Indian Union Budget 2024: Startup and Tech Sectors Attract Sizable Strides

Much was not expected from the Indian policymakers at the Union budget 2024, but watershed moments boosted the mood in startup and technology sectors, marking a critical point for the country’s growth.

The Government of India continued its contribution towards the startup ecosystem as Finance Minister Nirmala Sitharaman increased the tax benefits for the sector, as well as for the funding added by sovereign funds. The budget extended the tax exemption on particular incomes of IFSC elements until next year, on 31st March that showcased the government’s commitment towards maintaining stability in the sphere.

The budget appreciated startups focusing on new-age technologies and the metamorphic impact it has had on citizens and businesses, describing them as the stimulus behind adaptation and innovation. The interim budget has also set up a special fund to assist startups in its infancy, providing pivotal financial assistance and helping them create more employment. It also emphasized on establishing a corpus of Rs. One lakh crore, which will provide a fifty-year loan without interest. This has been done to encourage R&D and innovation to private enterprises, while ensuring a prolonged financial plan for them.

All these initiatives will assist the Indian youth in the longer run, whose technological prowess will be showcased to the world as more jobs are created. Technology-based startups have been creating more employment opportunities to India’s exceptionally trained young professionals, and considering the inroads made by the budget 2024, more of them will be indirect recipients of the opportunities these initiatives create.

Post-Budget Perspectives: Voices That Define the Financial Landscape

Technology and startups are intertwined in need of support

Pritesh Mahajan, Co-Founder Revamp Moto, focuses his attention on the support the startup technology-focused companies received by saying, “For our country’s vibrant youth, the government’s unwavering dedication to fostering entrepreneurship is demonstrated by programmes like PM Mudra Yojana and extensive support from Fund of Funds, Startup India, and Start Up Credit Guarantee schemes. These initiatives, which have sanctioned loans worth `22.5 lakh crore, empower young entrepreneurs and promote growth. Within the electric vehicle industry, this kind of support acts as a spark for innovation. In addition to advancing us towards a sustainable future, the budget’s priority on building up the EV ecosystem, manufacturing, and infrastructure for charging EVs puts Revamp Moto and other EV businesses at the vanguard of green growth. This budget steers us closer to a future of sustainable employment, ground-breaking discoveries, and good economic effect as we navigate the rapidly changing field of green technology.”

Education startups buzzes in the aftermath of new initiatives

Rishabh Khanna, Cognitive Scientist & CEO of Suraasa, commended the interim budget for the initiatives taken in the education sector by saying, “The recent budget’s emphasis on youth empowerment and skill development is a testimony of the Indian government’s commitment to advancing the nation’s educational landscape. The strategic initiatives aimed at addressing teacher shortages and implementing transformative reforms under the National Education Policy 2020 are commendable. The anticipated support for technology-enabled education, particularly in tier 3+ towns, and the emphasis on digital infrastructure, teacher training, and vernacular education, is expected to significantly enhance the learning experience of our students. At Suraasa, we remain dedicated to skill development of teachers for the 21st-century and transforming their careers. This budget aligns seamlessly with our objectives, and we look forward to leveraging these opportunities to further empower our educators and contribute to the growth of the education sector.”

Ravi Mittal, Founder and CEO of QuackQuack, believes in the initiatives which are focusing to assist the growth of the startup ecosystem in India, as he quipped, “As the Founder of a startup, I am thrilled to witness the visionary steps taken in the Union Budget 2024. The allocation of a One lakh crore fund for long-term, low-interest loans towards deep tech in defence is a testament to the government’s commitment to fostering innovation. With 43 crore loans sanctioned through PM Mudra Yojana, totaling 22.5 lakh crore, our youth’s entrepreneurial aspirations are also being significantly supported. The extension of tax benefits and continued support through schemes like Fund of Funds, Start-Up India, and Start-Up Credit Guarantee until March 2025 further exemplifies the government’s dedication to empowering startups. At QuackQuack, we are excited about the opportunities ahead.

Vikram Bhandari, Founder & CEO of Yantra, applauded the new interim budget of 2024-25 which was evident in his words, “I think the impact of the new age technologies will bring about much excitement for the sphere. We at Yantra remain deeply committed to discovering new economic opportunities that will allow more Indians to join the workforce and benefit from it. Yantra’s goal remains to impart state-of-the-art yet affordable services to everyone out there, with a special focus on those who couldn’t manage it before. The budget 2024-25 indicates that the potential of India is reaching an all-time high and we stand ready to contribute to it through innovation and entrepreneurship. Our futuristic solutions promise to imitate India’s new-age solutions throughout the world and I’m sure that Yantra will make a significant contribution to Digital India and the honorable PM’s vision of Sabka Saath Sabka Vikas.”

Kim Dixit, Founder of The Red Pen, “Acknowledged the government’s recognition of education’s pivotal role in India’s prosperity while shedding light on increased female enrollments. She says, “The Interim Budget 2024 underscores a commitment to global education and serves as a testament to empowering young, dynamic minds. It has significant potential for international student mobility and collaboration between Indian and international universities, which can position India as a leader in STEM fields. There has also been a remarkable 28% increase in female enrollment in higher education over the past decade, with 43% enrollment in STEM courses. These statistics reflect the government’s dedication to developing a qualified workforce for young India, making the future of higher education highly promising.”

Namita Mehta, President of The Red Pen, added, “I was delighted that the Interim Budget 2024 acknowledged the 43% increase in female enrollment in STEM courses. This is a positive step towards nurturing diversity. Furthermore, the newly introduced initiative, Kaushal Vikas Yojana 4.0, is a significant step in equipping India’s youth with essential skills that can benefit industries. I see this online platform expediting skill development in India. At The Red Pen, we are committed to preparing students for global success, and our goals align seamlessly with this year’s budget.”

Mr. Beas Dev Ralhan, CEO, Next Education say, “In the latest budget, the government places a significant emphasis on elevating higher education standards through upskilling and reskilling initiatives. This underscores a continued commitment to the transformative reforms outlined in The National Education Policy 2020. The substantial allocation, with the Education Ministry receiving its highest-ever budget of Rs 1,12,898.97 crore, reflects a prioritization of educational excellence.

While PM Schools for Rising India (PM SHRI) play a pivotal role in delivering quality education and fostering holistic development, it is crucial to address the persistent challenge of unemployable youth. Urgent attention is needed to realign our education system with market demands, ensuring that our youth not only receive theoretical knowledge but also acquire practical skills. This strategic focus is essential to empower the younger generation to contribute meaningfully to the progress of our nation.”

Hemant Tiwari, MD, Hitachi Vantara India “The Indian Interim Budget exemplifies a forward-thinking approach to nation-building and economic development, where the government prioritizes infrastructure, technology, and innovation. A significant allocation of ₹11.11 lakh crore towards digital infrastructure, clean energy, and research, alongside an emphasis on deep-tech technologies for defense, highlights the importance of innovative digital solutions across sectors and for national security. By aligning our solutions with the government’s vision, we aim to support the nation’s digital transformation journey while driving meaningful impact across sectors. For Hitachi Vantara, these initiatives present opportunities to contribute our expertise across data storage, data analytics and cybersecurity. By prioritizing infrastructure, technology, and innovation, India is laying the foundation for a sustainable and resilient future, in which Hitachi Vantara is excited to play a significant role.”

Karan Desai, Founder, Interface Ventures “The interim budget reflects the government’s vision, particularly its commitment to build financial inclusivity and strengthening MSME infrastructure. The allocation of a ₹1 lakh crore corpus for long-term, interest-free loans to boost innovation is a game-changer. This step on the back of prior initiatives such as the CGTSME scheme etc. which provide extensive financial support to SMEs will catalyze private sector involvement in research and innovation across sunrise sectors, propelling economic growth. The impetus for deep tech startups in the defence sector is a strategic move that aligns with our focus on fostering innovation. Recognizing the pivotal role of MSMEs and prioritizing their global competitiveness in a green economy is commendable. The emphasis on a policy environment tailored to MSME needs and providing training for global competition underscores the government’s commitment to their growth. Interface Ventures is poised to continue helping MSMEs leverage these opportunities, contributing to the transformative journey outlined in the budget and supporting the government’s vision for inclusive and sustainable development of India.”

Anubhav Agarwal, Managing Director and CEO, BN Group “Finance Minister Sitharaman’s Interim Budget holds promise for the edible oil industry. The continued focus on ‘Atmanirbhar Oil Seeds Abhiyan’ with its emphasis on research, technology adoption, and market linkages is a welcome step towards self-sufficiency. This, coupled with the increased capital investment outlay, paints a promising picture for rural development and increased consumption, both of which directly impact our industry’s growth. However, the success hinges on the swift implementation of these initiatives. Streamlining access to high-yielding seeds, ensuring timely procurement at remunerative prices, and facilitating value addition, crop insurance are crucial for farmers to truly benefit. Additionally, sustaining the reduced import duties on key edible oils while strengthening domestic production can create a win-win situation for consumers and industry players.

Overall, the budget lays a strong foundation towards self-reliance, but industry collaboration and swift execution will be key to translating vision into reality. We, in the edible oil industry, are optimistic and committed to contributing to a truly ‘Atmanirbhar’ edible oil ecosystem for India.”

MR. KAUSHAL AGARWAL, CHAIRMAN, THE GUARDIANS REAL ESTATE ADVISORY “We commend the administration for its progressive stance, which is evident in the Interim Union Budget 2024–2025 that was unveiled today by the Finance Minister Nirmala Sitharaman.

The measures the government has put in place to encourage middle-class occupants of chawls, unauthorised colonies, slums, and rental properties to become homeowners demonstrate its commitment to supporting the real estate industry.

This progressive budget supports the government’s initiative of constructing additional 20 million affordable homes in the next five years, while also setting a good standard for the real estate industry. The emphasis on PM Awas Yojana Grameen is perfectly in line with the goal of our sector, which is to promote equitable and sustainable growth. The empowerment of women in rural areas, with over 70 percent of houses designated to them as sole or joint owners under this initiative, is noteworthy.

The massive budget of Rs 11.11 lakh crores set out for infrastructure in FY25 will also help the real estate market. We look forward to actively contributing to the real estate industry’s growth and development under the enabling policies by offering our developer partners insightful advice.”

Dr. Vandana Singh, Director Global Corporate Key Account Management -Saudia Cargo “The Union Budget’s spotlight on the aviation sector is truly commendable, showcasing the government’s dedication to its growth. By prioritizing infrastructure enhancements and fostering innovation, it signals a promising future for both domestic and international connectivity. The allocation towards modernizing airports and simplifying regulatory frameworks reflects a proactive stance, poised to fuel competitiveness and expansion. Stakeholders eagerly await these initiatives, poised to unlock fresh opportunities and drive sustainable development.

Additionally, the unification of the tax system through GST has lightened the compliance burden, with 94% of industry leaders viewing it positively. States and consumers alike have reaped benefits, with reduced logistics costs and lower prices. Moreover, the enhancements in air connectivity to tier 2 and 3 cities, along with the introduction of 517 new routes and plans for Indian carriers to add 1000 new aircraft, mark significant strides. It’s a human-driven leap forward, promising growth and prosperity.”

Sunil Sapra, Co-Founder and Chief Growth Officer, Eventus Security “Amid India’s transformative economic journey, the allocation of a ₹1 trillion corpus for technology research becomes a strategic enabler. This significant investment underscores the government’s commitment to innovation, which is crucial for achieving our collective vision of a $5 trillion economy by 2027. A new scheme fortifying deep tech technologies for defence purposes and self-reliance highlights the importance of technological advancements in national security and economic self-sufficiency.

The government’s focus on empowering the MSME sector is evident, with commitments to timely finances, relevant technologies, and training. This will bolster a robust financial ecosystem supporting MSME growth.

Budget 2024, characterized as a ‘Golden Era For Tech-Savvy Youth,’ resonates profoundly with the essence of Eventus Security. We are enthusiastic about actively contributing to this transformative journey, collaborating with the government to realize our shared technological aspirations.”

Vishak Raman, VP of Sales, India, SAARC, SEAHK & ANZ at Fortinet “The cybersecurity challenges have expanded at an unparalleled rate, witnessing a 68% surge in the detection of unique cyber threats over the last 5 years according to FortiGuard Labs. Addressing this threat requires unified approach, leveraging strong partnerships and collaborative efforts across both the public and private sectors, as well as various industries. Understanding the gravity of these concerns, the government has significantly elevated its commitment to safeguarding our nation’s critical infrastructure and digital assets. The latest budget reflects this dedication, nearly doubling the cybersecurity funding from Rs. 400 crores in the previous fiscal year to Rs. 759 crores for the current year. This significant increase in investment towards cybersecurity initiatives arrives at a crucial moment, as we face an expanded threat landscape fuelled by the rapid proliferation of IoT devices and the merging of Operational Technology (OT) and Information Technology (IT) networks.”

Startup and Tech

Amit Relan, Co-founder and CEO, mFilterIt “In the election year, the interim budget was expected to offer some illustrious announcements. However, the government remained focused on maintaining consistency, developing infrastructure, and encouraging entrepreneurs. For budding entrepreneurs, this is a golden period of growth. A corpus of Rs 1 lakh crore with a 50-year interest-free loan will be a major boost for the start-up ecosystem. The long-term financing and re-financing will encourage the private sector to scale up research and innovation to chart new horizons.

The Indian entrepreneurs are also becoming ‘rozgardata’. The Fund of Funds, Start-Up India, and Start-Up Credit Guarantee schemes are assisting our youth. Also, a drop in corporate tax rate from 30 percent to 22 percent for existing domestic companies and to 15 percent for certain new manufacturing companies is also a step in the right direction encouraging existing business and will have a positive long-term impact on the market.”

Amit Prasad, Founder and CEO, SatNav “The prediction of unprecedented growth in the next five years is very encouraging and will ensure the vision of becoming one of the top 3 economies of the world becomes a reality. This will help existing companies and new industries tap the humongous opportunities that arise as a result of this growth. The figures on continued uptrend in collection of taxes as well as the subtle reference to formalization of economy should not be read casually, it indicates how the grey economy that still exists in large numbers is slowly and surely being targeted by the Government to make it mainstream. We are very confident that all these positive signals will benefit Businesses and help them scale their Enterprises faster in the coming years.”

Roopak Gupta Founder & CEO mTap “Post the Union Budget announcement, mTap stands enthused by the visionary measures outlined by Finance Minister Nirmala Sitharaman. The government’s commitment to nurturing entrepreneurial dreams through initiatives like PM Mudra Yojana, sanctioning an impressive 43 crore loans totaling Rs. 22.5 lakh crore, along with the support from Fund of Funds, Startup India, and Startup Credit Guarantee Schemes, reflects a concerted effort to empower our youth.

The establishment of a corpus, earmarked at Rs 1 lakh crore with a 50-year interest-free loan, heralds a golden era for our tech-savvy youth. It catalyzes private sectors, including mTap, to scale up research and innovation significantly, especially in sunrise domains. As FM Sitharaman hints at presenting a detailed roadmap for Viksit Bharat in the full Budget in July, we eagerly await a strategic vision that aligns with our pursuit of innovation and growth. This budget sets the stage for a progressive and vibrant technology landscape in the country, and we look forward to leveraging these opportunities to contribute to India’s technological prowess.”

Welcoming the Interim Budget 2024-25 presented by Union Finance Minister Smt. Nirmala Sitharaman, ESC Chairman Mr. Sandeep Narula said: “What stands out for the ICT sector in the Union Interim Budget is the exemplary record of pushing incrementally digital economy and infrastructure to the forefront, which can result in an unparalleled scale of growth in the sector. I believe that this could be one of the pivotal reasons for India being judged as one of the fastest-growing economies by multilateral funding agencies like the IMF.

Furthermore, Finance minister rightly highlighted the future course of India’s path-breaking journey in the ICT sector by focusing on digital infrastructure, which has become the fourth factor of production, positively impacting all segments of the Indian economy such as agriculture, manufacturing, healthcare and governance. That is the course that we have tread to reach the trailblazing objective of reaching Amrit Kal by 2047 as envisioned by Prime Minister Shri Narendra Modi, as India gears to join the league of developed countries. We also welcome the reference the Finance Minister made about the need for focusing on R&D, innovation, Deep Tech in defense, further e-connecting agricultural markets, application of digitization of the logistics sector, and e-security, which are the future growth pointers that can deepen not only inclusive growth but also build a strong technology base to catalyze a multidimensional economic growth.”

MSME

Mr. Gurmeet Singh, Executive Director, ESC. “The Union Budget 2024 brings forth a transformative outlook for the electronic and computer software industry, and as the Electronic and Computer Software Export Promotion Council, We welcome the strategic initiatives outlined by Finance Minister Nirmala Sitharaman. The Focus given to MSMEs, startups, exports and efforts to link the growth dimensions to demographic profiles to consciously create an advanced economy that focuses on more employment are visionary steps to take the economy to the next level of growth. Finance minister rightly highlighted the future course of India’s path-breaking journey in the ICT sector by focusing on digital infrastructure, which has become the fourth factor of production, positively impacting all segments of the Indian economy such as agriculture, manufacturing, healthcare and governance.

We feel this budget not only addresses immediate concerns but also lays the foundation for a robust and globally competitive electronic and computer software industry in India.”

Amit Jain, Founder Paaduks ““Paaduks commends the Finance Minister’s visionary approach, placing a strong emphasis on training for global competitiveness, particularly in the context of MSMEs, startups, and exports. This strategic focus, coupled with efforts to align growth dimensions with demographic profiles, demonstrates a conscious effort to shape an advanced economy that prioritizes increased employment opportunities.

Aligned with Paaduks’ commitment to promoting regional craftspeople, we recognize the significance of this progressive strategy. The foundation of sustained growth, in our perspective, lies in empowering MSMEs with new skills. We are pleased to witness the government’s initiatives and believe that they will contribute to the success of our talented artisans.

As we strive towards creating a more robust and independent India, let us collaboratively work towards developing a competitive and resilient MSME sector. The current budget’s focus on sustainability is commendable, and we anticipate that the upcoming budget will outline a comprehensive roadmap for brands dedicated to contributing to sustainability. Together, we can pave the way for a thriving and environmentally conscious economic landscape.”

Saloni Verma, Co-Founder and chairperson, Sunshine Corporate Creches “This Government’s focus on Women as one of the pillars to drive the country forward, as mentioned today, is already strongly backed by recent laws related to Women’s welfare. Compliance with the Maternity Act which ensures higher Maternity leave and mandatory creche facilities for all employees is being driven well. Earlier this week a meeting of various ministries was held, and they released guidelines to ensure easy compliance with the law. We expect that this focus on women highlighted again now, coupled with such measures will help significantly bridge the gender gap in the coming years, and also reduce the percentage of women dropping out of the workforce after childbirth.”

Dr Rashmi Saluja is the Executive Chairperson of Religare Enterprises Limited  : “The Interim Union Budget reflects the government’s commitment to bringing about positive change and ensuring equal opportunities for all. It highlights the significant milestones achieved towards women’s empowerment and the financial inclusion of marginalized communities.

The Interim Budget, in conjunction with prior legislative and policy endeavours, signifies a united effort toward fostering a society that is both inclusive and empowered. Women’s rising participation in the workforce and the noteworthy 28% surge in female enrolment in STEM courses over the past decade reflects commendable progress.

The allocation of over 70% of houses built under the PM Awas Yojana Grameen to women beneficiaries, either through single ownership or through joint ownership, will prove to be a monumental step in the long term. This initiative will undoubtedly improve the financial independence of women.

Various social reforms until now, including the reservation of one-third of seats for women in the Parliament and state assemblies, will continue to empower women and contribute significantly to more equitable and representative governance. The Budget’s overall focus on uplifting the status of women will contribute significantly to the nation’s progress.”

Startup and EV – Sanjay Gupta, Chairman, IESA “Today’s interim budget signals a crucial juncture for India’s growth, spotlighting strides in startups and electric vehicles (EVs). The Finance Minister’s endorsement of PM Mudra Yojana, with 43 crore sanctioned loans totaling Rs. 22.5 lakh crore, empowers youth to forge new business paths. The focus on the E-vehicle ecosystem, backed by robust support for manufacturing and charging infrastructure, aligns with global environmental goals, offering avenues for innovation and economic growth.

Emphasizing Fund of Funds, Startup India, and Startup Credit Guarantee Schemes underscores the government’s commitment to a vibrant startup culture. As stakeholders in electronics and semiconductors, we anticipate a surge in entrepreneurship, job creation, and a flourishing innovation ecosystem. The budget’s support for semiconductor usage in EVs aligns with global trends, positioning India at the forefront of the electric mobility revolution. We eagerly anticipate actively contributing to this transformative journey.”

Housing – Mr Rahul Mehrotra, MD & CEO, RHDFCL: This budget lays the foundation for a more inclusive and prosperous India, showcasing the government’s commitment to holistic growth and development.

The Interim Union Budget 2024 has prioritized the betterment of the economically weaker sections, women, farmers, and the youth, recognizing their crucial role in nation building. The pledge to build an additional two crore houses in the next five years under the PM Awas Yojana Grameen is laudable. It underscores the government’s commitment to ensuring housing for all.

Honourable Finance Minister Ms. Nirmala Sitharaman’s announcement of an upcoming scheme targeting the middle class, especially those living in rented houses, slums, and unauthorized colonies, is a positive stride towards inclusive growth.

Anticipating a comprehensive roadmap for Viksit Bharat in the Full Budget this July, we believe it will reinforce the government’s dedication to economic development and welfare.

MSMEs

Mr. Krishan Gopal, CFO, Aye Finance MSMEs are the backbone of the Indian economy, and we appreciate the government’s focus on empowering this sector with the budget announcement. The government’s commitment to training MSMEs for global competitiveness is a welcome step.  This initiative will unlock opportunities for MSMEs to adopt cutting-edge technologies and solutions, propelling them into the new-age economy.

 Aye Finance, with its deep understanding of the micro and small business landscape, is ready to participate in this endeavor by offering innovative financing solutions tailored to the specific needs of these businesses. The government’s emphasis on building consensus with stakeholders further strengthens our optimism. As a responsible lender, we actively engage with industry bodies and policymakers to create an ecosystem that enables MSMEs to flourish. We believe collaborative efforts are key to driving inclusive and sustainable growth.

Dolly Kumar, Founder & Director at Cosmic Nutracos Solutions Pvt. Ltd. “As a women entrepreneur, we appreciate the government’s focus on promoting female participation in the workforce. The initiative of providing 30 crore Mudra Yojna loans will give a boost to all emerging startups led by women & inspire and encourage more female individuals to establish themselves as independent business owners. The substantial increase in women’s engagement in the professional sector is a great indicator of their contribution in the Indian economy.”

Sumit Gupta, Founder Viral Pitch. “With the outstanding success of the PM Mudra Yojana, which has approved an amazing 43 crore loans worth ₹22.5 lakh crore, our country is on track for an entrepreneurial revolution. This excellent backing is evidence of the dedication to promoting youthful goals. As a result of the collaborative efforts of programs like Fund of Funds, Start-Up India, and Start-Up Credit Guarantee, ambitions have been achieved on this transforming path. Our youth evolves as ‘rozgardata’ – the creators of their destinies and contributors to the development of the country – when these ambitious plans come to fruition. This enormous step toward economic independence indicates a better future for our country, one in which industry and creativity flourish and bring in a new period of opportunity and progress.”

Harish Trivedi, CEO, CTSI – South Asia “I often say “Every small step is a giant leap in the fight against Cancer” so, At the outset, let me congratulate the FM and the Govt for announcing & committing itself to the cause of cancer by Vaccinating all girls aged 9 to 14 years against Cervical cancer. It’s a step in the right direction to reduce the cancer disease burden and loss of life. India detects approximately 1.8lakh new cervical cancers every year and 50% of these patients succumb to the disease in the same year. Most advanced nations have either eliminated or are on the verge of eliminating the cervical cancer through effective vaccination against HPV, a major cause of Cervical cancer. For all women aged between 9 to 14 years if vaccinated effectively the disease can be eliminated within one generation. I am equally happy to see the GOI announcing using existing infra for new medical colleges, which helps in better capacity utilization of the healthcare infra but at the same time solves accessibility and availability issues for the large underserved population of the country. I would sum it up as a good beginning despite it being an interim budget only.”

Amrish Pipada, Founder & CEO, Mega Networks Pvt. Ltd said, “The Union Budget 2024 demonstrates a finely balanced and growth-oriented framework while promoting economic advancement and job creation. At Mega Networks, we commend the government’s vision of achieving ‘Viksit Bharat’ by 2047, emphasising the importance of research and innovation in the manufacturing sector to establish a robust and resilient foundation. The allocation of ₹1 lakh crore for interest-free, long-term loans in the budget not only sparks innovation but also facilitates greater access to funds, encouraging the private sector to significantly scale up research and development in sunrise sectors. Additionally, increase in the Production Linked Incentive (PLI) scheme to Rs 6200 crore aligns with our Make in India commitment to boost home-grown AI servers and storage domain ensuring a strong presence in the Global-Local market.”

On Agriculture: Soumyak Biswas ,Partner, Management Consulting, BDO India “The interim budget 2024 seems to be a pragmatic one, as it clearly focuses on transformational shifts in the agriculture sector which include areas on productivity improvement and value addition, sustainable agriculture, reduction of import dependence, fast-tracking development in allied sectors such as dairy and fisheries and rural employment through creation of micro enterprises. Encouraging Public Private Partnerships (PPP) is expected not only to infuse investments in the sector but also bring in the much-needed expertise in enabling a large majority of farmers who are small and marginal in moving up the value chain. Increased allocation towards PM-Formalization of Micro Food Processing Enterprises Scheme and focus on Aspirational Districts Programme is expected to give a boost to rural job creation opportunities which in turn can boost rural demand. The Atma Nirbhar Oilseeds Abhiyan is expected to bring down the dependence on imports of edible oil by focusing on improving yields in states which have high acreage but lower productivity, increasing acreage in non-traditional areas, developing new varieties , resource efficiency, providing timely inputs and training to farmers. Given the changing dietary patterns and income generation potential, increased outlay for the dairy and fisheries sector (Blue Revolution and PM- Matsaya Sampada Yojana) is expected to not only meet the increased demand for nutrition in domestic markets, but also give a boost to the exports from the country. Setting up of the integrated aquaparks will help in infrastructure upgradation and enhancing aquaculture productivity which will positively impact the livelihoods of millions of fishers/ fish farmerer”

Mr. Hitesh Garg, Vice President, and India Managing Director, NXP Semiconductors “We’re thrilled about the Budget 2024 giving a strong push to the semiconductor and electronics manufacturing sector in India. The government’s substantial boost in funding for semiconductors, along with the increased total PLI allocation under MEITY, shows a strong commitment to fostering a thriving ecosystem for technological progress.

The semiconductor industry is at the heart of innovation, and the 130 percent rise to Rs 6,903 crore in the budgetary allocation for its development, including support for capex and research, is an important step. This initiative aligns with India’s aspirations to emerge as a prominent player in the global electronics manufacturing landscape. The government’s emphasis on fostering a conducive environment for research and development perfectly mirrors the semiconductor industry’s trajectory.

I believe that these strategic moves will not only accelerate the growth of the semiconductor industry but also elevate India’s position as a preferred destination for the electronics system design and semiconductors. We are excited about these opportunities and look forward to collaborating with stakeholders in the industry. The collaborative spirit and proposed incentives position India as a global semiconductor hub, solidifying its commitment to cutting-edge technological advancements.”

Ms. Sangeeta Sant Lal, Senior Partner, Industrial Practice – TRANSEARCH India “The announcement of Rs 35,000 crore budget for green transition allocation will give further impetus to EV manufacturing which has already given job opportunities, and in some companies a big focus on integrating women in the labour workforce as well as to the battery, battery materials companies and the aftermarkets ecosystem. This focus will also give a further push to the startups in the EV and the energy charging infrastructure, to develop innovative charging technologies.”

Home appliances sector will be a direct and indirect beneficiary on many accounts. The plan to solar/power 10 million homes transforms households into net electricity producers, encouraging adoption of electrical appliances. Promoting domestic tourism, and introducing a central rating system will encourage adoption of quality cookware and appliances to meet the demands and expectations of local and global tourists.

Ranjita Ravi, Co-Founder at Orxa Energies “The Interim Budget of 2024 has mentioned plans on accelerating the EV ecosystem through the expansion of charging and manufacturing infrastructure in the country. We at Orxa Energies firmly believe in India’s commitment towards growing electric mobility across the country and we look forward to collaborating with the government in achieving this aspiration.

We are also delighted with the Honourable Finance Minister’s mention of the government’s intent to bolster deep tech for defence purposes. We are optimistic that such initiatives will accelerate our work in defence technologies and widen our footprint in these realms.”

Mr Chitranshu Mahant, CEO and Co-Founder, Primebook “We commend the government for its efforts towards upskilling millions of youths through the Skill India Mission and establishing new ITIs and higher learning institutions. The increase in female enrollment in higher education by 28% in the last 10 years is a significant step towards gender equality in education, and we are pleased to see the government’s commitment towards this cause. These efforts will help learners in India become world-ready and equip them with the necessary skills to succeed in the global workforce. However, learners need access to affordable technological tools that cater to their needs to make this a reality. The digital infrastructure has become a crucial aspect of education, and the government must prioritize affordable technology and digital literacy for all in their future policies. As a brand dedicated to eliminating the digital divide in the country, we strongly urge the government to recognize the importance of digital inclusion and take substantial steps to make affordable technology accessible to all learners in India.”

Himani Narula: Developmental and Behavioral Pediatrician Director & Co-founder of Continua kids “The government’s emphasis on inclusive education, notably the expansion in STEM courses for females and the new educational institutions, is commendable. However, more targeted initiatives and resources are needed to address the unique challenges in special education, ensuring all children have access to quality education.”

Mr. Abhishek Bansal, Chairman of ABANS Groupsm The Interim Budget 2024 was a quick and sharp one, with no major changes in the tax structure but a slight change in the fiscal policy, particularly in relation to expenditure, fiscal deficit, and support for rural and infrastructure development. The government maintained its focus on infrastructure development and connectivity, which will boost the real estate sector and the urbanization of the country. The extension of the tax sops for infra investments by sovereign/pension funds is a welcome move, as it will attract more long-term capital into the economy. The investors also appreciated the stability and predictability of the direct and indirect tax rates, which will foster a conducive environment for the capital and commodity markets. The budget also highlighted the importance of the GIFT IFSC, which is emerging as a robust gateway for global capital and financial services. The budget, however, was silent on some of the key issues, such as the direct overseas listing, the disinvestment, and the AIF industry. We hope that the final budget post-elections will address these issues and provide more clarity and support to the investment industry.

Shubhasheesh Bhattacharya, Director, Navi Mumbai Campus NMIMS, The mood in the education sector remains buoyant and the steady implementation of NEP 2020 is a positive sign. However, I would have expected some announcements regarding increased budget allocation for HEIs to bring about digital transformation and some systemic changes like the ‘one nation one syllabus’. Attention also needs to be given to experiential and out-of-class learning. Hopefully, the next budget will focus on these aspects.

Dr. Narayani Ramachandran Director, Bengaluru Campus NMIMS, It was heartening to hear the Hon. Finance Minister mention the increase in higher educational institutes and women in STEM courses in the last 10 years. This is just the beginning. With Higher Education Institutions adopting inclusion and diversity in a big way, Along with the government’s support, the future of the girl students in India is bright. We hope for more incentives for female students to enable them to march ahead in the academic space.

Dr. Meena Chintamaneni – Pro Vice Chancellor – SVKM NMIMS, With regard to the pharmaceutical sector, the post-budget focus will be on the introduction of new programmes in Pharma to promote Research and Innovation in pharmaceuticals through Centres of Excellence. Institutions backed by robust infrastructure – both physical and manpower- will have the capacity to start innovative programmes. The pharmaceutical industry will be encouraged to invest in research and development in specific priority areas. Moreover, the Industry-Academia connection could be further strengthened. Existing institutions, especially those pertaining to medical devices, will be in a position to introduce multidisciplinary courses supported by the government to develop skilled manpower for futuristic medical technologies, high-end manufacturing and research. This gives impetus to good institutions to create self-sufficient skilled workers in the healthcare sector, improving the medical facilities and treatment in our country to support the vision highlighted by the finance minister.

Mr. Yuvraj Thakker, MD, StoxBox, The Budget for 2024-25 is a progressive one for the Indian economy. The finance minister has announced several measures that will boost the financial sector’s digital transformation. The establishment of a ₹1 lakh crore corpus with 50-year interest-free loans is a game-changer for smaller firms and startups, fueling innovation and growth across various sectors. The record capital expenditure outlay of ₹11.11 lakh crore fuels optimism for increased private investments in the fintech ecosystem. The rise in GST collections indicates a robust economy, translating to increased investment opportunities. At StoxBox, we welcome the budget and look forward to building a more inclusive and innovative financial ecosystem for India.
The reaction is positive and welcoming.

Vamsi Krishna UV, CEO, StoxBox, Embarking on the journey through the Interim Budget 2024-2025, it’s crystal clear that the government’s fiscal roadmap will have a profound impact on our economic landscape and, in turn, ignite ripples of excitement in the stock market. With a prudent approach, characterized by a targeted reduction in borrowing and an ambitious fiscal deficit target of 5.1%, the budget sets the stage for a vibrant financial future.As the CEO of StoxBox, I’m thrilled by the opportunities that lie ahead. The extension of tax exemptions for select sectors and the bold move to withdraw disputed tax demands promise to infuse our markets with a newfound vigor, propelling us towards unprecedented growth. These measures not only bolster investor confidence but also create an environment ripe for strategic investment and innovation. At StoxBox, we’re poised at the forefront of this dynamic landscape, ready to harness the potential of these developments. Our eyes are set on identifying and seizing the most promising investment avenues, ensuring that our clients ride the wave of prosperity in the ever-evolving stock market. Join us as we chart a course towards a future brimming with limitless possibilities!”

Mr. Shashank Saxena, Senior Research Associate, A progressive budget that covers social aspects and infrastructure development – this is what the Interim Budget 2024 promises. Aligned with Vision 2047, the budget defines GDP as Governance, Development & Performance, and is based on the principle of reform, performance, and transformation.

What’s noteworthy is the deliberate focus on stimulating consumption, which has been strategically embedded in the fiscal framework. The proposed measures, including the promotion of spiritual tourism and incentivization of rooftop solar and housing initiatives, are designed to provide a sustained impetus to overall consumption.

Maintaining a fiscal deficit of 5.1% is a prudent approach, ensuring fiscal discipline while supporting economic growth. This targeted strategy reflects a nuanced understanding of the pivotal role that consumption plays in driving economic expansion.

Mr. Manoj Nambiar, Managing Director, Arohan Financial Services Limited, “Continuation of the progressive policies with some additions is the biggest theme in this Vote on Account presented by the Honorable Finance Minister in parliament this morning. From a Financial Inclusion perspective, I will highlight the extra focus on “Lakhpati Didi” through the SHG programme which recognises the need to ensure formal credit to the Bottom of the Pyramid for equitable growth and for the country to drive a higher level of GDP growth. Developmental Finance Institutions like MUDRA, SIDBI and NABARD will need to play a key role in both the SHG & the JLG programmes run by Microfinance Institutions to help improve the current penetration and bring formal access to credit to a much larger segment in the country, especially in the rural areas. For the above to happen, we all need to build and maintain a very responsible credit culture with the right focus on KYC and credit bureau discipline. This will help attract enough investments and then leverage that with debt for the monies required to address the credit demand. The Financial Inclusion sector can and will play a key role in empowering millions at the BoP in our forward march during the Azaadi ka Amrut Kaal programme announced by the Honorable Prime Minister.”

Saurabh Arora, Founder & CEO, University Living “I applaud the government for its commendable achievements over the past decade and express gratitude for the Budget’s unwavering focus on fostering inclusive growth. In this era where new-age technologies and data are transforming lives and businesses, the budget recognizes their role in creating economic opportunities and providing high-quality services at affordable prices, particularly for those at the ‘bottom of the pyramid.’ The expanding global opportunities for India are being driven by innovative solutions and entrepreneurial spirit. With Rs 73,008 crore allocated to the School Education, strategic investments and accomplishments in the education sector, this budget lays a crucial foundation for empowering India’s youth, enabling them to aspire for higher education avenues beyond boundaries and elevate India’s international standing.” – Saurabh Arora, CEO, University Living.”

Vaibhav Gupta, Co-founder and CPO, KlugKlug “In this interim budget, the acknowledgment of the transformative impact wielded by new-age technologies and data on individuals and businesses resonates deeply with Klug Tech’s core values. The emphasis on fostering economic opportunities and ensuring affordable, high-quality services reflects a commitment to inclusivity, reaching even those at the ‘bottom of the pyramid. As innovators and entrepreneurs, we stand poised to contribute to India’s rising global potential through our cutting-edge solutions. This budget sets the stage for a future where innovation and entrepreneurship drive positive change, elevating India’s position on the global stage.”

Gautam Madhavan, CEO and Founder, Mad Influence “Mad Influence welcomes the government’s commitment to maintaining stability in taxation, ensuring continuity for startups and IFSC units by extending tax exemptions till March 31, 2025. The Finance Minister’s decision to withdraw outstanding direct tax demands up to Rs. 25,000 and provide relief to 1 crore taxpayers is a positive step towards improving taxpayer services. As the economy strides towards sustained growth, Mad Influence acknowledges the government’s prudent approach in maintaining existing tax rates and embracing the positive impact of GST on trade and industry. However, Mad Influence looks forward to more targeted initiatives for startups in the upcoming full Budget in July. The overall budgetary estimates, with a focus on interest-free loans, reflect a balanced approach towards economic growth. Mad Influence anticipates further details in the detailed roadmap for ‘Viksit Bharat’ promised in the full Budget, paving the way for a more prosperous and inclusive India.”

Vikram Bhalla, Founder and Director, Vivify Asia, “As the Union budget 2024-25 is presented, the budgetary figures outlined reflect a prudent approach to fiscal management. The Finance Minister’s estimate of total receipts, excluding borrowings, at Rs. 30.80 lakh crore and total expenditure at Rs. 47 lakh crore for the upcoming fiscal year demonstrates a commitment to responsible financial planning. The continuation of interest-free loans at an outlay of Rs. 1.3 lakh crore is a strategic move to support key sectors. The targeted Fiscal Deficit of 5.1% of GDP for 2024-25 aligns with the government’s commitment to gradually reduce the deficit to 4.5% of GDP by 2025-26. This shows a balanced effort to stimulate economic growth while maintaining fiscal discipline.

The mention of revised estimates for 2023-24, with revenue receipts expected to surpass the Budget Estimate, reflects the positive momentum in economic activities and formalization. The government’s ability to manage expenditures effectively is evident in this upward revision. While the overall vision for ‘Viksit Bharat’ is ambitious, the budget strikes a balance between addressing immediate concerns, investing in long-term growth drivers, and maintaining fiscal prudence.”

Prasoon Chauhan, Founder & CEO of JustHomz, “The Finance Minister’s emphasis on new-age technology and data bodes well for the startup sector. The allocation of a Rs 1 trillion corpus, coupled with a 50-year low or interest-free loan provision, signifies a monumental stride in scaling up the startup industry. As a startup company, we applaud these initiatives, recognizing their potential to fuel growth, nurture entrepreneurship, and pave the way for groundbreaking advancements. This budgetary support also aligns with our commitment to innovation, ensuring a dynamic landscape for startups to thrive and contribute significantly to India’s economic trajectory.”

Sachin Panicker, Chief AI Officer, Fulcrum Digital “Finance Minister Nirmala Sitharaman’s sixth consecutive budget presentation sets a decisive course for India’s future, rooted in the vision of ‘Viksit Bharat’ by 2047. The government’s emphasis on GDP – Governance, Development, and Performance, lays a sturdy framework for sustainable growth. With a focus on empowering youth and fostering innovation, the budget outlines a roadmap for unprecedented development over the next five years.

In addition, initiatives like the Skill India Mission, training, upskilling and reskilling 1.4 crore youth and establishing new educational institutions, reflect a commitment to human capital development and digital empowerment.

At Fulcrum Digital, we stand ready to leverage deep technology and the power of our youth to continue to create opportunities for India at a global level. As a global enterprise AI organization, we are committed to contributing to India’s growth story, and fostering innovation for heightened development.”

Puneet Gupta, Vice President & Managing Director, NetApp India/SAARC “The Interim Union Budget 2024 focuses on data-driven innovation, and this gives us much to look forward to. The Honourable Finance Minister has acknowledged the potential of deep technologies like AI in transforming varied industry sectors. In addition, the GoI’s focus on training, upskilling, and reskilling the youth of the nation through the Skill India mission is likely to place India well on the global map of tech-savvy nations. With India’s tech prowess growing, we expect the need for unified storage and intelligent data infrastructures to grow as well. Harnessing the power of data will be a key growth driver and differentiator for businesses across sectors. At NetApp, we are aligned with the government’s focus, with innovation in data management being at the heart of everything we do. Combined with the capabilities of our tech talent, particularly the youth, we are well poised to contributing towards building a ‘Viksit Bharat’ by 2047.”

Debashis Chatterjee, MD & CEO, LTIMindtre “We welcome the interim budget’s focus on skilling, deeptech, R&D, innovation, and digital infrastructure, all of which are critical drivers for the IT industry’s growth. The Skill India Mission has helped in building a highly skilled workforce, and the Rs. 1 lakh crore corpus with interest-free loans for tech-savvy youth will be a true game-changer. This will fuel innovation and entrepreneurship, fostering the next generation of tech leaders. As we strive towards achieving the goal of “Viksit Bharat” by 2047, LTIMindtree stands committed to partnering with the government in its digital transformation journey. We believe this interim budget has laid a strong foundation for continued growth, with technology playing a pivotal role in shaping India’s future.”

Sunil Sharma, Vice President- Sales, Sophos India & SAARC “We at Sophos are in complete alignment with the vision presented by the Honorable Finance Minister in the Interim Union Budget 2024, towards creating a prosperous and inclusive India. The highlighted emphasis on skill development, technology-driven innovation, and sustainable infrastructure resonates with our organizational mission, focused on empowering Indian businesses through state-of-the-art cybersecurity solutions. The government’s steadfast commitment to increasing the cybersecurity budget from INR 400 crores to INR 750 crores within a year is a noteworthy development within the industry, and promises to address cybersecurity threats that may endanger the rapidly digitizing nation.

The intersection of democracy, demography, and diversity, encapsulated by the ideology of “Sabka Prayas,” emerges as the key force that will unlock India’s true potential in the technology sector. Other significant initiatives such as the allocation of a substantial amount of Rs 1 lakh crore for tech startups and the strategic emphasis on deep-tech for defense, underscore the government’s dedication towards realizing its Atmanirbhar Bharat vision.

Within this transformative landscape, Sophos remains unwavering in its commitment to playing a constructive role in realizing the vision of a cyber-secure India. Our dedication extends to equipping businesses with resilient cybersecurity solutions and nurturing a culture of cyber awareness, thereby contributing to the empowerment of citizens and the assurance of our digital future.”

Sindhu Gangadharan, SVP and MD, SAP Labs India; Vice Chairperson, nasscom “The Interim Budget 2024 is reflective of the India’s sustained focus on Atma Nirbhar Bharat (Self Reliant India). The long-term financing and re-financing scheme with a corpus of INR 100,000 Cr with a 50-year interest free loan to promote R&D in the private sector in sunrise domains, as well dedicated initiatives to promote DeepTech/R&D in the defence sector underscore the commitment to position India as a global leader in the world of technology. The focus on skilling, upskilling, and reskilling of youth will ensure an industry-ready workforce to navigate the headwinds of a volatile marketplace.

Additionally, the extension of tax exemptions for eligible startups, granting newly incorporated ventures until March 2025 to claim tax benefits for three out of their first 10 years, is a progressive and encouraging move. By incentivizing entrepreneurship, the government is actively promoting the creation of a robust startup ecosystem, which is crucial for driving economic development.”

Sachit Nayak, Country Controller & Finance Director, Eaton India “The interim budget presented today is excellent, continuing on the growth path. The Indian economy has grown significantly in the last ten years, and what strikes is the FM’s commendable fiscal deficit rectitude, which is at 5.1% of GDP for FY25. Tax collections in FY24 have been robust both on the direct and indirect. Three focus areas that will propel the economy will be: Infrastructure development outlay increased by INR 11.11 lakh crores, Capex outlay at 3.4% of GDP, and Housing outlay. The building of 3 Railway corridors with regard to Energy, Minerals, and Cement will help provide significant employment opportunities that will boost the economy in the coming years. Overall, the FM has touched upon agriculture, women empowerment, defense, and aviation, which lays the foundation for India on the path towards being a developed country.” Sachit Nayak, Finance Director, India, Eaton

Saurabh Jain, Co-Founder, Stable Money “Effective policies have been instrumental in positioning India as the third-largest global ecosystem. Initiatives like the PM Mudra Yojana are set to accelerate this growth, offering a unique opportunity to overcome challenges faced by fintech startups and foster innovation with greater inclusivity.

Building on the success of schemes such as the Fund of Funds, Start Up India, and Start Up Credit Guarantee, extending similar support to the fintech sector could amplify the nation’s economic resilience and technological capabilities. This would not only nurture the startup ecosystem but also encourage more individuals to venture into the entrepreneurial landscape. By consistently nurturing such a conducive environment, the government has not only driven India’s ascent in the global ecosystem ranking but has also actively contributed to enhancing the country’s position on the world map, demonstrating a commitment to growth and innovation.”

Vinesh Menon, CEO – Human Development & Social Impact Solutions, Ampersand Group “The union budget has been tabled as expected as ‘Vote on Account’ budget and has set the expectations for driving VIKSIT Bharat at 2047. I am particularly excited about the PM shri schools program & the Nep 2020 Execution and the vision to have more girl children enrolled fot STEM programs. My only wish is that we add a 5th caste along with Garib, Mahila, Yuva & Annadata and that is ” Baccha “…as there is a lot more we need to do for the 300 plus million pre school and school going children in the country. Overall, with emphasis on technology, innovation and upgradation of angamwadis, it looks like an exciting decade ahead”

Mr. Niraj Kumar, Chief Investment Officer, Future Generali India Life Insurance Company Ltd. “Budget 2024 is a Holistic Budget exemplifying fiscal prudence and encompassing all the imperative sectors despite electoral compulsions. This budget gives credence to government’s unwavering resolve to adhere to the fiscal consolidation glide path, especially after having delivered robust growth-oriented budget in the last 3 years. The vision under Vikasit Bharat by 2047 and top 4 priorities laid out with respect to empowering Poor, Women, Youth and Farmers will go a long way in manifesting the long- term growth story of India. It is high on optics, low on spending impact as fiscal consolidation remains its paramount focus. The key announcements on power sector coupled with new energy, railways, defense, affordable housing is indeed encouraging. While optically 11% capex growth seems lower than 30% avg growth seen in the last 3 years, but it yet sticks to 3.4% of GDP, which is indeed credible as it would continue to give the requisite infra led push to sustain the growth momentum. Clearly the budget lacks any consumption and populus measures and is thus a departure from the previous pre-election Vote on Accounts. Fiscal consolidation focus, and low market borrowing reinstates the focus on macro-stability. With lower capex growth being the new reality , markets are likely to align to the pragmatic approach of the government and we reckon more policies being elaborated in July 2024 Budget. Bonds are likely to be in a favorable spot through 2025, thanks to the strong Fiscal prudence and lower borrowing pressures coupled with supportive FII flows with global bond inclusion. Overall, the government has dexterously done a fine balancing act between adhering to fiscal prudence and giving requisite support to growth, despite being a Pre-Election Budget.”

Sharad Mathur, Managing Director & Chief Executive Officer, Universal Sompo General Insurance Company Ltd. “Ensuring the welfare of our Farmers is central to our commitment. The budget’s focus on farmers, especially through PM-KISAN SAMMAN Yojana and PM Fasal Bima Yojana, aligns with our dedication. The emphasis on crop insurance is crucial, providing a safety net for 4 crore farmers.The commitment to infrastructure development, including support for EV manufacturing, signifies a proactive approach towards sustainable practices. This aligns with global trends and reinforces our commitment to contributing to the nation’s progress.The broader sectoral vision resonates with our goals for inclusive, balanced, and robust growth. Farmer-centric policies, income support, and innovative risk coverage through insurance are pivotal for higher productivity. We applaud the commitment to promoting technologies and innovations, recognizing the role of start-ups in shaping agriculture’s future.
As a General Insurance company, we stand ready to contribute, ensuring a secure future for our farmers. Today’s budget reflects a comprehensive vision, with the doubling of the GST tax base and estimated tax receipts of Rs 26.02 lakh crore in FY25 indicating a robust economic trajectory. The commitment to infrastructure development, support for EV manufacturing, and a ‘Golden era for tech-savvy youth’ through interest-free loans align with global sustainability trends.

Amit Agarwal, CEO, Howden Insurance Brokers (India) “We commend the massive tripling of capital expenditure on infrastructure development in the past 4 years, resulting in a huge multiplier impact on economic growth and employment creation. The outlay for the next year is being increased by 11.1 percent, which amounts to INR 11.11 lakh crore, announced the FM. This is 3.4 percent of the GDP. It is noteworthy that the International Monetary Fund (IMF) raised India’s FY25 GDP growth forecast to 6.5%. Substantial investment in infrastructure presents a significant opportunity for the insurance market to expand, as it plays a crucial role in mitigating the risks associated with large-scale projects. The IMF’s revised growth forecast for India and its projected economic trajectory underscore the importance of robust risk management strategies, which the insurance sector is well-equipped to provide.
Furthermore, Ayushman Bharat and Government’s mission of ‘Insurance for All by 2047’ are pivotal in driving insurance penetration across the nation. Ayushman Bharat not only enhances insurance penetration at the grassroots level but also fosters greater awareness about the importance of insurance. Health insurance, with its diverse range of coverage options, is instrumental in ensuring comprehensive protection for all segments of society.The synergies between infrastructure development and insurance penetration highlighted in the budget are indicative of a conducive environment for the insurance industry to thrive. This presents an opportunity for insurers to innovate and tailor solutions to address emerging risks effectively. By leveraging this momentum, the insurance sector can contribute significantly to India’s resilience against future uncertainties. Extending Ayushman Bharat cover to all Anganwadi and Asha workers, along with consolidating healthcare schemes, enhances accessibility and affordability. These initiatives bolster the insurance sector’s role in advancing societal welfare and economic development. In conclusion, the IMF projects that the Indian GDP will experience a growth of 6.3% in both FY2023/24 and FY2024/25, making a significant 16% contribution to global economic growth. As India progresses towards becoming a USD 4.5 trillion economy, the per capita GDP is expected to rise fostering an increase in discretionary spending. This optimistic economic outlook leads us to believe that the insurance industry will witness a positive upswing, driven by the growing discretionary spending trends in India.”

Mr. Anuj Parekh, Co-founder and CEO at Bharatsure “ The government’s announcement for a Rs. 1 lakh crore corpus of low interest financing for sunrise sector is going to be a gamechanger for new innovation and development. This will indirectly benefit start-ups who have faced challenges over the last few years to secure financing. Looking forward for more details on these initiatives.”

Sidharth Malik, CEO, CleverTap “The budget, although an interim one, lays the groundwork for a promising future, particularly for the technology sector. The emphasis on research and development as a catalyst for national growth is undoubtedly a step in the right direction. The corpus of 1 lakh crore, with a 50-year interest-free period, for private sector research and development is a clear commitment to fostering an innovative environment domestically. It sets the stage for businesses and startups in sunrise sectors to thrive and innovate without financial constraints – empowering founders to take the necessary risks to build and grow their companies. The extension of tax benefits for startups is squarely in-line with the vision of accelerating and sustaining domestic entrepreneurial vigor.

Yuva (youth) was emphasized within the interim budget; by successfully training and upskilling 1.4 crore youth through the Skill India Mission, the government is addressing a critical need for a skilled workforce in the technology sector. As the technology landscape evolves rapidly, investing in the skill development of the youth ensures that India remains competitive on the global stage. These measures are not only about addressing the immediate skill gap, but about nurturing a generation that will contribute to India’s position as a technology leader on the global stage.”

Nikunj Agarwal, Head – Fundraise and Alliance – propelld “As anticipated, the budget aligns predominantly with a continuing budget for the fiscal year, characterized by stability rather than significant upheaval, serving as an interim measure. The Honourable Finance Minister has elucidated upon the manifold accomplishments of the government, would be receiving commendation, and signalling a trajectory of growth in the forthcoming years.”

Ms. Radhika Kalia, Managing Director at RLG Systems India Private Limited “The Interim Budget 2024 offers a mixed bag in terms of steps aimed at fostering a circular economy and building sustainability. While the budget shows focus on infrastructure and renewable energy which indirectly would support the sustainability sector, direct measures towards forging a circular economy seem underrepresented. Yes, the budget’s emphasis on digital infrastructure and renewable energy initiatives like solar energy would provide direction to sustainability initiatives, albeit indirectly, by promoting environmentally-friendly practices and technologies. Nevertheless, for a sector like ours dedicated to principles of sustainability and circular economy, direct and targeted support is warranted to ensure that the efforts invested result in significant outcomes. So while the indirect support for a greener economy is appreciated, a more focused approach and direct support for recycling and e-waste management is required for concrete progress.”

Subramaniam Thiruppathi, Director of Sales for India and Sub-Continent, Zebra Technologies “Finance Minister Nirmala Sitharaman’s unveiling of the strategic railway corridors in the interim budget 2024, will help fortify India’s economy and bolster passenger safety. The dedicated industry corridors, coupled with Gati Shakti multi-modal cargo terminals, are set to transform the logistics and transport sector, optimizing goods movement, reducing logistics costs, and improving efficiency.
In line with these efforts, incorporating cutting-edge technologies such as AI, ML, and RFID-based digital track and trace solutions will boost operational efficiency in the warehousing, and transport and logistics sectors.
Using the right technologies will help modernize and transform India’s transportation system into an advanced logistics network.
This will in turn foster greater economic growth for India in the coming years.”

Mr. V. P. Nandakumar, MD & CEO at Manappuram Finance. “By giving a new meaning to GDP – governance, development and performance – the Finance Minister, Nirmala Sitharaman, has laid out the road map for India to become a developed nation (Vikasit Bharat) by 2047. Also commendable is the Government’s resolve to stay on the course of fiscal prudence while taking steps to ensure sustainable growth and development on a durable basis. On the whole, the interim budget has ticked most of the right boxes without straying from the fiscal glidepath, despite impending general elections.”

Vikas Garg, Joint Managing Director, Ganga Realty “The Interim Budget 2024 or Viksit Bharat Budget laid emphasis on the development of Modern Infrastructure, Geographical Inclusivity, and all-pervasive growth as the cornerstones of our rapidly growing economy. The Housing for Middle Class scheme announced by the Finance Minister which will empower the underprivileged sections to buy and build homes is a laudable move, enshrining the government’s commitment to Housing for All. This will speed up rapid urbanization and housing development in Tier 2 and 3 cities, attracting massive investments. On the whole, Luxury housing continues to gather steam, especially in metropolitan regions like Gurugram, while Affordable Housing developments will be predominant in Tier 2 and 3 markets. In addition, the Budget also announced the construction of 2 crore homes in the next five years under the PM Awas Yojana- Gramin. Although the demand for industry status and single-window clearances remain unmet, the Interim Budget introduced some pathbreaking decisions made on the principles of Reform, Perform, and Transform.”

Saransh Trehan, Managing Director, Trehan Group “The Interim Budget 2024’s proclamations are coterminous with the Government’s commitment to ensure Housing for All. The Finance Minister announced that the Housing for Middle-Class scheme will be launched to embolden and financially assist service class and salaried classes to construct or buy their independent homes. This will empower them to enjoy the basic right of housing as many of them struggle to keep their heads above water and live in slums, chawls, and rented houses. Secondly, the Government also resolved to build 2 crore new homes in the next five years under the PM Awas Yojana- Gramin while being close to achieving its target of constructing 3 crore homes in rural areas and countryside. In its entirety, the Budget incentivized and introduced many pro-people programs that will encourage millions of people to invest in real estate assets, especially in Tier 2 and 3 hubs due to the impetus given to strengthening of modern infrastructure and transport.”

Dushyant Singh, Director, Orion One 32 “Reverberating the idea of Aatmanirbhar Bharat, Geographical Inclusivity, and all-inclusive social justice, the Interim Budget 2024 introduced some key reforms assuring Housing for All, just and equitable distribution of resources, women empowerment in terms of ownership or co-ownership of PM-Awas Yojana homes, and raising the standards of modern infrastructure. By creating a synergetic ecosystem, the Budget 2024 has created a leveling ground, which will lead to an upshift in the absorption of office spaces and mixed-use outlets. The Budget has exhorted programs and schemes for future-ready infrastructure, urban settlements, and housing for all sections of society, causing an inevitable boom in the demand for office spaces, retail shops, and high-street commercials.”

Mr Pratik Kataria, Director Sainath Developers “We are pleased with the Finance Minister’s announcement to construct an additional two crore houses under the Pradhan Mantri Awas Yojana – Gramin. This marks a crucial stride in tackling the demand for affordable rural housing while simultaneously fostering economic empowerment. The substantial investment in housing infrastructure is anticipated to stimulate economic growth and bring about a positive change in the lives of numerous families. The government’s dedication to narrowing the housing gap is commendable, reflecting a robust effort to promote comprehensive development. Furthermore, the increased outlay for infrastructure to Rs 11.11 lakh crores is poised to support overall real estate development in the country”.

Mr. Ashish Munjal, Co-Founder & CEO, Sunstone “The interim budget showcased the importance of education and their focus on youth development and aspiration is a positive move. With the Skill India Mission reskilling 54 lakh youth optimises our strong demography. Along with this, the 28% increase in female enrollment in higher education, reflects positive strides toward gender inclusivity in academia. Furthermore, the transformative reforms outlined in the National Education Policy 2020 with PM SHRI schools delivering quality teaching and nurturing holistic, well-rounded individuals resonate with Sunstone’s commitment to educational advancements.

As we eagerly await the detailed roadmap in the upcoming full budget, Sunstone remains dedicated to uplifting the youth and contributing to the realization of a developed Bharat.”

Mr. Ramesh Narasimhan, CEO – India, Worldline “This year’s Budget focus on the overall MSME sector to facilitate growth and development is a welcome sign.

The priority to work towards providing timely access to credit and all-round training for MSMEs will further strengthen the ecosystem and boost innovation.

It is an opportunity for PayTech players like us to work closely with MSMEs to drive the next phase of digitization.”

Mr Pratik Kataria, Director Sainath Developers – The House of Kataria & Committee Member, NAREDCO Maharashtra for the real estate sector. “We are pleased with the Finance Minister’s announcement to construct an additional two crore houses under the Pradhan Mantri Awas Yojana – Gramin. This marks a crucial stride in tackling the demand for affordable rural housing while simultaneously fostering economic empowerment. The substantial investment in housing infrastructure is anticipated to stimulate economic growth and bring about a positive change in the lives of numerous families. The government’s dedication to narrowing the housing gap is commendable, reflecting a robust effort to promote comprehensive development. Furthermore, the increased outlay for infrastructure to Rs 11.11 lakh crores is poised to support overall real estate development in the country”.

Raghvendra Nath, MD, Ladderup Wealth Management “The interim budget for FY24-25, in line with expectations, sets a fiscal deficit target of 5.1% of GDP, reflecting the government’s commitment to fiscal prudence and consolidation. This positions the country to achieve the 4.5% fiscal deficit target by FY25-26. A noteworthy 11% increase in capex spending to ₹11.1 lakh crore for FY24-25 is expected to drive economic growth. Additionally, the decision to waive disputed direct tax demands ranging from ₹10,000 to ₹25,000 until 2009-10 provides relief to taxpayers. Overall, the budget conveys a message of continuity and ensures no negative surprises.”

Aniket Tiwary, Executive Director, Provocomm Public Relations “The proposal for the extension of tax incentives to another year is a policymaking outlet depicting the government’s resolve to boost the vibrant start-up ecosystem. India is the third-largest startup hub and has found resonance in the Budget announcements in the last few years. The extension of tax benefits will embolden the start-up culture and also hype the private entrepreneurship motivations, giving rise to a strong and empowered group of wealth creators rather than job seekers.”

Amit Nigam, COO and Executive Director, BANKIT “We at BANKIT welcome the Union Budget 2024’s initiatives that bolster digital finance and financial inclusion. This budget lays a strong foundation for fintech innovation and expanded access to financial services, aligning perfectly with our mission of empowering communities through technology-driven solutions. We’re particularly encouraged by the government’s commitment to enhancing digital infrastructure and look forward to contributing actively to this transformative journey. The announcement for reducing the corporate tax to 22% and extending tax exemptions for startups is welcome.”

Balu Ramachandran, Founder at OC Academy, OC Academy “The government’s proactive establishment of new AIIMS Medical Colleges reflects a significant leap toward advancing healthcare accessibility. This visionary step not only extends the reach of medical education but also underscores a dedicated effort to strengthen our healthcare infrastructure.

In acknowledging this commendable initiative, there is a hopeful anticipation that the government’s vision transcends mere expansion. We look forward to the implementation of robust setups aimed at facilitating the upskilling of medical professionals, fostering an environment conducive to continuous learning, and ultimately improving patient outcomes.”

Anthony Fernandes, Founder, Shaalaa.com. “The Education Ministry received its highest-ever allocation, with the combined outlay of its two departments totaling Rs 1,12,898.97 crore.
However, the persisting issue of unemployable youth necessitates urgent attention. We must refocus on aligning education with market demands to ensure our youth not only receive an education but are equipped with practical skills, contributing meaningfully to our nation’s progress.”

Mr.Anup Sasidharan, Managing Director -MBA ESG India “The recent budget announcements for the education sector are a positive step towards investing in our youth and securing our future. The establishment of new institutions like IIITs, IIMs, AIIMS, and universities will further strengthen our education infrastructure. This is a positive budget for the education sector, and I am confident that it will lead to a brighter future for our youth. I applaud the increase in PM-SHRI budget allocation and the initiative for the establishment of more medical institutes. True skilling and employability demand more than incremental steps. Now let’s bridge the gap between rhetoric and action, and empower our youth to be the skilled, adaptive workforce of tomorrow.”

Amit Luthra, Managing Director- India, Lenovo ISG “In the past fiscal year, the Indian tech sector underwent rapid evolution with a focus on AI, 5G, Metaverse, and Edge technologies. The recent interim budget announcement reinforces our anticipation of India’s sustained growth as a leading global digital economy. To propel this transformation, crucial elements like skilling, R&D, and innovation must consistently drive progress. We commend the government’s emphasis on technology, particularly the allocation of 1 trillion Rupees at minimal interest, which underscores the assured progress for self-reliant businesses in India. Aligned with these objectives, Lenovo is committed to being a key partner in this growth journey. Leveraging our expertise in Hybrid Cloud, Edge, HPC, and AI solutions, we aim to empower enterprises, accelerating their digital transformation and contributing significantly to the expansion of the digital economy.”

Mr. Pratapsingh Nathani, Director at LoanXpress (A Beacon group company)
The interim budget has generated a wave of optimism among Micro, Small, and Medium Enterprises (MSMEs) in India with an allocation of INR 22,137.95 crores including new clusters and technology centres, aiming for global competitiveness & providing financial stability and a robust framework for sustained growth.

Key initiatives such as the Prime Minister Mudra Yojana, Start-Up India, and the Start-Up Credit Guarantee have been pivotal in providing substantial support to the MSME ecosystem.

Furthermore, the allocation of an Interest free debt of corpus INR 1 lakh crore, with a 50-year interest-free loan can fuel R&D and paves the way for long-term financing or refinancing.

The notable 11% increase in capex outlay promises significant expansion for infrastructure development, given the strong base of the last two years.

Green initiative such as Incentivising biofuels, rooftop solarization, offshore wind energy, and EV expansion will promote sustainable investment on a large scale in MSME sector

Mr. Amit Goenka, MD and CEO at Nisus Finance “The budget maintains the status quo on many strong growth enablers for real estate and we can look forward to an excellent year for consumers, developers and financiers in the sector.”

Dr. Mohit Ramsinghani  – Chief of Sales – Runwal group, “With the Finance Minister announcing the scheme to focus for the middle class to those living in rented houses, it is a great move for the affordable housing segment to scale up and give a boost to the real estate sector.

Sandeep Agarwal, Global CTO, and Managing Director, Visionet India “India’s Interim Budget 2024 is a catalyst for fostering innovation and technological advancements. The announcement of a 1 lakh crore fund with a 50-year interest-free loan is a visionary move that holds immense potential for the R&D and innovation landscape in India. This strategic approach ensures a conducive environment for groundbreaking technologies, especially as we witness the emergence of revolutionary technologies like GenAi, Ai & ML, RPA and datafication.

Visionet, committed to pushing the boundaries of technology, is already making strides in the AI space. Our Multi-lingual Gen AI Chatbot, proficient in 10 Indian languages and 4 international languages, exemplifies our dedication to authentic and personalized interactions across diverse linguistic landscapes which is a key factor for advancement for rural and under-served India . With advanced language processing capabilities, this innovation facilitates seamless knowledge transfer to masses enabling local businesses to go global.

The budget’s emphasis on startups is particularly noteworthy with key points like  the extension of the date of incorporation and focus on rising industries like Reatil, Fintech, HealthTech, and Infra-Tech.  Through VisionTechFest, our collaborative innovation platform of start-ups, academia and industry, we provide start-ups with the support and resources needed to thrive in a rapidly evolving technological landscape. This budgetary support will undoubtedly amplify the morale of budding entrepreneurs and catalyze the growth of India’s startup landscape.

Furthermore, the increased allocation to various sectors, including manufacturing, infrastructure, and health, underscores the pivotal role that technology will play in their development. In conclusion, the Interim Budget 2024 not only sets the stage for a technological renaissance but also reinforces India’s position as a global tech hub.  Sandeep Agarwal, CTO-Visionet  put that “We are optimistic about the amazing opportunities this budget creates for tech enthusiasts and businesses. The future for technology in India is indeed promising, and Visionet is ready to be at the forefront of this transformative journey with expanding our team further and creating more than 1000 jobs in the following months”.

The latest budget stresses over ‘Atmanirbharta’ or self-reliance once again, which holds the ability to usher in a golden period for both startups and India’s job-hunting youth. The process holds a promise for a better future for India, which will become the third largest economy in the world, with a GDP of $5 trillion by 2027, as projected by the Ministry of Finance. The initiatives announced in the interim budget evidently aims to increase the number of unicorns (currently 111) in the startup and technology ecosystems, assuring to bring a new dawn for Indian businesses on the global stage.