Union Budget 2024 | Budget proposal to promote investments, create jobs: Industry players

New Delhi: The budget announcements will promote private investments resulting in the creation of new job opportunities and aid in achieving the goal of Viksit Bharat by 2047, industry players said.

Virendra D Mhaiskar, CMD, IRB Infrastructure Developers said the Budget will facilitate India's economic growth; roads and highways sector, being the prominent infra sector, is expected to get the much needed impetus through adequate fund allocations.

According to Kavita Shirvaikar, Acting Managing Director, Patel Engineering, the allocation of Rs 11.11 lakh crore for the infrastructure sector will ensure India's economic transformation and the creation of numerous job opportunities.

"This announcement signifies a bold step towards comprehensive transformation and highlights the government's dedication to modernize India's infrastructure, providing crucial support in realizing the dream of a 'Viksit Bharat' by 2047," she said.

On behalf of the recycling sector, MRAI President Sanjay Mehta said the industry welcomes the proposal for concessional basic customs duty (BCD) of 2.5 per cent on copper scrap and continuation of zero duty on ferrous scrap.

MRAI continues to draw the government's attention towards the long-awaiting demand to make the zero per cent import duty on non-ferrous metal import for availability of scrap material which reduces the burden on natural resources.

Pradeep Misra, CMD, Rudrabhishek Enterprises Limited (REPL) said the PM Awas Yojana-Urban 2.0 aims to boost affordable housing and job creation in construction, aided by income tax adjustments.

Efforts to enhance employment and skills will increase household disposable income, further stimulating the economy, especially the housing sector, he said.

Sharing his views, Devansh Jain, Executive Director of INOXGFL Group said the import duty waivers on critical minerals such as lithium is set to bring down the costs of batteries both for electric vehicles and energy storage.

Prashant Mathur, CEO Saatvik Energy the budget’s proposal to not extend the exemption of customs duties for solar glass and tinned copper interconnect will also give a boost to the domestic solar equipment ecosystem.

"In the name of further reducing government expenditure, subsidies have been cut significantly. Fertilizer subsidy has been cut by Rs 24,894 crore and food subsidy by Rs 7,082 crore. Due to which the burden of inflation on the farmers of the country will increase," SP Tiwari, National General Secretary, Trade Union Coordination Centre (TUCC) said.

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.