Union Budget 2024 | Reaction from Meenu Singhal, Regional MD, Socomec Innovative Power Solutions

The budget announcement marks a pivotal moment for India, focusing on nine priorities, including Productivity and Resilience in Agriculture, Employment & Skilling, Human Resource Development and Social Justice, Manufacturing & Services, Urban Development, Energy Security, Infrastructure, Innovation, Research & Development, and Next Generation Reforms. These initiatives are set to generate ample opportunities for all sectors.

This budget paves the way for significant growth towards a ‘Viksit’ Bharat. With a one lakh crore fund allocated for research and innovation, it will provide substantial sustainable growth opportunities for our country by 2047. The policy’s emphasis on appropriate energy transition will help balance the imperatives of employment, leading to more organized growth and environmental sustainability.

The budget’s emphasis on skilling programs will empower the youth to obtain quality employment opportunities. We appreciate the government’s move to reduce the corporate tax for foreign companies from 40 percent to 35 percent. This endeavor will improve the overall business environment, making it conducive to foreign direct investments in the country, which will create more employment opportunities for the youth and stimulate economic growth. The Angel Tax abolition will also supercharge the startup ecosystem, fostering innovation and entrepreneurship.