A focus on long-term growth and investment: Mahindra Group CEO and MD and President, FICCI, emphasises job creation and capital expenditure for robust economic health

The Union Budget is a significant event when the Government reveals it economy- and finance-related plans and policies for the upcoming year. Modi 3.0’s first budget, which was unveiled on July 23, is packed with initiative intended at curbing inflation, creating jobs for the youth, capex and revving up the rural economy. The budget aims to ensure stability and growth in the economy.

Dr. Anish Shah, Group CEO and MD of Mahindra Group and FICCI President, emphasised the need for Budget 2024 to prioritise long-term economic growth and investment in capital expenditure, with a strong focus on job creation and manufacturing.

“Budget 2024 is a significant step toward developing India as a manufacturing hub,” Dr Shah said.

“It meets all the priorities that FICCI and the industry had laid out, which is around make-in-India, women-led development, farm prosperity and sustainability.” Read the full coverage here

According to Dr. Shah, the Economic Survey’s positive indicators, such as controlled inflation, a significant increase in capital formation, and a notable decline in youth unemployment, collectively point to a robust economic outlook for India. Read the full coverage here.

Dr. Anish Shah (President, FICCI and Group CEO & MD, Mahindra Group), Anant Goenka (Vice President, FICCI and Vice Chairman, RPG Group), Uday Shankar (Past President, FICCI and Founder, Marigold Park Capital Advisors Pvt Ltd), and Cyrill Shroff (Chair, FICCI Committee on Corporate Governance and Corporate Laws and Managing Partner, Cyril Amarchand Mangaldas) discuss the Union Budget 2024 presented by Nirmala Sitharaman. Key highlights include a ₹11.11 Lakh Crore capex, tax rationalisation, and schemes for employment, skilling, and women empowerment. The budget meets all the priorities that FICCI and the industry had laid out. Watch as they share highlights and key observations.

The following video provides a comprehensive overview of the key takeaways from the Budget 2024. It highlights that the inflation rate remains stable and the government is making efforts to move towards the 4% target. Anant Goenka and Dr. Anish Shah offer their perspectives on the implications of the budget and its potential impact on various sectors.