Indore, 24th July 2024: The Confederation of Indian Industry (CII) had organized a budget review session in order to put forward the industry’s perspective on the provisions made by the finance ministry in the union budget. The panel is composed of industry experts, GST Experts, Economist and Chartered Accountant. The overall sentiment towards the budget was positive and the panel members lauded the government’s focus towards infrastructural and the policy level interventions.
The excerpts of the discussion are below.

Mr. Akshat Chordia, Chairman CII Malwa Zone & CEO , Rini Life Sciences said that the decision to have a innovation & research fund and a dedicated national program for research prospects is a welcome move by the government. He is satisfied by the government’s focus on skilling youth and appreciated the new skill development schemes introduced by the government. As a running MSME industry, he also is impressed by the push on providing subsidy, credit plans to MSME’s. The decision by the government is to fully exempt custom duty on three new medicines for cancer treatment & certain medical devices.

Mr. Siddharth Sethi, Vice Chairman, CII Madhya Pradesh & CEO Info beans said that “the government’s focus on increasing employment opportunities is praiseworthy and the move to promote skilling internship through CSR funds is the right move in this direction. He appreciated the move to abolish Angel Tax which will help the IT & startup ecosystem to flourish & get investment. The move to establish 100 street food hubs for street vendors is being deeply appreciated and he is hopeful that Indore will also benefit from this scheme owing to its great street food culture.

Mr. Saurabh Mehta, Managing Director, Kriti Nutrients is of the view that focus of the budget is to have a better system for agriculture and infrastructure investments. He feels that the best part of the budget is the government’s move to incentivize the employment generation where unemployment was becoming an issue to be addressed. The continued focus on infrastructure will boost the overall economy and increase employment.