CII Northern Region hails Union Budget as growth-oriented

The Confederation of Indian Industry (CII), Northern Region, on Wednesday hailed the Union Budget as growth-oriented, saying it scores well on many fronts including its focus on developing infrastructure, meeting green goals and providing tax relief to the middle class and boosting the MSME sector.

''The Union Budget 2023-24 presented by Finance Minister Nirmala Sitharaman, is a growth-oriented budget as it has clearly indicated the government's vision for 'Amrit Kaal' through a focus on the 'seven priorities' of inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector,'' said Anshuman Magazine, Chairman, CII Northern Region.

Measures such as an increased outlay for affordable housing, enhanced focus on tourism and development of 'unity malls' in key cities would give a fillip to the real estate sector, which will be further aided by the tax relief to citizens which should boost consumption appetite, he said. ''At CII, we believe that this year's budget scores well on many fronts including its focus on developing infrastructure, meeting green goals, providing tax relief to the middle class and boosting the MSME sector,'' he said, according to a CII Northern Region release. Promoting 'Sabka Saath, Sabka Vishwas', the Union Budget focuses on promoting inclusive development of the agriculture sector, which is the major source of employment in the Northern Region, said Deepak Jain, Deputy Chairman, CII Northern Region. The initiatives such as building Digital Public Infrastructure; setting up of Agriculture Accelerator Fund; enhancing the agriculture credit target to Rs 20 lakh crore and making India a global hub of millets are the steps in the right direction, he pointed out. He said CII also thanks the Union Finance Minister for accepting the recommendations on enhancing the prominent Credit Guarantee Scheme and easing the cost of credit by reducing the interest rates for loans to MSMEs. CII Northern Region is happy to note that this last full Budget before the 2024 general elections has ticked all the right boxes for growth and development, he said. ''We welcome the government's announcement towards infrastructure development through building fifty additional airports, heliports, water aerodromes etc which will improve regional air connectivity, especially for the landlocked northern region. ''CII also welcomes the government's decision for increasing capital investment outlay by 33 per cent which amounts to 3.3 per cent of GDP. This will have a positive multiplier effect on economic growth. The highest ever outlay of Rs 2.40 lakh crore has been provided for the Railways, which will further spur regional connectivity,'' said Jain. CII also welcomes the Finance Minister's thrust on boosting domestic demand by augmenting personal disposable incomes through the various direct tax reforms announced in the budget, said Amit Thapar, Chairman, CII Punjab. Finance Minister Nirmala Sitharaman presented the last full Budget of the second term of the BJP-led NDA government on Wednesday.

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