Budget 2024: What it Brings for Eastern Development, Startups, and Reforms? Industry Leaders React
Industry leaders weigh in on Union Budget 2024 with significant reactions from key figures. Hero MotoCorp Chairman Pawan Munjal praises the focus on eastern development, startups, and employment programs. CII President Sanjiv Puri highlights the emphasis on 'ease of doing business' and next-generation reforms, noting the positive impact on industry and investment. Motilal Sethi from the Council for Leather Exports commends the budget's support for both employees and employers. Watch our comprehensive analysis of these reactions and what they mean for the future of Indian industry.
#BudgetWithOneindia #UnionBudget2024 #NirmalaSitharaman #BahiKhaata #IndianEconomy #BudgetSpeech #PMModi #EconomicSurvey #FinanceMinister #ParliamentSession #HistoricBudget
~PR.274~ED.155~GR.125~HT.336~
#BudgetWithOneindia #UnionBudget2024 #NirmalaSitharaman #BahiKhaata #IndianEconomy #BudgetSpeech #PMModi #EconomicSurvey #FinanceMinister #ParliamentSession #HistoricBudget
~PR.274~ED.155~GR.125~HT.336~
Category
🗞
NewsTranscript
00:00Employment generation, our industry is generating employment, so we have seen that
00:06there is a lot of good talk about employment for employers and employees, which is going to go a good way.
00:13And there is also talk about skill development, so skill is very important today.
00:18So we have a labour intensive industry and there is growth in it.
00:21And there is talk about expansion projects, import duty which is very important for our industry
00:27that we buy and sell goods from anywhere in the world.
00:30I think the Honourable Finance Minister has also made an exemption on that.
00:35So this will go a long way in development of our industry.
00:38Their growth pattern is very big, it is a manufacturing industry, there are global demands
00:43and there is also talk about capacity building.
00:46So I think the overall budget is satisfactory for the leather industry.
00:50More details are yet to come, so let us read them on fine prints.
00:55But I think they have touched it well.
00:58And overall, the talks about MSMEs have been made, which is very very important.
01:02In our leather industry, 75-80% is MSME.
01:07And credit links and credit investments, the overall talk about them, there is inclusiveness in the budget.
01:14So we are seeing that the common people, the employment will be, which is one of the most important factors today,
01:20has been touched in the budget, or I think that will have some impact on the economy,
01:25in inclusiveness, in upliftment of common people.
01:29There is focus on, huge trust on public health experts,
01:33focus on very important areas like agriculture, MSMEs, employment,
01:38a lot of focus on, you know, this ease of doing business,
01:43a lot of areas are getting simplified, certain areas,
01:47the Honorable Finance Minister has also spoken about,
01:50comprehensive review of legislation, simplified,
01:54I think all on a very strong signal for greater ease of doing business.
02:00And a very strong signal to bring in reform at the, you know,
02:06bring in state certainty, reforms at the state level also.
02:10And very importantly, a comprehensive paper on the next generation reforms,
02:16to look at all these factor costs.
02:18I think these are some very important, very strong statements,
02:21very strong announcements have been made,
02:24and it touches upon many of the areas that has come in the form of suggestions,
02:31members of what CII has presented,
02:33and we are, I mean, it is a very positive message for the industry,
02:39and for all stakeholders of the economy, all in all.
02:42Extremely good budget, a lot of investments,
02:45and yet, fiscal glide path being better than what anybody had anticipated,
02:51at 4.9%, so it is a very commendable budget.
02:54In the budget announcement, they have covered a very wide-ranging area.
03:00From youth to girls, from women to start-ups, to agriculture,
03:06I mean, there is no such area that they have left out.
03:09They have given a new special focus in many areas.
03:12Like, they have given a special focus to multinationals,
03:14they have given a special focus to the development of the eastern area,
03:17they have given a special focus to encourage start-ups,
03:21and the programs of employment generation and employment encouragement
03:26are very encouraging features.
03:29They were also necessary at this time.
03:31Because the biggest problem we face at this time,
03:34is the feeling of joblessness,
03:37which they have done to address that.
03:39This will be good for the society and the country.
03:43They have not made a big difference in corporate tax,
03:45they have done it mainly on multinationals.
03:48The personal income tax is good.
03:52They have reduced the tax on lower income.
03:56So, overall, they have given a benefit of Rs. 17,000 crores from their side,
04:02through taxes.
04:04So, encouraging overall system.
04:07And the tax on non-financial assets they have done,
04:13and the short-term capital gain they have done,
04:1620-12%, very welcome.
04:18Thank you.