Union Budget 2024 Gets Satisfactory Nod By Confederation Of Indian Industry Members

Indore (Madhya Pradesh): The new tax regime brought a satisfactory belief among the members of Confederation of Indian Industry (CII) who discussed over the budget presented by the Finance Minister Nirmala Sitharaman displaying an acceptable response while navigating the major announcements during the budgetary speech on Tuesday.

Experts from different fields also discussed the announcements important for the development of the country praising the finance minister’s plans for young India. The committee comprising experts form various field gave a satisfactory nod to the provisions of Rs 1.48 lakh crore for education, employment and skill development stating that the budget is “Youth Focused”

However, reduction in the custom duties on gold and precious metal jewellery poised as a significant decision where the committee members claimed to be one of best steps. Members of CII believes that this decision would help controlling the gold and metal smuggling at customs which has become a major concern for the country in recent times.

"To bolster the Indian startup ecosystem, boost the entrepreneurial spirit, and support innovation, I propose to abolish the so-called angel tax for all classes of investors," Finance Minister Nirmala Sitharaman said in her Speech becoming the most appreciated announcement among the experts on panel of CII.

Experts say that rather than benefitting the people under higher income category, the tax regime is set to ease the tax for those with middle income with an annual earnings of 10-12 Lk. Salaried people are getting a benefit of Rs 25k where the standard deduction has been increased to Rs 75k.

Experts Say-

Siddharth Sethi, Vice President, CII Madhya Pradesh, CEO, Co-founder, InfoBeans

“The budget is promising to the youths of the county where the 20 lakh youth will be skilled over a 5-year period. Our government is committed to all-round development of people, particularly, farmers, youth, women and poor. Abolishment of Angel tax shall definitely give new hights to the developing sector of the country.”

Budget Rating: 7.5/10

Manish Dafria, VK Dafria and Co

“The budget this year has tried to navigate solutions for some of the minute dispensaries regarding Income tax while major focus has been towards marketing the new Income Tax system proposed. I believe that Finance Minister Nirmala Sitharaman is firmly dedicated to hardcore marketing and many of the tax provisions support the same. We can expect the new tax regime to be introduced soon as every incentive introduced in the budget paves way of the same.”

Budget Rating: 7.5/10

Saurabh Singh Mehta, Chairman, CII Malwa Zone and Executive Director, Kriti Nutrients Ltd

“The government has focused on agriculture and participation in infrastructure and these things will drive demand and employment. India is on the sweet spot in the global context where we are growing and global economies are looking towards India. We were expecting some incentives but will look after the detailing of the budget on industries.”

Budget Rating: 7.5/10

Sudip Gupta, Accountant Member, Madhya Pradesh Commercial Tax Appellate Board (MPCTAB), Indore

Various amendments in IT have been done to bring people to the new tax regime. The major shift from Production Linked Incentive to Employment Linked Incentive will pave way for development. Now, more people will opt for the new tax regime and in two-three years down the line, we will get a template in filing IT which would be easier for the people. Changes with the MSME shall not only help in fixating new outcomes but would be focusing on major and crucial aspect of development.”

Budget Rating: 7/10

Dr Manminder Singh, Economist, DAVV

“From the economic perspective the budget has tried to make everyone happy without compromising the fiscal prudence. In the Interim budget the fiscal deficit was mentioned to aim 5.1%, however, the same have been reduced to 4.9%targeted even after giving special treatment to Bihar and Andhra Pradesh. It has been possible because of the special dividend coming from Reserve Bank of India goes to tune the 0.5% of the GDP as special dividend. Budget has incentivized the private sector to create more jobs with introduction of EPFO benefits.”

Budget Rating: 7.5/10

Akshat Chordia, CEO Rini Life Sciences

Akshat Chordia on "Budget of Hope" says that the Budget is focusing on the medical and MSME sector with an increasing potential. India is a pool of young talent, and the government's focus on education and skill development is expected to yield good results. 

Rating to the Budget: 9.5/10