Budget statement 2024

The Union Budget 2024-25 budget is undeniably progressive, especially with its focus on bolstering employment opportunities and supporting the growth of MSMEs (Micro, Small, and Medium Enterprises). The focus on MSMEs through measures like easier access to credit, streamlined regulations, and enhanced market linkages, promises to empower these enterprises to thrive and contribute more effectively to national development. By lowering the threshold for mandatory TReds (Trade Receivables Discounting System) onboarding to Rs 250 crore, the government aims to streamline cash flows for MSMEs, enabling them to manage their finances more efficiently and sustainably. This measure enhances the liquidity which is crucial for the day-to-day operations and expansion of small enterprises. The skilling initiatives announced in the budget are incredibly encouraging and will ensure that the country can fully leverage its demographic dividend through our commitment to enhancing vocational education and aligning it with industry needs. Such focused measures will ensure that the youth is ready to meet the demands of the modern workforce. On the energy front, collaborating with the private sector for advanced research and development in innovative technologies and new energy segments will help ensure energy security for the country. Such partnerships could pave the way for safer, more efficient energy solutions tailored to Bharat’s needs. In addition, the substantial allocation for infrastructure development, including urban development and connectivity projects, is expected to help improve logistics and urban infrastructure, fostering economic growth. The Budget also emphasised on strengthening the rural economy. The implementation of Digital Public Infrastructure (DPI) in agriculture would be noteworthy, as it can help enhance efficiency, transparency, and traceability in the agricultural supply chain, benefiting farmers, agribusinesses, and consumers. Overall, the Union Budget 2024-25 emerges as a transformative blueprint for India’s economic resurgence. With strategic investments and forward-looking policies, India is poised to navigate global challenges while harnessing its immense potential for socio-economic development. The reiteration of the nextgeneration reforms, including those related to labour and land, stating collaboration between the centre and states will be critical to achieving the goal of Viksit Bharat by 2047. Optimism prevails that India’s journey towards becoming a global economic powerhouse is firmly on course.