India Inc's verdict on Budget: Overall good but...

July 23, 2024 16:12

Industry leaders on Tuesday said the first Budget of Modi 3.0 by Finance Minister Nirmala Sitharaman continues the path of fiscal consolidation while focusing on the common man's interests but felt more could have been done for Indian investors.

Hospitality sector, however, expressed disappointment with the Budget for 2024-25 saying "There is nothing spectacular in the Budget to bring structural changes to address the fundamental challenges it faces in a competitive world order and to accelerate the growth of the sector to be a USD 3 trillion economy by 2047".

"The Budget shows Modi 3.0 is all about continuing the path to fiscal consolidation with the fiscal deficit target of 4.9 per cent this year and 4.5 per cent the next while maintaining the capex figure at 3.6 per cent. The focus on the agri sector and housing infrastructure - affordable and urban - is substantive and augurs well," Hinduja Group of Companies (India) Chairman, Ashok Hinduja said.

He further said, "Overall, a good Budget for the macro Indian investment climate but could have been better for Indian Investors." RPG Enterprises Chairman, Harsh Goenka in a post on X said, "After a World Cup win by the men in blue, a match-winning Budget by FM Sitharaman for Team India - focusing on common man's interests. Meticulous, detailed and well researched, ingraining the pulse of the country, under an experienced Captain's leadership."

Retailers Association of India (RAI) CEO Kumar Rajagopalan said, "The government has tried to strike a balance between populist and policy measures...Initiatives such as monetary support for farmers, higher exemption limits in personal income tax, and increased standard deductions will provide higher disposable income, leading to increased spending."

Industry body CII Director General, Chandrajit Banerjee said the Budget "provides continuity to India's successful holistic economic strategy to drive growth with inclusion" and it "takes forward the government's successful economic strategy of the previous two terms, led by investments and reforms and focused on inclusion and empowerment".

"The announcement on collaboration with states to take forward the next gen reforms with the twin objectives of employment generation and growth is a welcome step," he added. However, Federation of Hotel & Restaurant Associations of India (FHRAI) Pradeep Shetty expressed disappointment at the lack of any specific measures for the hospitality sector.

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