Mumbai - The Interim Budget for financial year 2024-25 has kept to the path of fiscal prudence and growth momentum. With a strong focus on infrastructure development, last-mile connectivity, and social and geographical inclusivity, it effectively complements the Hon’ble Prime Minister’s vision of a ‘Vikasit Bharat’ (developed India) by 2047.
The increase of 11.1% in the capital outlay for infrastructure will enhance connectivity and last-mile linkages. The establishment of port connectivity corridors, high traffic density corridors, and commodity (energy, minerals and cement) corridors will greatly improve supply chain efficiencies and give a significant boost to domestic and international trade. This aligns with the goals outlined under the Prime Minister Gati Shakti Yojana – connecting hinterland to ports, and demand to supply, thus opening new possibilities for businesses in India while improving logistics efficiencies and multi-modal connectivity.
The Government has, in recent years, taken several measures to put the financial sector back on track; improved the ease of doing business; implemented the GST regime of “One Nation, One Market, One Tax”, and instituted the ‘Atmanirbhar Bharat’ initiative and PLI Schemes for enhancing manufacturing capabilities.
The Government’s unwavering focus on priority areas such as skilling; health; energy security; reducing the compliance burden for MSMEs; and achieving gender balance in the labour force is truly commendable. It will ensure that the country is prepared to capitalize on emerging opportunities such as nearshoring.
The Government’s commitment to the India-Middle East-Europe Economic Corridor (IMEC) project will improve connectivity and development across regions and attract private investment for capital expenditure, thereby stimulating further economic growth.”
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