“Budget 2024 distinctly focuses on fostering growth by emphasizing on substantial allocation not only towards achieving self-reliance but also fortifying India’s position as a global hub for business. The fiscal discipline demonstrated by following the glide path to bring the deficit to 5.8% of the GDP for FY24 and also targeting to further lower to 5.1% in the next fiscal, showcases a prudent approach to economic management and is set to bolster the economy further thereby reducing pressure on rupee. The capital outlay of 11.11 lakh crore rupees towards infra development with a focus on airports, road network and enhancement of railway connectivity is significant and will spur infrastructure growth leading to optimised logistics and operational costs that will also attract foreign investments. Renewed focus on R&D is also a great news for strengthening India’s position as a global hub for technology and manufacturing as it brings the potential to make India an attractive destination for global businesses that are looking to relocate.
From an auto industry perspective, the Government has allocated significant resources to strengthen the green energy sector towards realising nation’s ambitious Net Zero target by 2070. Financial support for biomanufacturing and biofoundry will stimulate green growth and modern innovations playing a pivotal role in fostering a circular economy that benefits agricultural income. The measures towards expansion and strengthening of the EV ecosystem to support manufacturing and charging infrastructure will act as a catalyst for an era that will encourage alternate, cleaner and efficient powertrains on roads.
Overall, we appreciate the Honourable Finance Minister for the balanced budget as it sets the tone for the years to come by displaying strong commitment towards the creation of a self-reliant and economically strong India.”
—