Dheeraj Panda, Managing Director of Ammann India, views the Union Budget 2024 as a transformative period for India’s infrastructure sector. With Rs 11.11 lakh crore allocated for capital expenditure and new schemes supporting MSMEs, the budget presents significant growth opportunities for construction equipment companies.
“The Union Budget 2024 heralds a transformative period for India’s infrastructure sector with an allocation of Rs 11.11 lakh crore for capital expenditure, which constitutes 3.4 per cent of the GDP. This significant investment underscores the government’s commitment to enhancing infrastructure, presenting substantial opportunities for construction equipment companies like Ammann India to contribute to and benefit from this growth. Additionally, the introduction of a new scheme facilitating term loans for MSMEs to purchase machinery and equipment without collateral, supported by a Rs 100 crore guarantee fund, is poised to directly benefit our customers within the MSME sector, fostering growth and modernization in manufacturing.
The government’s focus on employment and skilling, backed by a Rs 2 lakh crore investment, aims to develop a highly skilled workforce, crucial for the construction industry. This includes employment-linked incentives, support for new hires, and extensive skilling initiatives, ensuring a robust pipeline of skilled labour to meet industry demands.
The budget’s emphasis on technological support packages for MSMEs and the expansion of SIDBI branches to serve MSME clusters will significantly enhance the manufacturing ecosystem. These measures are anticipated to drive innovation, productivity, and competitiveness in the construction sector, aligning with Ammann India’s strategic goals and operational aspirations.”