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Niranjan Hiranandani, Founder of Hiranandani Group and Chairman of National Naredco, commended the budget for its integrated and equitable growth approach, emphasising social reforms, economic value chain enhancement, and support for sunrise sectors.
NEW DELHI: Finance Minister Nirmala Sitharaman’s presentation of the interim budget for 2024-25, her sixth in the Modi government’s second term, has garnered praise from industry leaders.
Niranjan Hiranandani, Founder of Hiranandani Group and Chairman of National Naredco, commended the budget for its integrated and equitable growth approach, emphasising social reforms, economic value chain enhancement, and support for sunrise sectors.
He lauded the government’s commitment to comprehensive GDP growth, promoting the “Sab ka Saath, Sab ka Vikaas” objective. Keeping the fiscal consolidation target at 5.1 per cent, according to Hiranandani, will decrease borrowing costs for businesses, stimulate economic growth, and stabilise the economy.
The budget allocates an 11 per cent increase in infrastructure outlay, providing a substantial boost to residential, commercial, and industrial real estate across regions. The multi-modal corridor connectivity, new railway corridors, and expansion of airports and ports corridors are expected to have a multiplier effect on the real estate landscape.
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“The augmentation of multi-modal corridor connectivity with new railway corridors, and doubling of airports and ports corridors will have a multiplier effect on the real estate landscape”, said the 73 year old tycoon.
He also highlighted that the extension of the PMAY scheme for rural areas, which aligns with the goal of “Housing for all,” will address the housing deficit needs for the urban poor. The emphasis on continual skilling and upskilling aims to enhance the competitiveness of the workforce, creating more employment opportunities.
“Therefore, India’s vision for Amrit Kaal is stated very clearly and thus the country is on track to becoming Vikshit Bharat by 2047,” said Hiranandani.
Darshan Hiranandani, Founder of NIDAR Group, considers this budget a landmark, outlining a sustainable growth roadmap under Prime Minister Narendra Modi’s leadership. The inclusion of free solar electricity, affordable housing for the middle class, and EV charging infrastructure reflects a commitment to a developed and self-reliant India, he opines.
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He added, “This is a landmark budget. Under the leadership of PM Narendra Modi, the FM has outlined a sustainable growth roadmap that includes free solar electricity, an affordable housing programme for the middle class, and EV charging infrastructure along with an emphasis on artificial intelligence (AI).” The budget, according to Hiranandani, will foster inclusive and equitable growth while promoting a positive business climate.
Key highlights from the budget include initiatives such as rooftop solarisation for free electricity, promoting entrepreneurship in electric vehicles, and fostering private and public investment in post-harvest activities. The extension of healthcare cover under Ayushman Bharat to various frontline workers and the focus on agriculture, including the Aatma Nirbhar Oilseeds Abhiyan and Matsya Sampada, underscore the government’s commitment to holistic development.
The budget also addresses societal changes by forming a high-powered committee to comprehensively tackle challenges arising from population growth and demographic changes. Revised estimates for 2023-24 indicate prudent fiscal management, with total receipts (excluding borrowings) at Rs. 27.56 lakh crores, tax receipts at Rs. 23.24 lakh crores, and a fiscal deficit of 5.8 per cent of GDP.
