Budget 2024: A Strategic Roadmap for India’s Economic Growth

The Interim Union Budget 2024, presented on February 1st, is a departure from populist measures, instead focusing on sustaining India’s high growth trajectory. With technology, innovation, women, and youth at its core, the government’s strategy has garnered attention from industry experts. Let’s delve into their perspectives on the budget’s impact.

“The budget steers India towards continued economic growth by containing the Fiscal Deficit for FY25 at 5.1% of GDP. While some may have expected tax revisions, the emphasis on boosting manufacturing, infrastructure investment, and capex bodes well for future growth. The final budget in July might address areas needing more support.” – Industry Expert

“Promising to elevate India’s infrastructure, the budget allocates INR 11.11 lakh crores for FY25, enhancing rail, road, and aerospace networks. As leaders in sustainable mobility, initiatives like metro expansion and railway corridor programs align with our commitment to innovative transportation solutions.” – Alstom Representative

“India’s strategic shift towards a digital and inclusive economy is laudable. With a focus on technological advancements and workforce empowerment, the budget aligns with our vision for innovation, sustainability, and inclusivity, essential for achieving long-term growth.” – Hexagon Spokesperson

“The budget’s emphasis on skill development and private sector financing is commendable. Initiatives like the Skill India Mission and financing corpus will bolster research, innovation, and economic sustainability, paving the way for inclusive growth.” – Industry Insider

“As the budget underscores investments in semiconductor technology and AI, it aligns with industry evolution. Integration of these technologies into education is pivotal for propelling India towards a $7 trillion economy by 2030.” – Tech Enthusiast

“While the budget shows promise in environmental sustainability, certain expectations remain unmet. Extension of the FAME II subsidy program and a standardized policy for the EV sector are crucial for sustainable growth.” – Environmental Advocate

“The budget’s focus on rural development and edible oil industry growth is promising. Swift implementation of initiatives like ‘Atmanirbhar Oil Seeds Abhiyan’ and sustaining reduced import duties will drive industry growth and rural prosperity.” – Industry Leader

“Government’s commitment to inclusive and sustainable development is evident in the budget. Promotion of electric vehicles and biomanufacturing aligns with sustainability goals, creating employment opportunities and fostering innovation.” – Sustainable Brand

“The budget’s provisions for IT sector growth, EV infrastructure, and long-term financing are encouraging. Skill development initiatives and startup support lay a robust foundation for technological advancement and entrepreneurial growth.” – IT Expert

“Increasing green finance availability for renewable energy, particularly hydropower, is crucial for sustainable energy generation. A friendlier fiscal ecosystem will energize this vital sector.” – Renewable Energy Advocate

As industry voices echo, Budget 2024 sets a strategic course for India’s economic prosperity, emphasizing innovation, sustainability, and inclusive growth.

Original source Engineering Review