Union Budget 2024-25 significant milestone for India: SICCI

Singapore, Jul 24 (PTI) The Union Budget 2024-25 is a significant milestone for India, with its focus on skills development, higher education, and the empowerment of youth and women, said the Singapore Indian Chamber of Commerce and Industry (SICCI) on Wednesday.

“These initiatives are crucial in preparing the Indian citizenry to tackle the economic challenges of the future,” SICCI Chairman Neil Parekh said, commenting on the latest financial package designed to drive the Indian economy forward.

“SICCI lauds these efforts announced by India’s Finance Minister Nirmala Sitaraman. It commends the Indian government under the leadership of Prime Minister Narendra Modi for its foresight in preparing the younger generation to take India to even greater heights,” said Parekh.

The Budget has allocated Rs 1.48 lakh crore for education, employment, and skill development initiatives in the country, demonstrating the government’s commitment to empowering the youth and enhancing their skills for better employment opportunities and upgrading 1,000 industrial training institutes, he noted.

“SICCI would be pleased to work with the various training institutes to upgrade their facilities, as many of our members have experience of running educational institutions, and we are ready to share our experiences in this area to help these training institutes to be future-ready for the ever-changing economic landscape,” said Parekh, a nominated member of Parliament in Singapore since July 2023.

SICCI is also thrilled about the proposals to develop 12 industrial parks as announced by Finance Minister Sitharaman.

“We are eagerly anticipating the details of these plans (proposals), which we can share with the various sister trade associations and chambers of commerce in Singapore,” added the head of the 500-member Indian chamber in the city-state.

“This sharing of information may spark their interest in exploring joint ventures in the various industrial parks, opening a world of exciting new business opportunities,” Parekh said.

For businesses and keen investors, a welcome announcement in the Budget would be the abolishment of the Angel tax for certain classes of investors and the reduction of the corporate tax rate on foreign companies from 40 per cent to 35 per cent, he believes.

These moves, including the abolishment of the Angel tax for certain classes of investors and the reduction of the corporate tax rate for foreign companies, will further enhance India’s appeal as an attractive destination for global investments. This is particularly significant in a world where competition for investment is tough, added Parekh, a partner at Tikehau Capital, a French finance and asset management company.