VIJAY P CHORDIA, PRESIDENT, HINDUSTAN CHAMBER OF COMMERCE ON THE UNION BUDGET 2024:-
HINDUSTAN CHAMBER OF COMMERCE welcomes the Growth Oriented, phenomenal and populism Budget announced by the Hon’ble Finance Minister, Smt Nirmala Sitaraman, Government of India on 23rd July 2024.
HCC welcomes the announcements made by the Hon’ble Finance Minister in support of MSMEs such as –
A. A new credit guarantee scheme for MSMEs, allowing them to obtain credit without needing collateral. Public sector banks will also enhance their in-house capabilities to assess MSME credit capacity – Welcome step.
B. Increasing the Limit of Mudra loans from Rs 10 lakh to Rs 20 lakh
C. Turnover threshold of buyers for mandatory on-boarding on TReDs platform reduced from Rs 500 Cr to Rs 250 Cr
D. Support for 50 multi – product food irradiation units in MSME sector.
E. E-Commerce Export Hubs to be set up in PPP* mode to enable MSMEs & traditional artisans to sell their products in international markets.
The above will help MSMEs to sustain in their business.
The announcement of increasing the standard deduction for personal taxation from Rs.50,000 to Rs.75,000 is a welcome measure and the new tax rates as per the new tax regime will definitely improve the middle class.
The Budget aimed at agriculture, MSME and job creation are futuristic and HCC appreciates the focussed budget.
HCC welcomes the reduction of Customs Duty in some of the items and expect reduction of prices of such goods.