Modi 3.0 govt's maiden Budget growth-oriented with focus on job creation: India Inc

New Delhi: Finance Minister Nirmala Sitharaman has delivered a growth-oriented inclusive Budget maintaining fiscal discipline with a focus on job creation, India Inc said on Tuesday.

Reacting to measures announced in the maiden Budget of Modi 3.0 government, they said it balances equitable growth with fiscal sustainability and is people-centric.

Vedanta Ltd Chairman Anil Agarwal pointed out that the focus on job creation with three innovative employment-linked schemes is timely.

"The abolition of angel tax will give a big boost to our startups and young entrepreneurs who are the job creators of the future. The commitment to speed up IBC resolution will lead to 12,000 businesses restarting operations and many more jobs. I am delighted to see the announcement related to Critical Minerals Mission," he said.

Industry body Ficci President Anish Shah termed the Budget 2024-25 as a "growth-oriented" one that has delivered both short-term demand stimulus and actions focused on medium- to long-term growth imperatives, while maintaining fiscal discipline.

He said the Budget is inclusive, with a strong thrust on quality job creation and skilling.

Similarly, CII President Sanjiv Puri also described it as a "people-centric" Budget which balances equitable growth with fiscal sustainability.

The government has unveiled a comprehensive roadmap for sustainable and equitable growth while retaining the focus on job creation, he added.

Likewise, Assocham lauded Sitharaman for maintaining policy continuity with a "bold" Budget while investing for the long-term and no easy giveaways.

"This is a Bold budget by the government keeping in view longer-term fiscal prudence. With no easy giveaways, it focuses on a longer, more sustainable path of job creation through manufacturing in the country and a strengthened role of the MSMEs," Assocham President Sanjay Nayar said.

Bharat Forge Chairman & MD Baba Kalyani said the Budget lays strong emphasis on strengthening the fundamental pillars that would propel the Indian economy towards a Viksit Bharat.

"The focus on natural farming and agricultural productivity, incentivising job creation and employment, continued impetus to bolster MSMEs, modernising urban cities and policies aimed at accelerating India's energy transition will have a long-standing affect that would significantly improve economic resilience in an otherwise volatile world economy," he said.

In a post on X, JSW Group Chairman and MD Sajjan Jindal said, "Glad to see the Union Budget's commitment to fiscal discipline and infrastructure development. A fiscal deficit of 4.9 per cent, with a target of 4.5 per cent next year, shows our economic prudence."

Hero MotoCorp Executive Chairman Pawan Munjal termed the Budget as "visionary and pragmatic blueprint" designed to propel our economy forward and foster a sustainable future, adding that it will stimulate consumption, attract substantial investments, and stabilise inflation.

"Budget 2024 positions India as a technology-driven and knowledge-driven economy, reaffirming our commitment to sustainable development. It is a decisive step towards realising our national aspirations and strengthening our position on the global stage," he added.

Biocon Executive Chairperson Kiran Mazumdar-Shaw said the Budget 2024-25 builds further on the government's pre-election interim Budget and has positive indication on how the government is looking at India's economic growth and development.

"The FM's emphasis on job creation through skilling is a key underlying theme. Internships at large companies with government- and CSR-backed stipends is the right approach to employability and jobs for he future," she noted.

Marico Ltd MD & CEO, Saugata Gupta said, "With the Union Budget 2024-2025, the government has taken strides towards realising the Viksit Bharat vision by 2047. This is a forward-looking roadmap that will accelerate India's economic journey holistically."

"The Budget shows Modi 3.0 is all about continuing the path to fiscal consolidation with the fiscal deficit target of 4.9 per cent this year and 4.5 per cent the next while maintaining the capex figure at 3.6 per cent.

The focus on the agri sector and housing infrastructure - affordable and urban - is substantive and augurs well," Hinduja Group of Companies (India) Chairman Ashok Hinduja said.

"Overall, a good Budget for the macro Indian investment climate but could have been better for Indian investors."

RPG Enterprises Chairman Harsh Goenka in a post on X said, "After a World Cup win by the men in blue, a match-winning Budget by FM Sitharaman for Team India -- focusing on common man's interests. Meticulous, detailed and well researched, ingraining the pulse of the country, under an experienced Captain's leadership."