Gujarat Inc Lauds Budget 2024: Tax Breaks for GIFT City, Boost for Agriculture Spark Optimism

Ahmedabad : The Union Government’s interim budget 2024-25, presented by Finance Minister Nirmala Sitharaman on Thursday, has garnered positive reactions from Gujarat’s business community. Lauding the budget as a showcase of India’s economic prowess, key industry leaders hailed measures aimed at strengthening key sectors like finance and agriculture.

GIFT City Receives Tax Extension, Cementing Global Ambitions: Tapan Ray, MD and Group CEO of GIFT City, celebrated the government’s commitment to the International Financial Services Centre (IFSC). “The extension of tax exemptions on specific IFSC unit income reflects a forward-looking approach,” Mr. Ray stated. He commended the decision as crucial for sustaining ease of doing business and ensuring tax stability, ultimately contributing to India’s economic strength. This aligns with GIFT City’s vision of becoming a thriving IFSC ecosystem, he added.

Vegetable Oil Industry Applauds Investment Push: The budget’s focus on post-harvest infrastructure and promoting private investment in the vegetable oil sector resonated with industry leaders like Priyam N. Patel, CEO of NK Proteins Ltd. Mr. Patel welcomed the emphasis on modern storage and efficient supply chains, stating it would “further boost the vegetable oil sector.” He lauded the Atmanirbhar Oil Seeds Abhiyan initiative, highlighting its potential to achieve self-sufficiency in key crops and contribute to the overall development of agriculture. This budget, he believes, paves the way for a more robust and sustainable oil seeds industry, benefitting both growth and national agricultural contribution.

Beyond these specific reactions, the overall sentiment in Gujarat’s business circles leans towards optimism. The budget’s focus on infrastructure development, ease of doing business, and support for key sectors like textiles and pharmaceuticals is seen as positive for the state’s economic growth. However, some industry voices expressed concerns about the lack of specific measures addressing immediate challenges faced by certain sectors.

With Lok Sabha elections looming, it remains to be seen how these initial reactions translate into long-term support for the government. However, Gujarat Inc’s positive reception to the interim budget undoubtedly indicates a sense of hope for continued economic growth and development in the state.