Tag: Reaction

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.