VASCO: Goa State Industries Association (GSIA) president Damodar Kochkar said that Union Finance Minister Nirmala Sitharaman has presented a development oriented and growth driven budget for the financial year 2023-2024.
Kochkar said that the fifth and the last budget before 2024 Lok Sabha polls presented by Sitharaman was an all-inclusive and technology-driven budget. The Union budget has focussed on seven priorities such as inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector.
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On capital expenditure, the Finance Minister has raised the outlay by 33 per cent to Rs 10,000 crores for 2023-2024 and this will give impetus to overall growth and employment generation. The Finance Minister has also extended the facility of interest-free loan to States on CAPEX, he said.
Kochkar said that the fiscal deficit for the year 2023-2024 is expected to be 5.9 per cent of GDP and it is projected to come down to 4.5 per cent in 2025-2026 thereby creating investor confidence. In a big relief to Covid-hit MSMEs, the Finance Minister announced infusion of Rs 9,000 crores to Credit Guarantee Scheme, which will enable collateral security for Rs two lakh crore loans to MSME and increase fund flow to distressed and fund-starved MSME sector.,” Kochkar said.
