Interim Budget 2024: Here’s how stakeholders from the law sector reacted

Union Finance Minister Nirmala Sitharaman presented the interim Budget on Thursday.

Union Finance Minister Nirmala Sitharaman ahead of presenting the interim Budget, in New Delhi on Thursday. (Express Photo)

As Union Finance Minister Nirmala Sitharaman presented the interim Budget on Thursday, stakeholders from different industries reacted to the announcements.

Moin Ladha, a partner at Khaitan & Co., said: “India’s entry into the Kartavya Kal has been announced with the India-Middle East-Europe trade corridor which supports our commitment to national development and provides an ambitious vision to transform into a developed nation by the centenary of its independence in 2047. This corridor is expected to positively impact and facilitate world trade and India’s trade in GCC region.”

Speaking on the MSMEs, he added, “Keeping with the promise of First Developed India (FDI), the 2024 Union Budget has prioritized strengthening and aiding the MSME sector to compete in the global market by meeting their investment needs, improving/advancing the technology and liberalizing the regulatory space.”

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Lokesh Shah, a partner at IndusLaw, while speaking on the announcements surrounding taxation, said: “The Finance Minister has indicated that the next five years will see unprecedented development. India needs global capital to accelerate the vision of Viksit Bharat 2047. It is expected that the Government will accelerate development at GIFT IFSC for it to become a gateway of global capital — and address challenges on infrastructure, regulatory and tax front.

He added, “In keeping with the tradition, the Budget has not changed tax rates. On dispute resolution, the Interim Budget proposes to withdraw the outstanding direct tax demands up to Rs 25,000 for period up to FY 2010 and up to Rs 10,000 for FY 2010-11 to FY 2014-15.”