Top industry bodies and investors hail Union Budget as progressive, prudent and growth oriented

Industry bodies and investors have welcomed the Union Budget 2023-24 terming it progressive, prudent and growth oriented.

FICCI President Subhrakant Panda said that as India is the world's fifth largest economy now, this year's budget is not only significant to the domestic audience but also a move towards placing Indias the world's engine of growth.

CII president Sanjiv Bajaj termed the budget as growth oriented. He said, 33 per cent increase on public capital expenditure will create jobs.

ASSOCHAM President Sumant Sinha said, the announcement made in the budget will improve ease of doing business and help MSME sector.

Congress has lauded the Union Budget announcement related to tax cuts. Talking to media outside Parliament, Party MP MP Karti Chidambaram said any tax cut is a welcome step. Another party MP Shashi Tharoor also said some of the things in the Union Budget are Good. He, however, said it has no mentions of MGNREGA, unemployment and inflation.

In her Budget Speech in the Parliament yesterday, Finance Minister Nirmala Sitharaman proposed to use Permanent Account Number PAN card as as a common identifier for all digital systems of government agencies.

The move is expected to simplify KYC process and make it simple for the Income Tax Department and other government agencies to manage documents of the PAN cardholders.

Government has enhanced the outlay for Pradhan Mantri Awas Yojana by 66 per cent to over 79 thousand crore rupees.

The newly established Infrastructure Finance Secretariat will assist all stakeholders for more private investment in infrastructure, including railways, roads, urban infrastructure and power, which are predominantly dependent on public resources. The Harmonized Master List of Infrastructure will be reviewed by an expert committee for recommending the classification and financing framework suitable for Amrit Kaal.

Government has also decided to continue the 50-year interest free loan to state governments for one more year to spur investment in infrastructure and to incentivize them for complementary policy actions, with a significantly enhanced outlay of 1.3 lakh crore rupees. (AIR NEWS)

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