In a post-Budget 2024 reaction, Rajan Bharti Mittal, Vice Chairman of Bharti Enterprises, commends the Union Budget for setting a positive direction for India’s growth. He highlights key areas such as job creation, women empowerment, MSMEs, and agriculture, and emphasizes the importance of manufacturing and agriculture in maintaining the country’s growth trajectory. Mittal also praises the removal of Angel tax and tax concessions for startups, noting the overall positive impact on ease of doing business. Watch to hear his insights on how these measures will influence India’s economic landscape.
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00:00I think the union budget, which has been presented by the Honourable Finance Minister,
00:04sets the direction right, sets the Vixit Bharat road map right. She spoke about job creation,
00:11she spoke about women empowerment and MSMEs creation, and also spoke about agriculture.
00:17I think India's growth trajectory has to be maintained. Manufacturing and agriculture
00:22have to play a key role. So I think that's a good setup that has been created. Also,
00:27she spoke about the ease of doing business, especially litigation with the tax and other
00:33authorities like TDS, which have been decriminalised to a point. So I think overall,
00:39it's a good budget, it's a growth budget. She's also removed the angel tax, which means the
00:45start-ups which have been demanding will benefit from that. How do you see the incentives for
00:52manufacturing and the skilling sector? I think both. The government has been very
01:00on manufacturing the PLA schemes that have been already put in place. This will also give a
01:05boost to that, especially electronic manufacturing in India is taking shape because India now will
01:12start even furthering the manufacturing base, which is needed. So I think it's moving in the
01:17right direction. Skill and reskilling is an extremely important job of the government and
01:22private sector to combine for the new generation and the yuva shakti to be brought into the
01:27mainstream. Sir, the union finance minister has capital gain tax. How do you react to that?
01:38I think there are some concessions in the tax which has been given. Government also has to
01:43raise the taxation from the other sources. I think some give and take has to take place in the budget.
01:50Is it adjustable? Will it be accepted by the union? It is. It's a long-term tax. So,
01:55you know, as we are seeing the stock markets where they are,
01:58they move from 10 to 12 and a half percent on a long term. This scheme will provide
02:04one month wage to all persons newly entering the workforce in all formal sectors.
02:11The direct benefit transfer of one month's salary in three installments to first-time employees,
02:24as registered in the EPFO, will be up to 15,000 rupees. The eligibility limit will be
02:33a salary of one lakh per month. The scheme is expected to benefit 210 lakh youths.
02:48Scheme B, job creation in manufacturing. This scheme will incentivise additional employment
02:58in the manufacturing sector linked to the employment of first-time employees. An incentive
03:05will be provided at specified scale directly both to the employee and the employer with respect to
03:13the EPFO contribution in the first four years of employment. The scheme is expected to benefit
03:2130 lakh youths entering employment and their employers.