Union Budget 2024 | Reaction from Dimitrov Krishnan, MD, Volvo CE India

We welcome the Union Budget 2024-25 for providing a significant impetus to the construction equipment sector. The vision of ‘Viksit Bharat’ by 2047 underscores the importance of allocating substantial resources for infrastructure development to enhance India’s growth trajectory. The proposed increase in capital expenditure by 11.1 percent, amounting to Rs. 11.11 lakh crore for FY2025, will significantly support economic growth and employment.

Infrastructure and manufacturing are key priorities in this budget, critical for driving economic growth and job creation. As a key player in India’s construction and infrastructure ecosystem, Volvo CE is committed to supporting these initiatives through innovative solutions and partnerships that drive efficiency and sustainability. We look forward to collaborating with the government and our various stakeholders to advance the infrastructure capabilities of the country and contribute to India’s growth story.

It is heartening to see the emphasis being given in the Budget to road connectivity across the country, as this is vital for overall economic development. The provision of Rs. 2.66 lakh crore for rural development, including rural infrastructure, will go a long way in creating jobs and stimulating the growth of the rural economy. The focus on industrial corridors and energy infrastructure aligns with Volvo CE’s vision of promoting sustainable development and technological advancement.