CII T'gana, FTCCI welcome Budget, term it growth oriented, progressive

CII Telangana Chairman and Executive Director, Bharat Biotech International Prasad said focus on MSMEs is extensive and Budget for 2024-25 provides detailed strategy for each segment of society

The CII Telangana on Tuesday termed the Union Budget as growth-oriented and one which gives a big boost for MSMEs, jobs creation and skill development areas.

The Federation of Telangana Chambers of Commerce and Industry (FTCCI) welcomed the Union Budget presented by Nirmala Sitharaman and said it is progressive, pro-development budget that attempted to lay a strong foundation for 'Viksit Bharat'.

CII Telangana Chairman and Executive Director, Bharat Biotech International Ltd Sai D Prasad said the focus on MSMEs is extensive and the Budget for 2024-25 provides a detailed strategy for each segment of society, aiming to ensure that every Indian shares in the growth ambitions of our country, according to a release by CII Telangana.

The nine key priorities outlined in the Budget for a 'Viksit Bharat' offer a holistic framework for an inclusive, resilient, prosperous, environmentally sustainable, and technologically advanced nation, he said.

This ambitious plan represents a significant step towards realising our goal of a developed India by 2047, he said.

The budget's emphasis on employment, skilling, MSMEs (Micro, Small, and Medium Enterprises), and the middle class, coupled with targeted measures for agriculture, urban development, and incentivising states to implement NextGen reforms, is both timely and impactful, Prasad said.

By promoting a virtuous cycle of consumption, investment, and demand, and providing support to start-ups and women, the budget aims to empower individuals, make growth more inclusive, and stimulate consumption and economic growth, he said.

Additionally, the Finance minister also focused on maintaining the fiscal deficit target to a better-than-expected 4.9 per cent of GDP for the current fiscal year, he said.

FTCCI President Suresh Kumar Singhal, welcomed the Finance Minister's proposal to give a fillip to the MSME sector, and four priority areas such as employment, skills, MSMEs, and middle class, a release said.

Singhal also welcomed the proposal to open new SIDBI branches to expand its reach to serve all major MSME clusters within three years and provide direct credit.

CII Telangana Vice Chairman, RS Reddy said that this budget is quite excellent as it focuses on strengthening MSME sector, opening SIDBI branches in industrial clusters and allocation of Rs. 1.48 lakh crore for Education, Employment and Skilling will give a fillip to the economy.

FTCCI Senior Vice-President Ravi Kumar said it is the right move to review the MUDRA loan cap which is now increased to Rs 20 lakh from Rs 10 lakh to empower entrepreneurs.