USA India Chamber of Commerce hails Union Budget

Washington : Apna Punjab Media : Observing the future ready budget presented by Union Finance Minister Nirmala Sitharaman aims to realize the vision of ‘Viksit Bharat’ by raising spending to generate more jobs and spur economic growth, USA India Chamber of Commerce on Tuesday said it sets the economy on a long-term growth path through upskilling and easing unemployment. “This bold, future-ready budget aims to realize the vision of Viksit Bharat by raising spending to generate more jobs and spur economic growth. The finance minister has maintained fiscal discipline, with a commendable reduction in the fiscal deficit target to 4.9% of GDP for FY25, down from the 5.1% target in the interim budget. Fiscal discipline is crucial for sustainable economic growth and maintaining investor confidence,” said Karun Rishi, president, USA India Chamber of Commerce.
The budget focuses on micro, small, and medium enterprises (MSMEs) to drive growth through job creation. For a country like India with a large population. MSMEs can be an engine of growth. This approach is expected to enhance the contribution of MSMEs to the economy and employment generation, he said.
According to Rishi, the budget sets the economy on a long-term growth path through upskilling and easing unemployment. Skilled and employable manpower is essential for industrialization, and the government aims to leverage the power of both the private and public sectors to achieve this, he said.
“The abolition of the angel tax is a landmark decision for the start-up ecosystem in India. This was a much-needed course correction. This bold step will foster a more vibrant start- up ecosystem in India, leading to increased innovation, employment generation and competitiveness,” he said in response to a question.