Pune: Mahratta Chamber of Commerce, Industries and Agriculture (MCCIA) welcomed the Union Budget 2024-25 presented by Union Finance Minister Nirmala Sitharaman.
MCCIA President Deepak Karandikar termed the land reforms measures announced in the budget as the first step of dematerialized accounts of land records that would bring about 'dramatic changes'.
Prashant Girbane, Director General, MCCIA said, "The government has managed to balance fiscal deficit, infrastructure push and consumption boost in this budget. The skilling and internship initiative is a good step, but it needs to be seen whether industry, which is the demand side, be able to absorb this."
Sampad Swain, Co-founder and CEO, Instamojo said, "The focus on providing funding through banks to MSMEs is a commendable initiative, ensuring ongoing support for a sector that contributes over 30% to India’s GDP and serves as a vital engine for economic growth, job creation, and livelihood support.
Additionally, the establishment of e-commerce export hubs for MSMEs and small artisans to sell their products internationally will significantly enhance productivity and empower the country as a whole.”
Abrarali Dalal, Director & CEO, Sahyadri Hospitals said, "The government has allocated ₹89,287 crore for the development, maintenance, and improvement of the country’s healthcare system, a slight increase from ₹88,956 crore in FY24.
The union budget's removal of basic customs duty on three critical cancer treatment drugs and the reduction of duties on medical technologies such as X-ray tubes and flat panel detectors will notably enhance the affordability and accessibility of healthcare, particularly for advanced cancer treatments.
Through the 'Anusandhan National Research Fund' the increased research funding will foster innovation, development and improved treatment options in the healthcare sector.
Although these initiatives show promise, there is still potential for further enhancements to fully bolster India's healthcare infrastructure.”
Behram Khodaiji, CEO of Ruby Hall Clinic said, "The changes in Basic Customs Duty (BCD) for X-ray tubes and flat panel detectors used in X-ray machines under the phased manufacturing program are highly appreciated.
Synchronizing these changes with domestic capacity addition will bolster our diagnostic capabilities and promote the growth of the domestic medical device industry. These measures reflect a comprehensive strategy to enhance India's healthcare infrastructure and patient care.”
Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers said, "We welcome the 2024 Budget's progressive measures to reduce customs duties on gold, silver, and platinum.
These changes, coupled with the government's commitment to enhancing domestic value addition and craftsmanship, are poised to significantly benefit the jewellery industry, further contributing to the sector’s growth.
The new tax regime, with its focus on increased disposable income will boost demand for jewellery as consumers will invest in asset creation."
Sunil S. Deshmukh, Chair of Global Board of Directors, Institute of Management Accountants said, "We commend the recent budget for fostering a business-friendly environment and providing tax relief.
The introduction of a 12.5% tax on long-term gains and increased exemption limits will encourage longer-term investments and market stability. Raising the exemption limit for capital gains on financial assets to ₹1.25 lakh per year will boost individual investor participation."
