Industry Leaders Praise Union Budget
Rajan Bharti Mittal and Harsh Pati Singhania Share Insights
New Delhi, July 23: The Indian industry bodies have welcomed the Union Budget, calling it a roadmap for a developed India. They believe that the continued focus on capital expenditure, such as infrastructure and housing, will drive growth. The budget also offers tax reliefs, especially for the middle class, which will help balance the economy.
Harsh Pati Singhania, Chairman and Managing Director of JK Paper Ltd, praised the budget for its emphasis on domestic capacity creation and job creation. He highlighted the government’s schemes that provide financial incentives for first-time employees and employers through direct benefit transfers.
Rajan Bharti Mittal, Vice Chairman and Managing Director of Bharti Enterprises, described the budget as comprehensive. He noted its focus on women empowerment, agriculture, and MSMEs, which will boost manufacturing activities. Mittal also emphasized the importance of strengthening the manufacturing base and praised the announcements related to skilling and job generation.
The Finance Minister announced three schemes for ‘Employment Linked Incentive’ as part of the Prime Minister’s package, focusing on first-time employees and support for employees and employers. The budget also includes an increase in both long-term and short-term capital gains tax.
Manish Sharma, Chair of FICCI Electronics and White Goods Manufacturing Committee, and Dr. Harsh Mahajan, Chair of the FICCI Health Services Committee, also praised the budget. Sharma appreciated the structured approach to growth in various sectors, while Mahajan applauded the removal of the Angel Tax, which will benefit healthcare startups.
Doubts Revealed
Union Budget -: The Union Budget is a financial plan presented by the government of India every year. It shows how the government will earn and spend money in the coming year.
Rajan Bharti Mittal -: Rajan Bharti Mittal is a well-known businessman in India. He is part of the Bharti Enterprises, which owns companies like Airtel.
Harsh Pati Singhania -: Harsh Pati Singhania is another important businessman in India. He is part of the JK Organization, which has businesses in paper, cement, and other industries.
Finance Minister -: The Finance Minister is a person in the government who is responsible for managing the country’s money. In India, this person presents the Union Budget.
Employment Linked Incentive -: Employment Linked Incentive schemes are programs by the government to encourage companies to create more jobs. They offer benefits to companies that hire more people.
Capital gains tax -: Capital gains tax is a tax you pay when you sell something valuable, like property or stocks, for more money than you bought it for.
Manish Sharma -: Manish Sharma is a business leader in India. He is known for his work in the electronics industry, especially with Panasonic.
Dr. Harsh Mahajan -: Dr. Harsh Mahajan is a well-known doctor and healthcare leader in India. He has contributed a lot to the medical field.
Angel Tax -: Angel Tax is a tax on the money that startups receive from investors. It was removed to help new businesses grow without extra financial burden.
