The 2024 budget is comprehensive and effectively addresses the current needs of the economy, according to Sanjiv Puri, president of the Confederation of Indian Industry. "It also sets the stage for sustained economic transformation by addressing key priorities," he said.
"We have a trinity of priorities to deal with—investment for inclusive growth, tackling the climate emergency, and maintaining the fiscal glide path," Puri told NDTV. "All three factors have been well addressed in this budget."
The allocation for capital expenditure for fiscal 2025 remained unchanged at Rs 11.11 lakh crore. "The fiscal glide path has exceeded our expectations, with a continued emphasis on public capex and related policies," Puri said.
"This budget is a positive step forward. With sustained focus and future increments, it will enhance the economy's competitiveness and boost consumption. It will also build capacity for future growth," he said.
Issues of employment and employability are well covered, and the agricultural sector has been comprehensively addressed in terms of productivity and resilience, according to him.
"The budget focuses on ease of doing business and the next generation of reforms. It makes strong statements of intent regarding land and job schemes," Puri said.
The Finance Minister has made significant changes to the income tax and direct taxes in the new regime, particularly benefiting the middle and lower income groups, according to Chandrajit Banerjee, director general, CII.
"The simplification of the tax system is another positive step, which strongly incentivises the new regime," he told NDTV. "This will result in increased spending power for the people."
The budget focuses on employment generation through different schemes, Banerjee said.
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