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New Delhi: Finance Minister Nirmala Sitharaman presented the interim Budget for 2024 today in the Parliament sharing the government’s vision for Viksit Bharat which is a Prosperous Bharat in harmony with nature, modern infrastructure, and providing opportunities for all citizens and all regions to reach their potential.
The Finance Minister claimed that the next five years will be years of unprecedented development, and golden moments to realise the dream of developed India in 2047.
“The Interim Budget 2024 lays a strong foundation for building a prosperous and inclusive India, in line with the vision of ‘Viksit Bharat’. We echo the sentiment of empowerment for every section of society, particularly the ‘Garib’, ‘Mahilayen’, ‘Yuva’, and ‘Annadata’,” said Nadir Godrej, Chairman and MD, Godrej Industries.
Highlighting the impact of all-round development, FM in her Budget 2024 speech said that people are living and earning better, with even greater aspirations for the future. She revealed that the average real income of the people has increased by 50 per cent.
Celebrating the revelation, Kumar Rajagopalan, CEO, Retailers Association of India, “Consumption in India is showing a good growth trajectory and this should help in GDP growth and better living standards. Choice of products coupled with supply chain efficiencies thanks to initiatives like GST and population level digital progress has been the propeller for consumer confidence.”
While no direct announcements for the retail industry were made in the interim Budget 2024, Rahul Mehta, Chief Mentor, Clothing Manufacturers Association of India said, “…the Budget provided essential indicators of the anticipated direction for the July Budget, emphasising key areas such as innovation, support for start-ups, sustainable development, job creation, and a dedicated focus on Women Empowerment and Domestic Manufacturing, aligning with the overarching theme of ‘First Develop India.”
FM announced the revised estimate of the fiscal deficit for FY2024 at 5.8 per cent of GDP. She added that the fiscal deficit in 2024-25 is estimated to be 5.1 per cent of GDP, adhering to the government’s path of fiscal consolidation to reduce fiscal deficit below 4.5 per cent by 2025-26.
“The Budget has positively surprised everyone with a low fiscal deficit target, which is prudent and commendable, especially in an election year,” said Anuj Poddar, MD and CEO, Bajaj Electricals.
Noting the continued impetus on government capex outlay as a strong positive for the economy, Poddar said that subdued consumer demand, especially amongst the rural and lower middle segments is a key challenge for the economy. “While this interim Budget has not directly addressed that, I remain hopeful that the full Budget in July shall do so,” he said.
During her speech, FM said that by unifying the highly fragmented indirect tax regime in India, GST has reduced the compliance burden on trade and industry. “According to a recent survey conducted by a leading consulting firm, 94 per cent of industry leaders view the transition to GST as largely positive,” she said.
Sharing his post-budget reaction, Zorawar Kalra, Founder and MD, Massive Restaurants said, ”Our humble but vehement appeal is to get input tax credit for the restaurant industry as it’s the no 1 issue affecting the sector.”
He added that the restaurant industry is the second largest employer of human capital after agriculture and produces millions of jobs. Restoration of input tax credit is essential for the survival and proliferation of not just restaurants but also for the millions of jobs it entails. “We hope that this is done in the year,” Kalra stated.
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