IMC Chamber of Commerce and Industry (IMC), a premier industry Chamber headquartered in Mumbai, shared its thoughts on the Union Budget FY2033-24 citing it to be inclusive, forward looking and lays foundation for building developed India. This year’s Union Budget focused on relief in taxes for the common man, empowering women, focus on tourism, green growth, implementation of Artificial Intelligence, job creation and fostering growth among others. This year’s budget stood on seven pillars named as "Saptarishi," by the Hon. Finance Minister Smt. Nirmala Sitharaman describing them as a framework for the government. The priorities of this year’s budget were divided between those seven pillars of Inclusive development, Reaching the last mile, Infrastructure and investment, Unleashing potential, Green Growth, Youth Power and Financial Sector which are proposed to direct the country towards 'Amrit Kaal'.
This year's Budget holds much significance as the country is scheduled to have the next Lok Sabha election in April-May 2024. There is a strong emphasis on inclusion to ensure mass prosperity. The Economic Survey mentioned India's GDP is expected to grow in the range of 6 to 6.8 per cent in the coming financial year 2023-24. This is in comparison to the estimated 7 per cent this fiscal and 8.7 per cent in 2021-22. The government proposed to increase capital expenditure outlay by 33 per cent to Rs 10 lakh crore in 2023-24. Mr. Anant Singhania, President, IMC Chamber of Commerce and Industry said, “The Budget FY 2023-24 has been very favourable and emphasized on all facets of the growth taking the nation from 3.5 trillion$ economy to a 30 trillion$ economy in the next thirty years. Hon. Finance Minister Smt. Nirmala Sitharaman announced major changes in tax slabs under the new tax regime, as well as significant increases in railway and capital expenditure, as a boon to taxpayers and the economy. The Budget also has a strong focus on capital expenditure and there is an outlay of 10 lac crores towards infrastructure development, 2.4 lac crores towards railways, 50-year interest free loans to state governments will continue for an additional 12 months to aid infrastructure investment with an outlay of Rs 1.3 lakh crore.” He further added, “More than 39,000 compliances have been reduced and over 3,400 legal provisions decriminalised to enhancing ease of doing business, skill development and job creation, setting up of the Agriculture Accelerator Fund and setting up of urban infra development fund are key steps towards an empowering nation and stronger economy.”
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