The Union Budget 2024-25 has taken a proactive stance on the long term sustainable developmental aspects of the economy, building on its strengths, while simultaneously inkling a growth vision for the future, in sync with the theme of Viskhit Bharat. The Government has tried to provide for all.

• Capex remains at the level of 11.1 lakh crore in the Interim Budget, which would continue to boost Aggregate Demand as well as build on Infrastructure of the Country.
•  1.52 lakh crore to be allotted to Agriculture Sector to (a) Promote Natural Farming (b) Introduce new high yielding and climate resistant varieties of crops (c) Promote Shrimp Production and Export and (d) Digital Public Infrastructure.
• To promote skill development in the country, by training 20 lakh youth & upgrading 1000 Industrial Institutes. To promote Employment by rewarding new entrants to the workforce in the formal sector as well as rewarding the Employers for hiring so. Twelve New Industrial Parks to be developed to promote Manufacturing and Services.
• MSMEs are the biggest employment creator in the country. Yet they continue to suffer from less credit and lack of credit. To take care of the same, Government would provide credit guarantee for MSME loans as well as double the Mudra loans from 10 lakh under the Tarun category.
• Increased scope for Private Investment has been revealed in sectors like Housing, Gems and Jewellery, Renewable and Non-renewable Energy, Space, Water Supply, and Sanitation. To encourage StartUps, Innovation and hiring, Government has abolished the Angel Tax. We highly appreciate the gradual evolvement of India to a full employment Market Economy as well among the top 5 nations in terms of GDP
• Coming to some major rate cuts, custom duty on 25 critical minerals including lithium, cobalt etc has been waived. It will benefit sectors like EVs. Customs duty on gold and silver has come down by 6% and platinum by 6.4%. This will help the domestic gems and jewellery industry and will benefit customers. Customs duty on mobile phones, chargers has also been brought down by 15%.
• Funds for disaster management mitigation to states have been linked to the precedence of their occurrence, this has been an ICC recommendation to the Govt. along with the request for a simplification and rationalisation of the tax regime, which has been proposed in the current Budget.
• On the financial front, the fiscal deficit has been estimated at 4.9% of GDP. The steps to keep the Fiscal Deficit under control is highly appreciated by ICC as this helps to keep inflation under control.
• There has been some increase in the exemption limits for income tax under the new tax regime, which will help the middle class, although one may argue that people were expecting more and this may not boost domestic consumption demand to the extent hoped for.
• The hike in Short Term and Long Term Capital Gains Tax is highly appreciated as this would help in prevention of Asset Price Bubbles and encourage Long Term Growth in the Economy. Few days ago, the RBI Governor, echoed our thoughts that there is a flow of National Savings to the Capital Market and we do not want people to get affected by Stretched Valuations and enjoy the fruits of Growth and Development. Overall, ICC welcomes this Budget as a Great Balancer of Macroeconomic Needs of India.