Interim Budget 2024 unveils stable tax regime, surprises various sectors in Chhatrapati Sambhajinagar

Chhatrapati Sambhajinagar: Finance minister Nirmala Sitharaman presented the interim union Budget 2024 in the Lok Sabha on Thursday, surprising many with its lack of changes in both direct and indirect taxes. This move, expected for an election-year budget, sparked mixed reactions from various sectors in Chhatrapati Sambhajinagar. While adhering to tradition, the zero-change announcement deviates from the previous year's introduction of the new tax regime as default and various income tax regulations. Lokmat Times took reactions from local experts and how the stable tax landscape impacts different sectors in Chhatrapati Sambhajinagar.

Reactions:

Budget strikes a balance

The budget strikes a balance by prioritizing key sections of the economy, namely the poor, women, youth, and farmers. Measures like providing credit support to MSMEs, small businesses, farmers, and women entrepreneurs aim to address their economic needs directly. This includes a large interest-free outlay specifically designed to fuel the tech startup ecosystem in emerging areas like 5G, AI, Agri-Tech, and Health-Tech, potentially pushing India to the forefront of innovation and skill development. Sustainability efforts haven't been overlooked, with green initiatives like rooftop solarization targeting benefits for 1 crore households.

--Dushyant Patil, CMIA president

Forward thinking budget

This budget is definitely forward-thinking. The massive innovation fund and credit support for various sectors including the industrial sector signal a strong push for growth. As an industrialist, I'm particularly excited about the tech focus and affordable long-term financing. While tax changes might be absent, the consistent GST trends and no slab revisions offer much-needed stability. Overall, it seems like a budget laying the groundwork for a tech-driven and inclusive future, which bodes well for our industry.

--Rahul Mogle, industrialist

Roadmap for economic growth

The interim budget unveils a roadmap for economic growth, enhanced transportation, environmental sustainability, and self-reliance. Three crore households will receive central assistance to boost the construction and raw material industries while providing quality housing. Upgrading 40,000 railway coaches to Vande Bharat standards will improve travel experiences and benefit related industries. Commitment to net-zero emissions by 2070 demonstrates India's readiness for future technologies and environmental responsibility. Focusing on oilseed production fosters self-reliance, strengthens domestic processing industries, and reduces import dependence.

-- Mukund Kulkarni, Director of Expert Global

Crucial impetus to startups

An impactful revelation includes a dedicated Rs 1 lakh crore fund for research and innovation, providing a crucial impetus to startups and technological advancements. The government is taking proactive steps, such as extending credit support to MSMEs, small businesses, farmers, and women entrepreneurs, directly addressing their economic needs. A landmark announcement unveils a golden era for tech-savvy enterprises, with a Rs 1 lakh crore corpus featuring a 50-year interest-free loan for long-term financing and refinancing. The government has also agreed to set up AIMSS, IIT, and IIM. Massia will try to bring one of these institutions to Chhatrapati Sambhajinagar.

--Arjun Gaikwad, Massia vice president