Merchants’ Chamber of Commerce & Industry president Shri Namit Bajoria has welcomed the Interim Budget for 2024-25 without any change in the tax rates.
He said: “Continued focus on capex is a productive spending – 11% increase to the tune of 3.4% GDP should jumpstart local buying.” Better than expected fiscal deficit of 5.8% and even better fiscal deficit target of 5.1% will get positive rating and continued investment in India.
Start-up exemption scheme extended to March 25 a boost to entrepreneur culture. Bringing population control into mainstream agenda will pave way for Viksit Bharat. As expected, taxation rates have remained unchanged.
The Union Finance Minister Smt. Nirmala Sitharaman has proposed no change in the direct or indirect tax rates.
She said that the fiscal deficit for 2024-25 has been estimated at 5.1 percent of GDP.
Highlighting some of the achievements of the Government she added In the last 10 years, 25 crore people have come out of poverty trap.
The Finance Minister announced that certain tax benefits for startups and investments made by sovereign wealth and investment funds, tax exemption of some IFSC earlier expiring on March 31 this year, has been extended up to March 31, 2025.
She mentioned that PM Mudra Yojna sanctioned loans worth Rs 22.5 lakh crore for young entrepreneurs.
Capital expenditure worth Rs 11.11 lakh crore in the last four years has resulted in huge multiplier effect in the economy,
Three major railway corridors have been planned in the country for enabling multimodal connectivity.
FDI inflow during 2014-2023 doubled $596 billion compared to that during 2005-2014.
The gross and net market borrowing through dated securities in 2024-25 are estimated at Rs. 14.13 and 11.75 lakh crore. Both are less than that in 2022-23.