Union Budget 2024-25: Mixed Reactions Across Major Sectors

The Union Budget 2024-25, presented by Finance Minister Nirmala Sitharaman, received diverse responses across sectors. Key focuses were on infrastructure, MSMEs, exports, and education. Despite some positive measures, expectations in various areas like new projects, NPA deadlines, and educational improvements were not fully met, highlighting areas for future improvement.

The Union Budget 2024-25, presented on July 24 by Finance Minister Nirmala Sitharaman, has sparked a variety of reactions across different sectors. This budget, marking her seventh consecutive presentation, aimed to balance the immediate needs of the populace with long-term economic goals. A thorough sector-wise analysis reveals the mixed responses and areas needing further attention.

The infrastructure sector, crucial for economic growth, had high hopes for significant increases in spending to boost job creation and enhance connectivity. While there was an 11.1% increase in infrastructure outlay, with announcements of two new expressways, the focus remained on completing existing projects. Experts suggest investing in automation and project tracking to reduce delays and increase productivity.

For MSMEs, expectations included extending NPA deadlines and relaxing GST regulations. The budget increased the Mudra loan limit and allocated funds for a credit guarantee scheme but missed key expectations. Suggestions for improvement include introducing crowdfunded platforms and extending the NPA deadline to support MSMEs effectively.

Export targets necessitated zero-duty on raw materials and developing Indian shipping lines. While raw material duty exemptions were announced, other areas like shipping lines were overlooked. Enhancing skilled labor for high-touch services and promoting cultural tourism were suggested to achieve export goals.

The education sector anticipated increased spending and better infrastructure. The budget introduced interest subventions for higher education loans, but significant issues like digital divide, employability of graduates, and declining EdTech investments need addressing. Recommendations include establishing incubation centers and exempting educational courses for low-income groups from GST.

Overall, the Union Budget 2024-25 addresses some immediate concerns while indicating areas for future growth. Strategic focus on automation, comprehensive MSME support, development of shipping lines, and enhanced education infrastructure are seen as essential for India's robust economic future.

(With inputs from agencies.)