CII President Sanjiv Puri Statement on Budget

A People-Centric Budget which balances equitable growth with fiscal sustainability: Sanjiv Puri, President, CII

The maiden budget of the new government has unveiled a comprehensive roadmap for sustainable and equitable growth while retaining the focus on creation of jobs. Budget 2024-25 provides an extensive roadmap for each segment of society so that every Indian becomes an equity holder in the growth aspirations of the new and progressive India.

The nine key priorities unveiled in the Budget for Viksit Bharat provide an all-encompassing blueprint for an inclusive, resilient, prosperous, environmentally sustainable and technologically advanced India, and would be a crucial milestone in our journey for a developed India @2047.                                                                                                

The focus of the Budget on employment, skilling, MSMEs, and the middle-class along with measures for agriculture, urban development, incentivising states to carry out NextGen reforms, taking steps for promoting a virtuous cycle of consumption, investment and demand, and support to start-ups and women, among others is timely and would contribute significantly towards empowering people, and making growth inclusive while providing an impetus to consumption and growth.

In doing so, the Finance Minister deserves credit for displaying astute financial management by keeping the fiscal deficit target at better than expected 4.9 per cent of GDP for the current fiscal while retaining the focus on capital expenditure which is no mean achievement considering the daunting external milieu and its impact on India.

23 July 2024

New Delhi