Budget 2024-25: Amul MD Jayan Mehta praises continuity and cooperative focus

Budget 2024-25: The Union Budget 2024-25, presented by Finance Minister Nirmala Sitharaman, has received positive feedback from Amul MD Jayan Mehta. Highlighting the budget's continuity and strategic focus, Mehta appreciated the government's clear direction towards inclusive growth, particularly through the promotion of cooperatives.

"Yes, I think it's a pretty good budget and you're right, it's continuity and more importantly a focus on where we want to go towards," said Mehta. He stressed the government's commitment to four major areas: the poor, women, youth, and farmers. The new cooperative policy was particularly welcomed, as it aligns with the Prime Minister's outlined tasks and aims to foster development across these key sectors.

The budget allocated Rs 1.48 lakh crore for education, employment, and skill development, reinforcing the focus on creating jobs and enhancing the skill set of the middle class. Notable initiatives include three new employee-linked incentive schemes and a comprehensive internship program targeting 1 crore youth over the next five years.

 "This is a very clear indication of where the government wants to go and how they want to take everybody in the growth story," Mehta  said.

The government's emphasis on organic and natural farming also stood out. "The focus on organic farming and natural farming also gets a good place in this budget," Mehta noted, highlighting the objective to bring more than 1 crore farmers into natural farming practices. This initiative aims to provide consumers with healthier food options while promoting sustainable agricultural practices.

Budget highlights

• Economic Growth: The budget projects a nominal GDP growth of 10.5 per cent for 2024/25.
• Fiscal Deficit: The target has been lowered to 4.9 per cent of GDP, aided by a record surplus from the central bank.
• Job Creation: Rs 2 lakh crore allocated for job creation over the next five years.
• Rural Development: Rs 2.66 lakh crore earmarked for rural development to bolster infrastructure and support for farmers.
• Tax Changes: Increased tax rates for equity investments and reduced corporate tax for foreign companies to attract investment.
• Infrastructure Investments: Retained capex outlay for infrastructure at Rs 11.1 lakh crore.

Additionally, the budget proposes significant allocations for urban development and affordable housing, partnering with private players to develop small nuclear reactors, and enhancing credit support for small and medium enterprises.

(Source: Republicbiz)