Goa Inc applauds Budget for continuing reforms

Goa’s industrial sector lauds the interim Budget 2024–25 for maintaining a focus on reforms rather than succumbing to populist announcements often associated with pre-election budgets. The industry appreciates the continuation of the reform process initiated over the last seven years, particularly in the logistics, infrastructure, and startup sectors. Described as a vote-on-account, the budget brings no surprises in terms of changes to direct and indirect taxes, including import duties.

 The Goa Chamber of Commerce and Industry (GCCI) welcomes the budget’s initiatives in green energy, tourism, and healthcare. Emphasising the potential multiplier effect on the economy, GCCI supports the proposal to provide long-term finance to the sunrise domains of the tourism sector and infrastructure. The budget introduces plans for a dedicated department under the Pradhan Mantri Matsya Sampada Yojana (PMMSY), aiming to enhance aquaculture productivity and generate jobs. GCCI President Shrinivas V Dempo highlights the benefits for Goa, including the PMMSY proposal, impetus to the middle-income housing sector, and tax benefits for startups. The Confederation of Indian Industry (CII) endorses the budget’s focus on maternal and childcare, HPV vaccine for girls, and the expansion of Ayushman Bharat coverage. It reflects the government’s commitment to a healthy population for a robust economy.

 CII’s Western Region Deputy Chairperson, Swati Salgaocar, sees potential in promoting value additions in the agricultural sector to boost farmers’ income and transform the rural socio-economic landscape. Tax experts in the state positively respond to the budget’s maintenance of unchanged tax slabs and the removal of disputed direct tax demands up to Rs 25,000, benefiting approximately one crore taxpayers. While the budget lacks specific proposals for industries, the startup community in Goa applauds proposals to establish additional IITs and IIMs, fostering a skilled workforce, especially in the era of AI. Founder of Umang Technologies in Margao, Mangirish Salelkar, sees this move as crucial for addressing the industry’s needs.


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