Response of CII Odisha on Union Budget 2024-25

Bhubaneswar,23 July 2024: CII Odisha today praised the Union Budget 2024-25 as agrowth-oriented budgetand also congratulated the Hon’ble Finance Minister, Smt Nirmala Sitharaman for presenting such an encouraging and balanced budget. Although this Budget has been a comprehensive one, it has focused on certain sectors emphatically, such asMSME, Agriculture, Infrastructure, Skills, Technology, innovation and Ease of doing business.
Dr Pradipta Mohanty, Chairman, CII Odisha State Council and Chairman, SNM Groupapplauds for the transformative budget where ₹1.52 lakh crore has been earmarked for agriculture and allied sectors. “We arealsodelighted to see a major focus on strengthening the MSMEs ecosystem in the country. The Union budget 2024-25 also emphasises facilitating higher participation of women in workforce by establishing working women hostels and creches in collaboration with industry.”Dr Mohanty further mentioned the allocation of Rs 11.11 lakhs crore in capital investment as positive impetus on the economy as a whole.
Mr Sunil Gupta, Vice Chairman, CII Odisha State Council and Chief Executive Officer, Vedanta Limitedsaid thatthe budget provided special attention to MSMEs and manufacturing sector where Credit guarantee scheme for MSMEs in the manufacturing sector and facilitating term loans for purchase of machinery for the MSMEs. He also added saying “that the government aims to boost domestic manufacturing, especially in high-tech sectors, and provide support to small and medium enterprisesto create jobs and promote entrepreneurship.The Union Budget 2024 aimed to create a balanced and equitable tax system, improve tax compliance, and support economic growth through targeted incentives and reforms.”
Mr Sanjay Pattnaik, Past Chairman, CII Odisha State Council and Director, Essar Minmet Limited said “the Union budget 2024-25 proposed to allocate to ₹ 1.48 lakh crore for education, employment and skilling. The revision of Model Skill Loan Scheme to help 25,000 students every year will set the tone for new employment opportunity and availability of industry ready resources in the country.He also added that the announcement of a new initiative to provide internship opportunities for 1 crore youth over the next five years, with placements in 500 leading companies will enhance skill development, employability, and nurturing future talent in the manufacturing sector.”In order to fulfill the demands of the contemporary economy, the budget places a strong emphasis on growing human capital, offering vocational training, and improving digital literacy.”
Mr Swayam Baral, Co-Chairman, CII Eastern Region Startup Taskforce and Managing Director, Swadesh Infra Marketing Pvt Ltd.said “the Union Budget presented today highlighted on multiple focus for industrial growth. Emphasis on the Purvodaya would create a comprehensive development plan for the Eastern India comprising of Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh. Tourism in Odisha and its destinations got a special reference in the budget Speech of the Hon’ble Finance Minister. Angel tax exemption for startups is another milestone to achieve in strengthening the startup ecosystem in the Country.”