The Confederation of Indian Industry (CII) has lauded the Union Budget 2024-25 for its robust focus on inclusive growth and economic resilience. The budget is in sync with the vision of a developed India (Viksit Bharat), fostering industrial development, empowering MSMEs, generating employment for youth, empowering women, and strengthening the agriculture and tourism sectors.
The substantial investments earmarked for agriculture, infrastructure, and employment are anticipated to boost demand for insurance products, presenting significant opportunities for the industry. The push towards expanding digital public infrastructure and financial services to underserved regions is expected to help the insurance sector penetrate new markets. Support for MSMEs and job creation incentives are poised to enhance the economic environment, reduce risks, and promote a culture of insurance adoption.
CII has also expressed strong support for the establishment of e-commerce export hubs through public-private partnerships. These hubs will aid MSMEs and traditional artisans in accessing international markets and streamlining trade and export services. This initiative is a strategic move towards achieving India’s goal of USD 1 trillion in merchandise exports by 2030.
Furthermore, the budget’s commitment to providing internships for one crore youth over the next five years, with placements in leading companies, is a commendable step towards enhancing employability and nurturing a skilled workforce for the manufacturing sector.
Mr. Kulin Lalbhai, Chairman of CII Gujarat State Council and Vice Chairman of Arvind Ltd., emphasized the budget’s alignment with CII’s objectives and its potential to drive sustainable and inclusive growth across various sectors.
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