption story. Bankers may be unhappy in the shorter run but given the level of investment required, there is a need for credit growth,” he said.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
