Singhbhum Chamber applauds progressive measures in Interim Budget 2024

Jamshedpur: The recently presented Interim Budget 2024 by the Government of India has garnered positive feedback from members of the Singhbhum Chamber of Commerce and Industry ( SCCI), who have hailed it as progressive and aligned with the goals of economic development. The budget, with a predominant focus on bolstering the economy, investing in infrastructure, healthcare, education, and rural empowerment, underscores the government’s commitment to fostering inclusive and sustainable growth.

Vijay Anand Moonka, president of SCCI, expressed satisfaction with the measures outlined in the budget, emphasizing their comprehensive understanding of the challenges and opportunities facing the Indian economy. He lauded the allocation of resources across different regions, foreseeing it as a solid foundation for long-term growth and prosperity.

Advocate Rajeev Agarwal, Vice President of Tax and Finance at Singhbhum Chambers, highlighted the positive strides in simplifying the taxation system. While there were no changes in the tax slabs, there was a notable emphasis on providing ease to traders through both direct and indirect tax reforms.

Advocate Anshul Ringsiya, Secretary of Tax and Finance at Singhbhum Chambers, drew attention to key provisions, including the abolishment of outstanding direct tax demands in Income Tax up to ₹25,000/- until the financial year before 2009-10 and from 2010-11 to 2014-15. Additionally, any outstanding amount up to ₹10,000/- will be waived.

Key highlights from the Interim Budget include: PM Awas Yojana Gramin: Close to completing the target of 3 crore houses, with plans for an additional 2 crore houses. Ayushman Bharat: Expanded to cover all workers under Asha and Anganwadi schemes. Scheme for Middle-Class Housing: Aimed at helping eligible sections of the middle class living in rented houses, huts, chawls, and unauthorized colonies to buy or build their own houses, with a positive impact on steel, cement, and construction materials. Interest-Free Employee Domain Corpus: A corpus of Rs 1 lakh crore set up for 50 years.

Railway Infrastructure: 40,000 railway coaches to be converted to Vande Bharat standards. Capex Target for FY25: Set at Rs 11.1 lakh crore, raised by 11.1%, constituting 3.4% of GDP. Medical Colleges Expansion: Government plans to set up more medical colleges using existing hospital structures. Promotion of Electric Vehicles: Forward-looking strategy with a focus on increasing charging stations.

Rural Development: Allocation of funds for infrastructure development to strengthen communication facilities and boost economic growth in rural areas. Tax Benefits: Extended tax benefits for startups, sovereign wealth or pension funds, and IFSC units.

Moonka presented the Interim Budget 2024 at Singhbhum Chambers, accompanied by former Chairman M.D. Kedia, Vice President Anil Modi, and other dignitaries. The comprehensive budget addresses various sectors crucial for economic growth, with Singhbhum Chambers members expressing optimism about its potential impact on the nation’s development. A large gathering of chamber members attended the presentation, reflecting the widespread interest and anticipation surrounding the budget’s implications.