Union Budget 2024 | 'Encouraged by proposals that give priority to MSMEs, women entrepreneurs and the agricultural sector,' says George Alexander Muthoot, MD, Muthoot Finance

'We are also glad to witness the slew of initiatives undertaken by the FM to boost the job creation and employability for the young talent and women of India awaiting to offer valuable contribution in India Inc’s growth,' Muthoot said.

Finance Minister Nirmala Sitharaman presented the Union Budget on Tuesday. Ahead of the Union Budget 2024 presentation, news had emerged that Prime Minister Narendra Modi may face troubles this time, to accommodate the wishes of his alliance partners JD(U) chief Nitish Kumar and TDP supremo Chandrababu Naidu.

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Here's how Mr. George Alexander Muthoot, MD, Muthoot Finance, reacted to the Budget:

"The Union Budget 2024 focuses on the comprehensive development of the economy by adhering to fiscal prudence, boosting infrastructure growth, and through continued emphasis on four major pillars of society - the poor, women, youth and the farmers. The massive impetus on capex expenditure outlay of Rs 11.11 lakh crore is a testimony to the government's focus on boosting investment activity and further strengthening fiscal health of the economy," he said.

"As the largest gold loan NBFC in India, we are particularly encouraged by the government’s proposals give priority to MSMEs, women entrepreneurs and the agricultural sector. The credit guarantee scheme is going to significantly enhance credit access for MSMEs. This scheme aligns perfectly with our commitment to supporting small businesses and driving entrepreneurship, particularly among women. Further, the FM has also focused on boosting affordable housing under PM Awas Yojana offering assistance of 2.2 lakh crore rupees in the next five years. This will help in resolving various housing challenges for various lower and middle class families," Muthoot further added.

"We are also glad to witness the slew of initiatives undertaken by the FM to boost the job creation and employability for the young talent and women of India awaiting to offer valuable contribution in India Inc’s growth. As one of the legacy employers in the NBFC space that strongly believes in the capabilities of youth, we are in alignment with the new internship programme and initiatives to boost women participation in the workforce. The budget also strikes the right balance between promoting growth and ensuring fiscal responsibility, while targeting an inflation rate of 4% will create a stable economic environment for the financial services sector. We look forward to playing our part in India’s growth story by providing last-mile credit access to underbanked sectors of the society," Muthoot also said regarding the Budget.

Union Budget 2024 LIVE | Making a record for any Finance Minister, Nirmala Sitharaman presented her 7th consecutive Union Budget on July 23, 2024 under the Modi 3.0 government. This Budget brought tax relief for the middle class, while focusing on jobs through skilling, incentivising employers. Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.