Elanpro Director Welcomes Union Budget 2024-25

Expressing satisfaction with the comprehensive strategy outlined in the budget, Mr. SANJAY JAIN, DIRECTOR, ELANPRO, said, “We welcome the budget announced by the Honourable Finance Minister. The proposed schemes and policies in the Union Budget 2024-25 suggest a strong and inclusive strategy for driving economic growth, enhancing employment prospects, and promoting sustainable development across multiple sectors. Emphasizing on skill development, support for MSMEs, urban and rural advancement, women's involvement, energy security, and technological innovation, it sets out a plan for ‘Viksit Bharat’.

The budget prioritizes enhancing MSMEs by introducing a new credit assessment model based on digital footprints, and offering term loans for machinery and equipment purchases without requiring collateral or a third-party guarantee. Moreover, establishment of new SIDBI branches in MSME clusters to enhance reach and provide direct credit to businesses will significantly improve cash flow in the market and support various industries including ours.

Focus on domestic tourism is expected to boost HoReCa growth, which in turn will boost the commercial refrigeration industry. The budget also allocates financial support to establish 50 irradiation units in the MSME sector and 100 NAB-accredited food quality and safety testing labs. These measures will enhance food safety and quality, making compliance crucial. 

The standout measure of this budget is the focus on youth employment especially measures such as job creation in manufacturing is expected to benefit 30 lakh youth and their employers. The budget also aims to revitalize agriculture through several measures. By concentrating on vegetable production and improving the supply chain, farmers will achieve better returns through crop diversification and expanded market access. Large-scale vegetable production clusters that will be established near major consumption centers will help farmers capitalize on market opportunities. 

While these measures are encouraging, it's vital to ensure they are effectively implemented and maintained to translate these announcements into actual progress on the ground. We eagerly await the positive effects of the budgetary allocations on the well-being of our citizens.”