Budget focuses on making India $5T economy, developed nation: Assocham

The interim Budget focuses on the government's objective of making India a $5 trillion economy and a developed nation by 2047, Assocham President Ajay Singh said on Thursday.

Finance Minister Nirmala Sitharaman presented her sixth Budget on Thursday in which she announced a Rs 11.11 lakh crore spending on infrastructure among other proposals.

"It is an India-first Budget. A confident budget of a confident government that focuses on the objective of ensuring that India becomes a $5 trillion-dollar economy by 2025 and a developed nation by 2047," Singh told PTI in a post-budget interaction.

Speaking further, he said the government has focused on infrastructure, startups, and rail corridors in the Budget. The finance minister also announced a Rs 1 lakh crore fund for research and development and the startup sector which is a very significant move.

There is no question that the Budget will have a significant impact on the common man, Singh, who is also the CMD of airline company SpiceJet, said.

To a question related to announcements related to the aviation sector, he said, "There is little in aviation that can be done. The government has already done a lot here. They are spending a lot in building airports and building infrastructure."

The GST Council can decide on the inclusion of aviation turbine fuel (ATF) in the GST regime and so "we have to keep explaining our case to the GST Council. So, that is not something to be taken in the Budget," Singh said.

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Civil aviation will continue to play a large role in improving religious tourism, and medical tourism, he added.

Assocham Secretary General Deepak Sood said "Given the fact that it is an interim Budget ahead of the Lok Sabha elections, leaving tax rates unchanged is quite understandable, but the intentions are quite clear in terms of focus on youth, women, skill development. Statement on dealing with the challenge of population growth is quite brave and is in alignment with the national objective of making India a developed nation."

"Quality of expenditure stands out as a unique feature of the Budget. Capital expenditure of Rs 11.11 lakh crore provided for FY2025 with an increase of nearly 17% over the revised estimates of the previous fiscal, is a testimony of the government's determination to invest heavily in infrastructure build-up. Such an approach is paying dividends for sustaining economic growth," the body said in a statement.