Kiran Mazumdar Shaw praises Union Budget's Positive Indicators for Growth

By: WE Staff | Wednesday, 24 July 2024

Biocon Limited's Executive Chairperson, Kiran Mazumdar Shaw expressed optimism and praised Finance Minister Nirmala Sitharaman for the Union Budget's positive indicators for economic growth, highlighting increased infrastructure projects, job creation, and improved connectivity.

She mentions, "The FM's emphasis on job creation through skilling is a key underlying theme. Internships at large companies with Government and CSR-backed stipends is the right approach to employability and jobs for the future." She further stated that the budget aims to boost the start-up ecosystem, abolition of the 'angel tax', and ease of doing business, benefitting Medium and Small Micro Enterprises (MSMEs). The RS 1 lakh crore financial pool will encourage private sector-driven research and innovation, specifically agritech and industrial research.

Biocon Chairperson cites, "We will need to read the details to see how this will be allocated to each sector. The removal of Customs duty on three cancer drugs will provide relief to cancer patients.” She suggested that the government should consider implementing GST exemption for all cancer drugs in order to make cancer care more affordable for patients suffering.

FM Nirmala Sitharaman delivered the Union Budget 2024 at the parliament yesterday. After the Interim budget was suggested in February, this budget mentions crucial policies, initiatives, and allocations that will be implemented in order to boost the Indian economic cycle.