New Delhi, July 2024.

Finance Minister Nirmala Sitharaman presented her seventh consecutive Budget on July 23 for the fiscal year 2024-25, breaking the record previously held by former Prime Minister Morarji Desai. This is the first Budget of the BJP-led NDA government since its re-election in June. The government has announced a new skilling program designed to train 20 lakh youth over the next five years through industry-designed courses.

“The continued emphasis on fostering investment and enhancing road infrastructure, especially in Andhra Pradesh and Bihar will facilitate growth in the manufacturing and automobile sectors. Focus on private investment in infrastructure, mining and housing sector is also likely to boost the sale of CVs," said Dheeraj Hinduja, Chairman, Ashok Leyland.

“The budget is finely balanced with the government continuing to focus on infrastructure development as well as heightened outlays towards social sector, while maintaining the glide path towards fiscal consolidation by keeping the fiscal deficit at 4.9%.

The thrust on welfare of farmers through enhanced productivity in the agricultural sector as well as the measures to improve women participation in workforce will help to broaden the benefits of economic growth.

Furthermore, the government has given special attention to MSME and manufacturing sector with key measures and specially formulated packages. This will help to enhance the contribution of manufacturing to national GDP. It is encouraging to note the various measures proposed by the government towards energy transition and for mitigating climate change. The fight against carbon emissions and the goal of achieving carbon neutrality by 2050 is at the core of Toyota Kirloskar Motor (TKM) sustainability efforts.

We welcome the increased emphasis towards education and skilling with the introduction of several transformative measures for students and youths. Complementing this, the introduction of internship scheme with stipend from CSR (corporate social responsibility) spending is encouraging, aimed at providing good exposure to real work environment and heighten job opportunities. These measures are bound to help the country realize the advantages of demographic dividends. At TKM, youth upskilling is one of the core areas where we have been contributing aligning with ‘Skill India’ initiative, through various skill programs making them industry ready.

The tax rationalization will make available more disposal incomes, thereby boosting consumption which will help spur economic growth. We welcome and look forward to the various reforms that the government intends to bring within the given timeframe.

Reiterating our pursuit of ‘Grow in India, Grow with India’, we at TKM are aligned with the nation’s priorities, committed with our strong efforts towards the set path of ‘Viksit Bharat’.” Said Mr. Vikram Gulati - Country Head and Executive Vice President, Corporate Affairs and Governance, Toyota Kirloskar Motor

Mr. Paritosh Kashyap, Head of Wholesale Banking Group, Kotak Mahindra Bank Said, “Budget emphasizes high capital expenditure, with Rs 11.11 lakh crore allocated to infrastructure, equating to 3.4% of GDP. The holistic approach, including a roadmap for Viksit Bharat by 2047 and a credit guarantee scheme for MSMEs to reduce credit risks and enhance financing access, will drive inclusive growth. The focus on low, stable inflation and the nine priorities for generating opportunities underscores a clear strategy for economic development."