Jaipur, February 01, 2024.
Union Finance Minister Nirmala Sitharaman announced on February 1 the government’s upcoming scheme aimed at assisting deserving sections of the middle class, particularly those “living in rented houses, slums or chawls or unauthorized colonies.” This initiative is designed to facilitate the purchase or construction of their own homes. In addition to various announcements benefiting youth, the poor, women, and farmers, the minister highlighted the extension of healthcare coverage under Ayushman Bharat to include all ASHA and Anganwadi workers and helpers. The Finance Minister announced that the detailed roadmap for Vikasit Bharat will be unveiled in the upcoming July Budget. Emphasizing on the government’s top priorities, she highlighted the needs and aspirations of the Garib, Mahilayen, Yuva, and Annadata. Additionally, the FM emphasized that beyond the Gross Domestic Product (GDP), equal attention is given to a more comprehensive GDP encompassing governance, development, and performance. The comprehensive budget for the fiscal year will be formally introduced in Parliament following the formation of the new government post the general elections.
Abhimanyu Munjal, Jt. MD & CEO, Hero FinCorp, analyzes the role of digital infrastructure
“The interim budget focuses on boosting holistic economic growth. Allocating Rs. 1 lakh crore for interest-free loans emphasize the government’s commitment to strengthening innovation and research. Additionally, highlighting the role of digital public infrastructure shows a push towards formalizing the economy. These measures support the organized financial services sector, enhancing lending, investments, and savings efficiency.”
Divyesh Dalal, Managing Director and Head- Global Transaction Services, SME, and Institutional Liabilities, DBS Bank India believes that these initiatives will act as catalysts for long-term economic growth
“The Interim Budget 2024 lays a solid foundation for Viksit Bharat, affirming the government’s vision to transform India into a developed nation by 2047. The commitment to green growth is evident in the bio-manufacturing scheme. This also aligns with our focus on financing sustainable projects and helping businesses in transitioning to low-carbon operations. Additionally, training for MSMEs will equip them with skills that foster innovation and adaptability, enhancing competitiveness on the global stage. Raising the presumptive taxation threshold from INR 2 crore to INR 3 crore will provide significant relief to small retail businesses. We are confident these initiatives will act as catalysts for long-term economic growth, propelling India to the forefront of the global economic landscape.”
Manish Kothari, President & Head, Commercial Banking, Kotak Mahindra Bank Ltd, Said “A directionally positive interim budget – supporting continuity of all critical commitments made by the Govt related to – (a) Fiscal rectitude (managing, both the fiscal deficit for this year at 5.8% as well as confirming the estimates at 5.1% for the coming year and below 4.5% for the year after) and reducing the borrowings for the next year, leaving room for the private sector; (b) Continued capex growth in Infra with an increased outlay of 11.11 L crore and in Railways, Aviation, etc. – for a multiplier effect on the ground; and (c) Continued focus on supporting the four broad pillars (Poor, Women, Youth and Farmers) through various schemes – in a way lifting the bottom of the pyramid for overall progress of the nation!
