Industry bodies in Odisha lauded Union Budget 2024-25

Bhubaneswar, 23. 07. 2024 : Different Industry associations in Odisha came forward and praised the Union Budget 2024, calling it a balancedand forward looking. Associations like CII, FICCI, ICC, ASHOCHAM Odisha chapters, shared their perspectives and what are the major takeaways from the Union Budget 2024-25.
Mr. Pankaj Lochan Mohanty, Chairman, ASSOCHAM Odisha said, “The benefits of the budget announced by the Finance Minister are substantial, especially for Odisha, where initiatives aimed at skill development are set to be a game-changer. We commend the Finance Minister for the significant developmental announcements made for the state. Odisha holds immense potential to emerge as a leading Indian state, and ASSOCHAM has been advocating for its industrial development and technological revolution. These initiatives are poised to propel Odisha towards greater economic growth and prosperity.”
MrsMonalisa Panda, Co-Chair, CII IWN Odisha,“The stress on enhancing participation of women in labour force is palpable due toemphasis on enablers such as making working women hostels and crèches.Mudra Loans have been increased to enhance women’s roles and upgrade their status. Apart fromthis the emphasis on Ease of Doing Business is also noticeable.”
Mr Pankaj Kumar Satija, Chairman, FICCI Odisha State Council & EIC- FAMD, Tata Steel Ltd, “The Union Budget 2024-25 focussed on growth and stability, with significant allocations for skilling & job creation, housing, and agriculture. The budget also emphasises on building infrastructure and support to MSMEs aimed at stimulating economic growth and reinforcing investor confidence while providing some relief to the middle class. Overall it’s an impactful budget for all.”
Mr J B Pany Chairman ICC Odisha State Council, “This is a very balanced budget which will provide impetus towards overall economic growth of state like Odisha. The government’s focus is on the agricultural sector, digitalisation, transparency and improving farmer income. They are also prioritising employment by creating platforms for MSEs through loans and infrastructure support. Additionally, the focus on liberalisation and nurturing new entrepreneurs is promising. Energy remains a key focus with plans to increase power generation capacity using super ultra-critical power plants and exploring nuclear options to meet growing demands. Efforts to control inflation and maximise available resources and infrastructure are evident. On the tax side, there have been changes, including an increase in the buyback tax and adjustments to the capital gains structure. The reduction of foreign tax from 40 percent to 35 percent is a positive step, showcasing the country’s welcoming approach.”