Union Budget 2024 | 'Budget aligns perfectly with strategic expansion plans', says CEO of TVS Infrastructure Investment Manager Pvt Ltd

He also said that the budget lays a strong foundation for a resilient, sustainable, and globally competitive industrial ecosystem in India.

Union Finance Minister Nirmala Sitharaman presented the Union Budget for 2024-25 on Tuesday, her seventh straight presentation, surpassing the record of former prime minister Morarji Desai.

This is the first budget in Prime Minister Narendra Modi-led government's third term in office.

Nitin Aggarwal, CEO, TVS Infrastructure Investment Manager Pvt Ltd. said, “It is heartening to see that the Union Budget has recognised the infrastructure sector's pivotal role in India's economic growth. The budget's focus on developing the Eastern region, particularly through the establishment of industrial nodes in Gaya and Kolkata, aligns perfectly with our strategic expansion plans. This initiative, coupled with the enhancement of road connectivity projects, will significantly bolster the logistics network, driving efficiency and facilitating seamless operations in the Eastern regions."

"The government's commitment to developing investment-ready plug-and-play industrial parks and simplifying FDI rules will further position warehouses as a prime investment asset class. The anticipated inflow of foreign direct investment will support the sector's growth, enhancing India's global competitiveness. Additionally, the reduction in holding periods for units of Business Trusts (BTs) for the applicability of long-term capital gains tax is a move towards aligning REITs/InvITs with equities. This step can provide the relevant depth to REITs/InvITs as an investment segment for varied investor classes."

"The budget's emphasis on labour-intensive manufacturing and MSMEs is particularly noteworthy. The comprehensive package covering financing, regulatory changes, and technology support will empower our labour force, especially in Tier-2 and Tier-3 cities. Additionally, the announcement of e-commerce export hubs under a seamless regulatory and logistic framework is a game-changer. However, recognizing warehousing as an industry class and promoting sustainable practices would have provided more comprehensive support. Land reforms are essential for streamlining land deals and acquisitions, which are critical for developing large-scale warehousing facilities. Uniform land acquisition norms across states and simplified warehousing compliance processes would further catalyze the sector's growth. Overall, the Budget lays a strong foundation for a resilient, sustainable, and globally competitive industrial ecosystem in India," he added.

Union Budget 2024 LIVE | Making a record for any Finance Minister, Nirmala Sitharaman presented her 7th consecutive Union Budget on July 23, 2024 under the Modi 3.0 government. This Budget brought tax relief for the middle class, while focusing on jobs through skilling, incentivising employers. Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.