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  • Interim Union Budget 2024: Reaction on across Key Sectors by Yogesh Mudras, Managing Director, Informa Markets in India

    Published on February 7, 2024

     Renewable and Green Energy: “The budget’s provision of complementary electricity through rooftop solarization is a dual triumph easing financial strain on households and championing environmental sustainability. Aligned with Atmanirbhar Bharat, the commitment to ‘Net Zero’ by 2070 is reinforced through measures like viability gap funding for wind energy, coal gasification, and liquefaction capacity. The commitment to enable 1 crore households to receive up to 300 units of free electricity monthly emphasizes the drive toward sustainable energy adoption. The budget’s forward-looking stance is evident in promoting e-buses for public transport and fortifying the e-vehicle ecosystem through support for manufacturing and charging infrastructure. These measures underscore the government’s dedication to a Greener and Sustainable future for India.”

    Food and Agriculture Sector: “The Food Sector witnesses a transformative stride, post budget. Empowering 11.8 crore farmers with direct financial assistance through PM-KISAN and providing crop insurance to 4 crore farmers under PM Fasal Bima Yojana underscore a strong commitment to agriculture. Additionally, the government’s push to foster private and public investment in post-harvest activities marks a strategic move towards bolstering the entire food supply chain. Exciting times ahead as these initiatives aim to uplift farmers and strengthen the resilience of our food sector.”

    Travel & Tourism Sector: “Elated to witness the transformative strides in the Travel & Tourism sector post-budget, with a notable emphasis on encouraging business tourism and showcasing India’s diversity to the global audience.

    Acknowledging India’s success in hosting G20 meetings across 60 diverse locations, this budget unveils a comprehensive vision. Going beyond the ambitious implementation of 3 major railway corridor programs under PM Gati Shakti scheme and the surge in foreign investment from $298 billion (2014) to an impressive $596 billion (2023) speaks volumes about India’s economic prowess, establishing it as a compelling destination for both business and conference tourism.”

     “Moreover, the spotlight on domestic tourism is commendable. With projects for port connectivity, tourism infrastructure, and amenities on our islands, including Lakshadweep, this budget not only enhances travel experiences but also generates employment. The emphasis on states to develop iconic tourist centers with a framework for quality rating and provision of long-term interest-free loans further positions India as an attractive destination for both global and domestic travellers. This budget indeed lays a solid foundation for a more competitive, connected, and inclusive travel landscape.”

    Interim Union Budget 2024 :“The government aims to reduce the budget deficit to 4.5% by 2026, with a revised target of 5.1% for next year. Defense spending got a boost, while taxes remain unchanged. Infrastructure spending sees a jump, with a focus on improving railways and building new corridors. Women empowerment initiatives like Mudra loans and STEM education are expanding. Additionally, the government plans to build 2 crore new rural houses and launch a new housing scheme for the middle class. Tourism development is also getting a push, with states encouraged to create iconic centers and islands receiving support for infrastructure projects. Overall, the budget prioritises responsible spending, infrastructure development, and social welfare programs, with a focus on women and affordable housing.”

    “The budget’s provision of complementary electricity through rooftop solarization is a dual triumph easing financial strain on households and championing environmental sustainability. Aligned with Atmanirbhar Bharat, the commitment to ‘Net Zero’ by 2070 is reinforced through measures like viability gap funding for wind energy, coal gasification, and liquefaction capacity. The commitment to enable 1 crore households to receive up to 300 units of free electricity monthly emphasizes the drive toward sustainable energy adoption. The budget’s forward-looking stance is evident in promoting e-buses for public transport and fortifying the e-vehicle ecosystem through support for manufacturing and charging infrastructure. These measures underscore the government’s dedication to a Greener and Sustainable future for India.”

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