Post-Budget Quote 2024-’25
Anjali K Gupta, Publicist & Director at Four founders PR
“As a woman entrepreneur, I’m encouraged by the 2024-25 budget’s focus on empowering women and youth. The emphasis on working women’s hostels and the proposal to lower stamp duty for women are significant steps towards improving our economic participation. The new internship scheme for 1 crore youth, with its financial support, is exciting. Combined with the 1.48 crore allocation for education and employment, this should create a skilled workforce. These measures align with my business goals and foster an inclusive economy. They’ll provide access to fresh talent and potentially lower costs for business expansion. I’m optimistic about leveraging these opportunities for my enterprise’s growth and contributing to overall economic development. These initiatives are positive steps towards a more equitable business environment.”
Prof. Dr. Sudipto Bhattacharyya, Principal of Global Institute of Management and Technology, Krishnanagar, Nadia, WB.
” The Union Budget 2024 has a significant allocation toward education and skill development. The Rs 1.48 lakh crore investment in the education sector is a testament to the government’s commitment to nurturing the future of our nation. With jobs being one of the nine priorities for this budget, this elevated budgetary allocation will enable students to pursue their desired careers.
We believe this budget will empower millions of students through the development of new educational initiatives, enhanced programs, and much-needed resources to schools and institutions across the country.
The Union Budget 2024’s focus on youth and employment, with a Rs 2 lakh crore allocation, is a commendable step towards addressing the critical need for skill development and job creation. This investment will play a crucial role in equipping the younger generation with the necessary skills to meet the demands of the modern workforce.
The emphasis on sustainable agricultural practices and infrastructure development aligns with our mission to create a holistic learning environment that prepares students for the challenges of the future. We are particularly encouraged by the government’s commitment to promoting natural farming and improving rural infrastructure, which will have a positive impact on the communities we serve. By integrating these elements into our curriculum, we aim to foster a generation of environmentally conscious and socially responsible individuals.
Mr. Arjun Bajaj, Director – Videotex on
“The recent budget has highlighted manufacturing, infrastructure, and innovation as key priorities, signalling a strategic focus on these areas. However, the television manufacturing sector feels somewhat overlooked, as anticipated incentives and support were not fully addressed. Despite this, the budget’s emphasis on skilling and workforce development within the manufacturing sector is a positive step, fostering hope for future growth.
This focus on enhancing workforce skills aligns with the goal of positioning India as a global manufacturing hub. The government’s commitment to employment and employability is reflected in a ₹1.48 lakh crore provision, which includes incentives for job creation and EPFO contributions aimed at boosting the industrial and manufacturing sectors.
With fiscal support for infrastructure set at 3.4% of GDP, the budget aims to strengthen the foundations necessary for driving growth across various industries, including electronics manufacturing. Improved infrastructure, coupled with a skilled workforce, is expected to enhance the efficiency and competitiveness of the electronics manufacturing sector, paving the way for sustained industrial growth.”
Mr. M. Nanda Kishore, Managing Director, Ramky Estates & Farms Limited.
The Union Budget, as presented by Finance Minister Nirmala Sitharaman, introduces several promising measures for the real estate sector. Notably, the streamlined and transparent property registration process, along with the digitalization of land records, is expected to enhance transaction efficiency. Additionally, substantial investments in urban infrastructure development, including metro rail projects and smart cities, are poised to drive growth in metropolitan areas.
The reduction of the Long-Term Capital Gains Tax (LTCG) on property sales from 20% to 12.5% is a welcome wave. However, the removal of the indexation benefit for properties bought after 2001 will certainly impact all if they are holding for more than 3 to 5 years.
Furthermore, the government’s continued support for affordable housing schemes, exemplified by increased funding and interest subsidies under the Pradhan Mantri Awas Yojana (PMAY), will provide essential housing solutions for economically weaker sections. The emphasis on rural and semi-urban housing development ensures balanced regional growth, benefiting low-income groups in these areas.
In summary, these initiatives, combined with targeted tax incentives, form a comprehensive strategy to foster a thriving real estate market.”
Dr. B S Ajaikumar, Executive Chairman, HealthCare Global Enterprises Ltd
We welcome the measure to exempt the three cancer drugs, viz Trastuzumab deruxtecan, Osimertinib, and Durvalumab from basic customs duty, but given that these are exorbitantly priced, it won’t make much of a difference for the patient, especially those from low income groups. The intent is fine, but the outcome leaves much to be desired. The net effect of the proposed changes in the basic customs duty for X-ray tubes and flat panel detectors for use in medical X-ray machines calls for a granular study, but the effort is nevertheless laudable.
The marginally higher allocation to healthcare again has woefully fallen short of addressing its pressing needs and priorities, and it pales into insignificance before the substantial allocations to defence and other priority sectors. Time and again, we have seen the pain points going unaddressed which can only be resolved through an universal health coverage to enforce uniformity of treatment through the cross subsidy model, which can in turn arrest the financial strain and debt traps that the poor and deprived perennially face.
There is no rationalization of tax structure around life-saving drugs and emergency treatments. I was disappointed to see the key area of GST unaddressed, as also with no move to incentivise the private sector for bridging the urban-rural divide in the accessibility and affordability of healthcare services. Talking of education, it is high time we introduce the proven voucher system to transform the primary and secondary education in a sustainable manner.
The concessions on personal taxation front are heartening, but there is no stimulus to economic growth. Countries like Singapore have reaped rich dividends from their favourable policies for citizens and entrepreneurs including tax breaks, low corporate tax, and no burden of capital gains tax. Why can’t India not follow suit?
Devashish Sharma, CEO and founding member of Taggd for your perusal.
“This year’s budget, with its significant emphasis on job creation and employability, is a powerful testament to India’s strategic vision for the future. The new internship program, aiming to skill 10 million youth over five years, is a bold step towards bridging the education-employment gap. Additionally, incentives for EPFO contributions and employer reimbursement schemes underscore a strong commitment to job creation in the manufacturing sector. These measures and the Prime Minister’s skilling initiatives are set to equip our workforce with the skills needed for a rapidly evolving job market. The budget’s focus on women’s participation and support for women-led businesses will drive both empowerment and inclusive economic growth. This budget is a robust blueprint for India’s future, prioritizing employment, skill development, and inclusive growth. We eagerly anticipate both contributing to and benefiting from these initiatives.”
Devyani Jaipuria, Pro- Vice Chairperson- DPS International Gurugram, DPS Sector 45 Gurugram & DPS Jaipur.
“The allocation of Rs 2 lakh crore towards schemes benefiting 4.1 crore youth over the next five years is particularly promising for the education sector. These initiatives, such as providing one-month salary support for first-time employees and offering financial aid for higher education loans up to ₹10 lakhs, underscore our commitment to fostering educational excellence and preparing students for the future job market. Emphasizing employment-linked skilling and incentives tied to EPFO contributions ensures that young graduates are equipped with the skills and opportunities to thrive in the formal sector, promoting economic growth and enhancing their employability.
The government’s allocation of Rs 1.48 lakh crore for education, employment, and skilling signifies a pivotal investment aimed at preparing students for the future. This initiative not only ensures that our youth are equipped with the necessary knowledge and capabilities for tomorrow’s challenges but also fosters a conducive environment for their holistic growth and professional advancement within the education sector. It provides substantial opportunities for skill development and contributes positively to India’s growth trajectory in education. These initiatives are expected to stimulate educational activity and improvement across various sectors, creating new avenues for educational development and career advancement. We look forward to leveraging these initiatives to further empower our students and contribute positively to India’s growth trajectory in education.”
Puneet Arora, Managing Partner, Biz Staffing Comrade
The significant investment in skill development programmes lays a solid foundation for a future-ready workforce. Job creation and equipping people with desired skills, has been a focal point in the budget, aligning the workforce with emerging market demands. The introduction of financial support for higher education, e-voucher systems, and direct benefit transfers for first-time employees will encourage formal employment and support students in pursuing their desired careers. Also, the huge investment in 1000 industry training institutes, underscores the government’s commitment to developing a skilled workforce capable of meeting the evolving demands of the market. The government has introduced measures to enhance women’s participation in the workforce, thereby creating an inclusive workforce. Overall, by prioritising the entry-level workforce and incentivising job creation, the government is addressing key employment challenges. The success of these initiatives will serve as a testament to a more inclusive and prosperous India.
Mr . Nitin Jain – Founder La pink
“The interim budget 2024-25 anticipates the growing needs of the entrepreneurial ecosystem fairly. As more businesses in India incorporate the D2C model, the government’s budgetary measures have rightfully addressed the unique requirements of D2C enterprises. While implementation of GST has significantly reduced the compliance burden and optimized supply chains, leading to lower logistics costs and reduced prices for goods and services. This is beneficial for D2Cs as it enhances efficiency and cost-effectiveness in distribution. Furthermore, the budget continues to emphasize improving the ease of doing business, something I immensely appreciate. Initiatives like the reduction of corporate tax rates and simplified tax return filing processes will benefit D2C businesses by reducing operational costs and administrative burdens. No doubt that these measures collectively support the rapid growth in the D2C sector, ensuring that businesses can better serve their customers and thrive in a competitive market.”
Shri Sanjeev Agrawal, President, PHD Chamber of Commerce and Industry
He congratulates Smt. Nirmala Sitharaman, Honourable Finance Minister on presenting a strong Union Budget 2024-25.
We appreciate that the economy is on a strong wicket and stable footing towards its journey to Viksit Bharat, said Shri Sanjeev Agrawal.
The nine priority areas of productivity and resilience in agriculture, employment and skilling, inclusive human resource development and social justice, manufacturing & services, urban development, energy security, infrastructure, innovation and R&D and next generation reforms will strengthen the growth and all inclusive development of the country, said Shri Sanjeev Agrawal.
Support to MSMEs with the announcement of credit guarantee schemes in manufacturing to facilitate term loans for MSMEs, with a guarantee fund of up to Rs 100 crore, will enhance the business activity and employment creation in the country, said Shri Sanjeev Agrawal.
We appreciate that India’s economic growth continues to be the shining exception and will remain so in the years ahead, despite global uncertainties, said Shri Sanjeev Agrawal.
We are happy to note Budget’s focus on employment, skilling, MSMEs and middle class with the announcement of Rs 2 lakh crore for five key schemes over the period of five years, said Shri Sanjeev Agrawal.
Government’s continued focus on infrastructure development is encouraging. The announcement of Rs 26,000 crore to boost road connectivity projects will reduce the time and transportation costs and support trade and industry, said Shri Sanjeev Agrawal
The Budget allocation to capital expenditure of Rs 11.11 lakh crore, which is 3.4% of India’s GDP, will be the strong fiscal support for state of the art infrastructure development, said Shri Sanjeev Agrawal.
Government’s announcement to enhance the limit of MUDRA loans to Rs 20 lakh from the current Rs 10 lakh for those who have availed and successfully repaid loans under the TARUN category, will support the inclusive development of the country, said Shri Sanjeev Agrawal.
The allocation of Rs 1.52 lakh crore to the agriculture sector, will ehnace farmer incomes and benefit rural demand for automobiles, said Shri Sanjeev Agrawal.
Comprehensive review of the agricultural research setup to increase productivity and develop climate-resilient varieties with domain experts, will boost agriculture productivity and strengthen agri exports, said Shri Sanjeev Agrawal.
The PM’s package and a direct benefit transfer (DBT) of one month’s salary, up to Rs 15,000, will bolster employment opportunities for the growing young population, said Shri Sanjeev Agrawal.
The Budget announcement of “critical mineral mission” for the recycling of critical minerals and their overseas acquisitions is highly appreciable as this will strengthen the energy intensive sectors and promote sustainability, said Shri Sanjeev Agrawal.
The proposed revision of “Model Skill Loan Scheme” to help 25,000 students every year by utilizing E-vouchers for loans upto Rs. 10 lakh for higher education in domestic institutions, will support skilling of youth and enhance their employability, said Shri Sanjeev Agrawal.
The government has given thrust to overall inclusive development of the country by announcing Rs 2.66 lakh crore for rural development, sanctioning of 12 industrial parks and Rs 2.2 lakh crore push to make housing more affordable, said Shri Sanjeev Agrawal.
The government has proposed to set up a venture capital fund of ₹1000 crore for the space economy, this will strengthen India’s global stance in the space sector, said Shri Sanjeev Agrawal.
Simplification of rules and recognition for Foreign Direct Investments (FDIs) will boost FDI inflows and prioritize and promote the use of the Rupee for overseas investments. This will enhance India’s attractiveness to foreign investors, said Shri Sanjeev Agrawal.
It is inspiring to note that the fiscal deficit is estimated at 4.9% of GDP for 2024-25, and the government aims to reduce it to 4.5 percent of GDP, keeping on the path of fiscal consolidation, said Shri Sanjeev Agrawal.
The Budget announcements of rationalization of the tax structure, especially GST has significantly reduced tax incidents for the common man and eased compliance for industry, said Shri Sanjeev Agrawal.
Duty reductions on mobiles and accessories to 15% and reduction in customs duty on gold and silver to 6% and on platinum to 6.4%, will provide a positive push to these sectors, said Shri Sanjeev Agrawal.
The Budget announcements on the Tax regime are highly motivating for the middle class, which will boost demand in the economy, including standard deduction for salaried employees increased to Rs 75,000 in the new regime and two tax exemption regimes for charities merged into one, said Shri Sanjeev Agrawal.
Budget has come with motivating stance for the tax system. Tax rate of 12.5% on long-term capital gains on all financial and non-financial assets, the limit of exemption for capital gains set at Rs 1.25 lakh per year; and abolishing of angel tax will boost the industry, said Shri Sanjeev Agrawal.
The TDS regime has been strengthened by Budget announcements including 5% TDS rate on payments merged into 2% TDS rate, 20% TDS rate on repurchase of units by mutual funds or UTI withdrawn and TDS rate on e-commerce operators reduced from 1% to 0.1%, said Shri Sanjeev Agrawal
Vivek Goel, Joint Managing Director, Tailwind Financial Services
Finance Minister Nirmala Sitharaman in her 7th consecutive budget, has charted a roadmap aimed at economic growth, infrastructure development, employment generation, and social welfare, reflecting a comprehensive approach to addressing the country’s diverse needs. The budget emphasizes maintaining low inflation, with measures in place to manage food inflation effectively.
Despite global economic uncertainties, the Finance Minister assured that inflation is on track to reach the 4% target. The Budget emphasizes support for the middle class, employment, skilling, MSMEs, and inclusive development.
Nine priorities have been outlined for generating employment, including productivity, jobs, social justice, urban development, energy security, infrastructure, and reforms. Despite global uncertainties, the government remains committed to enhancing economic growth.
Focus on Employment and Skilling Initiatives
The Union Budget 2024 allocates Rs 2 lakh crore to enhance job creation and skill development, aiming to benefit 20 lakh youth. Key measures include a new employment skilling scheme offering a one-month wage up to Rs 15,000 in three installments for first-time employees, and a reimbursement of up to Rs 3,000 per month for EPFO contributions for additional employees. An internship scheme will provide opportunities to one crore youths over five years, with each intern receiving a monthly allowance of Rs 5,000 and a one-time assistance of Rs 6,000. Skilling programs in collaboration with state governments and industries will upgrade 1,000 Industrial Training Institutes. Financial support for higher education loans up to Rs 10 lakh is also introduced.
Infrastructure and Regional Development
A Capex outlay of Rs 11.1 lakh crore underscores the government’s commitment to infrastructure development. Major road connectivity projects worth Rs 26,000 crore include the Patna-Purnia Expressway and the Buxar-Bhagalpur Expressway. The development of an industrial node at Gaya on the Amritsar-Kolkata Industrial Corridor is also announced. Enhanced infrastructure in Bihar, including new airports and medical colleges, and a significant 15,000 crore rupee allocation for Andhra Pradesh’s capital city highlight the regional development focus.
Support for MSMEs and Industrial Growth
To bolster MSMEs, the turnover threshold for MSME buyers on the TReds platform is reduced from Rs 500 crore to Rs 250 crore. SIDBI will open 24 new branches to serve MSME clusters, and the loan limit under the MUDRA scheme is doubled to Rs 20 lakh. Public sector banks will enhance their credit assessment capabilities for MSMEs.
Women and Marginalized Communities
A substantial Rs 3 lakh crore allocation for women-centric schemes includes establishing working women hostels with creches and launching women-specific skilling programs. The Centre is also considering reducing stamp duties for properties purchased by women. These measures aim to significantly increase women’s participation in the workforce and empower women-led enterprises.
Tax Reforms and Simplification
The budget introduces several tax reforms, including increased standard deductions for salaried employees and enhanced family pension deductions. The abolition of angel tax for all investor classes and increased NPS deductions are designed to support startups and improve tax compliance. A comprehensive review of the Income-Tax Act is planned to simplify the tax structure and reduce litigation.
Rural Development and Agriculture
A substantial allocation of Rs 2.66 trillion is earmarked for rural development, including constructing 30 million affordable housing units and improving infrastructure. The Purvodaya Plan aims to develop Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh comprehensively. In agriculture, Rs 1.52 lakh crore is allocated to release high-yielding, climate-resilient crop varieties and support one crore farmers in transitioning to natural farming.
Customs Duties and Sector-Specific Incentives
Significant changes in customs duties include reductions on gold, silver, and platinum, and adjustments on various goods to benefit industries. The Securities Transaction Tax (STT) on options and futures has been increased, while TDS on e-commerce transactions is reduced to 0.1 percent from 1 percent.
Critical Mineral Mission and Other Initiatives
The budget announces the launch of a Critical Mineral Mission and the auction for the first offshore mining blocks. A new rental housing scheme for industrial workers, 100 branches of India Post Payments Bank in the North East, and an allocation of Rs 10 lakh crore for 1 crore urban houses are also planned.
The Union Budget 2024 presents a multifaceted approach to economic growth, infrastructure development, and social welfare, reflecting a commitment to inclusive progress and regional development.
Mr. Kumar Taurani – Chairman & Managing Director
“I am delighted to share with you that the Q1 FY2025 has been remarkable for us. Our revenue for the Quarter stood at ₹ 73.9 Crores up by 40% YoY with a PAT of ₹ 43.6 Crores increasing by 61% YoY. This demonstrates our commitment to growing and improving our business. In Q1 FY25, we released around 97 new songs out of which, 18 were new Film songs and 79 Non-Film songs. Our primary focus is always on quality music. We have successfully completed the buyback of shares amounting to Rs 46.62 crores inclusive of all taxes for non-promoter shareholders. We remain committed to returning value to our shareholders.”
Mr. Girish Taurani – Executive Director
“Last quarter, our notable releases ‘Choli ke Peeche’ and ‘Naina’ from the movie Crew each surpassed 100 million views on YouTube. Our track ‘Soni Soni’ from Ishq Vishk Rebound reached the top-10 on Spotify charts. Other songs from the film, including ‘Ishq Vishk Pyaar Vyaar’ and the revamped “Gore Gore Mukhde Pe” by Badshah, have also been well received, reflecting our dedication to delivering engaging music content.
Mr. Hari Nair – Chief Executive Officer
“Our music is experiencing solid growth across all digital platforms, with YouTube, Spotify, and Jio Saavn being key drivers for both new releases and our catalogue.”
Arti Roy, Associate Director, CareEdge
“The FY25 budget underscores the Government of India’s sustained emphasis on capital investments, maintaining the capital expenditure at Rs.11,11,111 crore, which represents 3.4% of the GDP, consistent with the interim budget. This strategic allocation is expected to drive infrastructure development, thereby supporting the demand for commercial vehicles which is currently facing challenges and likely to de-grow by 3-6% in this fiscal year.. “
Divyesh Shah, Director, CareEdge
“As anticipated by CareEdge, the budget focuses on boosting affordable housing by introducing PM Awaas Yojana Urban Housing 2.0, with a proposed outlay of Rs. 10 lakh crore to deliver 1 crore houses. Additionally, the increase in standard deduction, revision of tax slabs under new regime, and initiatives to reduce stamp duty, especially with further reductions for women, are expected to positively impact demand in the housing sector”.
Maulesh Desai, Director at CareEdge
“The Union Budget has maintained the capital expenditure at Rs.11.11 lakh crore, in line with the allocations of the Interim Budget. The provision of interest-free loans amounting to Rs.1.5 lakh crore to states represents a strategic initiative to enhance their capital expenditure. According to CareEdge Ratings, there is an anticipated rise in the participation of the public-private partnership model within the infrastructure ventures. The unveiling of projects such as industrial parks, industrial corridors, and connectivity enhancements across several states is poised to elevate the cost-effectiveness of locally manufactured goods and augment the logistics efficiency. “
Sanjay Agarwal, Senior Director, CareEdge
“Availability of GST data, account aggregators have enabled financiers to lend proactively to MSMEs. Bank credit to Industrial MSMEs has grown by over 13% CAGR in the last two years. Additionally, there has been a significant improvement in overall delinquencies from over 12% in FY17 to 2.3% in Q2FY24. MSMEs have an estimated credit gap of approximately Rs 28 lakh crore. Banks account for a significant share of MSME lending. Hence the introduction of schemes such as credit guarantee schemes for MSMEs in manufacturing, enhancement in the limit of MUDRA loans to Rs 20 lakh, reducing the turnover criteria for buyers on the TReDs platform would enable MSMEs access funds for capital expenditure / working capital. Further plans to introduce a scheme for enabling stressed MSMEs access bank finance and enabling public sector banks in creating in-house, technology-driven underwriting skills utilising MSMEs digital footprint and bring them in the formal credit system is a positive step”.
Sanket Shah, CEO and Co-Founder, Invideo
The removal of the Angel Tax is a big win for Indian startups. This bold move, along with the Anusandhan National Research Fund will supercharge our startup and tech-led research ecosystem. We’re creating an environment where startups can now dream big, innovate fearlessly, and build global giants from India, especially in the field of AI/Tech, amongst others. This budget clearly signals India’s intent to become a global innovation powerhouse.
Mr Akhil Saraf, Founder and CEO, Reloy
If we’re treating real estate investments at par with equities, it invites serious rethinking in terms of stamp duty on resale. Stamp duty is 5-6% of property value as opposed to 0.1% STT in India.
We need to make India’s largest asset class more attractive to invest in. Last year the total investment in residential real estate by private equity funds was just USD 1 Billion, which is less than USD 1 per person in India.”
Mr. Rohan Rai, CEO and Co-Founder, Edupull
“India is poised to achieve remarkable growth in the rapidly evolving digital era, outpacing the economies of its neighboring nations. With this in mind, we are thrilled about the new measures announced in the 2024–25 interim budget to support education, employment, and skill development.
The government has allocated Rs 1.48 lakh crore for these important areas, showing a strong commitment to improving opportunities for our youth. One highlight is the plan to provide internships for one crore young people in 500 top companies . Each intern will receive a stipend of Rs 5,000 and a one-time assistance of Rs 6,000. This is a fantastic opportunity for young people to gain valuable work experience. Companies will fund these internships through their CSR funds, creating a great partnership between the public and private sectors.
A new centrally funded scheme will also be launched in partnership with state governments and companies to train around 20 lakh youth over a five-year period. As part of this initiative, 1,000 ITIs will be updated, with training content and design linked to industry skill requirements.
The Education Ministry’s budget has increased by 6.8%, now totaling Rs 1,20,627.87 crore, up from Rs 1,12,899.47 crore last year. This extra funding will help improve schools, colleges, and educational programs across the country. Another important announcement is the support for loans up to Rs 10 lakh for higher education in domestic institutions. This will make it easier for students to afford college and university, opening doors to better careers.
At Edupull, we know how crucial these measures are. For example, many young people struggle to find internships through campus placements that provide real-world experience. This new internship program will help bridge that gap. Additionally, the increased budget for education means more resources and better learning environments for students. The loan support will help students from all backgrounds access higher education, giving them the chance to succeed. We believe these initiatives will make a big difference in the lives of young people across the country, helping them take informed decisions about their career path.”
Mr. Ajay Chaudhary, CMD, Ace Group
At first glance, the focus of Budget 2024-25 appears to be on strengthening urban infrastructure. While the allocation of Rs 11.11 lakh crore in this budget towards capital expenditure may lead to robust infrastructure development, it will create more opportunities for developing high-end real estate projects catering to the evolving needs of discerning homebuyers. The budget’s emphasis on developing ‘Cities as Growth Hubs’ through economic and transit planning may also uplift the luxury housing market. We hope all these initiatives will create more opportunities for the development of high-end residential and commercial projects, catering to the evolving needs of real estate buyers.”
Mr. Rizwan Sajan, Founder and Chairman, Danube Group
The Budget 2024-25 is expected to open a wide window of opportunity for the luxury housing market in India. Among the provisions, the significant allocation of Rs 11.11 lakh crore towards capital expenditure is set to stimulate the real estate market. We also expect the government’s focus on enhancing the ease of doing business will create an environment conducive to the collaborations in the industry. At Danube Group, we are optimistic that these initiatives will drive growth and innovation in the real estate market apart from contributing immensely to meeting the sophisticated demands of connoisseurs of luxury and excellence in the residential real estate segment.”
Mr. Arjunpreet Singh Sahni, Executive Director, Solitaire Group
“We appreciate the Union Budget 2024-25 for its strategic policies that are set to significantly boost the real estate sector. Among the beneficial provisions for the real estate sector in this budget though in the long run are the sanctioning of 12 industrial parks under the National Industrial Corridor Development Program, and the facilitation of rental housing for industrial workers in PPP mode. The formulation of transit-oriented development programmes for 14 large cities is also beneficial for the real estate segment, as these measures will enhance urban infrastructure. Such a forward-looking approach in this budget will drive demand and stimulate growth within the sector.”
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.
Mr. Vijay Jain, Managing Director, Star Estate
“We applaud the Union Budget 2024-25 for its thorough strategy towards boosting affordable housing with a Rs 2.2 lakh crore allocation under the PM Awas Yojana-Urban. Another major advancement for the real estate segment to look at in the budget is the investment of Rs 10 lakh crore towards addressing the housing needs of one crore poor and middle-class families. This move demonstrates a strong and inclusive approach to the development of urban centers of growth in the country. Such an approach will revitalize demand in the real estate market.”
Mr. Aman Choudhary, Executive Director Marketing at Anmol Industries Limited
“The Union Budget 2024-25 has laid a solid foundation for the FMCG sector with its focus on boosting rural demand and increasing disposable income. The allocation towards improving infrastructure and logistics will greatly enhance supply chain efficiency, enabling faster and more efficient distribution of goods. We appreciate the government’s commitment to fostering a business-friendly environment and believe these measures will spur growth, innovation, and competitiveness in the FMCG industry, ultimately benefiting consumers and businesses alike.”
Mr. Sanchit Sekhwal Goyal, Director, Su-Kam Power Systems Limited
“SuKam welcomes the Ministry of Finance’s decision to fully exempt the custom duty on critical minerals which will reduce the price of lithium-ion batteries and consequently making electric vehicles more affordable. The Finance Minister’s emphasis on expanding the electric vehicles ecosystem through increased usage in public transport network, is a forward-looking move. By championing these initiatives, the government reaffirms its commitment to climate control. EVs contribute significantly to reducing greenhouse gas emissions, and their widespread adoption aligns with global efforts to combat climate change. It’s heartening to see this focus on both affordability and environmental responsibility.”
Mr. Kushal Patel, Managing Director, Axita Cotton
“The Finance Minister announced the development of twelve new industrial parks under the National Industrial Corridor Development programme. These parks will be equipped with complete infrastructure, and ‘plug and play’ parks will be established in or near 100 cities. These provisions will significantly boost industries across the spectrum, and we commend the budget for its strong focus on industrial growth.
Mr. Rajinder Kaul, Chairman & Managing Director, Sharika Enterprises Limited
“The Indian government’s revelation of expected investment of about ₹30.5 lakh crore in India between 2024 and 2030, for renewable energy sector underscores its strategic focus on energy growth and development. We are confident that this substantial investment will bolster infrastructure, enhance energy security, and drive sustainable progress across the nation. Lowering the turnover threshold for mandatory onboarding on the TReDS platform from ₹500 crore to ₹250 crore empowers MSMEs by improving their liquidity and this initiative recognizes the pivotal role played by them in our economy. India’s renewable energy target of 500 GW by 2030 is ambitious and aligns with global climate goals. As we transition to renewable energy, the sector will experience unprecedented growth, driven by new technologies, grid modernization, smart infrastructure, and research and development breakthroughs.”
Mr. Utkarsh Gupta, Managing Director- Ramagya Group
“Finance Minister Nirmala Sitharaman’s latest budget sets forth an ambitious plan to empower 41 million youth over the next five years, backed by a significant investment of Rs 2 lakh crores. This year’s allocation of Rs 1.48 lakh crores for education, employment, and upskilling demonstrates our unwavering commitment to fostering talent and unlocking potential. This initiative aims to overcome the obstacles that young people face in obtaining essential education and skill development.”
Md. Sharique Khan, Senior Vice President – India Formulation Business, ArEx Laboratories
“We welcome the move to completely exempt three major cancer medicines from basic custom duty which will make the critical treatment affordable for all cancer patients. The additional exemption of customs duty on components of Xray tubes and digital detectors will spurge the indigenous manufacturing of these machines in India and subsequently reducing the price of these medical equipment. Though, these announcement in Budget 2024-25 are far less from expected but it is testament of government’s focus on improving healthcare affordability and accessibility in the country.”
Mr. Hari Kaimal, President – Strategy and Development at Supersonic Imagine
“India’s Union Budget 2024-25 marks a significant step forward for the healthcare sector with increased expenditure for developing, maintaining, and improving the country’s healthcare system. It’s also encouraging that the Honourable Finance Minister has highlighted healthcare as a priority but we would have expected to see more in terms of incentivizing local manufacturing of innovative medical devices along with more commitment to medical innovation.
Mr. Visweswara Reddy, Chairman & Managing Director, Shirdi Sai Electricals Limited Group
“As anticipated, the 2024 union budget highlights the priority given to the solar and renewable energy sectors. Notably, the PM Suryaghar Muft Bijli Yojana, which aims to install ten million rooftop solar panels, stands out as a significant advancement. This initiative could greatly benefit India’s Solar PV module manufacturers. Furthermore, removing solar glass, glass, and copper wire connectors from the custom duty exemption list is a prudent measure. This decision is crucial to supporting the burgeoning domestic industry. Nevertheless, additional efforts are needed to accelerate the full development of manufacturing capabilities, for the entire manufacturing process (that is from polysilicon manufacturing to module assembly), which requires urgent support in areas like labor regulations, technology imports, land, and infrastructure. Swift action on these fronts is essential for India to meet its ambitious domestic production targets amidst numerous ongoing projects.”
“Pumped storage for power is another vital area with the potential for substantial savings and more efficient power generation utilization. We expect the new policy introduced by the Finance Minister in today’s budget to attract further investments and create new opportunities for manufacturers.”
Chandan Kumar GV, Vice President of Client Engagement at Indxx On Indian Budget 2024 -25.
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.