Dhiren Jatakia, Head of Finance and Accounts, Covestro India
“The Union Budget 2024 is a progressive step towards fostering economic growth and sustainability. Revamping the Tax structure & custom duty will bolster business confidence and investment in India.
The focus on skill development, energy transition and the development of small modular nuclear reactors aligns well with our commitment to sustainability. Additionally, the enhanced support to MSMEs and the introduction of employment-linked incentives will significantly benefit our workforce and supply chain.
Overall, the budget’s emphasis on innovation, infrastructure, and inclusive growth presents promising opportunities for Covestro India.”
Rajendra Gandhi, Managing Director, Stovekraft
“We appreciate the government’s budget initiatives for the focus on the manufacturing sector, women’s empowerment, and new job creation. The establishment of working women’s hostels aimed at boosting women’s participation in the workforce are progressive step that will greatly benefit our industry. Additionally, the incentives for new employment in manufacturing, tied to EPFO contributions for the first four years, promise to significantly boost job creation. Furthermore, the customs duty exemptions on critical minerals will reduce production costs and enhance competitiveness. These measures collectively reflect a strategic and innovative approach to fostering growth and development within the manufacturing sector.”
Manish Mehan, CEO & MD, TK Elevator India says
“The Indian real estate sector is expecting the Union Budget 2024–25 to improve liquidity, such as enhanced funding for the Special Window for Affordable and Mid-Income Housing (SWAMIH) fund, which has been crucial in reviving stalled projects. It presents substantial steps under the PM Awas Yojana-Urban, and rural development initiatives are poised to significantly transform the housing landscape in India. With an investment of ₹10 lakh crore addressing the housing needs of 1 crore families and the construction of 3 crore additional houses, the elevator industry is set to witness a surge in demand, driving growth and innovation within our sector.
Moreover, the significant allocation of ₹11,11,111 crore for capital expenditure on infrastructure, along with the encouragement for the government to make similar contributions, highlights their commitment to strong infrastructural development. This increased effect will undoubtedly impact the elevator industry, offering us remarkable opportunities to improve urban mobility and support the evolving urban infrastructure”
Sanjay Agrawal, Head Presales and CTO at Hitachi Vantara India and SAARC, and Chair of SNIA
The government’s focus and plans to foster a robust manufacturing ecosystem in India is reflected in the interim budget presented. The budget’s emphasis on digital infrastructure, skilling, and industrial parks aligns perfectly with our strategy of a digitally transformed and globally competitive manufacturing sector. We are committed to supporting India’s industrial growth journey by providing cutting-edge solutions that enhance operational efficiency, data-driven decision-making, and supply chain resilience. Hitachi Vantara’s expertise in IT infrastructure, data management, and industrial automation is uniquely positioned to help manufacturers capitalize on these opportunities and contribute to India’s economic prosperity.
Divyesh Dalal, Managing Director & Head – Global Transaction Services, SME & Institutional Liability Business, DBS Bank India
The measures announced in the Union Budget underscore the government’s commitment to empowering MSMEs, the backbone of our economy. The introduction of the credit guarantee scheme is an encouraging step towards making capital more accessible. Additionally, the provision of collateral-free term loans for purchasing machinery and equipment will tangibly enhance the operational capabilities of MSMEs by enabling technology upgrades.
Further, lowering the turnover thresholds mandatory for onboarding on the TReDS platform will allow more MSMEs to access the benefits of this system. The establishment of e-commerce export hubs is poised to further equip enterprises with the tools and support needed to expand into international markets. By making their products more accessible globally through e-commerce platforms, Indian businesses can tap into new opportunities with offshore customers across markets. DBS Bank India is well-positioned to support MSMEs given the focus on supporting the sector.
Prashant Sachan, Founder and CEO, Sri Mandir
“As the Indian budget paves the way for economic growth and opportunities, with a positive sentiment towards startups, we are delighted to be a part of the ecosystem and be able to contribute to the growth trajectory. At Sri Mandir, our efforts are aimed at developing services that help people in India and around the world, in their spiritual and devotional journeys. With the government’s focus on developing Bihar and Odisha as prominent tourist destinations, our network of temples in the region like Deo Surya Mandir among others, will attract more and more devotees to offer puja and chadhava services and enable them on their spiritual journey. We have over 20 million satisfied devotees and will continue to strive to bring happiness, peace, and contentment to even more individuals through enriching temple experiences.”
Shridhar Venkat, CEO, The Akshaya Patra Foundation
The National Means cum Merit Scholarship Scheme has received a significant boost, with ₹377 crore allocated for 2024-25. This increase aligns beautifully with our own Akshaya Patra Scholarship Program. Together, these initiatives will help talented students from economically weaker sections continue their education beyond schooling, reducing dropouts and nurturing potential.
The PM POSHAN (formerly Mid-Day Meal) scheme has been allocated ₹12,467.39 crore for 2024-25. This represents a significant 24.67% increase from the revised estimate of ₹10,000 crore in 2023-24. This substantial investment in our children’s nutrition is heartening. As key implementers of the mid-day meal program, we at Akshaya Patra are energized by this commitment.These strategic allocations, coupled with the five-year extension of the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY), form a comprehensive approach that directly addresses multiple Sustainable Development Goals. By combating hunger and promoting education, we’re making significant strides towards SDG 2 (Zero Hunger), SDG 4 (Quality Education), and SDG 10 (Reduced Inequalities). At Akshaya Patra, we’re more motivated than ever to collaborate with the government in these crucial areas. This budget takes us another step closer to achieving the Zero Hunger SDG and ensuring quality education for all.’
Mr Rahul Kejriwal, Executive Director, Remsons
“The growth-oriented budget with continued reforms and infrastructure development with fiscal prudence and increased outlay of capital expenditure will go a long way. As the increase in Government’s expenditure will percolate in to more demand for both passenger and commercial vehicles, which would really a big boost for auto components sector. As a part of reforming direct tax structures, the budget has put more money in the hands of consumers and this would definitely spur the demand for passenger vehicles. Meanwhile, the Production Linked Incentive (PLI) scheme for the automobile and auto components industries drew an investment of Rs 67,690 crore, according to the Economic Survey 2023-24.”
Kapil Makhija, MD & CEO of Unicommerce
“The government’s focus on building a digitally enabled India is evident in the measures announced during Budget 2024. Encouraging the country’s e-commerce sector by reducing TDS to 0.1% for e-commerce operators, supporting MSMEs by setting up e-commerce export hubs, leveraging the digital footprint of online enterprises to evaluate credit eligibility, elimination of equalization levy for supply for goods and services via e-commerce are notable changes that will support growth of India’s e-commerce sector.”
Mr. Rishabh Kothari – Additional Secretary, Shri Ram Chandra Mission
“The budget session today has proposed supporting the development of temple corridors which will enable development of spiritual tourism within the proposed economic policy framework. According to the Ministry of Tourism, spiritual tourism in India has seen a rise post-Covid era. With the ease of restriction on lockdowns and travel, the numbers of spiritual tourists grew from 677 million in 2021 to 1,439 million in 2022 generating revenues of US$16.2 billion in 2022, up from US$ 7.9 billion as noted by the Ministry of Tourism. This contributed $199 billion to India’s GDP in 2022-23 financial year alone. Spiritual tourism has a rising potential of market size with an expected annual growth of 9-10% and generating livelihoods. It is estimated that by the end of this decade more than one hundred million people would have jobs in the spiritual tourism sector in India. Both Central and State Governments have worked in developing the infrastructure and connectivity through high-speed trains and setting up airports in smaller cities. Foreign tourists have been given easier access and interest-free loans to states to put up malls and shops for unique products have been brought in. It is very encouraging to see this kind of growth not only as an economic booster, but also that more and more people are seeking spiritual wellness from within the country and overseas as well. Provisions for promoting mental health as being an aspect of spiritual and holistic wellness must also be mandated through dedicated retreats and wellness centers.”
Sachin Alug, CEO, NLB Services
“Union Budget 2024-25 highlights the government’s commitment to transform India’s employment landscape through its strategic focus on diverse segments like- youth, women, MSMEs, and tourism sector. With ‘Yuva’ as one of the four critical points for the Union budget, the Finance Minister’s ambitious plan to create jobs for 4.1 crore youth, supported by a ₹2 lakh crore allocation, is a game-changer. This includes important action points such as incentives for 30 lakh first-time employees, the establishment of working women hostels, and the enhancement of MGNREGA to ensure 100 days of wage employment for manual workers.
The commitment to skilling youth is equally impressive, with plans to upskill 20 lakh youth and provide higher education loans up to ₹10 lakh for 1 lakh students annually. This investment in education and skill development will significantly boost employability and economic potential. Moreover, the proposed scheme to provide internship opportunities to 1 crore youth in 500 top companies with Rs. 5000 per month as internship allowance and one-time assistance of Rs. 6000 will further help in achieving employment goals.
Furthermore, the budget’s support for over 4.4 crore MSMEs, coupled with a ₹100 crore guarantee fund, is set to uplift this sector, with currently reporting 19.09 crore jobs. The initiative will increase the number of jobs by 12-15% in the MSME sector. Additionally, the focus on infrastructure development and improved connectivity is expected to elevate India’s status as a global tourism destination, generating further employment in both the tourism and infrastructure sectors. This will further boost employment in the tourism sector by 15-20%, creating roles such as Tour Operator, Business Development, Travel Consultant, Hospitality Manager, Destination Marketing, and Tour Guide, and the 10-12% growth in the infrastructure sector with roles like Civil Engineer, Architect, Project Manager, and liaison officer, etc.
Collectively, these initiatives represent a bold and essential step toward a more inclusive and dynamic economy. They will not only address immediate employment needs but also lay the foundation for long-term economic prosperity and growth.”
Mr. Pankaj Jathar, Chief Executive Officer, NIIT Ltd.
“The budget announcement has laid a strong foundation for advancing education, skilling, and employment opportunities and is truly commendable. The allocation of Rs 2 lakh crore for the five employment and skilling schemes, along with Rs 1.48 lakh crore for education, employment, and skilling, underscores the government’s dedication to the country’s youth and its commitment to propel growth. The new centrally sponsored scheme aimed at skilling 20 lakh youth over five years will significantly contribute to fostering a skilled workforce. This significant step is the need of the hour to bridge the gap between education and the skills essential to equip the youth to be industry-ready. These initiatives will help us maximize our education and skilling efforts, propelling the next phase of growth for the Indian economy.”
Akshay Adhalrao, Managing Director, Dynalog India
“The Government’s strategic focus on job creation in the manufacturing sector is a crucial step towards boosting India’s economic landscape. By providing employment incentives for first-time employees and introducing a comprehensive credit guarantee scheme for MSMEs, we are paving the way for Indian businesses to expand operations and thrive without the burden of collateral or third-party guarantees. This support is vital for fostering innovation, enabling MSMEs to become key contributors to the nation’s growth trajectory. The emphasis on skilling and employment in this Budget further underscores a transformative step towards unlocking India’s immense potential. The comprehensive internship scheme for one crore youth will open invaluable opportunities for young Indians to gain essential skills and experience. This move will be crucial in creating a workforce that is not only educated, but also industry-ready. Moreover, the government’s dedication to enhancing women’s participation in the workforce through specific skilling programs and infrastructure support is commendable. As someone who values inclusivity, I believe that empowering women to actively contribute to our economy is essential for achieving balanced and sustainable growth. I believe these initiatives are promising steps in developing a resilient and empowered workforce that will be instrumental in driving the nation’s economic success.”
