The interim budget for 2024-25, presented by Finance Minister Nirmala Sitharaman on February 1, has received a positive response from the business community in Mumbai, the financial capital of India. Among the prominent voices who praised the budget was Ashish Chauhan, the CEO of the National Stock Exchange of India (NSE), the leading stock exchange in the country.
Chauhan, who was present at the Mumbai Press Club to share his views on the budget, said that he was impressed by the three key themes that emerged from the budget speech – growth, welfarism and fiscal restraint. He said that these three objectives were very difficult to achieve by any government, but the current government had proved over the last 10 years that it had been able to create a social security framework for every citizen of India.
He cited the examples of various schemes and initiatives launched by the government, such as the Pradhan Mantri Jan Dhan Yojana, the Pradhan Mantri Ujjwala Yojana, the Pradhan Mantri Awas Yojana, the Pradhan Mantri Kisan Samman Nidhi, the Ayushman Bharat Yojana, the Pradhan Mantri Fasal Bima Yojana, the Pradhan Mantri Mudra Yojana, the Pradhan Mantri Shram Yogi Maan-dhan Yojana, and the Pradhan Mantri Suraksha Bima Yojana. He said that these schemes had provided financial inclusion, health insurance, housing, income support, crop insurance, credit, pension and accident insurance to millions of Indians, especially the poor and the vulnerable.
He also lauded the government for its focus on infrastructure development, which he said had reduced the logistics cost in the country to single digits. He said that the government had invested heavily in building roads, ports, airports, railways, metro, waterways, and digital connectivity, which had improved the ease of doing business and the quality of life of the people. He particularly praised the Atamanirbhar Technology that had been developed in Vande Bharat, the indigenous train set, and many metro projects, which he said had showcased the innovation and self-reliance of India.
He said that the budget had also shown fiscal restraint, as the fiscal deficit was projected to be 4.5% of GDP in 2024-25, down from 6.8% in 2020-21. He said that the government had managed to balance the need for stimulus and spending with the need for fiscal prudence and consolidation. He said that the government had also increased the capital expenditure by 34.5% to Rs 5.54 lakh crore, which would boost the economic growth and create jobs.
He concluded by saying that the budget had laid the foundation for a strong and resilient India, which would emerge as a global leader in the post-pandemic world. He said that the budget had reflected the aspirations and expectations of the people of India, and had given a positive signal to the investors and the markets.
