Budget 2023-24 is a roadmap for nation-building: ASSOCHAM
ASSOCHAM said the Budget continues with a thrust on Make in India encouraging value addition through customs rationalisation while remaining committed to further improving Ease of Doing Business
New Delhi: The Union Budget for 2023-24 presented by Finance Minister Mrs Nirmala Sitharaman in Parliament is a roadmap of nation-building with a continued focus on massive public expenditure on infrastructure, sustainable economic growth, encouraging consumption demand while staying on course of strict fiscal prudence, ASSOCHAM said today.
”Thirty-three per cent jump in the capital expenditure to Rs 10 lakh crore clearly demonstrates the government resolve to help India remain the fastest growing economy in the world, despite global headwinds,” ASSOCHAM President Mr Sumant Sinha said, congratulating the finance minister for maintaining the pace of capex for the third year in a row.
The Centre is also incentivising the states to increase their capital spend as well on public infrastructure, taking the effective Centre’s capital investment to Rs 13.7 lakh crore or 4.5 per cent of the GDP, he commended
ASSOCHAM Secretary General Deepak Sood described the Budget for 2023-24 as ”growth-oriented as it navigates the global storm with a bold, focussed and people-centric approach incentivising the middle class to spend more through income tax relief, private sector to crowd in investment along with the government’s large spend and ease of doing business. It delivers a perfect 10 upon 10 when it comes to maintaining prudence, keeping the path of fiscal prudence with a fiscal deficit of 5.9 per cent of the GDP in a trying global economic environment”.
He said the Budget continues with a thrust on Make in India encouraging value addition through customs rationalisation while remaining committed to further improving Ease of Doing Business.
The ASSOCHAM described the Budget as visionary with the goals of Amrit Kaal. The chamber which has been seeking relief to the MSMEs expressed gratitude to the government, under the leadership of Prime Minister Shri Narendra Modi for giving several incentives to small businesses and Start-Ups.
The extension of the credit guarantee scheme for the MSMEs without collaterals, with a Budget provision of Rs 9000 crore would give additional strength to the MSMEs to be at par with the large corporates. It would enable collateral-free guaranteed credit of Rs two lakh crore with a reduced cost of credit of one per cent. This is a big relief to the MSMEs.
The chamber noted with a sense of elation a slew of measures in the Budget for promoting Digital India, Fintech revolution, Start Ups and green energy initiatives.
Boost to transition through definite programmes for financing green energy with the help of flagship programmes like the National Green Hydrogen Mission, grid integration of renewable energy and promoting electrification of the automobile industry are the ”stand out features” of the Budget.
The boost to the housing sector through PM Awas Yojna would have a positive spin-off while the farm sector has committed public investment to the Agriculture Accelerator Fund and specific programmes for animal husbandry, and fisheries.
This budget reinforces the growth vision set by the government last year and will help the country continue its journey on the growth path, the ASSOCHAM said.
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