As the President of CAMIT, I commend Finance Minister Nirmala Sitharaman for presenting a budget that prioritizes economic growth, fiscal prudence, middle-class empowerment, and industrial development. The reduction of the fiscal deficit to 4.4% of GDP ensures long-term stability, while the increase in the nil tax slab to ₹12 lakh is a much-needed relief that will boost disposable income, drive consumption, and benefit trade and industry.
For MSMEs, the National Manufacturing Mission and start-up funds are welcome steps toward incentivizing manufacturing, innovation, and infrastructure development. The decision to raise the investment and turnover limits for MSMEs is a progressive move that acknowledges the sector’s evolving needs. However, more targeted interventions—especially in terms of credit accessibility, cost reduction, and compliance simplification—are necessary. Special packages and tax incentives for Vidarbha and Marathwada could have further fueled industrial growth in these regions.
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Saturday 01 Feb. 2025
The farm sector sees a major boost with the launch of five-year Cotton and Pulses Missions, ensuring 100% government procurement—a game-changer for Vidarbha, where cotton and tur dal are primary crops. This initiative will strengthen the agro-value chain, enhance rural incomes, and create new economic opportunities. Additionally, higher subsidized credit limits for farmers and policies promoting high-yielding crops align with the vision of improving farm productivity and income security.
The decision to raise the FDI limit in insurance to 100%, along with key reforms in taxation, power, urban development, and mining, signals a comprehensive economic approach. However, it is disappointing that Maharashtra—the highest contributor to India’s GDP and tax revenue—has been largely overlooked, while states like Bihar receive significant allocations ahead of elections. Maharashtra’s industrial and agricultural sectors deserved greater attention and incentives.
As with any budget, there are hits and misses. Some expectations were met, while others remain unfulfilled. The budget lays a solid foundation for growth, but its impact will depend on effective implementation and continuous stakeholder engagement. Overall, I rate this budget 7 out of 10.
