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Below the Quote on Union Budget 2024 by Mr. Umesh Revankar, Executive Vice Chairman, Shriram Finance

"The Union Budget, as expected, was in-sync with the announcements made in the interim budget earlier this year. The budget focusses particularly on Employment, Skilling, MSMEs, and the Middle Class with sustained efforts to be made across nine specific areas to achieve the vision of a Viksit Bharat.

This budget provides special attention to MSMEs and manufacturing, particularly labour-intensive manufacturing for which a solution that includes financing, regulatory changes and technology support for MSMEs to help them grow and also compete globally has been devised. While a number of initiatives have been taken by the Government for the MSME sector, the most significant announcement is the development of a new credit assessment model for MSMEs based on digital footprints easing their access to funds. 

It is heartening to see that apart from the focus on Employment and Skilling of the youth, the Finance Minister extended their extensive support to the agriculture sector by committing to the development of large-scale clusters near consumption areas as critical strategies to improve supply chain efficiency in agriculture.

Infrastructure development has been at the core of India’s growth and the Government’s provision of Rs. 1.50 lakh crores for long-term interest free loans to support the states in their resource allocation and provision of viability gap funding, favourable policy and regulations will help attract private investments in the sector. 

This budget, in a nutshell, has identified key areas which need to be supported to ensure all-round growth, identified issues that are hampering the growth and looked at finding logical, rational and viable solutions for these issues."

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