“The interim Union Budget for FY 2024-25 echoes the potential of advancing the economy forward in unison.
Given how this is a vote on account budget, it has set the tenor for what we can expect in the detailed budget in July, assuming all other factors remain unchanged.
Considering India’s unprecedented development in the last few years, it is heartening to see all stratas of the country becoming active participants in economic growth. The government is taking up a renewed focus on strengthening Digital Public Infrastructure, which will be instrumental in the formalisation of the economy.
We also applaud the prioritisation of economic growth, next-generation reforms, and the push towards a greener future. Moreover, the focus on sustainable development and renewable sectors, alongside supportive measures for MSMEs, signals a commitment to inclusive growth and trade sustainability.
Reinforcing the country’s commitment to net zero by 2070 and strengthening the e-vehicle ecosystem by supporting manufacturing and charging units—the budget sets an encouraging tone for the country to achieve its ambitious vision of green economic growth
The establishment of a corpus of 1 lakh crore with 50-year interest-free loans is expected to aid the private sector in accelerating research and innovation significantly in sunrise domains.
The FY25 capex target of Rs 11.1 lakh crore, up 11.1%, indicates a proactive approach to fiscal management. The revised estimate of fiscal deficit at 5.8% of GDP and plans for deepening and widening the tax base via GST further highlight the government’s commitment to economic stability and growth.
The India-Middle East-Europe Economic Corridor will mark a transformative shift in the country’s trade landscape. For MSMEs in the country, this spells enhanced market access, trade expansion, and global competitiveness. The opening up of this trade corridor will strengthen supply chain resilience and reduce dependency on single markets.
It’s evident that the government’s initiatives are forward-looking and cover various facets crucial to economic health, from enhancing financial sector proficiency to streamlining global trade facilitation. In the detailed budget in July, we eagerly anticipate supportive measures for startups and the FinTech industry, hoping for policies that align with digital infrastructure strengthening, ensure a continued emphasis on supporting MSMEs in India, and foster FinTech innovation.”
