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Union Budget 2024: What the Experts Have to Say

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.”

Union Budget 2024: Experts Share Their Reactions

Mr Kuldeep Jain, Founder and CEO, Build Capital

“Many urban housing development projects would need short or mid – term financing, which can be filled up by financial institutions. This will give a fillip to India’s untapped financing market in the real estate sector. Further, the rental housing scheme for industrial workers would also accelerate rental housing projects.”

Avneet Singh Marwah, CEO of SPPL, Exclusive brand licensee of Blaupunkt TVs in India

 The Union Budget 2024 demonstrates a strong commitment to job creation in the manufacturing sector. By providing targeted incentives for EPFO contributions, the government aims to generate significant employment opportunities for both employers and the 30 lakh young people entering the workforce. This initiative reflects a strategic approach to meeting employment needs in our rapidly evolving economy.

With a substantial allocation of INR 2 lakh crore towards skilling programs, the budget emphasizes equipping our workforce with the skills necessary to succeed in a competitive global market. The focus on Micro, Small, and Medium Enterprises (MSMEs) is further supported by the introduction of a credit guarantee scheme, designed to enhance the financial stability and growth potential of the vital enterprises.

Additionally, the budget’s focus on the middle class is evident through tax relief measures, such as an increase in the standard deduction for salaried individuals and additional benefits under the new tax regime. These measures aim to boost disposable income and stimulate consumer spending, thereby fostering economic growth.

In summary, the Union Budget 2024’s initiatives in the manufacturing sector represent a forward-thinking strategy to create sustainable jobs, enhance skills, and support MSMEs. These measures are poised to play a crucial role in empowering our youth, strengthening the middle class, and guiding the nation towards a prosperous future.

Prerna Kalra, Co-founder and CEO Daalchini Technologies

The Union Budget 2024 marks a significant and encouraging shift towards inclusive and equitable growth. The budget’s emphasis on job creation through EPFO contribution incentives promises to generate opportunities for 50 lakh youth, including a substantial number of women. This is a pivotal moment, opening doors for greater female participation and advancement in the workforce.

A new centrally sponsored scheme to skill 20 lakh youth over the next five years, coupled with the upgrade of 1,000 ITIs to offer industry-relevant courses, will prepare a workforce ready for emerging sectors. This initiative is particularly valuable for women seeking to acquire new skills and excel in various fields.

Moreover, the facilitation of term loans for machinery purchases is a welcome development for entrepreneurs. This support will help scale up operations, invest in innovative technologies, and boost productivity, driving growth and success for businesses.

The allocation of over 3 lakh crore for schemes benefiting women and girls is especially inspiring. It highlights a robust commitment to supporting women entrepreneurs and addressing their needs across various sectors. This investment in women’s empowerment will foster entrepreneurship and contribute to broader socio-economic development.

Overall, the Union Budget 2024 reflects a progressive vision for India, emphasizing job creation, skill development, and inclusive growth.

Rajat Grover, Founder & CEO, Elite Marque

The Budget 2024 introduces new opportunities for vegetable production and its supply chain. By incentivizing innovation and streamlining the market entry process, this initiative aims to boost production and improve the efficiency of distribution networks. Startups in agri-marketing and logistics will play an important role in connecting farms to homes, using technology to optimize supply chains and ensure fresh produce reaches consumers efficiently.

Due to the hike in global interest rates, investments in Indian agritech startups fell by 45% between FY 22 and FY 23. With this amendment, we expect increased visibility from VCs and investors, seeing the government take initiatives in this space. More agriculture-focused incubation centers should emerge in Tier 2 and Tier 3 cities, providing startups with direct benefits in building technology, mentorship, grants, and R&D. This will also encourage talented individuals from these regions to contribute to the agritech sector, fostering innovation and growth.

The MSME credit scheme will provide vital financial support to new ventures. With easier access to credit, startups can invest in infrastructure, technology, and skilled manpower, accelerating their growth and contributing significantly to economic revitalization. This approach not only supports scalability but also strengthens the economy by fostering a competitive and resilient MSME sector. We will see more business initiatives from Tier 3 and Tier 4 cities, the scheme will attract more talented individuals from these areas, enriching the startup ecosystem with diverse and dynamic talent.

Ratan Singh Sehgal, MD, Hybon elevators & escalators Pvt Ltd.

The budget’s focus on developing cities as ‘Growth Hubs’ through economic and transit planning is an important initiative. By partnering with states and implementing town planning schemes, this approach aims to upgrade urban infrastructure and stimulate economic development at the micro level. The expansion of the tourism corridor will benefit the hotels and restaurant industry. Increased construction of hotels, motels, and tourism spots will expand global footprints and stimulate local economies. This will lead to job creation and attract investments from corporates into these states. The government has also planned to invest ₹26,000 crore in Bihar, which will also see improvements in infrastructure such as airports and highways.

Job creation and manufacturing in Tier 3 and 4 cities will attract and retain local talent, fostering economic growth and development. The government’s plan to invest in these regions, including the Amritsar Kolkata Industrial Corridor and the development of an industrial node at Gaya, aims to generate economic opportunities and contribute to the vision of Viksit Bharat. Infrastructure development at the micro level will enhance connectivity and create a conducive environment for businesses to thrive, further driving economic activity and job creation.

Union Budget 2024 represents an approach to addressing India’s urban housing needs and supporting economic growth. The allocation of ₹10 lakh crore for Urban 2.0 is notable, with plans to construct 1 crore (10 million) houses for the urban poor, alongside an additional 3 crore houses under the Pradhan Mantri Awas Yojana (PMAY). This commitment will improve living conditions across both rural and urban areas, reflecting the government’s dedication to enhancing housing accessibility and quality.

In the manufacturing sector, the introduction of the Credit Guarantee Scheme for MSMEs, a new assessment model for MSME credit, and the enhanced limit for Mudra Loans under the ‘Tarun’ category are significant measures. These initiatives will provide support to small and medium enterprises, facilitate job creation, and strengthen the economic foundation. Additionally, Scheme B, which offers incentives for EPFO contributions for first-time employees and employers for the first four years, is expected to benefit 30 lakh youth, further boosting employment.

Overall, the Union Budget 2024 sets a path towards a prosperous and inclusive future for India, with targeted investments and strategic initiatives aimed at enhancing economic opportunities across the country.

Dr. Gautam Kanodia, Co-Founder of Kanodia Group

 “The government’s strategic focus on infrastructure, with an allocation exceeding INR 11.11 lakh crore, approximately 3.4% of India’s GDP, is highly commendable. This significant investment is set to not only enhance the nation’s infrastructure but also generate numerous employment opportunities, particularly within housing projects. Such initiatives are poised to catalyze economic growth and elevate living standards, The government’s commitment to inclusive development is clearly reflected in these provisions.

Sehul Bhatt, Director-Research at CRISIL Market Intelligence and Analytics

“Government estimates an investment of ~Rs 10 lakh crore under the Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0 for an additional 1 crore affordable houses over the next 5 years. The central assistance of Rs. 2.2 lakh per house announced in the Budget is higher than the Rs. 1.5 lakh per house disbursed during the last 8 years. Three crore additional houses planned under the PM Awas Yojana in rural and urban areas are expected to support cement demand.

Allocations under PMAY-U and Pradhan Mantri Awas Yojana-Gramin in the fiscal 2025 budget are higher than the revised estimates of fiscal 2024 by ~36% and ~70%, respectively. This will translate to ~20 million tonnes of cement demand in the current fiscal, or 4-6% of pan-India demand as of FY24. Further, allocations under PMAY-U and PMAY-G in the fiscal 2025 budget are ~15% and ~8% higher than the allocations in the interim budget.

Under the Pradhan Mantri Gram Sadak Yojana, the launch of phase-IV to provide all-weather connectivity to 25,000 villages is also a positive development for the sector and will support incremental cement demand. Given housing forms 55-60% of total cement demand, the impetus to affordable housing through the Pradhan Mantri Awas Yojana will keep cement demand on track for 7-8% growth in the current fiscal.”

Mr. Pradeep Bakshi, MD & CEO, Voltas Limited

 “The Union Budget 2024 reflects a forward-thinking approach that will significantly benefit the consumer durables industry and bolster our efforts towards sustainable development. The full exemption of customs duties on 25 critical minerals, including lithium, copper, cobalt, and rare earth elements, is a substantial boost for sectors reliant on these materials, such as high-tech electronics and renewable energy. This policy will not only enhance the availability of these essential resources but also stimulate domestic processing and refining capacities, driving innovation and reducing costs.

Furthermore, the emphasis on energy transition, including the expansion of exempted capital goods for solar panel manufacturing, aligns well with Voltas’ commitment to sustainability. While the non-extension of exemptions for certain solar components reflects a move towards encouraging domestic manufacturing, it also underscores the need for continued investment in domestic production capabilities.

The budget’s focus on substantial investment in manufacturing, presents a promising outlook for the industry. Voltas is optimistic about the positive impact of these policies on the electronics sector and looks forward to contributing to these ambitious goals.”

Mr. Rajiv Gupta, Managing Director, Wave Group

The Budget 2024-25 is very encouraging for the real estate sector, focusing on infrastructure development in rural and urban areas. The thrust on building three crore additional housing under the PM-AWAS yojana is an essential step in bridging the housing gap for the poor and middle class. The Rs 10 lakh crore overall allocation to urban housing will bolster the growth momentum. The suggestion to state governments to lower stamp duties, particularly for properties purchased by women, will undoubtedly boost sales. The budget lays the foundation for sustainable real estate growth, promoting cities as growth hubs of new India.

Dr. Atish, Director of JAGSoM, on the Union Budget’s focus on skilling, education, and MSMEs

 “The Union Budget 2024-25 demonstrates a strong commitment to education, skill development, and entrepreneurship, which are crucial for India’s economic growth and global competitiveness. The allocation of ₹1.48 lakh crore for education, employment, and skilling is a significant step towards building a knowledge-based economy.
The revision of the Model Skill Loan Scheme and the introduction of e-vouchers for higher education loans are welcome moves. These initiatives have the potential to significantly increase access to quality education and address the growing demand for skilled professionals in India’s expanding digital economy.
The ambitious internship program targeting 1 crore youth over five years will go a long way in bridging the skill gap. This initiative can enhance graduate employability. As per the World Economic Forum, 50% of all employees will need reskilling by 2025 due to the adoption of technology. This internship program could play a vital role in preparing our workforce for future job markets.
The Anusandhan National Research Fund, with a financing pool of ₹1 lakh crore, is a crucial step towards boosting India’s research capabilities. This is particularly important as India aims to increase its R&D expenditure from the current 0.7% to 2% of GDP.
The focus on MSMEs through the credit guarantee scheme is commendable. MSMEs contribute about 30% to India’s GDP and employ over 111 million people. Strengthening this sector will have far-reaching economic impacts.
As educators, we are encouraged by these initiatives. They align with the need for industry-relevant education, industry exposure, and innovation. However, the budget could have addressed issues like the facilitation of International faculty teaching in India and thus help reduce the no. of Indian students going abroad for Higher Education which currently stands at 1.5 million a year.
Also, a social stock exchange for private universities could have enabled fund flow, in a sector having limited access to funding.”

Mahesh Fogla, Executive Director, Patel Integrated Logistics Limited

“The budget’s initiatives to reduce stamp duty will lower costs for warehouses and other facilities, boosting infrastructure development. Increasing Mudra loan limits from 10 lakhs to 20 lakhs will enhance support for MSMEs, fostering sustainable growth. The setting up of an Integrated Technology Platform to improve the outcome under the Insolvency and Bankruptcy Code (IBC) will facilitate the recovery of outstanding for operational creditors too. Furthermore, discouraging excessive speculation activity in the stock market will redirect energies towards other economic activities, contributing to a more sustainable growth of the economy.”

 Srivardhan Khemka, Director, Sanjivani Paranteral

 “The Finance Minister has shown a strong commitment to facilitating higher participation of women in the workforce in the Budget 2024. As a company with 60% women in our workforce these measures will undoubtedly create a more supportive and inclusive environment for women, enabling them to contribute more effectively to the economy. Additionally measures such as organizing women-specific skilling programs and promoting market access for women, SHG enterprises is a step in the right direction. By focusing on skilling and market access, the government is empowering women to not only enter but thrive in the workforce. We look forward to supporting and participating in these initiatives, which will enhance the capabilities of our female employees and, in turn, drive the overall growth and success of our industry.”

Mr Deepak Gupta, General Partner, WEH Ventures

 “To bolster the Indian startup ecosystem, the proposal to abolish the so-called Angel Tax for all classes of investors is a significant step forward. The Angel Tax has long been a point of contention, discouraging early-stage investments due to the perceived risk and additional financial burden it imposed. Eliminating this tax can foster a more conducive environment for startups, encouraging more investors to participate and support innovative ventures.
Additionally, the hike on Long-Term Capital Gains (LTCG) for unlisted equities could be net positive for investors. By narrowing the tax rate delta between listed and unlisted equities, this move can create a more level playing field and attract more investments into venture capital and private equity. This alignment can benefit the broader investment landscape, making it more attractive for investors to diversify into unlisted equities, thereby providing crucial funding to startups and growth-stage companies.
Overall, these measures can drive more investment into the Indian startup ecosystem, providing the necessary capital for innovation and growth while simplifying the tax landscape for investors.”

Rajat Mehta, Chairman, JITO Incubation and Innovation Foundation (JIIF)

 “The decision to abolish Angel Tax for all classes of investors is a positive step towards fostering a more supportive environment for startups in India. It aims to reduce financial hurdles for early-stage investments and boost investor confidence, which is crucial for stimulating entrepreneurial growth and innovation. This move signals India’s commitment to nurturing startups and attracting investments, potentially leading to job creation and economic expansion in the long run. Additionally, the ₹1,000 crore venture capital fund for the Space Economy highlights the government’s proactive approach in supporting strategic sectors and encouraging entrepreneurial ventures.”

Shahzad Nathani, Head of Operations & Partnerships, Shardeum

 This is a commendable step by Finance Minister Nirmala Sitharaman towards upskilling and empowering the youth over the next five years. Blockchain, web3, and other emerging technologies are crucial in this initiative as they represent the future of industry and commerce. By integrating these technologies into our skilling programs, we ensure that our youth are not only prepared for today’s job market but are also equipped to drive innovation and efficiency in the industries of tomorrow. These technologies provide transparency, security, and decentralization, which are essential for fostering trust and driving economic growth in the digital age. Furthermore, this initiative will make the youth internship-ready for some of the top companies in India, contributing to a Viksit Bharat.”

Expert Reactions to the Union Budget 2024

Mr. Prashant Ruia, Director, Essar Capital

“The Union Budget has articulated nine strategic priorities aimed at driving robust economic growth, create significant job opportunities and improve the employability of youth. Maintaining a fine balance between the requirement of energy transition & needs of energy security, is commendable. By investing in innovative and clean technologies, the aim clearly is to shape a dynamic, resilient, and future-ready Indian economy.”

Mr. Anil G Verma, Executive Director and CEO, Godrej & Boyce

 The first full budget of the new Government was a balanced one with the Government delicately balancing the needs of the economy through its focus on the nine priority areas of agriculture, employment, inclusive development, manufacturing and services, urban development, energy, infrastructure, innovation and R&D, and next generation reforms.

The reduction in FY25 fiscal deficit target from 5.1% to 4.9% is macro-positive. The capex outlay kept unchanged as Rs.11.1 lakh crore, shows the government’s unwavering focus on investments to drive the economy forward.

With a provision of Rs.1.48 lakh crore, employment and employability have been given a major fillip which indeed is the need of the hour. A new scheme offering internship opportunities at 500 top companies for 1 crore students over the next five years will go a long way in boosting employability.

The Government’s intention to partner with the private sector to develop small modular reactors is a good step emphasising the importance of nuclear energy in India’s energy mix. Moreover, the Rs.1000 crore venture capital fund to promote space technology is a welcome step in encouraging greater participation of the private sector in India’s burgeoning space sector, where we have the potential of being the global leader for satellite launches.

The Budget has managed to pave the way towards an inclusive economic growth, through measures that will encourage greater private sector participation while maintaining the fiscal glide path to 4.5% fiscal deficit in FY26.

A slew of measures aimed at MSMEs is likely to ease the pressure on this crucial sector of the economy contributing 30% to India’s GDP.

The increase in standard deduction from Rs.50,000 to Rs.75,000 and favourable change in the tax slabs under new regime will increase disposable income in the hands of consumers which is likely to boost consumption. This will provide the necessary impetus towards larger private investments in capacity building.

The Godrej Enterprises Group looks forward in contributing towards the vision of Viksit Bharat 2047.

Saurabh Marda, Co-founder and Managing Director Freyr Energy

“The recent budget has been highly favorable for the energy sector, with the government setting an ambitious goal of achieving 500 GW of renewable power by 2030. A key component of this plan is encouraging homeowners to adopt solar energy, facilitating a swift transition to solar power. To support this, the government has allocated ₹70,000 crores in subsidies for homes that switch to solar energy. This is a crucial and forward-thinking initiative for the country’s future, and we express our gratitude to the government for taking this significant step”.

Dr. Saloni Wagh, Director, Supriya Lifescience

“This budget represents a pivotal move towards a Vikasit Bharat, emphasizing progress through targeted support for Garib (poor), Mahilayen (women), Yuva (the youth) and Annadata (farmers). Key focus areas include employment, skill development, MSME growth—vital for GDP and exports—and middle-class upliftment.

The full exemption of basic customs duties on three cancer treatment medicines is a notable advance, promising substantial benefits for both the pharmaceutical sector and cancer patients. With a ₹2,143 crore allocation under the Production Linked Incentive (PLI) scheme, India is set to lead globally in pharmaceuticals, with the domestic market projected to reach USD 130 billion by 2030. These steps are vital for achieving our $5 trillion GDP goal in three years and $7 trillion by 2030.

Moreover, the Prime Minister’s package, Significant funds—₹2 lakh crore for employment and skill development, and ₹1.48 lakh crore for education—are allocated to drive job creation. Enhanced focus on women’s workforce participation through dedicated hostels and targeted skilling programs is also commendable. These initiatives are expected to deliver a skilled workforce crucial for innovation and precision industries.

The budget also prioritizes innovation, R&D, and education, fostering advancements across public and private sectors. The government’s commitment to these areas aims to boost research, enhance education quality, and develop a competent workforce. This emphasis will propel India’s technology and manufacturing sectors, positioning the country as a major global manufacturing hub.”

Shri. Rahul V. Karad – Managing Trustee, MAEER, Executive President, MAEER’s and MIT World Peace University & Chief Initiator, MIT SOG 

“We welcome the Finance Minister’s progressive budget, which demonstrates a strong commitment to education, employment, and skilling with an allocation of ₹1.48 lakh crore.

This significant investment highlights the government’s dedication to nurturing talent and fostering growth. The introduction of financial support for higher education will help make higher education more accessible. Furthermore, the emphasis on developing digital public infrastructure applications will drive productivity and innovation, benefiting various sectors such as education and health.

We call for clear guidelines on attention towards creative avenues to fund and promote a mandated Industry-Academia Partnership for mutual benefit. This will help boost the initiative to skill one crore youth through internships with top companies and the Prime Minister’s Internship program to provide valuable practical experience and skill development.

Overall, this budget aligns with our vision of ‘Viksit Bharat,’ paving the way for a robust and inclusive development trajectory.”

Sanjay Kumar, CEO, Geospatial World

 The Union Budget 2024-25 outlines a forward-looking and ambitious roadmap for India’s growth, innovation, citizen welfare, women empowerment, skill development, and social inclusion.
The country is set on the trajectory of resilient growth through consistent focus on land records digitalization, agro innovation, energy transition and security, rural empowerment, urban regeneration, and strengthening the vital manufacturing sector. Geospatial plays an indispensable role across all these pillars of citizen participation, social development, and engines of economic transformation.
The budgetary outlay has enhanced the role and scope of geospatial in India’s developmental journey.
Geospatial technology and space applications will play an integral role in harnessing the country’s untapped potential, driving equitable socio-economic development throughout the vast and diverse geographic terrain, boosting connectivity, creating opportunities for young entrepreneurs, and bridging the various divides.
Geospatial and its convergence with next-gen technologies will be critical towards achieving the milestone of Viksit Bharat by 2047. It will also accelerate automation, leading to more impactful grassroot solutions and newer business paradigms.
INR 1,000 crore outlay for a Space Economy Venture Capital Fund is a laudable step in the right direction. Through investment, hand-holding, market access, state-of-the-art technology development, and start up incubation, we can foster a conducive New Space ecosystem that will turn India into a global innovation and R&D hub for NewSpace, catapulting the country to greater heights, and diversifying our space offerings.

 Saurabh Rai, CEO of Arahas

The budget outlines a comprehensive plan for modernizing land records, which includes the digitization of cadastral maps and GIS mapping of urban land records. This initiative will not only streamline land transactions but also enhance transparency and efficiency in land management. The digitization of land records with GIS mapping is a game-changer for improving accuracy and accessibility. It provides a solid foundation for advanced geospatial analytics, which can leverage to offer innovative solutions in urban planning and resource management.

The Indian government’s commitment to the space economy is evident with the proposal to set up a venture capital fund of ₹1,000 crore. This fund is designed to support private sector-driven research and innovation at a commercial scale. The establishment of a venture capital fund for the space economy opens new avenues for collaboration and innovation. Arahas is excited about the possibilities this creates for developing advanced space technologies and contributing to India’s growing presence in space exploration.

In the realm of agriculture, the budget proposes a digital crop survey in 400 districts, alongside the issuance of Jan Samarth-based Kisan Credit Cards. This initiative is aimed at improving data governance and resource allocation in agriculture. The introduction of the Unique Land Parcel Identification Number (Bhu-Aadhaar) for all lands, along with the survey of map sub-divisions as per current ownership, is a significant step towards modernizing land records. This initiative will simplify land ownership verification and transactions. Modernizing land records through Bhu-Aadhaar and digital surveys will enhance land management efficiency and reduce administrative bottlenecks.

Mr. Ankit Kumar, CEO, Skye Air Mobility

The budget presents big opportunities in agriculture, infrastructure, and deep tech sectors. The focus on boosting agricultural productivity is likely to drive the use of drones for crop surveying, precision spraying, and monitoring. This could transform farming, increase yields, and reduce resource waste.

The major infrastructure investment, especially in Northeast states, opens new doors for drone applications. Drone logistics are expected to play a key role in improving access to healthcare, e-commerce, and other essential services in remote areas. This aligns with the government’s goal of inclusive development and could greatly enhance the quality of life in hard-to-reach regions.

The budget’s emphasis on the deep tech sector is seen as a boost for innovation in drone technology. This could lead to advancements in AI, machine learning, and IoT integration with drones, enhancing their capabilities and expanding their uses. One of the most exciting prospects is using drones for transporting perishable goods. The industry expects that drone technology could cut perishable wastage by over 50%, tackling a major issue in India’s agricultural supply chain.

 Mr. Manikanth Challa, Founder & CEO, Workruit

“The Union Budget 2024-25 marks a significant advancement in the government’s approach to employment and skill development. With Rs 1.48 lakh crore allocated for education, employment, and skilling initiatives, the government is clearly committed to empowering the youth and enhancing their employability.

One of the standout announcements is the launch of a scheme to provide internship opportunities to 1 crore youth, including placements in Fortune 500 companies. This initiative offers invaluable industry exposure and practical experience, significantly boosting the employability of our young professionals.

The introduction of the three Employment-linked incentive schemes is a substantial improvement over last year’s broader initiatives. Scheme A’s Direct Benefit Transfer of 1-month salary up to Rs 15,000 for first-time employees registered in EPFO provides immediate financial support. Scheme B, which incentivizes job creation in manufacturing, offers direct benefits to both employees and employers, fostering industrial growth. Scheme C’s support to employers, with reimbursements up to Rs 3,000 per month for EPFO contributions for each additional employee, is a strong incentive for workforce expansion.

Upgrading 1,000 industry training institutes in a Hub and Spoke arrangement will bridge the skill gap and prepare youth for future jobs. The emphasis on women-led development and AI-driven upskilling for women highlights a commitment to gender equality and inclusive growth.
At Workruit, we are excited about these progressive measures and look forward to leveraging them to revolutionize India’s recruitment landscape through AI and digital tools.”

Mr. Madhavan Menon, Executive Chairman, Thomas Cook (India) Limited (Thomas Cook, SOTC, Sterling Holidays and TCI)

This year’s Union Budget has opened new doors to development, specifically for domestic and inbound tourism. With the focus on special development funds/ programs for the socio-cultural-religious potential of iconic temple corridors including Gaya’s Vishnupad & Mahabodhi temples into world-class pilgrim and tourist destinations (to be modelled on the success of the Kashi Vishwanath temple corridor), the Government of India’s intent is encouraging. Additionally, the comprehensive development of the Rajgir Jain Temple site; rejuvenation of the historical gem of Nalanda & Nalanda University into a major religious-tourist centre, would have a multi-pronged impact. While positioning India as a vibrant global tourism destination, it will also accelerate job creation and economic opportunities for allied sectors.

The Budget also appreciated the underleveraged potential of Odisha’s tourism industry by supporting the state’s rich heritage-history, spirituality, craftsmanship and natural beauty.

Recognizing the high potential domestic cruise segment, the Union Budget announcement proposed a simpler tax regime to support/incentivize foreign cruise companies operating in India’s waters.

We’re optimistic about the significant allocation of INR 11.11 lakh crore (constituting 3.4% of India’s GDP) towards infrastructure development. The development of road, rail, air, and waterways will ensure a boost to access/connectivity and affordability, and force multiplier benefits for tourism and allied sectors.

When introduced, TCS was considered disadvantageous to salaried employees as their cash flows were negatively impacted. Post the Budget announcement, salaried employees can now avail of immediate credit of TCS paid on account of their foreign travel – against TDS on salary, enhancing the purchasing power of Indian consumers.

The discontinued SEIS scheme should have been reinstated, as this is meaningful towards encouraging inbound tourism, foreign exchange receipts and a force multiplier for employment generation.

We are disappointed to note that key pillars in India’s Tourism agenda – Aviation & Hospitality were not mentioned as part of the Budget and both standardisation of GST rates on hotel tariffs to 12% and the reduction of ATF remained unaddressed.

Mr. Rohit Arora, Co-Founder & CEO, Biz2Credit and Biz2X

“ The Finance Minister must be commended for the FY2024-25 Budget’s focus on skill development, job generation and MSMEs. For this, Rs1.48 lakh crore has been allocated for education, employment and skilling initiatives, with five schemes dedicated towards these objectives. Moreover, a new Centrally-sponsored skilling scheme is meant to benefit two million youth over five years. Additionally, a new credit guarantee scheme for MSMEs in manufacturing will be introduced to offer guarantees of up to Rs100 crore. This credit guarantee scheme is aimed at facilitating term loans for the purchase of equipment and machinery by MSMEs without guarantee or collateral. This is a most welcome measure since the availability of affordable credit has been a major constraint for MSMEs. Other laudable moves include the opening of new SIDBI branches within three years covering all major MSME clusters for direct credit. This will help in easing liquidity problems in specific clusters. The decision to open e-commerce export hubs for traditional artisans and MSMEs is also beneficial. Moreover, the government’s focus on simplifying tax regulations is a game-changer for small and midsize enterprises, providing the clarity needed to plan and invest with confidence. This clarity will drive innovation and attract investments across various sectors. The emphasis on boosting manufacturing, supporting local industries, and encouraging domestic production is essential for reducing import dependency and strengthening our industrial base. Overall, this balanced approach addresses immediate economic challenges while laying a solid foundation for long-term growth, reflecting a dedicated effort to build a resilient and dynamic economy. All the above measures are bound to provide a big boost to MSMEs across India.”

Akshay Munjal, Founder & CEO, Hero Vired

“I applaud the Government’s strong emphasis on education, skilling, and employment in the Union Budget 2024. Amid growing concerns about the impact of AI on job creation, the substantial allocation of Rs. 1.48 lakh crore for these sectors demonstrates a significant commitment to developing India’s human capital. The introduction of various schemes to promote skilling and job creation is poised to significantly boost economic growth. Additionally, the comprehensive scheme providing internship opportunities in 500 top companies to 1 crore youth over five years, funded partly through CSR, is a welcome initiative. This will give the youth valuable exposure to real-life business environments and diverse professions, further enhancing their employment prospects while ensuring a future-ready workforce.”

Mr. Nitin Mohan, Co-founder and Director, Blackberrys

Quote: “Blackberrys welcomes the Government’s forward-looking Budget 2024, which emphasizes key sectors crucial for economic growth. The increased focus on infrastructure development, digital initiatives, and boosting manufacturing capabilities aligns with our commitment to innovation and expansion. We believe these measures will create a conducive environment for business growth and economic resilience. As a brand rooted in quality and progress, Blackberrys looks forward to contributing positively to India’s journey towards self-reliance and global competitiveness.”

Dr. Jaskiran Arora, Dean- Education Quality, BML Munjal University for your perusal and approval

“The budget marks a pivotal moment for India’s education sector, reflecting a robust commitment to enhancing opportunities for the youth. The allocation of Rs. 1.48 lakh crore for education, employment, and skilling underscores a strategic shift towards holistic development. The introduction of financial support for loans up to ₹10 lakhs for higher education, particularly for those excluded from existing government schemes, is a game-changer. The e-vouchers offering a 3% annual interest subvention for one lakh students will make higher education more accessible and affordable, potentially transforming countless futures.

The proposal to open working women hostels in collaboration with industry underscores a strong commitment to supporting female workforce participation and creating a more inclusive environment for women.

The budget’s focus on upskilling, with a revised Model Skilling Loan scheme and the upgrading of 1,000 industrial training institutes, reflects a clear intent to enhance employability. By aiming to skill 20 lakh youth over the next five years, this budget sets the stage for a more skilled, competitive workforce, ultimately driving economic growth and innovation”

Mr. Prassann Daphal, CEO, Recyclekaro

“The government’s announcement of a 25% waiver on customs duty for nearly 25 critical minerals is poised to drive demand across various renewable sectors, including energy storage solutions, electric vehicles (EVs), high-tech electronics, defense, and space. This initiative will bolster the refining and processing of these minerals, strengthening a resilient supply chain ecosystem.

Additionally, the establishment of a ‘Critical Mineral Mission’ aims to oversee domestic production, recycling, and international acquisition of critical mineral assets. The mission will prioritize technology development, skilled labor, and an expanded producer responsibility framework, including Extended Producer Responsibility (EPR), which will benefit the e-waste and battery recycling sectors.

This well-planned budget reflects a strong commitment to supporting the critical minerals sector, which is crucial for advancing greener transformations.”

Mr Ketan Kulkarni, Chief Growth Officer, Allcargo Group

“Finance Minister Nirmala Sitharaman, provided enough fuel for India’s current growth ride. With the budget focussing specially on job creation and skilling, agriculture, infrastructure, research and technology, the ride should gain momentum. Without changing the Capex allocation which was significant compared to the revised estimates, increased outlays in many sectors like infra and manufacturing will boost spending. The government has also reiterated its determination to pull down the fiscal deficit in the coming years. As every sector has something to cheer about in general, logistics also should gain from the overall growth trajectory. The positive spurs makes the budget balanced, positive and forward-looking”.

Capt. Saanjay Mandavia – CMD, flybig

 “While the UDAN scheme allocation has been adjusted, we appreciate the government’s efforts to boost the MRO sector and regional connectivity. The uniform 5% GST rate on aircraft components and extended timelines for repairs will significantly benefit regional airlines. These changes demonstrate the government’s understanding of our sector’s needs. We remain optimistic about regional aviation’s future in India and look forward to continuing our work in connecting underserved areas.”

Mr Ravichandran Purushothaman, President, Danfoss India

We welcome the forward-looking and growth-oriented Union Budget 2024, presented by the Finance Minister. As part of India’s new blueprint for holistic growth, the increased focus on urban development, infrastructure, innovation, and next-generation reforms will have a multiplier effect on the economy.

With a strong emphasis on energy security, industrial development, and MSME support, India is poised for sustainable growth and development.

Agriculture and Allied Sectors: The Government’s substantial allocation of ₹1.52 lakh crore towards agriculture and allied sectors is to be lauded. Initiatives such as natural farming, pulses, and oilseeds missions, along with the development of digital public infrastructure, are crucial for enhancing productivity and sustainability.

Enhanced focus on food security, irradiation, and safety testing labs will revolutionize India’s food landscape, ensuring quality and accessibility.

Urban Development and Infrastructure: The budget’s emphasis on urban development and infrastructure growth is a significant step towards driving economic expansion. The focus on smart cities and industrial development presents ample opportunities for our energy-efficient solutions.

Energy Security and Industrial Development: We welcome the government’s prioritization of energy security and industrial development, which aligns perfectly with our expertise. Danfoss India is poised to play a vital role in India’s green transition through our innovative energy-efficient technologies. We are committed to supporting industrial growth while ensuring that it is sustainable and environmentally friendly.

Climate Resilience: The government’s commitment to climate resilience and sustainable growth is commendable and the focus on climate-resilient agriculture and flood mitigation measures underscores the government’s dedication to environmental sustainability

Leveraging our nine plus decades of expertise, we are committed to driving sustainable development and innovation in India’s green transition. We are eager to actively participate in these transformative initiatives, deploying our energy-efficient technologies to create a more sustainable future.

Mr Yatin Gupte, Chairman & Managing Director, Wardwizard Innovations & Mobility Ltd

 “We at Wardwizard Mobility welcome the Government’s progressive and forward-thinking Union Budget 2024-25. The commitment to maintaining strong fiscal support for infrastructure projects over the next five years is a significant boost for the automotive sector. The announcement to fully exempt customs duty on critical materials, such as rare earth metals including lithium, can further incentivize electric mobility. We are looking forward to receiving the benefit of this exemption along with the sectors mentioned by the Hon’ble Finance Minister. The focus on increasing women’s participation in the workforce will also benefit the sector. The Union Budget 2024-25 presents tremendous growth opportunities for all sectors, and Wardwizard Mobility is committed to contributing to India’s journey toward a cleaner, more inclusive, and sustainable future.”

Mr. Masood Mallick, CEO, Re Sustainability Limited (ReSL)

“At Re Sustainability, we applaud the government’s continued focus on environmental sustainability and endorse the creation of the critical mineral mission. This mission, with its emphasis on extended producer responsibility, technology advancement, workforce development, and appropriate financing mechanisms bolsters industry efforts to recycle critical minerals. These initiatives foster a circular economy and lessen our nation’s reliance on imported critical minerals.

Furthermore, the government’s plans to expand solid waste management projects and services to 100 major cities underscore its commitment to enhancing the quality of life for the burgeoning urban population. These comprehensive efforts signal a promising future for sustainable development in our country.”

Jaya Vaidhyanathan, CEO, BCT Digital

 Budget 2024 has introduced nine main priorities to boost the economy, including notable rewards for taxpayers who have opted for the new regime. From a banking and fintech perspective, it has tabled several positives:

The emphasis on Digital Public Infrastructure for applications, including credit, is welcome. It will help formalize lending processes, thereby expanding the market share for banks and fintech players. A vision for the financial sector has been announced to enable our country to become a fintech powerhouse. The success of UPI and the JAM trinity needs to be monetized at a global level. While it’s still early days, this is good news. The announcements regarding taxonomy for climate risk are welcome, as it is important to have a homegrown framework for climate risk rather than adopting those from countries with different climate and industry conditions to ours.

Overall budget 2024 has brought forth some interesting perspectives, setting the stage for a transformative financial landscape ahead, focused on growth and development.

Insights from Experts on the Union Budget 2024

Ms. Mallika Srinivasan, Chairman and Managing Director, TAFE

 “It is very heartening to see that the budget focuses substantially on focus important priorities namely agriculture, women, youth and poor. The emphasis on the aforesaid areas will put us on a robust path towards holistic development and support the journey of our country of being the third largest economy as envisioned by the Prime Minister under the roadmap for ‘Viksit Bharat’.

I would like to welcome the attention given to boost rural demand through the focuses allocation of Rs 1.54 lakh crore to the agriculture sector particularly for entry level tractors & two wheelers, which is vital to Indian small farmers. On the same note, significant increase in allocation towards MNREGA is a very welcome step.

Given our nation’s success with the digital public infrastructure in transforming farming through crop advisory & market prices, as a private sector initiative under CSR, we would be happy to partner closely with the Central and State governments to take these initiatives forward.

On a segment of the economy which is vulnerable to the vagaries of climate, agriculture research, release of new high-yielding climate resistant varieties and improving irrigation will aid in building resistance which is sustainable.

My special word of compliments to the government for their sustained efforts in continuously ensuring higher minimum support prices (MSP) for all major crops with 50% margin over the costs, is a clear demonstration of the “Atmanirbharta”.

I sincerely commend the finance minister for presenting a progressive, growth oriented and inclusive budget.”

Alison Barrett MBE, Director India, British Council

 “The Union Budget 2024 stresses the critical importance of holistic development and higher education in driving inclusive and sustainable growth. There is a clear focus on empowering women through skilling programmes, increased workforce participation, and collaborative industry initiatives. The introduction of E-vouchers for higher education loans is a transformative step towards ensuring equal access to quality education. We remain committed to partnering the Government and working together to create opportunities that enable and empower all young people to thrive and contribute significantly to local and global progress,”

Ms. Sanjana Desai, Executive Director of Mother’s Recipe

 “The 2024 budget brings a sense of optimism and growth opportunities for the FMCG sector. The proposal to abolish the so-called angel tax for all classes of investors will significantly bolster the entrepreneurial spirit and support innovation within our industry. Additionally, the increase in the standard deduction for salaried employees will enhance consumer purchasing power, which is beneficial for our brand as it may lead to increased demand for our products. We appreciate the government’s efforts to simplify taxation and promote a more business-friendly environment.”

Vishvanathan Subramanian, CFO & Director, PayMate

 The government’s projection of a 4.9% fiscal deficit for the current year, with a target of 4.5% for the next, underscores its commitment to fiscal discipline. This strategic approach is expected to bolster investor confidence, attract FDI, and foster a conducive environment for economic growth in the coming years.

The honourable FM has proposed eliminating angel tax which will be a boon for India’s startup ecosystem. This move will facilitate early-stage funding, especially for the fintech startups, accelerating their growth and encouraging them to create innovative products which will improve India’s financial inclusion and bring the country a step closer to the Digital India dream.

MSMEs are the engine propelling the economy, credit is the essential fuel. And the credit to MSMEs without collateral is an outstanding move which will enhance access to much-needed capital, fostering growth for them. The self-financing guarantee fund of Rs 100 crore will help MSMEs in covering their CAPEX needs without requiring collateral or a third-party guarantee.

The aggressive steps towards skilling and employment of the youth in India are applausive. A comprehensive scheme offering internships in 500 leading companies to one crore youth will significantly address the skill gap in Indian companies. The skilling initiatives announced today will make the nation’s youth more tech-savvy, thereby potentially reducing the skill gap in the fintech sector. By reducing employer costs, providing wage support, and providing direct incentives, the government will not only enhance their employability but also potentially accelerate economic growth by increasing consumption, driving formalization, and improving productivity.

Sapan Gupta, Chief Financial Officer, Rodic Consultants

 “The Union Budget 2024-25 places major emphasis on farmers, poor, women and youth of the country and various initiatives have been proposed to support the cause. Budget underscores the critical role of infrastructure in driving economic progress with substantial investments in railways, roads, and airports. The allocation of Rs 1.5 lakh crore for rail infrastructure and the expansion of the National Highway network will enhance connectivity, reduce logistical costs, and promote regional development.

The significant focus on the eastern regions, including Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh, will transform these areas into growth engines, aiding in the attainment of Viksit Bharat. Furthermore, the ₹50,000 crore allocated for urban infrastructure, smart cities, and urban mobility projects will improve urban living, create jobs, and stimulate economic activity.

The government’s commitment to infrastructure development is evident and pivotal for achieving long-term economic growth and prosperity.”

Mr. Sarvjit Singh Samra, MD & CEO, Capital Small Finance Bank

  The Budget 2024 announcements mark a significant step towards strengthening India’s economic backbone, focusing on MSMEs, agriculture, and middle-income segments while maintaining fiscal prudence. Measures like credit guarantee schemes, regulatory changes, and financing/technology adoption will boost MSMEs. The allocation of ₹1.52 lakh crore for agriculture and initiatives like new high-yielding seeds, natural farming, and digital public infrastructure will enhance agricultural productivity and rural demand.

The employment-linked incentives for employees and employers, along with measures to facilitate higher participation of women in the workforce, will support job creation and skill development. The government’s commitment to fiscal discipline, aiming to lower the fiscal deficit to below 4.5% of GDP by 2025-26, will ensure sustainable economic growth.

Looking ahead, we expect the Budget 2024 measures to have a positive impact on India’s economic growth trajectory, with MSMEs, agriculture, and employment opportunities driving growth. We foresee India’s economic growth rate stabilizing at around 7-8%, driven by domestic consumption and investment. We look forward to supporting the growth aspirations of MSMEs, farmers, and individuals through our tailored financial solutions and expert guidance in Middle Income Segment.

Mr. Sandeep Ahuja, CEO, Atmosphere Living

  Today’s Union Budget announcements have generated a positive buzz in the real estate sector. The direction to reduce stamp duty for women is expected to increase property ownership among women, promoting financial independence and gender equality. This initiative can boost demand in the real estate market, stimulating economic activity. Additionally, it encourages joint ownership, leading to more equitable property distribution within households. Also, along with announcement of developing a National Industrial Corridor is likely attract investments, create job opportunities, and enhance the overall economic landscape. The emphasis by the FM on connectivity will surely lead to increased infrastructure development. New corridors in all modes that are in development and will be crucial for India’s growth and development. Finance Minister Nirmala Sitharaman announced significant changes in the Union Budget concerning property sales. The indexation benefit, which allowed property sellers to adjust the purchase price for inflation using the Cost Inflation Index (CII) issued by the Income Tax Department, has been removed. This means there would be equitable taxed and ensure transparency. In addition, the rate of long-term capital gains tax on property sales has been reduced from 20 percent to 12.5 percent. These changes are likely to have a substantial impact on the real estate market, influencing the way property transactions are taxed.
The digitization of land records and other technological reforms within the regulatory framework will greatly improve transparency in the real estate sector. These announcements, along with a focus on the affordable housing segment, are poised to drive growth and create a more robust and transparent real estate market in India.

 Mr Baroruchi Mishra, Group CEO, NET Enterprise

 Overall a balanced budget aimed at job creation which in turn will lead to increased consumption and propel growth. It also has a good focus on energy transition.

1.Focus on Water Management including solid waste management for large cities is particularly heartening. Proper implementation of the solid waste management will key to success.

There is great scope for 3 way collaboration here – Centre,States and private sector. The agencies that need to implement this will need to get innovative with the technology choices – proven techs like chemical recycling of single use plastics, plasma gasification of solids wastes etc should be evaluated. This should not be mired into the bureaucratic red tape as this can lead to reduction in fossil fuel use if done correctly.

2. Aspiration to involve private sector in modular nuclear reactors for green energy is a positive step in energy transition.

3. Instead of promising free electricity @300 units for I Cr households under PM Surya Ghar Bijli Yojna, the government should have announced more enabling subsidises for solar panel installations and battery procurement. And let the population get addicted to using Solar as much as they can. The word “free” is toxic for the economy and kills enterprise.

4. Emphasis on Climate Finance is good; Banks and lending Financial institutions should not stall the noble intent of the government.

I assume “ mitigation related investments” will cover carbon capture and storage (CCUS) as this is the only pathway to carbon reduction in the hard-to-abate sectors like cement and steel. Widespread use of DRI for making green steel will take at at least 10-15 years; we cannot wait that long as the EU’s Carbon Border Adjust Tax will hit steel exports by 2026. US and other countries may follow suit making our steel exports uncompetitive.

Counterfactual aspirational in some cases but clearly on the right tract ,I would say.

Union Budget 2024: Comments by Experts

Rushabh Gandhi, MD & CEO at IndiaFirst Life Insurance

 This Union Budget is aimed at enhancing employment, skill development, MSMEs, and the welfare of the middle class. By raising the standard deduction and adjusting tax slabs, taxpayers under the new regime will face lower tax burdens, thus improving their disposable income, which bodes well for consumer spending.

The introduction of a clause pertaining to non-deductible expenses in Section 37 for life insurance companies may lead to tax litigation. The proposed hike in Capital Gain Tax is expected to impact the tax liabilities for ULIP policyholders. However, the ULIP holders purchasing policies with premium of less than 2.5 lakh p.a. can continue to avail benefits under Section 10 (10D) and are not liable to pay any tax on maturity.

The decrease in TDS rate from 5% to 2% on policy payouts is anticipated to boost customers’ liquidity, which is a welcome move

 Murty LVLN, MD & CEO, Dvara KGFS

 “The Union Budget 2024 has acknowledged the need to support MSMEs and improve skill training, especially among the rural population. Significant focus is given to the agricultural sector to increase digital public infrastructure which will push more farmers to be a part of the registry making the agriculture sector more transparent. This move will pave the way for fintechs and agricultural fintechs to support farmers with better financial offerings. We welcome the government’s initiative to introduce a new mechanism for MSMEs to continue seeking bank credit during stress period to ensure smooth functioning. The continuous focus of the budget on the MSME sector, to compete globally, will result in a positive incentive for the rural parts of the country, thereby, increasing the rural GDP.” –

Rohit Taneja, Founder and CEO, Decentro

 “The 2024 Union Budget showcases the government’s dedication to fostering innovation and technological growth. It focuses on SMEs and manufacturing with initiatives like the self-financing guarantee fund and enhanced PSB capabilities for the SME assessment. A five-scheme package supports financing, regulatory changes, and technology, amplifying Make In India movement that is a huge tail wind for infrastructure building companies like us.

These measures, coupled with the extension of tax benefits for startups, indicate a promising environment for digital growth. At Decentro, we see this as a prime opportunity for fintech to contribute deeper across India’s digital infrastructure and double down on the technology-driven reforms that have boosted productivity and financial inclusion over the last decade.

We are particularly excited about the potential to leverage these initiatives further to enhance the fintech infrastructure and drive seamless integrations across banking.”

Mr. Kishan Jain, Director, Goldmedal Electricals

 “We extend our sincere gratitude to the Honourable Finance Minister for presenting the forward-looking Budget 2024. The focus on bolstering manufacturing practices through targeted incentives and policy reforms represents a significant step towards fostering growth and innovation within the consumer electronics sector.

This budget not only addresses the prevailing industry challenges but also lays a solid foundation for a more prosperous and sustainable future in manufacturing. With the government’s strategic vision and commitment to fostering a conducive environment for business development, we are optimistic about the promising opportunities this budget will offer to both the sector and the broader economy. We look forward to contributing to and benefiting from this transformative journey.”

 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.”

Jayesh Jain, Group CFO, Balancehero India

 “The Union Budget 2024 is a transformative step toward strengthening India’s economic fabric, emphasizing employment, skilling, and MSMEs. The allocation of ₹2 lakh crore for job and skill development schemes over the next five years will empower the youth and foster a skilled workforce, essential for driving innovation in the fintech sector. The budget’s focus on social justice and inclusive human resource development ensures growth benefits reach every segment of society.
For the fintech industry, simplified tax exemption regimes and TDS adjustments will streamline operations, creating a more favourable business environment. Abolishing the angel tax for all classes of investors is a ground breaking move to bolster the Indian start-up ecosystem, boost entrepreneurial spirit, and support innovation. Initiatives to develop cities as growth hubs and significant investments in urban housing and infrastructure will stimulate economic activities and provide a robust foundation for sustainable growth. Enhanced support for MSMEs, including the new credit guarantee scheme, will bolster the backbone of our economy, driving innovation and job creation. This budget sets a promising trajectory for inclusive growth, positioning India as a resilient and forward-looking economy.”

 Tarun Chugh, MD & CEO, Bajaj Allianz Life

 “The FM has secured a few critical aspects for the future readiness of the country in terms of strengthening the start-ups eco-system, focus on new age technology, space tech and encouraging clean tech. There was a significant focus on sectors like agriculture, infrastructure at large as well as developing skills and generating employment, which will have a positive compounding effect on the economy going forward. It lays the groundwork for a robust and sustainable economic growth with India remaining one of the bright spots in the global economic landscape. All in all, I believe it has been able to deliver on the growth agenda in a significant manner.

Furthermore, the reduction in the fiscal deficit target to 4.9% for FY25, down from the 5.1% estimated earlier in February 2024 (interim budget) paves the way for increasing fiscal discipline and enabling sustainable economic growth. This will positively impact India Inc. especially the insurance segment as we believe it will enable many more customers save and invest adequately in our financial instruments to secure their future.”

 Mr. Amit Sharma, Managing Director & CEO, Tata Consulting Engineers

 “The Indian government’s transformative and futuristic initiatives are set to accelerate the growth of the nation’s infrastructure landscape while enabling technological advancement and ensuring a viable and sustainable energy transition. The 2024 Union Budget’s focus on green growth with a ₹35,000 crore investment, the adoption of nuclear, clean energy with Bharat Small Reactor (BSR) and Bharat Small Modular Reactor (BSMR), and private participation in the nuclear energy arena, incentivising the adoption of higher efficiency Advanced Ultra Super Critical (AUSC) thermal plants, and focus on Pumped Storage Projects (PSP) for renewable energy integration, alongside a national critical metals and minerals policy, and the promotion of domestic solar cell and module manufacturing, create a comprehensive roadmap for the energy transition in hard-to-abate sectors.

On the infrastructure front, the enhanced focus on water and waste management in 100 large cities, along with an investment of ₹10 lakh crore for the construction of 1 crore houses under Pradhan Mantri Awas Yojana-Urban 2.0, underscores the strategic approach towards transformative growth.

Tata Consulting Engineers has been a key player and thought leadership partner in these specific initiatives with the Government of India and leading industry players. Our efforts have been fully aligned and committed to these national priorities. Keeping the Vikasit Bharat vision clear, we see this as a progressive roadmap towards building a sustainable, technologically advanced, and resilient India. Tata Consulting Engineers is committed to our promise of ‘Engineering a Sustainable & Better Tomorrow.’”

Mr. Ashish Saraf, VP and Country Director

 “We applaud the government’s special emphasis on skilling, research and innovation, complementing the ‘Viksit Bharat 2047’ vision, in the Union Budget 2024-25. The Budget’s commitment to skilling 20 lakh youth over the next five years through centrally sponsored schemes and the provision of skilling loans will pave the way for cultivating a strong and future-ready workforce. These measures will create pathways for youth to gain essential skills, enhancing employability. We also welcome the focus towards inclusive and holistic growth through a number of other announcements including employment-linked skilling schemes, internship opportunities to students in 500 top companies as well as the allocation of over ₹3 lakh crore to advance women’s roles.

Another key aspect of the budget is the establishment of the Powering Innovation, R&D Anusandhan National Research Fund. This will indeed provide a boost to private sector-driven research and innovation leading to development of cutting-edge technologies in the country. We commend these visionary steps and are committed to supporting India in nurturing a highly skilled workforce and deep-tech innovations by leveraging our local and global expertise and experience.”

Union Budget 2024- Reaction Quote from Experts

Dr Pawan Goenka- Chairman, IN-SPACe (Indian National Space Promotion and Authorization Centre)

 “The announcement of a focused venture fund of 1000 Crores will give a major boost to new entrepreneurs and NGEs in the space sector. At IN-SPACe, we look forward to supporting the growth of the space economy and nurturing an enabling ecosystem for NGEs. The fund along with the existing policies for the space sector will fuel technological innovation and create a fertile ground for NGE’s to thrive. “

 Mr. P R Seshadri, MD & CEO at South Indian Bank

 The Finance Minister has announced many impactful measures in the Union Budget. The proposal to rationalise both direct taxes and GST is heartening and may potentially lead to a truly progressive tax structure. The push for housing and employment is commendable. Similarly, the measures announced for improving credit delivery to MSMEs – enhancement of MUDRA loan limits and introduction of a credit guarantee scheme, will incentivise financial entities to lend to India’s small entrepreneurs. Besides, the Budget has made provisions to improve the rural economy, including increasing outlay under PMAY, and for agricultural research and rural development. The Union Budget has enough incentives to spur India’s youth, farmers, and business class to seek fulfillment of their aspirations. It will allow the economy to move ahead on its growth trajectory.”

 Mr. Mehul Bheda, Partner, Dhruva Advisors

 The recent capital gains tax revisions bring notable changes across various asset classes. While the increase in STT rates and the removal of indexation affect listed and unlisted securities respectively, the elimination of angel tax offers significant relief for investment planning and structuring. Additionally, the new tax treatment of buy-backs as dividends is expected to diminish their attractiveness. The broader tax impact on investments in non-financial assets such as real estate, gold etc, particularly the reduction in capital gains tax rate to 12.5% and eligibility period to 2 years for long-term assets, represent a mixed bag, balancing positive reforms with the drawback of removing inflation-linked indexation.

 Mr. Ajitesh Korupolu, Founder & CEO, ASBL

 Union Budget 2024 presents a balanced approach that supports sustainable growth in the real estate sector. The attention on augmenting tax incentives for first-time homebuyers and amplifying benefits for women is notably heartening as it invigorates market demand. The stress on affordable housing, expedited project approvals, and urban infrastructure development would definitely boost market efficiency, yielding benefits for both developers and homebuyers alike. Furthermore, the provision for upskilling initiatives is a commendable step that caters to the industry’s evolving requirement for a technologically adept workforce.

 Dr Vivek Desai, Founder & MD, HOSMAC

 The healthcare budget has seen a 12.5% increase (from 79,221 cr to 89,227 cr), fostering the development of public infrastructure in healthcare.
Additionally, a 7.5% rise in allocations (from 6800 cr to 7300 cr) for the Ayushman Bharat Yojana and a substantial 50% hike for the Ayushman Bharat infrastructure mission (from 2100 to 3200 cr) will expedite the advancement of digital health infrastructure.
The extension of duty exemptions for certain cancer drugs is a commendable step, significantly benefiting patients by reducing the high costs of chemotherapy and overall cancer treatment.
Moreover, the reduction in customs duty on X-ray tubes from 15% to 5% will lower capital expenditure in imaging and radiology, which are otherwise capital-intensive sectors.
Lastly, the increase in the PLI scheme outlay for the pharmaceutical industry, from ₹1,696 crore to ₹2,143 crore, will further enhance the “Make in India” initiative.

 Ashutosh Pandey, Co-Founder, Life n Colors Pvt Ltd:

 “Following the Budget announcement, there is a significant push to generate employment and expand the manufacturing base in the country. From a business perspective, the introduction of the credit guarantee scheme for MSMEs stands out as a potential game-changer for companies looking to enter the manufacturing sector. This scheme is expected to provide the much-needed financial support and boost to MSMEs, enabling them to scale operations and contribute to the broader economic goals.”

 Chandan Kumar GV, Vice President of Client Engagement at Indxx

 The 2024-25 budget is expected to focus on several key areas:
Research and Development: Plans to establish a Rs 1 lakh crore fund providing a 50-year interest-free loan to support India’s tech-savvy youth.
Deep Tech Initiatives: Operationalization of the Rs 1 lakh crore Deep Tech Fund aimed at boosting startups in cutting-edge technologies.
Tax Incentives: Push for fiscal support and streamlined input tariffs in the electronics sector. Expected reduction from seven tariff slabs to three, aligning with competing nations to enhance cost competitiveness, simplify trade, and attract global value chains.
The interim budget’s extension of tax benefits for startups, sovereign and pension funds, and investment units in GIFT City’s International Financial Services Centre (IFSC) until March 31, 2025, is seen as a valuable addition for startups.
Skill Development: Efforts to establish new IITs, IIITs, and IIMs to cultivate a skilled workforce in fields like artificial intelligence to meet industry demands.
These initiatives demonstrate the budget’s critical role in fostering startups and developing a robust IT ecosystem ready for global competitiveness and growth.

Prof Soumyo Mukherji, Senior Professor Department of Electrical Engineering & Director, , BITS Pilani Hyderabad Campus

 “One of the main focus areas laid out by the finance minister for Viksit Bharat is innovation, research & development. To bolster R&D and strengthen India’s standing globally, the allocation of ₹1000 crore towards venture capital in space technology is a welcome move. So is the allocation for private led research. However, the latest economic survey underscores a critical reality stating that one out of every two Indian graduates lacks employable skills.
Upskilling for producing industry-ready graduates is an urgent need. Although some effort has been taken in that regard (in terms of internship scheme, new ITIs etc.), a budget with higher allocation for education and research would have been welcome.
It is only through efforts like this that, Make in India, Make for India, Export to the world”, will be a reality.

 Mr. Riju Jhunjhunwala, CMD RSWM Ltd & MD Bhilwara Energy Ltd

 “The Union Budget 2024 presents a holistic approach to India’s economic growth, with a strong emphasis on manufacturing, energy, and sustainability. The employment incentives for the manufacturing sector are poised to stimulate job creation and strengthen our workforce. The focus on nuclear energy development and indigenous thermal power technologies demonstrates a commitment to energy security and efficiency. The budget’s sustainability measures, particularly the rooftop solar scheme, are set to transform energy consumption at both household and industrial levels. Overall, this budget lays a solid foundation for industrial growth, aligning with our vision of a sustainable and innovative future for India.”

 Uday Chawla, Managing Partner, TRANSEARCH India

 “We welcome the Budget 2024-25 as a people-friendly and pro-development budget. This year’s budget has paved the way for India by focusing on employment and skilling opportunities. We appreciate the various initiatives announced by the Honourable Finance Minister, focusing on the nine critical priorities—ranging from productivity and resilience in agriculture to next-generation reforms—demonstrating a comprehensive approach to fostering sustainable growth and development.
For future leaders, these priorities offer a robust foundation to build upon and will create dynamic opportunities for innovation and leadership in these vital sectors. We believe that the budget, along with conducive policies and regulatory reforms, will facilitate research and development, and foster a culture of innovation, across sectors. With increased investment, the budget is poised to enhance employment opportunities and spur rising demand, especially for skilled leadership in these sectors.”

 Prateek N Kumar, Founder and CEO, NeoNiche Integrated Solutions

 “The recent Budget represents a comprehensive strategy aimed at fostering growth across various sectors of society. By focusing on employment, skilling, MSMEs, the middle class, the underprivileged, women, youth, and farmers, it presents a holistic and inclusive approach. The nine priorities outlined for the coming years—productivity and resilience in agriculture, employment and skilling, manufacturing and services, urban development, energy security, infrastructure, innovation and R&D, and next-generation reforms—underscore a commitment to well-rounded development. This emphasis on job creation and boosting consumption is set to significantly benefit the consumer goods, real estate, and automotive sectors. It’s an encouraging roadmap for our nation’s future.”

 Nupur Maheshwari, Executive Partner, Lakshmikumaran & Sridharan Attorneys

 “Amendments under the Customs Laws are geared towards ease of doing business, promote domestic manufacturing, support local value addition and increase the competitiveness of Indian goods in the International market. The rates of customs duties have been significantly reduced on the inputs used in India’s major export sectors such as seafood, leather and textiles (garments and footwear) to provide further fillip to these sectors. Further, export duty on rawhides and skins is being rationalized. To promote ‘make in India’, the customs duties on the inputs used in manufacturing PCBAs of mobile phones, connectors for manufacture of certain electronics, and critical minerals which are used in important and strategic sectors is proposed to be reduced. List of capital goods for use in manufacture of Solar panels in India is proposed to be expanded. The Finance Minister also proposed a phased manufacturing program for manufacture of X-ray tube and flat panel detectors in the medical sector. The time period of re-import and re-export of goods for use in warranty and repairs is proposed to be increased from 6 months to 1 year and 3 years to 5 years respectively”.

 Ratan Jain, Executive Partner, Lakshmikumaran & Sridharan Attorneys

 “The Finance Minister also proposed to conduct a comprehensive review for the next 6 months of the rates of duties under the Customs Act, 1962. Under the campaign ‘Digital India’, the Finance Minister also proposes to fully digitize all the taxpayer’s services provided by the Customs and the Income Tax Department and make them completely paperless. The Finance Minister also aims at further simplifying the procedures under the Customs Laws in India”.

Ujjwal Singh – Founding CEO, Infinity Learn by Sri Chaitanya

 “We welcome the Budget 2024-25 as a people-friendly and pro-development budget. This year’s budget has paved the way for India by focusing on employment and skilling opportunities. We appreciate the various initiatives announced by the Honourable Finance Minister, focusing on the nine critical priorities—ranging from productivity and resilience in agriculture to next-generation reforms—demonstrating a comprehensive approach to fostering sustainable growth and development.
For future leaders, these priorities offer a robust foundation to build upon and will create dynamic opportunities for innovation and leadership in these vital sectors. We believe that the budget, along with conducive policies and regulatory reforms, will facilitate research and development, and foster a culture of innovation, across sectors. With increased investment, the budget is poised to enhance employment opportunities and spur rising demand, especially for skilled leadership in these sectors.”

 Uday Chawla, Managing Partner, TRANSEARCH India,

 “We welcome the Budget 2024-25 as a people-friendly and pro-development budget. This year’s budget has paved the way for India by focusing on employment and skilling opportunities. We appreciate the various initiatives announced by the Honourable Finance Minister, focusing on the nine critical priorities—ranging from productivity and resilience in agriculture to next-generation reforms—demonstrating a comprehensive approach to fostering sustainable growth and development.
For future leaders, these priorities offer a robust foundation to build upon and will create dynamic opportunities for innovation and leadership in these vital sectors. We believe that the budget, along with conducive policies and regulatory reforms, will facilitate research and development, and foster a culture of innovation, across sectors. With increased investment, the budget is poised to enhance employment opportunities and spur rising demand, especially for skilled leadership in these sectors.”

 Prateek N Kumar, Founder and CEO, NeoNiche Integrated Solutions

 “The recent Budget represents a comprehensive strategy aimed at fostering growth across various sectors of society. By focusing on employment, skilling, MSMEs, the middle class, the underprivileged, women, youth, and farmers, it presents a holistic and inclusive approach. The nine priorities outlined for the coming years—productivity and resilience in agriculture, employment and skilling, manufacturing and services, urban development, energy security, infrastructure, innovation and R&D, and next-generation reforms—underscore a commitment to well-rounded development. This emphasis on job creation and boosting consumption is set to significantly benefit the consumer goods, real estate, and automotive sectors. It’s an encouraging roadmap for our nation’s future.”

 Nupur Maheshwari, Executive Partner, Lakshmikumaran & Sridharan Attorneys

 “Amendments under the Customs Laws are geared towards ease of doing business, promote domestic manufacturing, support local value addition and increase the competitiveness of Indian goods in the International market. The rates of customs duties have been significantly reduced on the inputs used in India’s major export sectors such as sea food, leather and textiles (garments and footwear) to provide further fillip to these sectors. Further, export duty on rawhides and skins is being rationalized. To promote ‘make in India’, the customs duties on the inputs used in manufacturing PCBAs of mobile phones, connectors for manufacture of certain electronics, and critical minerals which are used in important and strategic sectors is proposed to be reduced. The list of capital goods for use in manufacture of Solar panels in India is proposed to be expanded. The Finance Minister also proposed a phased manufacturing program for manufacture of X-ray tube and flat panel detectors in the medical sector. The time period of re-import and re-export of goods for use in warranty and repairs is proposed to be increased from 6 months to 1 year and 3 years to 5 years respectively”.

 Ratan Jain, Executive Partner, Lakshmikumaran & Sridharan Attorneys

 “The Finance Minister also proposed to conduct a comprehensive review for the next 6 months of the rates of duties under the Customs Act, 1962. Under the campaign ‘Digital India’, the Finance Minister also proposes to fully digitize all the taxpayer’s services provided by the Customs and the Income Tax Department and make them completely paperless. The Finance Minister also aims at further simplifying the procedures under the Customs Laws in India”.

 Ujjwal Singh – Founding CEO, Infinity Learn by Sri Chaitanya

 “We welcome the Budget 2024-25 as a people-friendly and pro-development budget. This year’s budget has paved the way for India by focusing on employment and skilling opportunities. We appreciate the various initiatives announced by the Honourable Finance Minister, focusing on the nine critical priorities—ranging from productivity and resilience in agriculture to next-generation reforms—demonstrating a comprehensive approach to fostering sustainable growth and development.
For future leaders, these priorities offer a robust foundation to build upon and will create dynamic opportunities for innovation and leadership in these vital sectors. We believe that the budget, along with conducive policies and regulatory reforms, will facilitate research and development, and foster a culture of innovation, across sectors. With increased investment, the budget is poised to enhance employment opportunities and spur rising demand, especially for skilled leadership in these sectors.”

 Mr. Amit Kapoor, Founder and CEO, Eupheus Learning

 “The FM’s Budget for 2024-25, and the allocation towards education, employment, and skilling, is noteworthy. The focus on skilling the youth with the industry needs and providing education loans with an attractive subvention scheme is a game-changer.
At Eupheus Learning, we believe that identifying the right skills should happen inside classrooms in schools. An enabling environment of in-classroom and at-home learning ensures that our young learners get the infrastructure and support needed by them to work towards their respective aspirations. These measures from the government are a good step forward and we are sure that there will be percolation down to the school level in each district. This percolation will equip students with the skills they need to excel in their careers and contribute to the economy.”
“The FM’s Budget for 2024-25, and the allocation towards education, employment, and skilling, is noteworthy. The focus on skilling the youth with the industry needs and providing education loans with an attractive subvention scheme is a game-changer.
At Eupheus Learning, we believe that identifying the right skills should happen inside classrooms in schools. An enabling environment of in-classroom and at-home learning ensures that our young learners get the infrastructure and support needed by them to work towards their respective aspirations. These measures from the government are a good step forward and we are sure that there will be percolation down to the school level in each district. This percolation will equip students with the skills they need to excel in their careers and contribute to the economy.”

What Experts Are Saying About Budget 2024

Anirudh A Damani -Managing Partner – Artha Venture Fund

“The removal of the angel tax will make it significantly easier for us to complete transactions faster and streamline the investment process. Previously, the requirement for income tax officers to understand and assess valuations led to unnecessary conflicts and delays, involving CAs, valuers, and tax officials. Valuation assessments were never meant to fall within the purview of income tax officers, and this change eliminates those complications. This simplification allows us to focus on our primary job—investing in and supporting innovative startups—without the burden of navigating through cumbersome tax regulations.

As a venture capital fund, we see the Indian Budget 2024’s tax reforms as a major boost for the VC, PE, and startup ecosystem. The increase in LTCG tax rate for financial assets to 12.50% and STCG to 20% may pose challenges for listed investments. Still, it’s a significant advantage for other financial products like startups and Alternative Investment Funds. The reduction in LTCG tax from 20% to 12.50% for these investments will result in substantial savings and increased IRR, fostering growth and innovation. While we await the detailed budget, this move is a long-awaited positive development that will make India an even more attractive destination for global investors and drive further growth in the venture capital and private equity sectors.”

Ratna Mehta – Managing Partner, Fundalogical Ventures

“Abolition of angel tax will provide a boost to the budding Indian startup ecosystem. It will encourage the flow of capital without tax leakages, especially relevant at a time when the funding crunch is impacting startup liquidity. It is key to establish India as an innovation hub and leader v. follower for new and breakthrough ideas. Focus of the budget is on sustainable growth with employment generation, of continuity and stability. The changes on the capital gains tax structure was unexpected, especially during a time when the fiscal position of the economy seems to be in check.

The logistics and supply chain is the lifeline of India’s growth story. The budget’s identification of infrastructure, manufacturing, and skilling as key areas for long-term development and subsequent allocation is a step in making India the logistics and manufacturing powerhouse of the world. As a fund focused on investing in supply chain and logistics, we are bullish on backing innovative entrepreneurs building the support ecosystem of India’s supply chain. The government’s move to set up E-commerce export hubs to be set up for enabling MSMEs to export their local products is a huge step in the direction of driving growth through innovation and building on new-age trends to drive MSME growth.

 Ashish Singhal, Co-founder, Lemonn and CoinSwitch

“We welcome the Union Budget 2024-25 as a pro-development budget bringing great news for startups. As a founder and angel investor, I’m thrilled that the Angel Tax has been abolished. This will significantly bolster the entrepreneurial ecosystem in India.

The emphasis on digital public infrastructure and the digitalization of the economy will greatly benefit tech startups like ours, which are focused on developing population-scale apps for Indians.

However, the securities markets face challenges with the increase in short-term capital gains tax from 15% to 20%, the rise in long-term capital gains tax from 10% to 12.5%, and the hike in STT on F&O. The immediate market reaction has been less than positive.

Regarding crypto, we had hoped the government would reduce taxation to align it with other asset classes. Unfortunately, this has not been addressed, representing a missed opportunity to support startups and investors in the crypto space.

We are still examining the finer details of the budget to fully understand its broader implications.”

Roland Landers, CEO, All India Gaming Federation

The All India Gaming Federation (AIGF) welcomes the focus on skilling in the 2024 Budget. There remains a significant skill gap in India’s gaming industry, and the increased emphasis on skilling initiatives is a promising step towards bridging this gap. Centrally sponsored schemes for skilling youth, women-focused programs, the establishment of industrial training institutions, and the provision of internships are all set to create a more skilled workforce. These initiatives will play a crucial role in helping India achieve its Vision India@2047.

 Mr. Tarun Singh, Managing Director of Highbrow Securities

The Union Budget has impacted the buoyant stock market, but its effect feels more symbolic than substantial. The fundamental impact on investors will be negligible, as any changes in capital gains taxation will soon be factored into future plans. The market sentiment will remain conducive for investors. However, the budget’s opportunistic flavour cannot be ignored.

On a brighter note, the budget’s incremental yet pivotal steps towards fostering an inclusive manufacturing and MSME landscape are commendable. The proposed initiative lays a sustainable and secure foundation for investors to explore emerging opportunities within this vital economic segment.

One of the key standout aspects of this budget is its respect for the existing consumption patterns. In the market realm, consumption is king, and any disturbance to this trend could ripple negatively across the economic spectrum. By preserving the status quo here, the budget has safeguarded the ongoing consumption story that fuels market growth. The Stock Markets, thus, can absorb minor setbacks and continue on a bullish path, backed by stable and robust consumer demand.

In my opinion, this budget is neither extravagant nor groundbreaking, but sometimes, not rocking the boat is an act of wisdom. This Union Budget may not sparkle with dramatic flair, but its understated elegance might very well be the unsung hero of our economic narrative this year.

I am anticipating a favourable year ahead, with markets expected to benefit from sustained consumption and emerging opportunities in the revitalised MSME and Manufacturing sectors

Abhay Parnerkar, CEO, Godrej Tyson Foods Ltd

 “The Union Budget’s emphasis on agricultural development, particularly the creation of large-scale vegetable production clusters, is a significant step forward in strengthening the country’s food value chain. This initiative aligns perfectly with our vision of a robust and sustainable food ecosystem. Additionally, the focus on natural farming is commendable and will undoubtedly contribute to the overall health and well-being of our nation with enriched farm to table experiences for consumers. We are optimistic about the potential of these initiatives to enhance food security, improve farmers’ livelihoods, and drive economic growth. I also firmly believe the growth in frozen food category will reduce wastage and nutrition loss in the food value chain”

Amar Nagaram, Founder and CEO of Virgio

 “The Finance Minister’s budget theme, with its emphasis on Employment, Skilling, and MSMEs, showcases a forward-thinking approach that is well-suited to the evolving needs of the Manufacturing and D2C industries. This budget, aligned with the Viksit Bharat vision during the Amrit Kaal, introduces several key incentives aimed at boosting job creation and enhancing workforce skills. The special focus on MSMEs will provide critical support for innovation and expansion, facilitating growth across various sectors. Importantly, the abolishment of the Angel Tax will play a pivotal role in supporting startups, easing fundraising, and encouraging more investment in innovative businesses. Overall, this growth-oriented budget represents a significant step toward creating a more inclusive and dynamic economy, fostering opportunities for businesses and entrepreneurs alike.”

Karthik Kondepudi, Partner at Herbochem

 “I appreciate the Government of India for supporting the MSME sector. It is a commendable step from the Government that now the MSMEs in the manufacturing sector will benefit to grow without any burden of collaterals, with the Credit Guarantee Scheme for MSMEs which will guarantee a cover up to ₹100 crore. The new way of assessing MSME credit using digital footprints for credit appraisal will be far better than conventional methods and increase credit availability for many businesses. Also, credit support during any stress period will ensure that operations of the MSMEs are kept continuous since this is an important factor influencing the survival and growth of businesses. Increasing the Mudra loans limit up to ₹20 lakh, strengthening the TReDS platform space and covering more clusters with SIDBI will fulfill the needed funds and working capital needs of the sector. The measures for establishing the food irradiation units and quality testing lab will strengthen the base of the food sector both in terms of quality and safety. In summary, this budget provides a solid ground for MSME to grow, compete internationally, and act as a major driver of the Indian economy.”

Gurjodhpal Singh, CEO, Tide in India

 “While the budget reflects a commendable focus on employment, skilling, and women, it is important to recognise that many of the policies will need a robust implementation. The increase in Mudra loan limits from ₹10 lakh to ₹20 lakh is a positive step for entrepreneurs, yet the on-ground implementation of the government’s policy directive needs stronger adoption at the grassroots level.

The government’s commitment to enhancing women’s participation in the workforce through initiatives like working women’s hostels and creches is a welcome development.

The allocation of over ₹3 lakh crore for schemes benefitting women and girls as well as setting up of women-specific skilling programmes to boost women’s participation in the workforce, signals a significant commitment to women-led development. However, there remains ample room for improvement in the execution and scope of these policies.

The introduction of a new assessment model for MSME credit is a step in the right direction, allowing for a more nuanced understanding of credit eligibility that extends beyond traditional metrics. Several fintechs and non-traditional financial institutions have been working on this front for a while now, so a collaboration between government and the fintech ecosystem to facilitate this would be a great post-budget action item.

In sum, while there are positive elements in this budget, there is still room for improvement in terms of the implementation and outcome of these initiatives. The journey toward comprehensive support for all sectors, particularly for women and MSMEs, is ongoing, and we look forward to seeing how these initiatives evolve in the future.”

Raj N, Founder at Zaggle

 “This budget is a holistic growth engine prioritizing education & skill development, women’s entrepreneurship, and the benefits and relief for the startup ecosystem. The elimination of the angel tax is a step in the right direction, as it eases investor concerns and promotes innovation. Moreover, the allocation of nearly ₹3 lakh crore towards initiatives that assist women and girls demonstrates the government’s commitment to women’s entrepreneurship.

In order to better correspond with industry demands, the budget for education and skill development will modernize 1,000 Industrial Training Institutes (ITIs) and offer internships to the youth at 500 top companies in the country. The government has prioritised the preparation of a workforce that is future ready. We also commend the government for announcing increased financial support to startups and MSMEs during periods of stress. Lastly, revised tax slabs and increased exemptions are welcome news for the salaried individuals, which will undoubtedly ease the financial strain on middle-class families, offering them much-needed relief.”

Akshay Mehrotra, Cofounder & CEO, Fibe, India’s leading fintech and consumer lending platform

 This year’s Budget has taken a forward-looking approach, aimed at building a self-reliant economy with MSMEs and startups as key drivers of Bharat’s next phase of growth. It is encouraging to see the Government’s focus on creating more jobs for the youth with enhanced focus on skill upgradation. This clubbed with the reduction in taxes for the salaried class signifies the strategy to support individuals in the middle-income group and younger professionals, leading to their professional development.

Furthermore, the efforts to promote sustainable energy solutions will give a boost to more ‘Make-in-India’ businesses and boost innovation in the clean energy space, creating more job opportunities for the youth. Besides, the focus on MSMEs is another step forward in driving the nation’s progress. The enhancement of Mudra loans to ₹ 20 lakh will fuel the growth of mid-level companies (INR 50 lakh to 2 crore revenue) and ensure they get enhanced opportunities. Lastly, the increase in capital gains tax will pose challenges for venture capitalists and investors, especially when exiting. On the other hand, the abolishment of angel tax will provide the much-needed boost to the startup ecosystem and help them thrive in India.”

Sachin Agrawal, Co-Founder & CEO at Bizongo

 “It’s a significant move that the government is putting special attention on MSMEs and the manufacturing sector through this budget. The newly announced credit guarantee scheme and term loans will enable MSMEs to purchase machinery and equipment without the need for collateral, which will further help the sector spur the industry’s growth. This initiative is expected to alleviate financial barriers for MSMEs, fostering increased productivity and technological advancement across the sector, which is essential for the country’s overall economic growth.”

Avinash Shekhar, CoFounder & CEO, Pi42

 This growth-oriented budget underscores the importance of upskilling and youth development as a foundation to Bharat’s progress. It is interesting to see that one crore youth will be skilled by India’s top companies within five years, and 20 lakh will receive specialized training over the same period. Learning new skills and tech is crucial for fostering innovation and driving the country’s growth. By equipping our youth with cutting-edge skills, we can ensure they are capable of developing and implementing new solutions that address contemporary challenges. Blockchain technology and crypto will play a pivotal role in empowering today’s youth, ensuring they are at the forefront of innovation and economic growth This not only enhances individual career prospects but also contributes to the nation’s competitive edge on the global stage thus contributing to a Vikshit Bharat.

Saransh Chaudhary, President, Global Critical Care, Venus Remedies Ltd and CEO, Venus Medicine Research Centre

The Central government’s decision to exempt three more cancer medicines from customs duty is a commendable step towards making cancer drugs more affordable and incentivising manufacturers by reducing their costs. We also welcome the Finance Minister’s announcement to include manufacturing & services and innovation, research & development among the nine priority areas identified by the government to ensure fast-paced growth in line with its vision of “Viksit Bharat”. Pharma manufacturing being India’s strength, we expect the government to build on it with its incentive-based approach. A renewed focus on innovation and R&D, on the other hand, will transform India into a value-driven economy, unleashing its immense potential wealth creation potential.

Mr. Sanjay Dighe, CEO & Director of Krystal Integrated Service Ltd

 The Union Budget 2024 presented by the Finance Minister demonstrates a comprehensive and forward-thinking approach, significantly impacting various sectors.

The government’s partnership with State Governments and Multilateral Development Banks to promote water supply, sewage treatment, and solid waste management projects in 100 large cities will fuel the demand for facility management services. These projects will require specialized skills and expertise in managing complex systems and infrastructure, aligning perfectly with the goals of skilling and employment outlined in the budget.

Moreover, the focus on industrial development, particularly the establishment of an industrial node in Gaya as part of the Amritsar-Kolkata industrial corridor, will drive the need for comprehensive facility management solutions to support the burgeoning industrial activities. This will not only involve managing and maintaining industrial facilities but also ensuring compliance with environmental and safety standards.

We are particularly optimistic about the focus on creating employment opportunities. The one-time wage incentive for first-time employees through DBT and the internship program launching in 500 companies for one crore youth over five years are commendable initiatives. Additionally, clarity on tax exemptions for services provided to government entities would be highly beneficial.

Overall, the strategic priorities set forth in the Union Budget will create a robust demand for facility management services, as the industry will play a critical role in supporting the growth and sustainability of India’s economic infrastructure.

Mr. Rohit Mali, Director, Firefly Fire Pumps

 “I am thrilled with the Budget 2024-2025 announcements that demonstrate a visionary commitment to MSMEs and labor-intensive manufacturing, essential pillars for India’s economic growth. The comprehensive package of financial, regulatory, and technological support signals a transformative era for MSMEs, enabling them to scale operations and compete globally.

Moreover, the Credit Guarantee Scheme for MSMEs in manufacturing, leveraging digital footprints for credit assessment, and measures to support MSMEs during stress periods are game changers that will foster innovation, expand access to credit, and sustain entrepreneurial resilience. Enhancements in Mudra Loans, mandatory onboarding on TReDS, and SIDBI branch establishments in MSME clusters will unlock working capital, improve credit access, and extend critical support nationwide.

In essence, this budget lays down a robust roadmap for MSMEs, propelling us towards the vision of ‘Viksit Bharat’. We at Firefly Fire Pumps are excited to align our efforts with these initiatives, fostering an environment where MSMEs can thrive and contribute significantly to India’s economic renaissance.”

Mr. Abheek Barua, Chief Economist and Executive Vice President, HDFC Bank

 The central focus of this budget has been on employment and associated issues like skill formation. The government’s efforts to reap India’s demographic dividend is visible in its push towards labour intensive production, its skilling initiative, incentivising formal job creation and increasing participation of women in the workforce. The budget estimate that these measures will help create 8 million jobs per year — which is line with the employment requirement that has been set out in the economic survey.

The change in income tax slabs along with the direct benefit transfer to first time workers, is likely to spur consumption, particularly for small ticket items, by increasing disposable incomes. The budget’s policy mix – including continued capex, job creation, support for manufacturing, agriculture, and rural development – is likely to be positive for India’s potential growth.

The government made no compromise on its capex plans despite the increased allocation to some of its allies. The commitment towards fiscal consolidation with a reduction in the fiscal deficit to 4.9% of GDP in FY25 is a positive for medium-term debt sustainability.

Although markets have been disappointed with the increase in the capital gains tax, this is line with the communication by different branches of the government and regulators to be cautious and prevent any excess build-up of risk in the system.

Dr. Silpi Sahoo, Chairperson, SAI International Education Group

 “The Union Budget 2024–25 shows a strong commitment to youth empowerment, acknowledging that it is essential to the success of our country. A 30% increase in funding to Rs 1.48 lakh crores has been allocated for education, employment, and skill development; this is a necessary and promising initiative. Students from low-income backgrounds benefitting from the provision of financial support for loans up to ₹10 lakh for higher education is a welcome move by the Government. Internship chances at 500 leading companies for 1 crore students during a 5-year period coupled with an internship allowance of ₹5,000 per month and a one-time aid of ₹6,000 will offer invaluable exposure and professional experience to the youth of India. Furthermore, the skilling project, which is a partnership between business and state governments, intends to improve 1,000 Industrial Training Institutes to train 20 lakh kids over the course of five years is a notable development in the Union Budget. I am sure that many students will benefit from the redesigned Model Skill Loan Scheme, which would provide loans up to ₹7.5 lakh backed by a government-sponsored fund. This will help the youth to be more professionally trained. Also, The Eastern region’s ‘Purbodaya’ plan and the emphasis on digitization and technology adoption prioritizing infrastructure, economic prospects, and human resource development will be a key to turn the region into a major player in the global economy. If these policies are implemented effectively, Bharat is on the path to attaining global leadership.”

Mr.Bantwal Ramesh Baliga, Group CEO of Acquaviva.

 The scheme introduced in the budget to incentivize the hiring of first-time employees is a game-changer for the manufacturing sector. By benefiting 3 million youths and their employers through direct incentives based on EPA contributions over four years, the government is not only encouraging job creation but also nurturing a skilled workforce. This initiative reflects the Modi-led NDA Government’s commitment to boosting economic growth and employment opportunities.
The budget’s announcement to prioritise the participation of women in the workforce is welcomed in sectors like hospitality and retail. This initiative aims to diversify the workforce and recognizes the contributions that women can bring to these sectors. The budget is paving the way for greater gender equality and economic empowerment within these industries.
Furthermore, the announcement to promote water supply, sewage treatment, and solid waste management projects for 100 large cities reflects an approach to infrastructure development. These initiatives will not only enhance urban living standards but also increase demand across various industries involved in construction, engineering, and environmental technologies.
Overall, the budget’s focus on incentivizing employment, supporting women’s participation in key sectors, and advancing urban infrastructure projects is set to catalyse industrial growth, create new job opportunities, and drive sustainable economic development. This forward-looking strategy positions India for long-term resilience and prosperity.

 Dr. Ajai Chowdhry, Co-Founder HCL, Founder & Chairman, EPIC Foundation and Chairman-Mission Governing Board, National Quantum Mission

 “The new budget is a game-changer! Significant impetus has been provided by the government to further strengthen the startup ecosystem. Happy to see support for Space Tech and a generous ₹1 Lakh Crore allocation for R&D in the private sector. The support for small nuclear reactors is commendable; moreover, the abolishing of the Angel Tax will go a long way in bringing greater investments, making it a big win for startups. Similarly, there’s great support for MSMEs and an impressive job-linked incentive scheme. The focus on Ease of Doing Business and the introduction of plug-and-play manufacturing infrastructure under PPP, along with worker dormitories, is a well-rounded approach to foster growth and innovation.”

 Dr V Veerappan, Chairman, IESA

 The Union Budget 2024 appears promising for the government’s commitment to making India a global powerhouse for electronics production. The funding for product development and the creation of an ecosystem for electronic components is an important step and will play a catalyst in product creation and building a component ecosystem. The budget allocation of Rs 1 lakh crore to support commercial private-sector research will serve as a critical impetus for the sustained momentum of the Electronics and Semiconductors sector, as well as for R&D, innovation, and technological advancement. We are in favor of the government’s prospective incentives for job growth in the industrial sector, as well as the direct benefit transfer plans for new employees. These measures will not only increase employment but also cultivate a culture of quality and innovation throughout the industry. On the FLIP side, India should be cautious on FDI from China in this strategically important sector.

Ashok Chandak, President, IESA

 IESA welcomes the budget’s strong focus on manufacturing, job creation, MSME support, women’s employment and rationalisation of customs duty. The initiatives mentioned are expected to act as catalysts for creating a new workforce in the thriving semiconductor and electronics sector which is facing an acute shortage of relevant skills. Additionally, allocating 1 lakh crore for research, removal of Angel tax, and support for prototypes will bolster local R&D, product innovation, and the startup ecosystem. However, caution is warranted regarding China’s FDI in this strategically vital sector. Any move to relax FDI norms for China in electronics and semiconductors could potentially stifle the emerging electronics components industry and have long-term implications for the telecom, defence, and aerospace sectors which are crucial for India’s security. IESA is working with MeitY on the new National Policy on Electronics and hope some of the measures for product development in the Electronics and Semiconductors verticals , Increased support toward enhancing local value addition and PLI for electronic components would get covered.

Dilip Gangaramani, Founder Director & CEO of Target Publications Pvt. Ltd.

He expressed appreciation for the recently announced interim budget. He said, “The government’s initiative to provide financial support for higher education loans up to Rs 10 lakh is commendable. This move will enhance accessibility to quality education. The allocation of Rs 2 lakh crore for employment and skilling initiatives is also a positive step towards addressing youth unemployment. Interestingly, the proposed comprehensive internship program for one crore youth is a commendable initiative, emphasizing its potential to bridge the gap between academia and industry. Overall, the budget’s focus on education, employment, and skill development aligns with the nation’s developmental goals and is a welcome step forward. These measures, if implemented effectively, can significantly boost India’s human capital development and contribute to a more skilled and employable workforce.”

Expert Reviews of Budget 2024

Samir Jasuja, Founder and CEO of PropEquity

While the Budget sidesteps the long-standing demands of the real estate sector, the focus on job creation, skilling and employment-linked incentives, boost to infrastructure, urban redevelopment and relaxation in income tax slabs are the big reforms that will indirectly provide a fillip to the real estate sector. The call to State Governments to reduce Stamp Duty and initiate land related reforms that includes urban planning, usage, building bylaws, and GIS mapping of land records are steps in the right direction that will not just help the sector but also be a strong growth propeller for the Indian economy.

Arijeet Talapatra, CEO, Transsion India.

Transsion India welcomes the Ministry of Finance’s decision to reduce the basic customs duty from 20% to 15% on mobile phones, mobile PCBA, and chargers. This policy change will significantly benefit both manufacturers and consumers, fostering a more competitive smartphone market and strengthen our position in the global market. This move will undoubtedly bolster the industry’s growth making smartphones more affordable and we remain committed to the ‘Make-in-India’ initiative to bring the best-in-class smartphones to the ever-evolving Indian market.

Hardika Shah, Founder & CEO, Kinara Capital –

 Focused on Women 

The Union Budget has made significant strides in promoting women’s economic participation. To this end, a number of initiatives were announced, supported by the allocation of more than INR 3 lakh crore for schemes benefitting women and girls. Initiatives like setting up working women’s hostels in collaboration with industries and the establishment of creches, organizing women-specific skilling programmes, and promoting market access for women SHGs are commendable steps towards addressing challenges faced by women. Another move that will have a positive impact on women’s participation in the workforce is the abolishment of the Angel Tax. Even today in India out of the 8,000 startups founded by women, nearly 75%, of which some are generating revenues exceeding $30,000 are still unfunded (Tracxn Report). This move will encourage greater participation of investors in the startup ecosystem including women-owned startups. The improvement in the funding ecosystem and the support offered through the different women-focused initiatives is also likely to have a ripple effect on job creation for women. According to Kinara Capital’s MSME Insights, which analyzed data from 44,821 MSMEs, women-owned enterprises create 11% more jobs for women than men-owned ones, and we can expect to see similar trends in the startup ecosystem. This second-level impact will add further impetus to the government’s intention of helping more women enter the formal workforce.

Focused on GST 

The implementation of the GST regime has proved to be beneficial for MSMEs, reducing the compliance burden and logistics costs. As stated in the 2024 Union Budget, the government remains committed to further simplifying and rationalizing the tax structure, with the goal of enhancing its benefits. The original vision of GST, encapsulated in the idea of One Nation, One Tax, is gradually being realized. As the GST continues to evolve, it will encourage more MSMEs to formalize, thereby increasing their creditworthiness. This, in turn, will facilitate access to formal credit, as well as government benefits and subsidies, supporting their growth and contribution to the broader economy.

Focused on FDI 

Today’s Union Budget announcement about the simplification of Foreign Direct Investment (FDI) rules and regulations to facilitate inflows is a particularly positive move for India’s growing economy. India experienced nearly USD $600 billion in FDI inflow from 2014-2023, nearly 2x the inflow compared to the previous decade. By easing the process for FDIs, the government is taking a significant step towards attracting more foreign capital, which is essential for boosting economic growth. Further, a boost to foreign investors will be the corporate tax reduction from 40% to 35% while the abolishment of Angel Tax for all classes of investors is a game changer. Removing this tax barrier will ratchet up the foreign investor interest just as India is gunning to become the world’s 3rd-largest in the next couple of years.

“The Union Budget 2024-25 presents a balanced approach to stimulating economic growth while maintaining fiscal prudence. The government’s commitment to reducing the fiscal deficit to 4.9% of GDP in 2024-25, down from 5.8% in the current year, signals a strong focus on macroeconomic stability. This fiscal consolidation path, coupled with the projected 8.2% GDP growth rate, creates a favourable environment for investments and economic expansion.

Arun Poddar, CEO, Choice International Ltd.

 The budget’s tax proposals are designed to boost disposable income and encourage savings. The increase in the standard deduction for salaried employees to ₹75,000 and the rationalization of capital gains tax, with a 12.5% rate on long-term gains for all assets, provide clarity and benefits for individual investors. For businesses, the abolition of angel tax for all classes of investors and the reduction of corporate tax for foreign companies to 35% are significant steps to attract investment. These measures, combined with the ₹11,11,111 crore allocation for infrastructure development, create a robust framework for economic growth and investment opportunities across sectors”-Arun Poddar, CEO, Choice International Ltd.

Mr Prakash Chhabria, Executive Chairman, Finolex Industries Ltd

 “The Union Budget 2024 presented by Finance Minister Nirmala Sitharaman sets a clear roadmap for India’s inclusive growth. The government’s focus on manufacturing, agriculture, and infrastructure development is commendable. The credit guarantee scheme for MSMEs and the establishment of e-commerce export hubs will significantly boost our industrial capabilities. For the agricultural sector, initiatives like digital crop surveys and promotion of natural farming align well with sustainable practices.

The budget’s emphasis on infrastructure, including the PM Awas Yojana’s ambitious housing targets and urban development focus, presents great opportunities for the pipe and fittings industry. We applaud the government’s commitment to water management, promoting water supply, sewage treatment, and solid waste management projects in 100 large cities. This initiative, along with plans for treated water reuse, demonstrates a holistic approach to water resource management. The measures for empowering women and youth, combined with substantial rural development allocation, promise inclusive growth. We look forward to contributing to these progressive initiatives as we work collectively towards building a more prosperous India.”

Mr. Saiyam Mehra, Chairman, All India Gem & Jewellery Domestic Council

 “The reduction in the basic customs duty on gold and silver to 6% and on platinum to 6.4% is a commendable move by the government. This was a long-standing demand from the All India Gems & Jewellery Domestic Council, which represents the entire gems and jewellery industry. The customs duty reduction will benefit domestic jewellery manufacturers, especially small and medium enterprises, encouraging them to transition gradually to the formal channel. Additionally, the Finance Minister has also increased the scope of working capital loans to SMEs and MSMEs, which will help these units expand their businesses in the future. The extension of the direct benefit transfer scheme to the manufacturing sector, with separate salary and Employees’ Provident Fund transfers directly to the accounts of employers and employees, is a wonderful move. This will accelerate employment generation in India. Overall, this budget has focused on 9 key priorities of Viksit Bharat and we are proud to witness it.”

Mr. Rajesh Rokde, Vice Chairman, All India Gem & Jewellery Domestic Council

 We admire Finance Minister Nirmala Sitharaman ji’s Union Budget presented today, which stands out in several ways. Notably, after persistent efforts from GJC, the government has reduced customs duties on gold and silver to 6 % and on platinum to 6.4%. This move will provide significant relief to consumers who have been investing in alternative assets, encouraging them to return to gold investments. We are confident that household investment and savings in India will see an increase in the coming days.

Additionally, the expansion of working capital loans for SMEs and MSMEs in the jewelry sector will provide a much-needed boost. The increase in the personal income tax exemption limit will also benefit consumers and promote household savings. Overall, the Union Budget 2024 is commendable.

Mr. Pankaj Kalra, CEO, EOGEPL 

 “The Union Budget’s emphasis on energy transition and sustainability is commendable. It highlights the importance of balancing economic growth with environmental sustainability through appropriate energy transition pathways. We remain confident about India’s energy future and eager to collaborate with the government on policies that ensure energy security, affordability, and accessibility, thereby supporting our Nation’s growth aspirations.”

Lt. Gen. AK Bhatt (Retd.), Director General, Indian Space Association (ISpA)

 “The Union budget’s vision to grow India’s space economy by fivefold in the next decade demonstrates the government’s strong commitment to this sector. We previously advocated for increased financial incentives to support the burgeoning space startups in the country. The announcement of a ₹1000 crore VC fund is a step forward, addressing the funding challenges faced by these nascent ventures in this capital-intensive domain. Additionally, the proposal for establishment of 12 industrial parks across India we hope will include the space sector as this will provide a substantial boost to the space and satellite manufacturing industry, which has long called for the creation of space parks. These measures are pivotal for the growth and development of India’s space ecosystem.”

Agendra Kumar, Managing Director, Esri India

 “It was encouraging to see the focus given in the budget on Infrastructure, Energy sector and urban development. GIS plays a very important role in these sectors. The Finance Minister spoke about improving productivity in the agriculture sector and digital crop survey in 400 districts. GIS can be an important tool in these as well. The focus on rural land records, GIS mapping for urban land records, and the use of GIS for property tax collection also offer opportunities for the GIS industry. These will improve the income of cities which can be used to improve the quality of infrastructure in cities and to provide better living conditions to the citizens. The investment of more than Rs 11 lakh crores in infrastructure development is also a positive news for the GIS industry.”

A. Gururaj, Managing Director, Optiemus Electronics Ltd.

 “We welcome the initiatives announced in the Union Budget. The significant emphasis on manufacturing is heart warming and much needed for the growth of the economy. With the substantial expansion of the electronics manufacturing industry, the demand for a skilled workforce has become paramount. The announcement of various skilling initiatives and the scheme to incentivize additional employment in the manufacturing sector, particularly for first-time employees, will provide essential support to industries reliant on skilled workforce, especially in electronics. Furthermore, the proposal to reduce the Basic Customs Duty on mobile phones, mobile PCBA, and mobile chargers to 15% is a positive step. The measures laid out to support the MSME industries in particularly welcome to create a much needed supplier base for electronics within India. These measures collectively send out a strong message on the manufacturing sector and related eco system in India.”

Joyshree Das Verma, National President, FICCI FLO

 “This year’s budget marks a significant stride towards enhancing women‘s role in India’s economic development. The allocation of more than Rs 3 lakh crores for women-specific schemes and skilling programs underscore the government’s commitment to women-led development and enhancing economic inclusivity. The government is creating a supportive environment for women professionals through market access to women-led Self Help Groups and the establishment of working women’s hostels and creches in partnership with businesses. Furthermore, the reduction in duties for properties purchased by women and the introduction of the NPS Vatsalya scheme, which promotes long-term savings for minors, exemplify the government’s commitment to an inclusive financial landscape for women and their families. Schemes like PM Vishwakarma, PM SVANidhi, Mudra Yojana and Lakhpati Didi are a testament to the transformative impact of targeted financial support for women. FICCI FLO stands poised to collaborate closely with the government to ensure these initiatives translate into tangible benefits for women entrepreneurs. Together, we can accelerate the momentum towards gender equality and inclusive growth, enabling women entrepreneurs to thrive and contribute significantly to the nation’s economy”.

Kavitha Ramachandragowda, Co-Founder and Executive Director, Routematic

 “The Union Budget 2024-25 serves as a significant stride towards women’s empowerment, earmarking over ₹3 lakh crore for initiatives benefiting women and girls. By facilitating higher participation of women in the workforce through the establishment of working women hostels and creches in collaboration with industry, the government is creating supportive environments for women professionals. The government’s focus on higher education, women centric skilling, employability, and enhanced schemes for women entrepreneurs along with the abolition of the angel tax is commendable and will undoubtedly boost the startup ecosystem in India and representation of women in the Indian workforce.”

Neha Bagaria, Founder & CEO, Herkey

 “As a woman entrepreneur, I am deeply encouraged by the Union Budget 2024-25’s commitment to fostering women’s participation in the workforce. The dedicated focus on creating hostels and women-specific skilling programs reflects a significant step towards gender parity in business. Moreover, the new credit guarantee schemes for MSMEs, which remove the burden of collateral requirements, will empower countless women-led enterprises to grow and innovate. This budget not only addresses immediate economic needs but also lays a strong foundation for a more inclusive and equitable future. It is heartening to see such a comprehensive approach to unlocking the potential of countless women across India.”

Mr. Sumit Kumar, Chief Strategy Officer at TeamLease Degree Apprenticeship.

 “The recent budget announcement, featuring a transformative ₹2 lakh crore initiative, sets an ambitious precedent for reshaping employment and skilling opportunities in India. With a targeted outreach to 4.1 crore youth over five years, this initiative is poised to make a significant impact by seamlessly integrating education, skill development, and employment. The budget’s ‘Employment Linked Incentive’ schemes offer substantial support to first-time employees and their employers. Up to ₹15,000 in direct benefits will facilitate the transition of new entrants into the formal workforce, while additional incentives for job creation in the manufacturing sector and support for employers across various industries aim to promote widespread job creation and bolster economic activity. This forward-thinking approach aligns with the vision of a ‘Viksit Bharat,’ fostering an environment where every young Indian can contribute meaningfully to the nation’s growth and prosperity.

Furthermore, the budget underscores a strong commitment to increasing female participation in the workforce. It includes the establishment of working women’s hostels, creches, and women-specific skilling programs, along with support for women SHG enterprises. An impressive ₹3 lakh crore allocation for schemes benefiting women and girls highlights the government’s dedication to women-led development. The upgraded skilling program will enhance 1,000 Industrial Training Institutes and align their courses with industry needs, fostering skill development tailored to market demands. Revised Model Skill Loans and financial support for higher education through e-vouchers will provide crucial resources for career advancement. The comprehensive internship scheme, offering real-world experience to 1 crore youth and supported by CSR funding, is a welcome addition that bridges the gap between education and practical experience. Although these measures are commendable, simplifying apprenticeships could have made a significant impact in skilling the youth. Integrating apprenticeships could further strengthen the link between education and employment by offering structured, hands-on training opportunities. Together, these initiatives are set to address skill gaps, boost youth employability, and cultivate a more skilled and inclusive workforce, driving significant progress in India’s labor market and economic development.”

Ms Gunjan Agarwal, Co-founder of XYST

 “Abolishing Angel Tax will have a long-term impact on startup founders. This will not only motivate angel investors but also help to encourage entrepreneurial spirit in the Indian business domain. Additionally, the job generation push, coupled with the government’s financial assistance will help startups acquire more talented professionals, leading to cumulative growth in the long term. This Union Budget is full of opportunities for Indian startups pushing to become the next Unicorn, and governmental assistance is bolstering it to ensure success and growth.

Dr. Ashish Agarwal, Co-Founder & CTO, Weather Risk Management Services (WRMS)

 “Budget 2024-2025 marks a significant milestone towards a thriving and innovative agritech future, with a strong emphasis on climate resilience and adaptation. The introduction of 109 high-yielding, climate-resilient crop varieties and the comprehensive review of agricultural research for climate-smart seeds are substantial advancements for the sector.

The budget’s allocation of Rs 2.66 lakh crore for rural development and the promotion of digital infrastructure aligns well with our objectives. The focus on natural farming and the goal to engage one crore farmers in the next two years further supports sustainable agriculture.

Additionally, the budget underscores the importance of collaboration among the government, private sector, and research institutions to drive innovation and scalable solutions. To fully harness this progress, increased investments in IoT, AI, and data analytics are crucial. These technologies will enhance climate risk assessment and response, providing real-time data and predictive insights to improve climate adaptation strategies and ensure more effective interventions.

We are optimistic that these initiatives will drive economic growth and promote sustainable development.”

Nikunj Agarwal – Head – Fund Raise, Finance & Lending Alliances (Propelld)

 The Rs 1.48 lakh crore announced in Budget 2024 for education and employment and skill enhancement is welcoming news. The financial support for loans upto Rs 10 lakh for students aiming for higher education in domestic institutions. Further, it was announced that a guarantee from a government promoted Fund will be available Loans up to ₹7.5 lakh amount.
Such initiatives in the education and skilling financing sectors are widely praised and can be seen as crucial steps towards fostering the potential of the youth, who are integral to the future growth of our nation. These measures are expected play a pivotal role in advancing our country’s socio-economic development as a whole.

Mr. Sanjeev Srivastva, Chairman & Founder of Assotech Group, a leading real estate company.

 “The 2024 Union Budget marks a pivotal moment for the real estate sector, and as the Chairman & Founder of Assotech Group, I am both encouraged and excited by the government’s strategic initiatives. The substantial allocation of Rs 50,000 crore towards infrastructure development is poised to invigorate our industry, enhancing both urban and rural landscapes.

Moreover, the introduction of PM AWAS Yojana Urban 2.0 with a significant investment of Rs 10 lakh crore into urban housing underscores the government’s commitment to addressing the country’s urban housing needs. This initiative will provide a substantial boost to the real estate market, fostering growth and creating new opportunities for developers and investors alike.

The revised income tax slabs, including potential savings of up to Rs 17,500 per year for taxpayers, coupled with an increased standard deduction to Rs 75,000, are expected to enhance consumer purchasing power. This is likely to translate into increased demand for residential and commercial properties, further stimulating the real estate sector.

Additionally, with the focus on infrastructure development and the burgeoning real estate boom in states like Orissa, which is experiencing rapid growth and urbanization, we at Assotech Group are poised to leverage these developments. The enhanced financial environment and supportive government policies will enable us to continue driving innovation and delivering exceptional value in real estate.

In essence, these budgetary measures collectively represent a transformative opportunity for the real estate sector, aligning perfectly with our vision of creating impactful and sustainable real estate solutions.”

Kaushik Das, Founder and CEO of AAO NXT, East India’s premier OTT platform

 “The 2024 Union Budget presents a forward-thinking approach, especially in the realms of technology, regional development, and digital innovation. The reduction of Basic Customs Duty on mobile phones and related components to 15% is a significant step that will lower costs and enhance accessibility to digital devices, which is crucial for platforms like AAO NXT. Additionally, the government’s commitment to supporting the development of regional storytelling and the tourism sector, including backing the development of Nalanda in Bihar and extending support to Odisha’s tourism, aligns perfectly with our vision to showcase Odisha’s rich cultural heritage through digital content.

Moreover, the initiative to set up a ₹1,000 crore venture capital fund for space economy highlights the government’s dedication to fostering innovation and technological advancement. This, coupled with the enhanced focus on employment-linked skilling programs and the emphasis on energy security, will undoubtedly create a conducive environment for startups and established companies alike. These measures will not only boost the regional OTT landscape but also propel us towards our goal of making AAO NXT a global platform for localized content.

Overall, the budget’s focus on promoting digital infrastructure, regional development, and innovation reflects a robust framework for sustainable growth and positions India as a leader in the digital entertainment space.”

 Mr. Apurv Modi, Managing Director & Co-Founder of ATechnos Group

 “The Union Budget 2024 focuses on nine key priorities and demonstrates a comprehensive approach to India’s growth and development. I am excited about the emphasis on Innovation, R&D, and Next Generation reforms. These priorities align perfectly with the digital revolution that’s reshaping our economy.
The focus on Manufacturing and Services, coupled with Urban Development and Infrastructure, creates fertile ground for technological advancements. We see immense potential for digital solutions to drive efficiency and innovation across these sectors.

Also, the budget introduces a new mechanism to facilitate the continuation of bank credit to MSMEs during their stress period. This is a crucial step in ensuring that MSMEs, which form the backbone of our economy, receive the necessary financial support to navigate challenging times. The introduction of a new MSME guarantee plan to enable loans up to ₹100 crore further underscores the government’s commitment to supporting small businesses. The increase in the limit of Mudra loans from ₹10 lakh to ₹20 lakh is another significant measure that will empower small businesses and entrepreneurs, enabling them to expand their operations and contribute to economic growth.

In the taxation domain, the removal of the Angel Tax on all classes of assets is a welcome move, promoting a more favorable investment climate. The standard deduction limit has been increased to ₹75,000 from ₹50,000, providing much-needed relief to taxpayers. Additionally, the lowest slab in the new tax regime has been increased to ₹3 lakh from ₹2.5 lakh.

Moreover, the government’s decision to allocate ₹2 lakh crore for job creation over the next five years is a significant step towards addressing unemployment and fostering economic stability.

The synergy between these priorities and the digital realm will be key. Whether leveraging AI for better urban planning, using IoT for energy management, or developing innovative solutions for employment generation, the digital sector stands ready to contribute significantly to realizing this vision.”

 Sohail Mirchandani, Chief Operating Officer & Co-Founder of Ekostay, a homestay venture:

“The 2024 Union Budget brings transformative changes that hold great promise for the hospitality and homestay sector. As a co-founder of EKOSTAY, I am particularly excited about the implications of these developments for our business.

The government’s substantial allocation of Rs 50,000 crore towards infrastructure development, including a major boost to urban infrastructure through the PM AWAS Yojana Urban 2.0, will significantly enhance connectivity and accessibility. This is especially beneficial for the homestay industry, as improved infrastructure will make our unique, personalized accommodation options more accessible to travelers.

Furthermore, the emphasis on the ‘Make in India’ initiative and the Production Linked Incentive (PLI) scheme will likely foster economic growth and improve consumer spending power, which could lead to increased demand for experiential stays like ours.

Overall, these budgetary measures are set to support and elevate the homestay sector, providing EKOSTAY with exciting opportunities to expand and offer even more exceptional experiences to our guests.”