Union Budget 2024 | 'Proposals strike a fine balance between growth and fiscal prudence,' says MD & CEO of Manappuram Finance

'Special emphasis on rural roads augur well for rural incomes as hinterlands will be better connected to the mainland, helping farmers to effectively market their produce,' Nandakumar also said.

Finance Minister Nirmala Sitharaman presented the Union Budget 2024 on July 23, 2024. Ahead of the Union Budget 2024 presentation, news 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.

The Union Budget for FY25 on Tuesday unveiled big-ticket measures for Bihar, proposing a total outlay of over Rs 60,000 crore for various projects, including funding for three expressways, a power plant, heritage corridors and new airports and sports infrastructure.

Similarly, for Andhra Pradesh, whose ruling TDP recently joined BJP-led NDA, she allocated Rs 15,000 crore in financial aid through multilateral agencies. A similar request for support to Bihar will be expedited, she said.

Here's what V P Nandakumar, MD & CEO of Manappuram Finance, said about the Budget:

"Union Budget 2024-25 takes forward the measures announced in the Interim Budget outlining a roadmap for 'Viksit Bharat'. Nine priority areas identified in the Budget which include agriculture, education and MSME segments will facilitate skilling and employment generation while boosting manufacturing growth. Infrastructure push is reiterated with a Central govt capex outlay of 11.1 lakh crore and 1.5 lakh crore towards interest free capex grant for states. Special emphasis on rural roads augur well for rural incomes as hinterlands will be better connected to the mainland, helping farmers to effectively market their produce. This is good news for the transportation and logistics industry as well. Meanwhile, hike in Mudra loan limit and collateral free loans for small enterprises are big positives as this sector accounts for 45% of our exports. Rationalisation of customs duty on gold, silver, mobile phones and 23 critical minerals are beneficial to these industries. Abolition of angel tax will improve business climate. Personal income tax has seen some rationalisation although the expected changes did not kick in and disposable incomes will not be boosted to the expected levels."

He further added, "The budget proposals strike a fine balance between growth and fiscal prudence. The lower fiscal deficit target will reduce central govt debt and facilitate a sovereign rating upgrade apart from softening government security and corporate bond yields."

With PTI inputs

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.