Advancing Infrastructure Development and Sustainability
The Union Budget 2024 has placed a strong emphasis on infrastructure development and sustainability, aiming to boost economic growth while ensuring environmental responsibility. Key measures include significant investments in Infrastructure Infrastructure projects and initiatives to promote green energy and sustainable practices.
Devndra Chawla, MD & CEO, GreenCell Mobility, expressed his optimism, “We appreciate the significant steps taken towards infrastructure development & sustainable transportation by the hon. finance minister in the first union budget under Modi 3.0 government. GreenCell Mobility remains committed to contributing to India’s sustainable development goals by promoting green mobility solutions and supporting the government’s efforts towards a greener and more connected future. The proposal of industrial parks and road connectivity projects, including the Rs 26,000 crore investment in road infrastructure, will go a long way towards achieving the vision of Viksit Bharat. GreenCell Mobility is optimistic about the positive ripple effect these initiatives will have on the economy. Improved road infrastructure will not only boost economic growth but also enhance the quality of life for millions of Indians.
These measures will facilitate easier commutes, reduce travel times, and support the growth of urban and semi-urban areas. The creation of a climate finance taxonomy will boost capital availability for climate adaptation and mitigation. This initiative will help India to meet its climate commitments and fast track green transition, paving the way for a more sustainable future. The government’s initiative to transform iconic tourist hubs is truly praiseworthy.
With robust state-level marketing and branding, these efforts are set to make a big impact. The launch of a new rating system for tourist centers, focusing on the quality of facilities, marks a significant move towards boosting India’s tourism infrastructure. This innovative framework promises to elevate visitor experiences and position India as a top travel destination. The reduction in tax slabs under the New Tax Regime is a game-changer. With more disposable income, people will find it easier to travel and explore new destinations. At GreenCell Mobility, we applaud this move as it will encourage more people to choose eco-friendly transportation options like our NueGo service.”
Subahoo Chordia, Head – Real Assets Strategy, Edelweiss Alternatives, added, “The government has maintained its allocation towards infrastructure sector at INR 11+ lakh crores (i.e. 3.4% of GDP) and additional interest-free loan of INR 1.5 lakh crores to States will be a booster for the infrastructure segment. The budget has lent further emphasis to multiple infrastructure segments towards development of roads, airports, etc. Further, industrial parks, to service 100+ cities and development of 12 specific industrial parks under national schemes is envisaged. The Government has lent further weight in its fight against climate change.
The fiscal incentives for rooftop solar and pumped storage will enhance energy security and availability. Further indirect tax incentives towards renewable energy items and critical minerals such as lithium, copper bodes well for the segment. Overall the budget maintains its focus on long-term growth and sustainability and is positive towards infrastructure segments.”
