New Delhi: Union Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25, marking a pivotal moment for India's economic trajectory. Emphasising a holistic approach, the budget addresses critical areas such as energy security, infrastructure expansion, and fostering innovation. Key stakeholders across industries have expressed optimism, citing the government's commitment to bolstering growth through strategic investments and policy initiatives.
Hamza Arsiwala, President of the Indian Electrical and Electronics Manufacturers Association (IEEMA), lauded the budget's focus on job creation and skill development, essential components for building a robust economy.
He highlighted initiatives aimed at boosting manufacturing, particularly in the electrical and renewable energy sectors. The announcement of duty exemptions on essential minerals and metals is expected to further catalyse growth in these industries, promoting domestic manufacturing and aligning with the 'Make in India' initiative.
Charu Mathur, Director General of IEEMA, echoed these sentiments, emphasising the budget's provisions for advancing India's energy sector with a strong emphasis on renewable and nuclear technologies.
The continuation of customs duty exemptions for critical components like high-grade CRGO steel is seen as a supportive measure for the power sector, crucial for enhancing domestic production capabilities, added Mathur.
Overall, the Union Budget 2024-25 outlines a roadmap for sustainable growth, underpinned by investments in clean energy, infrastructure, and support for MSMEs. With measures aimed at enhancing competitiveness and fostering innovation, the budget sets a course for India to achieve greater economic resilience and self-reliance in the years ahead, added Mathur.
