New Delhi, July 2024.
Finance Minister Nirmala Sitharaman presented first budget under Modi 3.0 government on Tuesday, July 23.
Sitharaman introduced increased standard deduction and revised tax rates for salaried individuals under the new tax regime. Besides this, cut on customs duty on gold, silver, mobile phones and other goods were announced.
The Centre’s FY25 Capex spend seen at ₹11.1 lakh crore — unchanged from Interim Budget, and infrastructure spend at 3.4% of GDP.
Mr. Vikram Gulati – Country Head and Executive Vice President, Corporate Affairs and Governance, Toyota Kirloskar Motor Said “The budget is finely balanced with the government continuing to focus on infrastructure development as well as heightened outlays towards social sector, while maintaining the glide path towards fiscal consolidation by keeping the fiscal deficit at 4.9%.
The thrust on welfare of farmers through enhanced productivity in the agricultural sector as well as the measures to improve women participation in workforce will help to broaden the benefits of economic growth.
Furthermore, the government has given special attention to MSME and manufacturing sector with key measures and specially formulated packages. This will help to enhance the contribution of manufacturing to national GDP. It is encouraging to note the various measures proposed by the government towards energy transition and for mitigating climate change. The fight against carbon emissions and the goal of achieving carbon neutrality by 2050 is at the core of Toyota Kirloskar Motor (TKM) sustainability efforts.
We welcome the increased emphasis towards education and skilling with the introduction of several transformative measures for students and youths. Complementing this, the introduction of internship scheme with stipend from CSR (corporate social responsibility) spending is encouraging, aimed at providing good exposure to real work environment and heighten job opportunities. These measures are bound to help the country realize the advantages of demographic dividends. At TKM, youth upskilling is one of the core areas where we have been contributing aligning with ‘Skill India’ initiative, through various skill programs making them industry ready.
The tax rationalization will make available more disposal incomes, thereby boosting consumption which will help spur economic growth. We welcome and look forward to the various reforms that the government intends to bring within the given timeframe.
Reiterating our pursuit of ‘Grow in India, Grow with India’, we at TKM are aligned with the nation’s priorities, committed with our strong efforts towards the set path of ‘Viksit Bharat’.”
“We are glad the capex on infra projects tops govt’s priority, with 3.4% GDP allocation. We were expecting GST announcement of long-term continuation of reduced GST for BEVs; however, developing a climate finance taxonomy to aid capital for climate adaptation and mitigating climate change, is a step in the right direction for achieving climate commitments,” said Santosh Iyer, MD & CEO, Mercedes-Benz India.
“Budget emphasizes high capital expenditure, with Rs 11.11 lakh crore allocated to infrastructure, equating to 3.4% of GDP. The holistic approach, including a roadmap for Viksit Bharat by 2047 and a credit guarantee scheme for MSMEs to reduce credit risks and enhance financing access, will drive inclusive growth. The focus on low, stable inflation and the nine priorities for generating opportunities underscores a clear strategy for economic development.” Said Mr. Paritosh Kashyap, Head of Wholesale Banking Group, Kotak Mahindra Bank
