Sanjay Sethi Praises Inclusive Budget for Agriculture and MSMEs
Mumbai (Maharashtra) [India], July 23: Sanjay Sethi, Managing Director of Chalet Hotels Limited, praised the Union Budget 2024-25 for its inclusive focus on agriculture and the micro, small, and medium enterprise (MSME) sector.
“No surprises. I think it was pretty much aligned with whatever we were expecting. It is clearly a budget that focuses on inclusivity and, again, a clear eye on creating employment and infra development,” Sethi said.
Finance Minister Nirmala Sitharaman allocated Rs 1.52 lakh crore to the agriculture and allied sectors while presenting the Union Budget for the fiscal year 2024-25 in Lok Sabha. She emphasized the importance of research and development in agriculture, particularly in the production, storage, and marketing of pulses and oilseeds.
“We will strengthen their production, storage, and marketing,” she stated. This initiative aims to achieve “atmanirbharta” (self-reliance) in oilseeds such as mustard, groundnut, sesame, soybean, and sunflower.
In her budget speech, Sitharaman also announced measures to boost the MSME sector, including a Rs 100 crore credit guarantee scheme. This scheme aims to provide financial and technological support to help MSMEs grow and compete globally.
“This budget provides special attention to MSMEs and manufacturing. A separate guarantee fund will provide Rs 100 crore to MSMEs,” Sitharaman said.
Doubts Revealed
Sanjay Sethi -: Sanjay Sethi is the Managing Director of Chalet Hotels Limited, a company that owns and manages hotels in India.
Union Budget -: The Union Budget is a financial plan presented by the Finance Minister of India every year, detailing the government’s revenue and expenditure for the upcoming year.
Finance Minister -: The Finance Minister is a government official responsible for managing the financial affairs of the country. In this case, it is Nirmala Sitharaman.
Nirmala Sitharaman -: Nirmala Sitharaman is the Finance Minister of India, responsible for presenting the Union Budget and managing the country’s finances.
Rs 1.52 lakh crore -: Rs 1.52 lakh crore is a large amount of money, specifically 1.52 trillion rupees, allocated for agriculture in the budget.
R&D -: R&D stands for Research and Development, which involves activities to improve existing products or create new ones through scientific research.
Pulses and oilseeds -: Pulses are seeds like beans and lentils that are used as food, and oilseeds are seeds like sunflower and mustard that are used to produce oil.
MSMEs -: MSMEs stands for Micro, Small, and Medium Enterprises, which are small businesses that play a crucial role in the economy.
Credit guarantee scheme -: A credit guarantee scheme is a program where the government promises to repay loans if the borrower cannot, making it easier for businesses to get loans.
Infrastructure development -: Infrastructure development refers to building and improving facilities like roads, bridges, and buildings that are essential for a country’s growth.
