June 15, 2024


Truth Triumphs

Overall all-inclusive Growth Oriented Budget: FKCCI

GUEST COLUMN, Dr. IS Prasad, FKCCI President

The Budget lays emphasis on Agri Economy for the upliftment of the rural sector. The Budget also lays emphasis on Industrial, Educational and Health sectors. We welcome the announcement by the Finance Minister for the measures taken by Government to make MSMEs become more resilient and competitive.

The Budget is providing an impetus for growth which is guided by PM Gati Shakti which is a transformity approach for economic growth and sustainable development. The approach is driven by 7 engines namely Roads, Railways, Airports, Ports, Mass Transports, Waterways and Logistic Infrastructure which is expected to pull forward the economy. These measures are expected to lead for huge job and entrepreneurial opportunities especially for the youth.

The Budget also provides for inclusive development of Agriculture, implementation of Ken Betwa Link project and other river linking projects, providing a comprehensive package for food processing with participation of State Government and helping the MSME sector to become more resilient, competitive and efficient with Emergency Credit Line Guarantee Scheme, (ECGLS) which is extended upto March 2023 and if guarantee cover will be expanded by Rs.50,000 crore, the total cover of Rs.5 lakhs crore which helps to revive the entire 130 lakhs MSMEs.

We welcome the Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE) scheme which is being revamped with required infusion of funds. This will facilitate additional credit of Rs.2 lakhs crores for Micro and Small Enterprises and expand employment opportunities.

We also welcome the thrust given to promote Skilling Program in partnership with Industry to be re-oriented to promote continuous skilling avenues, sustainability and employability. Universalisation of quality education is a good move to impart education particularly in the rural areas and for students from SC/ST and other weaker sections.

Further, the establishment of digital university to provide access to students across the country for world class quality education at the door steps is a welcome step towards networking and collaborating the best public universities and institutions.

In sum, while the budget shied away from giving any specific sop to the common man, however, it has a it has a lot of positive features for many sectors of the economy including start-ups and MSMEs for greater job opportunities.

Overall, this is an all-inclusive Growth Oriented Budget.

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