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SEPC Applauds India’s Interim Budget 2024 for its Visionary Impact on Service Sectors

Interim Budget


SEPC Applauds India’s Interim Budget 2024 for its Visionary Impact on Service Sectors

The Services Export Promotion Council (SEPC) stands as a beacon of commendation for the visionary strides made in India’s economic landscape through the Interim Budget 2024. Presented by the Honourable Union Finance Minister, Nirmala Sitharaman, under the esteemed guidance of Prime Minister Shri Narendra Modi Ji, this budget charts a dynamic course for Viksit Bharat, accentuating pivotal growth factors—Capability, Empowerment, Infrastructure, Anusandhan, and Social Justice.

SEPC’s endorsement resonates with the government’s unwavering commitment to fortifying service sectors critical to India’s growth trajectory. From tourism to healthcare, logistics to aviation, the budget’s emphasis on bolstering these sectors promises to invigorate India’s service economy. Particularly noteworthy is the focus on state-centric tourism models and the provision of interest-free loans for state branding initiatives, anticipated to catalyze both domestic and international tourist footfall significantly.

In a revolutionary stride, the budget keenly addresses the aspirations of Amrit Peedhi, recognizing the indispensable role of youth in shaping the nation’s prosperity. Initiatives such as the Fund of Funds, Startup India, and Start-Up Credit Guarantee Schemes underscore the government’s commitment to nurturing India’s burgeoning startup ecosystem, fostering innovation, and entrepreneurship.

Karan Rathore, Chairman of SEPC, expressed wholehearted support for the budget, highlighting its comprehensive plan for the dynamic future of Viksit Bharat. “Srimati Nirmala Sitharaman outlined a comprehensive plan for the dynamic future of Viksit Bharat, emphasizing capabilities, empowering citizens, and bolstering key service sectors,” Rathore stated. “The initiatives supporting Micro, Small, and Medium Enterprises (MSMEs) to grow globally resonate well within the services sector.”

Dr. Abhay Sinha, Director General of SEPC, emphasized the council’s active role in promoting India’s various service sectors on the global stage. “In the past few years, we have been actively working to globally promote the various service sectors of India,” Dr. Sinha remarked. “Measures outlined in the budget to enhance FDI inflow, ongoing negotiations of Bilateral Investment Treaties, and streamlined customs procedures for international trade reflect positive strides toward India’s development as a global player.”

SEPC extends its commendation and support for the government’s focus on leveraging technology across sectors and the increased allocation for infrastructure development with a technological approach. These initiatives are hailed as pivotal steps toward ensuring India’s competitiveness on the global stage.

As SEPC looks ahead, they anticipate the transformative impact of the budget on the services sector, heralding a new era of growth and opportunities for Viksit Bharat. With the government’s unwavering commitment and strategic vision, SEPC stands poised to collaborate in realizing the shared goal of a prosperous and dynamic India.

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