Services Export Promotion Council lauds Budget 2024's Impact on India Services

6th Feb 2024, New Delhi: The Services Export Promotion Council (SEPC) applauds the visionary Budget 2024, presented by the Honourable Union Finance Minister Nirmala Sitharaman, under the esteemed leadership of our Hon'ble Prime Minister Shri Narendra Modi Ji. This budget sets a dynamic course for Viksit Bharat, focusing on pivotal growth factors - Capability, Empowerment, Infrastructure, Anusandhan, and Social Justice.

SEPC commends the government's commitment to strengthening service sectors, including tourism, energy, healthcare, logistics, and aviation. This step will help in further strengthening the India services sector. The emphasis on state-centric tourism models and financial support through interest-free loans for state branding initiatives is anticipated to boost domestic and foreign tourist footfall significantly.

In a revolutionary step, the budget uniquely addressed the aspirations of Amrit Peedhi, recognising the pivotal role of the youth in our nation's prosperity. Initiatives such as Fund of Funds, Startup India, and Start-Up Credit Guarantee Schemes play a crucial role in nurturing India's thriving Start-Up ecosystem.

"We are in support of the budget and look forward to working with the government to realise these goals. Srimati Nirmala Sitharaman, the Honourable Union Finance Minister, outlined a comprehensive plan for the dynamic future of Viksit Bharat, emphasising capabilities, empowering citizens, and bolstering key service sectors which do the need of the hour. The initiatives supporting Micro, Small, and Medium Enterprises (MSMEs) to grow globally resonate well within the services sector", shared Karan Rathore, Chairman SEPC.

"In the past few years we have been actively working to globally promote the various services sectors of India. Business meets, exhibitions, FTAs etc, have been instrumental in helping India services get a seat at the global table. We are glad that the budget also outlined measures to enhance FDI inflow, ongoing negotiations of Bilateral Investment Treaties, and streamlined customs procedures for international trade. This reflects positive strides toward India's development as a global player", shared Dr Abhay Sinha, Director General, SEPC.

SEPC commends and supports the government's focus on technology across sectors and increased allocation for infrastructure development with a technological approach are welcomed gestures.

They look forward to the transformative impact of this budget on the services sector, ushering in a new era of growth and opportunities for Viksit Bharat.

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