CII Jharkhand Chairman praises govt’s efforts to support MSMEs
CII Jharkhand organises budget analysis & GST clarification session for industries
Jamshedpur, July 25: CII Jharkhand organised session on Budget Analysis and GST Clarification on 25 July 2024 in Jamshedpur. This session proved to be an ideal platform for the industry stakeholders to discuss the implications of recent budgetary allocations and GST reforms, their impact on regional development, and strategies for maximizing economic growth and fiscal efficiency.
Ritu Raj Sinha, Vice Chairman, CII Jharkhand State Council and Managing Director, Tata Steel UISL expressed his commendation for the Union Budget 2024-25, highlighting its comprehensive approach to addressing the diverse needs of India’s economy.
He further added “It is not easy to formulate the budget for a country like India. It requires a balancing act between the diverse groups that we have, such as MSMEs, heavy industries, and agriculture. The Union Budget for the year 2024-25 has something in it for everyone.”
He emphasized that the budget is well-aimed with a future-focused view, prioritizing infrastructure and development. This approach sets a solid foundation for sustainable growth and prosperity in the coming years.
Ranjot Singh, Chairman, CII Jharkhand State Council and Managing Director, Emdet Jamshedpur Pvt Ltd said, “The budget for the year 2024-25 is one of the important milestones in the Indian economy, propelling India towards becoming a Viksit Bharat (Developed India).”He shared his optimism about India reaching the 5 trillion-dollar economy mark, emphasizing that the budget touches the lives of every individual with a stake in the country. He praised the Government’s efforts to support MSMEs and generate employment, particularly through the provision of internships for 1 crore youth in the top 500 companies over the next five years.”
Arun Prakash, Convenor of the CII Jharkhand Economic Affairs, Finance & Taxation Panel, and Senior General Manager (Finance), Tata Cummins Pvt Ltd emphasized on several key factors contributing to India’s growth story. These include the consistent reduction in fiscal deficit, enhanced tax collections, a focused approach on infrastructure development, ease of doing business, tax reforms, employment creation, and attracting foreign direct investment (FDI).
Avisekh Jaiswal, Partner, Indirect Tax, Ernst & Young emphasized that GST stands as the most crucial parameter for revenue generation in the country. He noted that the average collection of GST currently stands at approximately INR 1.81 crore and is projected to witness a 15% increase in the near future.
Chetan Mehta, Partner, Direct Tax, Ernst & Young emphasized that more than two-thirds of individuals have opted for the new personal income tax regime, signalling a major shift in taxpayer preferences. He noted that the capital gain structure has been streamlined, simplifying the tax landscape for investors.
Jayesh Taunk, Mentor, CII Jharkhand Economic Affairs, Finance & Taxation Panel & Managing Director, Jayesh Taunk & Co said “The Union Budget is a pivotal instrument for the government, outlining its financial planning and policy directions for the year ahead. It reflects the government’s commitment to fostering economic growth and social progress, ensuring that the benefits of development reach all sections of society,”
