Budget focuses on job creation by giving push to manufacturing: Nayar

There's an earnest attempt to address issues of MSMEs, said Nayar

Finance minister Nirmala Sitharaman presented the Union Budget 2024-25 in the Parliament on Tuesday. The President of Associated Chambers of Commerce & Industry of India (Assocham), Sanjay Nayar, termed the Budget as "bold". 

"This is a bold and fiscally prudent Budget with no easy giveaways. It focuses on a long, sustainable path of job creation by giving a push to manufacturing. There's an earnest attempt to address issues of MSMEs, assuring them of further ease in credit extension by banks. The simplification of various taxes will also go a long way in easing the burden on companies and individuals," Nayar said. 

He added, "The targeted initiative on skill development would significantly bridge the skill gap and get the youth future ready. Further, the focus on employment creation is critical in leveraging the country’s demographic potential. This is a longer, more sure way to enhance employment and sustainable consumption."

"Continued infrastructure spending, planned urban development, along with increased Budget for risk mitigation relating to climate change are other features standing out in the Budget. The key to the success of this Budget will be its execution on the ground and ensuring that the collaboration between centre and state governments is effective. Fiscal consolidation is a great signal to foreign and local investors and, crowding in private savings. This Budget shows a sustainable way of enhancing economic activities to realise the goal of reaching the status of a developed nation," adds Nayar.