New Delhi, February 01, 2024.

As Union Finance Minister Nirmala Sitharaman presented the interim Budget on Thursday, stakeholders from different industries reacted to the announcements.

Moin Ladha, a partner at Khaitan & Co., said: “India’s entry into the Kartavya Kal has been announced with the India-Middle East-Europe trade corridor which supports our commitment to national development and provides an ambitious vision to transform into a developed nation by the centenary of its independence in 2047. This corridor is expected to positively impact and facilitate world trade and India’s trade in GCC region.”

Manish Kothari, President and Head Commercial Banking, Kotak Mahindra Bank on the Interim Budget "A directionally positive interim budget - supporting continuity of all critical commitments made by the Govt related to - (a) Fiscal rectitude (managing, both the fiscal deficit for this year at 5.8% as well as confirming the estimates at 5.1% for the coming year and below 4.5% for the year after) and reducing the borrowings for the next year, leaving room for the private sector; (b) Continued capex growth in Infra with an increased outlay of 11.11 L crore and in Railways, Aviation, etc. - for a multiplier effect on the ground; and (c) Continued focus on supporting the four broad pillars (Poor, Women, Youth and Farmers) through various schemes - in a way lifting the bottom of the pyramid for overall progress of the nation!

Speaking on the MSMEs, he added, “Keeping with the promise of First Developed India (FDI), the 2024 Union Budget has prioritized strengthening and aiding the MSME sector to compete in the global market by meeting their investment needs, improving/advancing the technology and liberalizing the regulatory space.”