Union Budget 2024: Industry experts analyse Union Budget 2024 in VED panel discussion | Nagpur News

Nagpur: Vidarbha Economic Development Council (VED) recently organised a wide-ranging panel discussion on the Union Budget 2024. CA Tejinder Singh Rawal moderated the session. The panellists included Meena Rajesh, Vice Chancellor of Raisoni Agriculture University, Madhya Pradesh, CA Premlata Daga, CA Julfesh Shah CA Naresh Jakhotia. VED Chairperson Rina Sinha was also present at the event which was part of VED’s weekly meeting ‘Progress Pulse’. CA Rawal emphasised that setting a fiscal deficit target of 5.8% of GDP for 2024-25, a slight decline from 5.9% of the previous year, is a tightrope act with no safety net. Meena Rajesh discussed the proposed reforms in agriculture. She emphasised that the agriculture sector in India supports 42.3% of the population and contributes 18.2% to the GDP. Despite its significance, challenges persist that hamper its full potential. CA Premlata Daga spoke on reforms in education and skill development. She highlighted Employment Linked Incentive Schemes. CA Naresh Jakhotia discussed changes in direct taxes, including abolition of angel tax for all types of investors and easier tax regime for foreign shipping companies operating domestic cruises. CA Varun Vijayvargiya spoke on the GST changes in the Budget. CA Julfesh Shah spoke on SME reforms. Shah highlighted a credit guarantee scheme for SMEs in the manufacturing sector, which facilitates term loans for purchase of machinery and equipment without collateral or third-party guarantees. A new SME credit rating model will be developed, based on the score of digital footprints of SMEs in the economy. Rina Sinha stressed that the insights from the discussion will pave the way for the key areas of VED for the economic development of the region. VED’s monthly magazine Progress Pulse was launched by Editor Wagh and the dignitaries. New members Nitin Jeswani, Ali Asghar Wagh and Gaurav Taori were inducted. General Secretary Amit Parekh moved a motion of thanks.

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