Exporters have expressed optimism regarding the measures outlined in the interim Budget, believing that initiatives such as increased capital expenditure, the development of three major economic railway corridors, and a focus on enhancing seafood exports will significantly bolster India’s outbound shipments.
In particular, the government’s proposal to intensify the implementation of the Pradhan Mantri Matsya Sampada Yojana (PMMSY) has garnered attention. This initiative aims to enhance aquaculture productivity from the current 3 tonnes to 5 tonnes per hectare, alongside the establishment of five integrated aqua parks. Such efforts are expected to stimulate growth in the seafood export sector, presenting lucrative opportunities for exporters.
Sanjay Budhia, Chairman of the CII National Committee on Exports and Imports, emphasized the significance of the budget’s allocation of a Rs 1 lakh crore corpus for innovation. This allocation includes a 50-year interest-free loan for long-term financing, as well as provisions for refinancing at negligible or zero interest rates. Budhia believes that these measures will incentivize the private sector to invest in research and development (R&D) and innovation, particularly in emerging domains and new-age technologies.
The announcement of substantial capital expenditure and the development of three major economic railway corridors are anticipated to further augment India’s export capabilities. These infrastructure projects are poised to enhance connectivity and logistics efficiency, facilitating smoother movement of goods across the country and to international markets.
Overall, exporters view the interim Budget as a positive step towards revitalizing India’s export sector and fostering economic growth. The combination of increased investment in infrastructure, targeted initiatives to boost specific industries like aquaculture, and support for innovation and technology development is expected to create a conducive environment for exporters to thrive in the global market.