The Institute of Company Secretaries of India (ICSI) applauds Budget 2024 for its balanced approach toward women, youth, farmers, and MSMEs while enhancing regulatory infrastructure, sustainability, digital governance, and ease of doing business. The budget supports MSMEs and start-ups through simplified FDI/ODI rules, tax regimes, enhanced Mudra loan limits, and the abolition of angel tax. It also proposes additional NCLTs, exclusive NCLTs under the Companies Act 2013, and DRTs to streamline the judiciary process for corporate cases. ICSI President, CS B Narasimhan, highlights the budget’s nine priorities aimed at creating ample opportunities, with a focus on skilling, educating, and employing youth.
THE INSTITUTE OF
Company Secretaries of India
IN PURSUIT OF PROFESSIONAL EXCELLENCE
Statutory body under an Act of Parliament
(Under the jurisdiction of Ministry of Corporate Affairs)
PRESS RELEASE
Chief of Bureau
Dated: 23 July 2024
ICSI appreciates Budget 2024
The ICSI applauds Budget 2024, that promises to balance the interest of women, youth, farmers and MSMEs, while strengthening the regulatory infrastructure, sustainability aspects, digital and data governance, and ease of doing business.
As rightly emphasized by the Hon’ble Prime Minister, Shri Narendra Modi, the budget is poised to drive India’s progress on all aspects. From growth platforms for MSMEs and start-ups to infrastructural advancement, the Budget proposes an inclusive development where environmental aspects such as nature farming, taxonomy for climate finance etc. is also taken care of.
There has been a focus on the manufacturing sector in the budget. Measures have been taken for simplifying the FDI/ODI rules and regulations, and the tax regimes. The enhanced Mudra loan limit and the abolition of angel tax are all set to incentivize the start-ups and MSMEs ecosystem of the country.
The judiciary process for corporate cases has also been reviewed by proposing to establish additional NCLTs, exclusive NCLTs under Companies Act 2013, and additional DRTs. An integrated platform for IBC eco-system and the extension of Centre for Processing Accelerated Corporate Exit (C-PACE) for voluntary closure of LLPs, proposed in the Budget, would further ease the adjudication process and make it effective and fast.
Acknowledging the budget, CS B Narasimhan, President the ICSI said “The nine priorities identified in this progressive and inclusive Budget 2024, are aimed at generating ample opportunities for all. Besides agricultural reforms, the budget focuses on skilling, educating and employing the youth, a priority that the ICSI has been concentrating on”.
Preeti Kaushik Banerjee
Joint Secretary
Corporate Communication & International Affairs
Tel: 011-4534 1022
Email: preeti.banerjee@icsi.edu
About ICSI
The Institute of Company Secretaries of India (ICSI) is a premier professional body set up under an Act of Parliament, i.e., the Company Secretaries Act, 1980, for the regulation and development of the profession of Company Secretaries in India. It functions under the jurisdiction of the Ministry of Corporate Affairs, Government of India. The Institute, being a pro-active body, focuses on the best and top-quality education to students of the Company Secretaries Course and the best quality set standards for CS members. The Institute has around 73,000 members and about 2 lakh students on its roll.
