Industry Insights: Leading Voices on India’s Post-Budget 2024

Dive into the thoughts and reactions of industry leaders as they analyze and respond to India’s 2024 budget. This collection of quotes offers a unique glimpse into the perspectives of top executives, entrepreneurs, and business experts. Understand how various sectors are poised to navigate the new economic landscape, the opportunities they foresee, and the challenges they anticipate in the wake of the budget announcements.

Voices of Change: Key Quotes on India’s Post-Budget 2024 Reactions

Industry Leaders Share Insights: Post-Budget Reactions and Future Outlook

Industry Leaders React to the Latest Budget: Insights and Analysis

L Srinath Reddy, Managing Director, Raminfo Limited
“Budget 2024 reflects a forward-thinking approach, particularly in supporting MSMEs and youth skill development. The introduction of a credit guarantee scheme and enhanced Mudra loan limits will significantly bolster the MSME sector, providing much-needed financial support and stability. As an MSME, we too are eyeing global expansion with young talent and innovation at the heart of our plans. This budget aligns with our vision too. The comprehensive internship scheme, aiming to offer internships in top companies to one crore youth over five years, is a game-changer. It will provide invaluable real-world experience and skill enhancement opportunities for our young workforce. Employment-linked skilling initiatives and the three employment-linked incentive schemes, focusing on job creation and support to employers, demonstrate a strong commitment to reducing unemployment and encouraging industry growth. Abolishing the angel tax for all investor classes is a significant move to boost investment and entrepreneurial activity in the country.”

Karun Tadepalli, CEO and Co-Founder, byteXL
“Cognizant of the transformative power of education and skills in shaping our nation’s future, the policymakers are aiming to empowering youth. By offering financial support for higher education loans up to Rs 10 lakh with a 3% interest subvention and e-vouchers for one lakh students annually, access to learning opportunities is being democratized. Concurrently, the upgrade of 1,000 ITIs using the hub and spoke model, aligned with industry needs, underscores our dedication to equipping our workforce with relevant skills.
With an allocation of Rs 1.48 lakh crore towards education, employment, and skilling initiatives, 20 lakh youth over the next 5 years will be skilled. Internships for 1 crore youth in top companies, supported by CSR initiatives, will bridge the gap between academia and industry, fostering practical knowledge and career readiness. The abolition of angel tax for investors further catalyzes entrepreneurial spirit, facilitating innovation and job creation. Together, these measures reflect a holistic approach to nurturing talent, enhancing employability, and fostering a thriving economy built by a skilled workforce.”

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

Satyendra Prasad Narala – Managing Director, Regency Ceramics
“The Finance Minister’s announcement of a ₹10 lakh crore investment in urban housing through PMAY Urban 2.0 is a significant boost for India’s real estate sector and related industries such as Ceramics and Tiles Manufacturing. This substantial infusion, including ₹2.2 lakh crore to rejuvenate the affordable housing segment and is expected to drive demand for construction materials and stimulate growth in sectors like ceramics, fostering innovation in construction technologies for affordable housing.

Moreover, the enhanced focus on middle-class families is likely to encourage diverse housing types and urban design solutions.

In tandem with this, the focus on MSMEs is commendable. The introduction of a credit guarantee scheme for MSMEs in the manufacturing sector, along with support for E-commerce export hubs, will fuel growth and competitiveness. However, while welcoming these measures, we urge additional support for sectors like Ceramics to ensure sustainable growth.”

Prem Kumar Vislawath – CEO and Founder, Marut Drones
The allocation of ₹1.52 lakh crore for agriculture and allied sectors by the finance minister underscores a pivotal commitment to bolstering India’s agricultural resilience. The emphasis on developing climate-resistant varieties and introducing 109 new high-yielding varieties is a forward-looking stride towards sustainable agriculture. Additionally, the promotion of farmer producer organizations, cooperatives, and startups heralds a new era of inclusive growth and innovation in the agricultural sector.

Exempting lithium imports from customs is a bold step demonstrating India’s commitment to strengthening the drone manufacturing sector. Lithium, crucial for drone battery production, will now bolster domestic drone manufacturing, underlining the government’s support for this industry.

The abolition of the Angel Tax for investor classes is a significant boost for startups, affirming the government’s unwavering support for entrepreneurship and fostering a conducive investment environment.

However, we look forward to enhanced subsidies on agricultural machinery, including drones, as a critical step towards modernizing our farming practices.

Anant Jain, Head of Customer Success – India, GfK – an NIQ company
“In the Union Budget 2024, the Finance Minister’s focus on uplifting the poor, women, youth, and farmers aligns with India’s aspirations towards a developed nation. It reflects the government’s commitment to ‘Viksit Bharat’ and is poised to benefit the tech sector. The proposed reduction in the Basic Customs Duty (BCD) on mobile phones, mobile PCDA (Printed Circuit Design Assembly), and mobile chargers to 15% expected to make mobile devices and accessories more affordable, thereby boosting consumer demand and driving growth in the tech industry. Additionally, the increase in duty on printed circuit board assemblies (PCBA) for specific telecom equipment from 10% to 15% aims to encourage local manufacturing. Government’s prioritization on jobs, agriculture and energy sector will provide long term growth opportunities to tech & durables sector.”

Mr Manish Raj Singhania, President FADA
“The recent budget announcement by the Government of India brings a blend of optimism and challenges for the auto retail sector. The focus on ‘Garib’, ‘Mahilayen’, ‘Yuva’, and ‘Annadata’ highlights a comprehensive approach towards inclusive growth, which is commendable. The enhanced Minimum Support Prices for major crops and the launch of Phase IV of PMGSY are positive steps that will boost rural incomes and improve rural connectivity, thereby potentially increasing rural auto sales.
The budget’s emphasis on employment, skilling, MSMEs, and the middle class is particularly relevant for our industry. The Employment Linked Incentive scheme and the enhancement of Mudra loans are encouraging developments that will support job creation and entrepreneurship, leading to increased consumer spending power.
ignificant infrastructure investments, with an allocation of Rs. 11,11,111 crore for capital expenditure, will have a multiplier effect on the economy. Improved infrastructure is a boon for the auto sector, facilitating better logistics and enhancing the overall consumer experience.
The adjustments in personal income tax, including increased standard deductions and relief for salaried employees and pensioners, are welcome measures that will enhance disposable incomes, fostering a more favorable environment for auto sales.
However, the industry must also navigate certain challenges. While the budget provides a robust framework for growth, the effective implementation of these policies will be crucial. We hope for continued support from the government in addressing specific issues faced by the auto retail sector, such as the transition to green mobility and the need for policies that support sustainable practices.
Overall, the budget lays a strong foundation for future growth, and we are optimistic about the positive impact it will have on the auto retail industry.”

Mr. Kalyan Chakrabarti, CEO, Emaar India
We at Emaar India welcome the Union Budget 2024-2025, as it reflects the government’s strong commitment to improving urban housing. This budget lays a robust foundation for a dynamic, inclusive, and sustainable urban housing environment, ensuring long-term benefits for all stakeholders We are excited about these positive changes and are committed to playing our part in building high-quality projects that support this vision.”
This ₹10 lakh crore investment is a strong step towards creating an inclusive and sustainable urban ecosystem. Making affordable loans more accessible will effectively help people in achieving the dream of homeownership. At Emaar, transparency is our core value and therefore we firmly support the emphasis on transparency and believe that a fair rental housing system will create a more trustworthy and balanced housing market.
Key infrastructure developments, such as better water supply and sanitation, effective sewage treatment, and solid waste management, will significantly enhance the quality of life across the country. Additionally, lowering of stamp duty for properties purchased by women is a commendable move towards gender equality in property ownership and empowering women. Furthermore, the comprehensive internship program for one crore youth in leading companies, along with women-specific skilling programs, are strategic initiatives designed to boost workforce participation and drive economic growth.

Mr. Amarendran Vummidi, Partner, Vummidi Bangaru Jewellers
“The government’s move to reduce the custom duties from 15% to 6% on gold and silver and from 15.4% to 6.4% on platinum in order to enhance domestic value addition in gold and precious metal jewellery in the country, is commendable. This is going to benefit the sellers and the consumers equally. To promote the development of the diamond cutting and polishing industry, the finance minister has proposed safe harbour rates for foreign mining companies selling raw diamonds in the country and that again is a great move. The budget particularly focused on employment and skilling, which is the need of the hour. I appreciate the government’s initiative of employment-linked skilling through 5 schemes and initiatives as part of the PM’s package. Truly, the budget has many announcements for the youth and the women population. Creating more jobs is vital in unlocking the demographic dividend.”

Amit Jain, Global Chief Executive Officer – Sterling and Wilson Renewable Energy Group.
“As a leader in the renewable energy sector, we feel that the recent budget announcement is an acknowledgement of the industry’s huge potential in terms of meeting India’s global sustainability commitments, ensuring the nation’s long term energy security, and providing access to affordable and clean power source for the people. We commend the government’s move to support energy transition by expanding the list of exempted capital goods for use in the manufacture of solar cells and panels in the country. The PM Surya Ghar Muft Bijli Yojana which involves installation of rooftop solar plants to enable one crore households obtain free electricity is a step in the right direction and shall promote a more sustainable future. The announcement to fully exempt 25 critical minerals and reduce BCD on two of them will assist the renewable energy sector, since it shall provide a major fillip to the processing and refining of such minerals and help secure their availability. The proposed policy to promote pumped storage projects for electricity storage will help facilitate smooth integration of growing renewable energy share thereby reducing challenges posed by its variable and intermittent nature. Expansion of India’s renewable energy infrastructure – both greenfield and brownfield will require skilled workforce to ensure efficient project execution, while reducing cost and time overruns. We therefore welcome the government’s focus towards upskilling 20 lakh youth over a 5-year period and upgrading 1000 Industrial Training Institutes.”

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

Mr. Manoj Tulsian, CEO & Joint Managing Director, Greenply Industries.
“We are encouraged by the Union Budget 2024-25, which presents a forward-thinking vision for the construction and home interior industry. The focus on affordable housing under the PM Awas Yojana Urban 2.0 is noteworthy. By addressing the housing needs of urban poor and middle-class families and facilitating loans at affordable rates, this initiative is set to drive demand in our sector, supporting more families in achieving their dream of homeownership.
The budget’s emphasis on creating skill-led employment opportunities is another commendable step. By incentivizing additional employment and supporting both employees and employers, the government is fostering a robust job market that will benefit millions of youth entering the workforce. This initiative not only creates jobs but also enhances skills within the formal sector.
We also applaud the commitment to sustainability. The roadmap for transitioning industries from energy efficiency to emission targets is a significant move towards reducing our carbon footprint. Greenply has been at the forefront of this transition, leading the industry in adopting clean energy sources and maintaining harmony within the supply and demand chain without disrupting ecosystems. Additionally, the support for traditional micro and small industries to adopt cleaner energy forms and implement energy efficiency measures reflects a holistic approach to sustainable development.
We look forward to working closely with the government to ensure these measures translate into meaningful benefits for the economy and the environment.”

Shri Debadatta Chand, Managing Director & CEO, Bank of Baroda
The Union Budget complements the main takeaways from the Economic Survey and focusses clearly on medium term development of the economy. The thrust on agriculture, skill development and MSMEs and consequently leading to employment generation will continue to be the main focus areas for the government in the coming years. The overall size of the budget has remained almost unchanged from the Interim one. The budget has shown strong intent on moving along the fiscal prudence path and targeted the fiscal deficit at 4.9% for the year. The said action will keep the growth steady as well as robust not only for economy but also banking. This will make it easier to touch the 4.5% mark in Fy26 as per the FRBM target. More importantly for the financial year the overall gross borrowing and net borrowings have been pegged at almost the same level as in the Interim Budget. This means that it is virtually neutral for the market in terms of liquidity and bond yields, which has positive impact on the economy.
The banking sector can see substantial positive takeaways from the Budget which goes beyond the neutral impact on liquidity. First, there is a focus on MSMEs with a credit guarantee scheme being brought in. Any support to the MSMEs will be positive growth of not just GDP but also employment. Second, at the retail level, there is emphasis on education loans which will also help in skill building that is the need of the day. Third, the Budget speech also spoke about recovery and the focus will be on debt recovery tribunals. Fourth, the balanced regional development goal also includes setting up of more touch points in the North Eastern Regions which will help to make banking more universal. Last the reiteration of the budget to encourage housing also means that banks will have a larger role to play in carrying out this programme at both the rural and urban levels.

Mr. Rajesh Sharma, Managing Director at Capri Global Capital Limited
“We commend the Union Budget 2024-25 for its robust support towards MSMEs, a vital backbone of our economy. The budget’s enhancements to the credit guarantee scheme, regulatory reforms, and financial packages reflect a strong commitment to creating a supportive environment for MSMEs to thrive and compete globally. Notably, the budget also emphasizes affordable housing, which will further stimulate economic growth, improve asset quality, and create employment opportunities. The focus on e-commerce export hubs and technological upgrades for traditional artisans will not only strengthen domestic growth but also position Indian MSMEs as key players on the global stage.
Additionally, the measures to facilitate term loans for machinery and equipment without collateral, along with the establishment of new SIDBI branches, will significantly ease financial access for MSMEs. The budget’s emphasis on promoting women-led development through dedicated schemes benefiting them is a commendable step towards inclusive growth. Furthermore, the initiatives aimed at improving productivity and efficiency reflect India’s vision of becoming an inclusive and developed nation. These initiatives are poised to drive innovation, employment, and sustainable development within the sector, further strengthening India’s economic resilience.”

Sapan Gupta, Chief Financial Officer, Rodic Consultants
“The Union Budget 2024-25 places major emphasis on farmers, poor, women and youth of the country and various initiatives have been proposed to support the cause. Budget underscores the critical role of infrastructure in driving economic progress with substantial investments in railways, roads, and airports. The allocation of Rs 1.5 lakh crore for rail infrastructure and the expansion of the National Highway network will enhance connectivity, reduce logistical costs, and promote regional development.
The significant focus on the eastern regions, including Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh, will transform these areas into growth engines, aiding in the attainment of Viksit Bharat. Furthermore, the ₹50,000 crore allocated for urban infrastructure, smart cities, and urban mobility projects will improve urban living, create jobs, and stimulate economic activity.
The government’s commitment to infrastructure development is evident and pivotal for achieving long-term economic growth and prosperity.”

Meenu Singhal- Socomec Regional MD, Socomec Greater India
“Today’s budget announcement marks a pivotal moment for India with funding focus on 9 priorities including Productivity and resilience in Agriculture, Employment & Skilling, Human Resource Development and Social Justice, Manufacturing & Services, Urban Development, Energy Security, Infrastructure, Innovation, Research & Development and Next Generation Reforms generating ample opportunities for all.

This budget paves way for a significant growth towards a ‘Viksit’ Bharat. With one lakh crore fund being allocated for research and innovation, it will help in providing a substantial sustainable growth opportunity for our country by 2047. The policy highlighting on the use of appropriate energy transition will help in balancing the imperatives of employment leading to a more organized growth and environmental sustainability.

The budget’s emphasis on providing skilling programmes will empower the youth in obtaining quality employment opportunities. We appreciate government’s move to reduce the corporate tax for foreign companies from 40 per cent to 35 per cent. This endeavour will improve the overall business environment, making it conducive to foreign direct investments into the country which will create more employment opportunities for the youth and stimulate economic growth. The Angel Tax abolition would also super charge the startup ecosystem”.

Sanjay Goenka,MD & CEO at 3F OIL PALM PVT. LTD
““We appreciate the Union Government for announcing a substantial allocation of Rs 1.52 lakh crore for agriculture and allied sectors in the budget and their proposal to introduce natural farming practices to 10 million farmers in the next two years.

With the above initiative, domestic oilseed production, and specifically palm oil production, will increase. As India is one of the world’s largest importers of edible oils, of which palm oil constitutes a whopping 67 percent, this will help reduce India’s dependence on import of Palm Oil from other countries.

We believe the current budget will be a steppingstone towards empowering our farmers to make India self-sufficient in edible oils.”

Mr. Farrokh N. Cooper, Chairman and Managing Director, Cooper Corporation Pvt. Ltd:
“The reduction in the corporate tax rate for foreign companies from 40% to 35% is a commendable move that will attract more foreign investments into the country, fostering growth in the manufacturing sector. The proposed rationalization of capital gains taxation and the simplification of tax procedures will also enhance the ease of doing business. Additionally, the emphasis on fostering employment through various initiatives is highly encouraging. The allocation of funds towards skill development and vocational training programs will equip the labour force with the necessary skills to meet the industry’s evolving demands. As a leading engine and component manufacturer, we are hopeful that these measures will lead to increased investments, job creation, and a more skilled workforce within our sector.”

Balajee Bobba, Director, Bobba Group.
“We commend the government for its visionary Union Budget 2024-25, which strategically emphasizes infrastructure, manufacturing, and skill development. The spotlight on the logistics and supply chain sector is crucial for India’s growth trajectory. Introducing e-commerce export hubs and industrial centers under the Vikas Bhi, Virasat Bhi scheme is a praiseworthy approach to bolster MSMEs and foster regional development. The government’s commitment to green energy and EV infrastructure marks a significant step towards sustainable logistics. Additionally, the focus on technology and innovation will enable the industry to leverage AI, enhancing warehousing and optimizing every facet of the supply chain. At Bobba Group, we are enthusiastic about these initiatives and look forward to capitalizing on these opportunities to drive innovation, generate employment, and promote balanced economic growth.”

Mr. Mahesh Viswanathan, Deputy CEO and CFO, Finolex Cables Ltd.,
“We welcome the employment and manufacturing generation initiatives outlined in the budget. The introduction of a credit guarantee scheme for term loans on machinery and equipment purchases, without collateral or third-party guarantees, is a progressive step that will empower MSMEs to innovate and expand, driving growth and job creation across the nation. Additionally, the exemption of customs duties on 25 critical minerals is a strategic move towards strengthening the economy and ensuring vital resources are available for the manufacturing sector.

We also applaud the continued efforts to bolster housing and infrastructure development, along with the focus on Digital Public Infrastructure. We firmly believe that these sectors are essential for driving economic growth. As the budget prioritizes expanding the manufacturing footprint, we anticipate a corresponding increase in consumer uptake.”

Vikas Bajaj President of Association of Indian Forging Industry (AIFI)
” We welcome the budget presented today, which lays out a comprehensive roadmap for ‘Viksit Bharat’ across key sectors including manufacturing and services. The emphasis on promoting MSMEs through enhanced credit support and infrastructure development is particularly commendable. These measures will not only bolster job creation but also enhance competitiveness, paving the way for a robust industrial growth trajectory. For the manufacturing sector, the proposed incentives for additional employment will significantly boost job creation and strengthen the manufacturing ecosystem. The special attention given to MSMEs, particularly labour-intensive manufacturing, through financing, regulatory changes, and technology support, is a crucial step toward enhancing global competitiveness.
The introduction of a credit guarantee scheme for MSMEs, providing up to ₹100 crore without collateral, along with the new credit assessment model and enhanced Mudra loan limits, will ensure broader financial inclusion and stability. The commitment to developing ‘plug and play’ industrial parks and reducing customs duty on key raw materials like ferro nickel and blister copper will lower production costs and enhance competitiveness. Additionally, the financial support for shifting micro and small industries to cleaner forms of energy and the facilitation of investment-grade energy audits in 60 clusters, with expansion to 100 clusters, will greatly benefit MSME units in the forging sector. Overall, this budget is a significant step towards ‘Viksit Bharat,’ and we at AIFI are optimistic about its positive impact on the forging industry and the broader manufacturing sector.”

Anurag Garg, Country Head & Managing Director, Vitesco Technologies India
“We welcome the Union Budget 2024 and commend the government’s budgetary priorities aimed at fostering innovation, research, and development in the manufacturing sector. The initiatives announced today, such as the credit guarantee scheme and reduction in customs duties on critical raw materials, are poised to strengthen India’s manufacturing ecosystem. These measures will not only incentivize additional employment in the manufacturing sector but also provide the necessary financial and technological support to MSMEs, allowing them to compete globally and contribute significantly to the economy.
Additionally, the establishment of investment-ready industrial parks and the reduction of input costs through customs duty cuts will boost domestic manufacturing and export competitiveness. We look forward to leveraging these opportunities to drive sustainable growth and technological advancement in the automotive industry, aligning with our vision for a prosperous and ‘Viksit Bharat’.”

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

Mr. Rishabh Kothari – Additional Secretary, Shri Ram Chandra Mission
“The budget session today has proposed supporting the development of temple corridors which will enable development of spiritual tourism within the proposed economic policy framework. According to the Ministry of Tourism, spiritual tourism in India has seen a rise post-Covid era. With the ease of restriction on lockdowns and travel, the numbers of spiritual tourists grew from 677 million in 2021 to 1,439 million in 2022 generating revenues of US$16.2 billion in 2022, up from US$ 7.9 billion as noted by the Ministry of Tourism. This contributed $199 billion to India’s GDP in 2022-23 financial year alone. Spiritual tourism has a rising potential of market size with an expected annual growth of 9-10% and generating livelihoods. It is estimated that by the end of this decade more than one hundred million people would have jobs in the spiritual tourism sector in India. Both Central and State Governments have worked in developing the infrastructure and connectivity through high-speed trains and setting up airports in smaller cities. Foreign tourists have been given easier access and interest-free loans to states to put up malls and shops for unique products have been brought in. It is very encouraging to see this kind of growth not only as an economic booster, but also that more and more people are seeking spiritual wellness from within the country and overseas as well. Provisions for promoting mental health as being an aspect of spiritual and holistic wellness must also be mandated through dedicated retreats and wellness centers.”

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”.

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.”

Shlok Srivastav, Cofounder & COO, Appreciate
“In all fairness, markets and the business ecosystem were anticipating some bid at “rationalisation” of the long term and short-term capital gains tax rates. The drastic revision of STCG from 15% to 20% makes sense given that there have been renewed murmurs vis-a-vis the overheating of the derivatives market. The recent statement by the market regulator that the growth in trading volume has now leapfrogged to a macro level concern from being a micro-one was a big hint that the government was actively looking to temper and moderate the action in the derivatives segment.

Having said that, one must tip their hat to the government for killing two birds with one stone with the revision in LTCG. For serious long-term investors, the increase from 10% to 12.5% would hardly make a dent in the larger accounting of gains. At the same time, it will nudge investors into entering Indian markets with a reasonably long-term outlook and encourage them to step up as actual stakeholders in the Indian growth story. Sure, the LTCG hike would be a market sentiment dampener for some time but as we know from hindsight, capital market players are going to take this move into stride and move on.

On the macro level, the government must be credited for keeping its eye on the prize, namely, maintaining fiscal discipline. There was a larger expectation amongst economists that the budget would be pro-welfare, to the extent that it would skew the fiscal balance. With the fiscal deficit targeted at 4.9%, the government has reaffirmed its commitment to the fiscal glide path, and this is music to the ears of foreign investors and rating agencies. Effectively, it will bring in liquidity and a lower cost of capital for India.”

Raghvendra Nath, MD, Ladderup Wealth Management
“The budget announcement was largely as anticipated, emphasizing fiscal consolidation with a target fiscal deficit of 4.9% for FY 24-25. It introduces measures aimed at boosting youth employment and skills development and has allocated a significant Rs 1.52 lakh crore for agricultural and allied sectors. Infrastructure continues to be a focus area with 3.4% of GDP (totalling 11.11 lakh crore) earmarked for this critical sector. Additionally, new schemes and measures have been introduced to bolster manufacturing, services, and the energy sector. The budget also includes supplementary allocations to Bihar and Andhra Pradesh to boost capital investment. The middle class received marginal relief with an increased standard deduction of Rs 75,000 for salaried individuals under the new regime and a higher exemption limit on LTCG raised from Rs 1 lakh to Rs 1.25 lakh.

Reductions in customs duties on gold and silver are anticipated to benefit domestic companies by potentially lowering the prices of these precious metals. Initial market response has been negative due to the increase in LTCG tax on listed equities to 12.5% from 10%, an increase in STCG to 20% from 15%, and higher STT rates on Futures & Options at 0.02% and 0.1%, respectively.”

Shri. Tribhuwan Adhikari, MD & CEO, LIC Housing Finance
“The Union Budget has put comprehensive focus on housing and rural development alongside the economic growth narrative. The allocation of ₹2.66 lakh crore for rural infrastructure and the construction of 3 crore additional houses under the PM Awas Yojana in both rural and urban areas are complementary and would significantly boost housing demand. Rental housing has received the attention and will improve the housing stock. Other positives are digitization of land records, PM Surya Ghar Muft Bijli Yojana, encouraging states on moderation of high stamp duty rates and considering lower stamp duty on properties purchased by women. These measures will stimulate the housing market, driving demand and fostering socio-economic growth.”

Yashraj Bhardwaj, Co-Founder, Petonic Infotech & Ideax Solutions LLC; Advisor, Berkeley – NITI Aayog Industry Advisory Council
Budget 2024, illustrates the roadmap of “Viksit Bharat” which means advanced India. The budget theme focuses on four main factors, such as employment, skilling, MSME’s (Micro Small, and Medium Enterprise), and Middle Class. The business community is optimistic about the forward-looking budget focusing on abolishing the ANGEL tax for all classes of investment. This aids in reducing the compliance burden and ultimately promotes entrepreneurial enthusiasm resulting in proposing tax relief to citizens.

The steps taken towards employment in skilling produce 3 schemes that will change the trajectory of employment, especially for women and students. This programme includes first-timers, job creation in manufacturing, and support to employers predicted to benefit a large number of youths. Additionally, simplifying and ratification of GST tax structure and the endeavor to expand it to the remaining sectors.

To sum up, the budget signals advantages to reshape India’s economic and business growth, with a vigorous framework to support the broadening scope of innovation in technology adoption, strategic investments and resource allocation, financial planning, and risk management.

Nidhi Bhasin, CEO, nasscom foundation
“The FY 2024 budget underscores a commitment to fostering inclusive growth by focusing on women, youth, farmers and the marginalized groups aligning tremendously with our mission at nasscom foundation. It is elating to see employment, skilling and education being the core of the Budget speech. The comprehensive approach towards empowering these groups, not only addresses immediate challenges but also lays the foundation for an inclusive economy. Additionally, start-ups have the potential to be the backbone of innovation in India and the abolition of the angel tax is a landmark decision for the start-up ecosystem that will encourage investment and spur social innovation. In essence, we are positive that the Budget will create new opportunities for the youth as well as women, contribute to the economic growth trajectory of India and help the government realize the vision of Viksit Bharat 2047.”

Mr. Prasanna Kumar C, CEO of VilCart
We welcome the union government’s allocation of ₹2.66 lakh crore in today’s budget for rural development. This investment reflects a profound commitment to uplifting rural communities and accelerating their growth. At VilCart, we are dedicated to enhancing the rural supply chain and providing better opportunities for rural entrepreneurs. This allocation will significantly bolster our efforts to bring about sustainable development and bridge the urban-rural gap.

Prof. V N Rajasekharan Pillai, Vice-Chancellor, Somaiya Vidyavihar University
“The Union Budget 2024-25 brings a wealth of promising initiatives for education, skill development, research, and youth empowerment. This budget clearly shows the government’s dedication to building a knowledge-based economy and equipping our young people for future challenges.

One of the standout welcome features is the substantial funding for higher education institutions, Integrated Science and Technology Education, IISERs and IISc. The new ‘Jai Anusandhan’ scheme, with a massive ₹1 lakh crore fund for research and innovation, is a game-changer. These measures are set to elevate the quality of education and research in India, helping our institutions achieve global excellence.

The emphasis on skill development is equally impressive. The Skill India Mission’s success in training 1.4 crore youth and setting up 3000 new ITIs highlights the government’s proactive stance on bridging the skill gap and boosting employability. Increased funding for the National Apprenticeship Training Scheme (NATS) and the National Mission in Education through ICT further ensures that our youth are well-prepared for the digital era.

Moreover, the budget’s support for entrepreneurship, including interest-free loans under the ‘Jai Anusandhan’ scheme, creates a nurturing environment for startups and innovation. This initiative will tap into the entrepreneurial spirit of our youth, driving economic growth.

The boost in female enrolment in higher education and the focus on inclusive development reflect a comprehensive approach to nation-building. By empowering women, supporting rural development, and promoting social justice, the budget ensures that economic growth benefits all segments of society.

In toto, the Union Budget 2024-25 sets a solid foundation for an inclusive, innovative, and future-ready education system.”

Tapan Barman, Chief Executive Officer, Mihup.ai
“I am encouraged by Budget 24’s focus on startup growth through the abolition of the angel tax. The emphasis on digitization and ease of business are commendable steps. The “Viksit Bharat” initiative is a welcome step to create a skilled workforce, driving employment and innovation in the country. However, I had hoped for more robust policies and infrastructure support for AI, as awareness in the Indian market is still nascent, and there is a mix of fear and excitement about its potential across various fields,”

Sangram Baviskar, Managing Director, Real Estate Practice, TruBoard Partners
“The Union Budget’s emphasis on infrastructure, skilling, and rural development sets the stage for broad economic growth, which typically translates to a thriving real estate market. We anticipate increased activity across various property segments as a result.

The potential reduction in stamp duty is a welcome move. If states implement this suggestion, it could lead to more affordable property transactions, potentially stimulating market activity. The possibility of further duty cuts for women buyers is particularly intriguing, as it could promote more inclusive property ownership.

The substantial investments in affordable housing and urban development represent a massive opportunity for the real estate sector. These initiatives will likely drive demand and create new markets, especially in urban and semi-urban areas.

The boost to road connectivity is another positive factor. Improved infrastructure typically leads to the development of new real estate hotspots, as areas become more accessible and attractive to both residential and commercial buyers.

Overall, these budget announcements signal a promising future for Indian real estate. As a technology provider in this space, we are optimistic about the sector’s growth potential and the increased demand for innovative solutions to support this expansion. It is an exciting time for real estate in India, with technology playing a crucial role in leveraging these opportunities,”

Veerendra Jamdade, Founder-CEO at Vritti Solutions
“The latest budget introduces a Rs. 1000 Cr technology venture fund, poised to significantly boost startups, especially in the burgeoning field of space technologies. A special focus on the production and recycling of critical minerals promises substantial growth and sustainability for the electric vehicle industry. Plans for digital public infrastructure will enhance information dissemination to farmers, while initiatives like disease-resilient seeds aim to boost their income. These visionary measures pave the way for innovation, sustainability, and prosperity across multiple sectors,”

Mr. Sukhesh Madaan, CEO of Blaupunkt Audio India.
The allocation and special attention to MSMEs and the manufacturing sector in the budget is what we have been certainly looking forward to. The technology support package for MSMEs will boost productivity and bridge economic inequality. Over the past decade, public investment in digital infrastructure and private sector innovations have enhanced access to market resources and various services. We will continue to drive digitalization. To further value addition in the domestic electronics industry, removing the BCD on oxygen-free copper for resistor manufacturing and exempting certain parts for connector manufacturing are key steps forward. We look forward to a collective growth with all the steps taken

Saahil Goel, MD & CEO, Shiprocket
“India’s cross-border eCommerce trade, currently valued at USD 2 billion, is projected to reach USD 200-300 billion by 2030, with MSMEs playing a pivotal role in this booming market. The potential of India’s innovation and traditional handicrafts extends far beyond their current global market presence and can be fully realised through the democratisation of eCommerce. The government’s announcement of setting up hubs to promote exports through eCommerce in a public-private partnership (PPP) mode is a significant step towards this vision.

MSME exporters have consistently faced challenges navigating the complex landscape of cross-border trade. The intricacies of compliance requirements, managing and delivering orders to global markets affordably, have been substantial hurdles. These new hubs, operating under a streamlined regulatory and logistical framework, will offer trade and export-related services under one roof, simplifying the entire process. Many Indian districts are hotspots for MSMEs with major manufacturing units in highly exported product categories, such as textiles, home furnishings, gems and jewellery, sports goods, silk products, and handlooms.

The commerce ministry’s Directorate General of Foreign Trade (DGFT) is also working to promote exports through eCommerce, particularly with their Districts as Export Hubs initiative. At Shiprocket, we signed an MoU with DGFT to implement a capacity-building program across 16 districts as part of this initiative. Our aim is to assist exporters in understanding the export potential of their products, identifying key demand markets, and guiding them in becoming export-ready.”

Rama Mahendru- Country General Manager- India, Intrepid Travel
“India’s rich cultural heritage positions tourism as a cornerstone of economic development. Government efforts to make it a global destination will create jobs across sectors. The focus on promoting spiritual tourism in Bihar and Odisha, with landmarks like the Vishnupath Temple and Mahabodhi Temple, follows the successful Kashi Vishwanath corridor model. These projects aim to enhance the customer experience and generate economic benefits.

eyond these iconic sites, and comprehensive development plans for the Buddhist sector, Odisha’s scenic beauty, temples, and natural landscapes will also receive a boost. These strategic initiatives target not only attracting foreign travelers but also creating jobs and promoting sustainable growth in the travel industry. Investing in these cultural and historical treasures paves the way for a brighter tourism future for India.”

Karthik Somasundaram, Partner, Spice Route Legal
“The integrated tech platform for IBC cases proposed is presumably aimed at easier and timely dissemination of information regarding resolution of stressed assets. In addition to progress of the cases in various tribunals and courts, if data available with the information utilities is readily accessible it will help achieve resolution quicker. The devil is ofcourse in the detail and effectiveness of the implementation.”

Shashank Avadhani Co-founder & CEO, Alyve Health
Alyve Health welcomes the government’s decision to abolish the angel tax in the Union Budget 2024-25. This forward-thinking move will unlock significant growth potential for startups across India. By removing this financial barrier, the government has demonstrated its commitment to encouraging innovation and supporting entrepreneurs. We believe this policy change will attract more investments into early stage companies .

The budget for FY24-25 exempts three more cancer medicines from customs duty which will bring down the cost of treatment significantly. The healthcare sector is to get a ₹89,287 crore budget allocation in 2024–25, up from ₹88,956 crore in 2024-25 which will enhance healthcare infrastructure in our country.

In the Economic Survey, government has focused on the future of AI, and deep-tech startups to create opportunities for deploying AI and other cutting-edge technology in healthcare sector. This move will encourage investments in the broader deep tech space and specifically in the health tech sector.

Alyve Health remains committed to India’s healthcare mission and we will work aggressively to achieve the aim of ‘Viksit Bharat’ by enabling better healthcare delivery through advanced technology.

Dilip Chenoy, Chairperson, Bharat Web3 Association
The nine focus areas of budget 2024 are key steps towards our goal of Viksit Bharat. The budget also lays out a clear framework for digitisation of various sectors , where Web3 technology could play a critical role.

We were hoping for some relaxation to the taxation framework on VDAs in this budget, but the absence of any announcement is not particularly disheartening, given the Govt’s overall negative stance towards the sector. We have submitted data-backed quantitative analyses regarding the flight of users’ trading and transactions, as well as the potential increase in government revenue should the taxation structure be revised.

We will continue to push for rationalization of the taxation framework, which includes reducing the TDS to 0.01%, allowing setoff of losses on VDA transactions and modifying the 30% tax on capital gains. We are hopeful that the government will consider our requests and that we will see changes in the future.

On the positive, abolishing the angel tax for all classes of investors will work towards bolstering the Indian startup ecosystem. We look forward to more Web3 startups setting base in India, given India’s immense Web3 talent and potential.

Finally, the impetus provided to blockchain skilling and talent development in the Economic Survey can empower youth for the exciting opportunities in Web3 and contribute to a skilled ecosystem for Web3 adoption.

Shivam Thakral, CEO of BuyUcoin
We welcome the positive announcements made by the honorable finance minister in today’s budget. However, the demands of the Web3 sector were not met and we will continue our constructive dialogue with the regulators to address the industry concerns:

Here is our analysis of the Union Budget 2024:

Angel tax abolished: India’s startup ecosystem received a big boost in today’s budget as the angel tax is abolished for all classes of investors. This move will be a gamechanger for startups planning to raise funds for their expansion as it will give startups more surplus funds to invest in product innovation and technology development to implement their long-term vision for the industry. The move will encourage a lot of innovators to start their entrepreneurial journey and VCs will find it more convenient to invest in early-stage startups. With deep-tech, blockchain and emerging technologies in focus. VCs will be keen to bet on innovative technologies to facilitate the transition from Web2 to Web3.

TDS on VDAs untouched: However, Web3 as a sector was slightly ignored in the budget as the request to reduce the TDS on VDA transactions was not accommodated in the budget announcement. The delay in reducing the TDS will hamper the industry growth prospects as digital assets will not have a level playing field with other asset classes like stocks, gold and real estate.

Higher tax and not allowed to offset gains: The high tax on gains from VDAs still stands at 30% which is relatively very high and the users are not allowed to offset losses like stocks. This move will prove to be detrimental for the web3 industry as it deprives the industry from a level playing field.

Emerging tech in focus: In an encouraging move, the government highlighted the importance of technologies like blockchain and artificial intelligence. Government is actively involved in leveraging the potential of blockchain and AI for better governance and enhanced delivery of citizen schemes. At the same time, the economic survey also talks about the threats and challenges associated with Artificial Intelligence. The deep-fake incidents that occurred recently calls for a responsible use of emerging technologies through constructive collaboration between government and private players.

Mr. Samrath Singh Kochar, Founder and CEO, Trontek
The union budget has a forward-thinking approach. It understands the pivotal point at which India is and has provisions to help the economy grow.
The Finance Minister’s focus on enhancing electricity storage and facilitating the smooth integration of renewable energy aligns perfectly with our commitment to advancing battery solutions for EVs.

The financial support for shifting micro and small industries to cleaner forms of energy is a significant boost for the transition to sustainable technologies. This initiative not only encourages a greener industrial landscape but also opens up new opportunities for us to enhance our energy storage and battery solutions, supporting a more sustainable future.

Additionally, the exemption of capital goods for the manufacturing of solar cells and panels is a crucial step. It will lower production costs and promote the widespread adoption of solar technology, complementing our efforts to provide efficient and eco-friendly electric vehicles.

In addition to this, the budget has also reduced customs duties for critical minerals such as lithium, cobalt and copper from 10 to 2.5 per cent. As batteries account for 40%-50% of the cost of EVs, this provision can reduce battery prices by as much as 20% and aid in accelerated EV adoption.

These measures mark a substantial leap towards integrating renewable energy sources.

Mr. Pritesh Talwar: President – Ev Business, Lectrix EV
We at Lectrix EV are encouraged by the bold measures announced in today’s Union Budget, particularly those that align with our focus on urban development, energy innovation, and infrastructure growth. The Finance Minister’s commitment to enhancing energy infrastructure and boosting research and development presents exciting opportunities for the EV sector.

The emphasis on improving electricity storage and facilitating the integration of renewable energy is particularly relevant to our work. We believe that services like BAAS (Battery-as-a-Service) can truly transform the EV ecosystem. These initiatives are crucial for advancing battery solutions and expanding the electric vehicle lineup, helping the sector accelerate its progress toward a more robust and sustainable automotive ecosystem.

Additionally, the budget’s financial support for shifting micro and small industries to cleaner forms of energy aligns seamlessly with our goals. This support not only fosters a cleaner energy transition but also offers a pathway for scaling up production and innovation in the broader energy sector.

Moreover, the focus on job creation in manufacturing and support for employers promises to invigorate the EV sector as well.

Mr. Gurpreet Bhatia, Managing Director & CEO – Livguard Energy Technology Pvt Ltd
In the budget today The Finance Minister announced the *PM Suryaghar Muft Bijli Yojana, which will provide free electricity up to 300 units per month for 1 crore households under a rooftop solar panel scheme. This initiative will further encourage the adoption of solar energy and ease the energy cost burden for numerous families. At Livguard, we are particularly encouraged by this support, which aligns perfectly with our commitment of *bano kisi ki energy.

This budgetary measure will not only accelerate solar energy adoption but also enhance the sector’s capacity to innovate and produce cutting-edge solar technology and drive progress in the broader mission of energy security.
In addition to this, by reducing the cost burden associated with manufacturing essential solar components, the sector can accelerate the deployment of renewable energy solutions and BESS.

Moreover, the focus on innovation and R&D highlighted in the budget is crucial for achieving long-term sustainability goals as a nation.

Vinay Kumar Swamy, Country Head- Pearson India
“We at Pearson India commend the Government’s forward-thinking initiatives announced in today’s Union Budget for the education sector. The commitment to provide skilling opportunities to 20 lakh youth over the next 5 years and internships for 1 crore young individuals is a significant step towards empowering the next generation and addressing the skills gap in our country.

The introduction of skill loans and up to Rs 10 lakh higher education loans for colleges in India are commendable measures that will facilitate greater access to education and skill development. Additionally, the focused skilling programs for women will promote inclusivity and ensure that women are equally equipped to participate in the workforce.

These initiatives resonate deeply with our mission at Pearson India to enhance lifelong learning and provide meaningful opportunities for all. We are excited to support and collaborate with the Government in these endeavours to create a robust and inclusive education ecosystem that equips our youth with the skills they need for the future.”

Mr. Suresh Mansharmani, Co-Founder Tajurba Business Network
“The new budget appears to be so reassuring for MSMEs without losing sight of sustainability. Many major steps have been taken, such as the revamped Credit Guarantee Scheme with a corpus of 10,000 crore rupees, reduced guarantee fees, and so on, all aimed at improving the financial stability of MSMEs by reducing the credit gap and making money more accessible. The comprehensive technology support package will firmly undertake commitments toward promoting innovation and modernization in the sector. Their operations will certainly be upgraded and streamlined through this, which will allow them to compete in the market with greater productivity. And the expansion of SIDBI branches and an increase in the limit of Mudra loans from 10 lakh to 20 lakh will substantially expand access to necessary financial services and growth capital, especially in the case of smaller enterprises. Overall, the budget aligns with the necessities of the MSME, including rationalizing credit access and having a skilled workforce to leverage new technologies and processes. This budget is truly visionary, given that it takes care of the immediate needs of the sector while laying the groundwork for building resilience for MSME to face future challenges.”

By Mr. Rajeev Sikka, Mr. Rajeev Sikka, Real Estate Investor and Consultant, Property Point
“While we expected to hear more about shortening the time to realize long-term capital gains, the budget did include some promising real estate initiatives. Subsidised interest rates, such as Urban Housing 2.0, can assist in meeting rising real estate demand. The boost to the infrastructure industry will increase construction activity, which will benefit the real estate sector. Additionally, with the improvement of road connectivity to the Eastern region, the underdeveloped areas will become more accessible and receive the attention they deserve, thereby driving real-estate growth due to the openness and attractiveness of those regions to investment. Moreover the incentivizing of women-led housing projects will spur demand for microfinance loans and open opportunities within the real estate sector toward inclusivity and diversity in housing development.”

Mr. Durvesh Yadav, Founder and CEO, Rising Star Communication
The budget presents a highly favourable system, with numerous opportunities for startups to gain scalability and drive business growth. Farming is one of the biggest and most diverse forms of business in India and the budget give an opportunity for growing business of organic farming. The funding of agricultural research will set the stage for development of newer technologies and combined with government’s plan to provide support ot private players in the market, startups can leverage the opportunity to develop advanced agricultural tools, machinery, and techniques that improve productivity and sustainability for small scale farmers. Lowering of Basic Customs Duty on mobile phones and its components like chargers to 15% will directly benefit startups. This will enable them to take their output level up and lock horns in the competitive market efficiently, courtesy: reduction in production costs.
The investment-ready “plug and play” industrial parks will mark a significant turning point. Along with the Credit Guarantee Scheme for MSMEs, it is all set to improve credit availability for MSMEs, solving the issue of fund crunch. Together, the budget schemes will be success in cultivating a conducive environment for startups to survive as well as scale.

Mr. Sagar Sinha, India’s Leading Finance Influencer, motivational speaker, well-known Corporate Trainer, and Business Coach.
The Budget for Fiscal Year 2024 has presented some historical changes that will benefit retail investors and startups with the abolishment of the angel tax. This will contribute significantly to achieving the Viksit Bharat goal of the government by fostering a culture of startups. The market is all set to become dynamic with the likely increase of IPOs and market activities as a result of increased startup activity. Another significant move is the increase in security transaction tax on futures and options, which is going to have a multi-dimensional impact on the market. The higher transaction costs may result in less efficient markets due to the higher cost of arbitrage. That may lessen the effectiveness of price discovery in futures and options markets. Hence, institutional investors may extend hedging and trading activities to other markets or instruments to bypass the effect of a higher STT in the domestic market.

Mr. Zeeshaan Pathan, Group MD and CEO of World Development Corporation
The new budget 2024 is going to transform business operations for good. The initiative to incentivize reforms for improving productivity of factors of production also look promising. The internship scheme integrates CSR with business operation and will create a skilled talent piple for the youth, that will facilitate early identification of talent to drive growth in the long run. The establishment of an integrated tech platform for IBC will hold significance to the cause of creditors and stakeholders by bringing uniformity and transparency in the process of resolution and enhancing recovery rates. Looking at the bigger picture of the budget, and considering the focus on road connectivity and infrastructure, the productivity and resource management for industries will be power-driven backed by increased support to investment by private players.

Puneet Arora, Managing Partner, Biz Staffing Comrade Pvt Ltd
The significant investment in skill development programmes lays a solid foundation for a future-ready workforce. Job creation and equipping people with desired skills, has been a focal point in the budget, aligning the workforce with emerging market demands. The introduction of financial support for higher education, e-voucher systems, and direct benefit transfers for first-time employees will encourage formal employment and support students in pursuing their desired careers. Also, the huge investment in 1000 industry training institutes, underscores the government’s commitment to developing a skilled workforce capable of meeting the evolving demands of the market. The government has introduced measures to enhance women’s participation in the workforce, thereby creating an inclusive workforce. Overall, by prioritising the entry-level workforce and incentivising job creation, the government is addressing key employment challenges. The success of these initiatives will serve as a testament to a more inclusive and prosperous India.

Dr. Sujit Paul, Group CEO at Zota Healthcare Ltd.
“Union Finance Minister Nirmala Sitharaman, introducing the Pradhan Mantri Janjati Unnat Gram Abhiyan scheme, said it would be a transformational scheme with the goal to improve living conditions for 50 million tribal individuals across 63,000 villages. This scheme will strive toward a healthier and more connected India through enhanced provisions for road connectivity, telecommunication, and healthcare facilities.
A major high point of this budget was the relief in customs duty to three more cancer medicines, bringing down drastically the prices for vital therapies. This provides ample evidence that it is, in reality, a gesture pro-people, born out of concern for the common man. More significantly, the outlay on the health sector at ₹90,171 crores, higher than last year, only goes to further reinforce this commitment.
To maintain this impetus, the industry leaders have asked for an increase in funding, tax benefits to the healthcare businesses, and streamlined GST rate for products so that they can reach far more. Ensuing AI-led health initiatives and reforming regulations are also being taken with much interest, besides encouraging public–private partnerships in strengthening healthcare delivery. There is an imperative need to invest in training and skill development among health professionals so that these are battle-ready in today’s contemporary technologies.
These shall all go a long way in bringing quality healthcare into the reach of every Indian citizen, creating vibrant rural communities with adequate infrastructure and opportunities. At Davaindia, it is our dream to provide medicines at affordable prices to the underprivileged, and we really appreciate these steps. We will continue to spread the word on the benefits of critical care to the rural sector.”

Shreedha Singh, CEO & Co-founder,TAC
“Starting from scratch, I understand firsthand the critical role early support plays in turning dreams into reality. Credit schemes for MSMEs are transformative for startups, providing essential resources for innovation, idea development, and growth. These schemes are vital for fostering entrepreneurship and ensuring the success of new companies.
At TAC, where 70% of our workforce is women, I have witnessed how empowering women can break barriers and lead to remarkable success. The budget’s allocation of over ₹3 lakh crore for schemes benefiting women and girls, along with plans for more hostels for working women, is excellent. These initiatives will build necessary infrastructure at the grassroots level, paving the way for increased participation from women and the emergence of more female business leaders.Furthermore, the increased funding for the AYUSH Ministry demonstrates a strong commitment to promoting high-quality Ayurvedic products on a global scale. This support not only boosts domestic growth but also positions India as a leader in holistic wellness worldwide. I find these developments particularly encouraging. They support economic growth and empower more women to step into leadership roles, driving our collective progress forward.”

Dr. Prabhat Pankaj, Director , Jaipuria Institute of Management, Jaipur
The announcement to offer internship opportunities to 1 crore students at 500 top companies over the next five years is a welcome move to foster industry-academia collaboration and produce industry-ready professionals. The decision will facilitate B Schools to forge ties with industry leaders, design a more targeted curriculum and align academic programs with existing industry trends and demands. Furthermore, the allocation of Rs 1.48 lakh crore for education, employment, and skilling, is an encouraging step. However, we expect further financial assistance from the Union Government to meet the objectives of NEP 2020 and nurture future talent in the digital era. Overall, the Union Budget 2024 embodies India’s vision of becoming a Vishwaguru by promoting a proficient workforce, driving innovation, and fostering economic growth.

Akhand Jyoti Tiwari, Partner, MicroSave Consulting (MSC)
“With India extensively investing in education and skill development initiatives, the time is right to use the “youth bulge” to enhance the vision of Industry 4.0 and 5.0. The Indian government’s proposed new scheme to upskill 20 lakhs youth, aligning the youth population with Industry 4.0 and 5.0 through holistic skill development in technology, adaptability, and innovation will boost economic growth and create a sustainable future. As digital natives, youth, particularly in the age group of 15 to 24, are more likely to embrace and excel in fields, such as artificial intelligence, robotics, and biotechnology. Through investments in their aspirations and skill development, India can harness their potential to lead in these cutting-edge areas and ensure a competitive and forward-looking workforce”.

Sachin Panicker, Chief AI Officer, Fulcrum Digital
“We are pleased with the Union Budget 2024’s focus on digitalization and data governance. The substantial investment in digital infrastructure and encouraging private sector involvement presents exciting opportunities. At Fulcrum Digital, we are committed to leveraging our expertise in AI and emerging technologies to support these initiatives.

The emphasis on improving data collection, processing, and governance aligns perfectly with our commitment to helping businesses make more informed decisions. Our work across various industries, including financial services, insurance, and education, positions us well to contribute to these efforts. By utilizing sectoral databases under the Digital India mission, we aim to enhance access to resources and services for everyone.

We also applaud the government’s initiative to set up working women hostels and the allocation of over Rs 3 lakh crore for schemes benefiting women and girls. This is a notable step towards promoting gender diversity and inclusion, as these efforts are crucial in creating a more diverse industry.

The budget’s focus on easing business operations and incentivizing states for business reforms is a welcome move. We look forward to playing a part in driving innovation and efficiency, helping India move towards a more digital and data-driven future.”

Sunil Sharma, Vice President-Sales, Sophos India & SAARC
“One of the biggest challenges that organisations face from a cybersecurity perspective is skilling of resources. It is reassuring to see the Government’s commitment to developing a skilled workforce with a provision of Rs 1.48 lakh crore been made for education, employment, and skilling. With this, we are confident that we will be able to create a pool of talented resources that can address India’s growing cybersecurity challenges.

At the same time the Union Budget 2024 emphasized stepping up of adoption of technology towards digitalization of the economy. Having the right talent, to be able to support this vision, will be critical to enabling the Government to achieve its goal of ViksitBharat @2047.

Additionally, the Government has also taken a positive step towards increasing the presence of women in the workforce. Through their various initiatives, we are hopeful of seeing a reimagined industry, one driven by diversity and inclusion.”

Puneet Gupta, Vice President & Managing Director, NetApp India/SAARC
“The Union Budget 2024, presented by Finance Minister Nirmala Sitharaman, highlights digital infrastructure as a key driver of economic development. The substantial allocation of over 11 lakh crore rupees for infrastructure development and the support for private sector investments signal a strong commitment to advancing India’s digital capabilities. NetApp’s objective of advancing intelligent data infrastructure closely aligns with this focus on digital infrastructure.

At NetApp, we recognise that effective digital infrastructure is essential for enhancing productivity, creating business opportunities, and fostering innovation. The Budget’s emphasis on improving data governance, including better data collection, processing, and management through sectoral databases and technology tools, supports our goals. By utilising AI and observability, we are committed to advancing these initiatives and improving data management, cyber resilience, and data governance. Additionally, the government’s significant provision of Rs 1.48 lakh crore for education, employment, and skilling will be instrumental in developing a workforce equipped to harness these advancements effectively.

The government’s focus on promoting women’s participation in the workforce through the establishment of working women hostels and the allocation of over Rs 3 lakh crore for schemes benefiting women and girls is commendable. These initiatives will enhance diversity and inclusivity in the tech sector, fostering a more balanced and innovative workforce that drives industry growth and progress.”

Lakshmi Mittra, SVP and Head of Clover Academy
“The Union Budget 2024’s focus on upskilling and education is a crucial step towards empowering youth and preparing them for the ever-changing demands of the tech industry. The allocation of Rs 2 lakh crore to five key schemes aims to create jobs and provide skill development opportunities to 41 million young people over the next five years. This strategic investment will bridge the gap between current skills and industry needs, equipping our young population for future challenges.

In addition, the initiatives to increase women’s participation in the workforce are significant strides toward gender diversity. These include the establishment of working women’s hostels in partnership with industry, the setup of creches, women-specific skilling programs, and the promotion of market access for women-led self-help group enterprises. With over Rs 3 lakh crore allocated for women’s initiatives, the government is fostering an environment where women can thrive and make substantial contributions to the tech industry.”

Samir Gupta, Head of Central Region – BA Tires APAC, Managing Director – Continental Tires India
“This is a budget that allows for growth of multiple sectors. It demonstrated a strong commitment to fostering employment and economic growth.

The focused growth of sectors like agriculture will stimulate rural demand for automobiles, including tractors, and allocation of ₹ 26,000 Crore to boost road connectivity projects are bound to aid the demand for the automobile and tyre industry. Furthermore, the move to waive-off custom duty on 25 minerals including Lithium will positively impact the growing EV industry.

A very critical announcement was the focus on upskilling. The introduction of schemes providing wage benefits for first-time employees and EPFO contribution incentives is a significant step towards boosting job creation in the manufacturing sector. This initiative is expected to benefit 3 million young people and create 5 million additional employment opportunities across all sectors. Moreover, internship opportunities to 1 crore youth in top 500 companies will help in closing the skill gaps across sectors. These moves will motivate more women and youth in general to join the workforce in the manufacturing sector and innovate new technologies for the industry.

The government’s intention to facilitate the transition of industries to the Indian carbon market model is a very forward-looking move. This initiative aims to establish a robust domestic carbon trading system, encouraging businesses to lower their carbon footprint and invest in cleaner technologies.This move will encourage us further to achieve our goal for Continental Tires to become carbon-neutral by 2050.”

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

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

Mr. Piyush Jalan, Co-founder and COO of G0VO
“We sincerely appreciate the government for introducing measures that greatly bolster the electronics manufacturing sector. The reduction in import duties on key components will enhance our ability to produce high-quality audio devices more cost-effectively, empowering us to provide more affordable options for consumers.

The government’s commitment to supporting MSMEs and the manufacturing sector is remarkable. The new credit guarantee scheme for machinery purchases, increased Mudra loan limits, and the introduction of e-commerce export hubs will empower companies like ours to expand operations and compete on a global scale. These initiatives reflect a clear vision for fostering innovation and strengthening India’s position in the electronics sector.

Moreover, we are enthusiastic about the emphasis on skill development and job creation within manufacturing. The centrally sponsored scheme to skill 20 lakh youth and the incentives for hiring first-time workers will contribute to building a robust and skilled workforce. This comprehensive approach is poised to drive growth and technological advancement in our industry, steering us towards a more competitive future.”

Joydeep Ghosh, partner and industry leader, Life Sciences and HealthCare Industry, Deloitte India
“There has been a higher allocation of 89,247 crores to healthcare sector in FY24-25, more than 10% increase against the revised estimate of Rs. 80,518 crores for FY 23-24, which is welcome. In addition, the increased allocation to Ayushman Bharat – Pradhan Mantri Jan Arogya Yojana (PMJAY) of Rs. 7300 crores demonstrates the importance and priority that the Government accords towards healthcare. Though sectoral announcements for Pharma, Medical Devices and Healthcare, have not been very specifically called out in this budget, the same appears to be part of most of the priority areas announced by the Hon’ble Finance Minister today. The need of the hour is: in the seven months left for the next annual Union Budget, schemes aiming to meet priority needs in this fiscal year, are implemented in line with the budget allocation, in a timely and effective manner.”

Radhika Rao, Executive Director and Senior Economist, DBS Bank
Faced by a trade-off between fiscal consolidation and expectations for measures to boost demand, the FY25 Budget struck a fine balance by continuing to consolidate finances while also tackling social sector demands, with a focus on saving over spending. The strong revenue handover from the prior year was evenly split between tightening the fiscal deficit target by a further 20bp to -4.9% of GDP vs the interim budget and rest towards the increase in revenue spending. Nominal GDP forecast was maintained with conservative tax buoyancy assumptions, leaving the room for additional revenue cushion.

The budget also focuses on structural improvements, including efforts to boost job creation and skills development, promoting exports through adjustments in import tariffs, and making direct tax changes such as reducing corporate tax for foreign firms and increasing capital gains tax as a cautious preventative measure. Overall, Budget measures were focused on incremental steps towards taking the economy towards the Viksit Bharat 2047 goalpost of reaching a ‘Developed India’ status.

Additionally, fiscal consolidation and macroeconomic prudence were prioritised, tightening the FY25 fiscal deficit by a cumulative 70bp to -4.9% of GDP (vs interim -5.1%) compared to -5.6% of GDP in FY24, aiming to consolidate finances without imparting a negative impulse to growth and demand. This aims to consolidate finances while avoiding a negative impact on growth and demand. The revenue from the RBI’s surplus transfer and robust direct tax collections was allocated between reducing the fiscal deficit and increasing revenue expenditure. Looking ahead, the government has signalled a continued reduction in both deficit and debt levels, aiming for around -4.5% of GDP by FY26. This adjustment in the fiscal stance is expected to lead to better expenditure quality and reduced borrowing costs due to lower yields.

Divyesh Dalal, Managing Director & Head – Global Transaction Services, SME & Institutional Liability Business, DBS Bank India.
The measures announced in the Union Budget underscore the government’s commitment to empowering MSMEs, the backbone of our economy. The introduction of the credit guarantee scheme is an encouraging step towards making capital more accessible. Additionally, the provision of collateral-free term loans for purchasing machinery and equipment will tangibly enhance the operational capabilities of MSMEs by enabling technology upgrades.

Further, lowering the turnover thresholds mandatory for onboarding on the TReDS platform will allow more MSMEs to access the benefits of this system. The establishment of e-commerce export hubs is poised to further equip enterprises with the tools and support needed to expand into international markets. By making their products more accessible globally through e-commerce platforms, Indian businesses can tap into new opportunities with offshore customers across markets. DBS Bank India is well-positioned to support MSMEs given the focus on supporting the sector.

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.

Sudhanshu Pokhriyal, Chief Executive Officer, Bath & Tiles Business, Hindware Limited
“The Union Budget 2024 is a visionary blueprint for India’s progress. Focusing on affordable housing, urban development, and domestic manufacturing, the government has laid a strong foundation for sustained economic growth and improved quality of life. We applaud the government’s visionary approach to better the infrastructure and support affordable housing. In line with these initiatives, the housing market is set to gain further momentum, providing opportunities to companies, and fueling growth across the building and construction industry. We believe that these steps will aid a thriving ecosystem for the building and construction industry.”

Varun Malhotra, Partner at Quona Capital
This Budget is a strong reflection of the commitment the current government has towards fostering a favourable investment climate. The abolition of the angel tax is a major reform and sigh of relief for the startup and venture ecosystem. It provides clarity and enables founders to focus on business building over managing complicated tax codes. In the same vein, the rationalisation of capital gains provides clarity to domestic and foreign investors to take longer term investment bets in India.

Sriram Kanuri, CEO & Founder, Arteria Technologies
“We applaud the government’s focus on MSMEs and manufacturing in this year’s budget. The introduction of a credit guarantee scheme and support for machinery purchases are crucial for empowering small businesses to scale and innovate. At Arteria Technologies, we believe these initiatives will enhance the digital transformation journey for many, making businesses more efficient and globally competitive.

The proposed credit guarantee scheme of Rs 100 crore will surely modernise the manufacturing sector by enabling MSMEs to invest in advanced technologies and infrastructure. By providing financial support, the scheme strengthens the manufacturing ecosystem, fostering innovation and competitiveness. This initiative positions India to move towards becoming a global manufacturing powerhouse, as it equips businesses with the resources necessary to expand their capabilities and enhance their global presence.

When we talk about bridging the credit gap, we believe this will help the MSME sector by making it easier for small businesses to access necessary funding. By reducing financial barriers, the scheme allows MSMEs to secure the capital required for growth and modernization, making sure they can compete on both national and international stages. This increased access to credit empowers businesses to innovate and thrive, contributing to a more robust economic landscape.

The financial package for technology support aligns with goals like ours to streamline supply chains through automation for all MSMEs in the manufacturing space. With the expansion of SIDBI branches, MSMEs will gain better access to essential resources, benefitting companies like ours and many more that are coming up in various industries, and especially those in the manufacturing segment. With such support from the government, we can expect to see India becoming a hub of not just manufacturing but also of some of the best MSMEs the Asia-Pacific region might get to see. This budget lays the groundwork for a robust, tech-driven economic future.”

Meera Ramakrishnan, Director & Co-founder Zishta
“Zishta wholeheartedly applauds the government’s visionary budget, which places a strong emphasis on rural development and skill development. The allocation of ₹2.66 lakh crore for rural development is a significant step towards empowering our artisans and craftsmen. We are particularly excited about the proposed e-commerce export hubs, which will provide a much-needed platform for MSMEs and traditional artisans like us to reach global markets.

The focus on developing 100 weekly haats is also commendable, as it will create new opportunities for artisans to showcase their products to a wider audience. Schemes like PM Swanidhi and MGNREGA have already proven effective in uplifting rural communities, and we believe that the government’s continued commitment to these initiatives will lead to a brighter future for India’s artisans.

We are confident that these measures will not only revitalize rural economies but also contribute to preserving and promoting our rich cultural heritage.”

Shivam Singla, CEO & Founder of Leegality
“The introduction of a credit guarantee scheme in the 2024-25 Union Budget is a commendable move. This scheme facilitates term loans without the need for collateral or third-party guarantees, representing a significant step towards empowering the growth of small and medium enterprises.

At Leegality, we share this goal of making access to credit widespread and easy. We have been dedicated to building digital infrastructure for lenders that makes loan disbursal cheaper, faster, and easier. We are committed to making access to credit seamless for MSMEs and look forward to continuing our efforts in this direction.”

Kushal Bhatnagar – Associate Partner, Redseer
“We commend the government’s visionary approach in the 2024-2025 Union Budget, particularly the establishment of e-commerce export hubs through a public-private partnership model. This initiative will empower MSMEs and traditional artisans to reach international markets through e-commerce, significantly enhancing their business potential. The seamless regulatory and logistic framework, coupled with comprehensive trade and export-related services, will undoubtedly boost the ease of doing business. These forward-thinking policies reflect a strong commitment to supporting the e-commerce sector and driving economic progress.”

Nalini Shankar, Associate Director, Climate & Disaster, Palladium India
“As we continue to navigate the challenges of a changing climate, I am heartened to see the centre reaching out to states that are vulnerable to natural disasters such as floods, cloud bursts and landslides.

The Union Budget’s special funds to Sikkim, Uttarakhand, to Assam for flood resilience, and assistance to Himachal Pradesh for reconstruction and rehabilitation through multilateral development, and allocation of Rs 11,500 crore for Bihar, are welcome moves. The allocation of resources towards climate adaptation and mitigation strategies resonates with the need to build a more sustainable future. I firmly believe that climate sensitive investments are the way forward.

Efforts to create resilience are incomplete without a focus on the people and communities that are most affected by climate change.

And, environmental sustainability is intrinsically linked to well-balanced commitments to sustainable employment and growth. This is possible with a focus on holistic and robust policies.

A priority highlighted in the budget, of increasing productivity and resilience in agriculture with development of climate resilient crops is a positive step in this direction.

The ‘taxonomy for climate finance’, and the policy document that the government intends to develop for appropriate energy transition is yet another appreciable announcement.

We all play critical roles in supporting these efforts. By adopting sustainable practices, investing in climate resilient infrastructure, and promoting climate literacy, we can all contribute to creating a more resilient future.”

Mr. Indranil Pan, Chief Economist, YES BANK
The Budget takes a leaf out of the strategic direction to sustainable growth that has been penned by the Economic Survey. Thus, even with one eye on the fiscal consolidation, the government announced structural measures to boost employment – not only in terms of numbers but also quality, addressed the need to scale up MSMEs through credit facilitation to the sector – even for MSMEs that do not strictly have a formal accounting system. To aid small business, the mudra loan limits have also been enhanced. We believe that this is a budget for the longer term while near term consumption boost comes through providing benefits to income taxpayers. The Budget also promises structural reforms in the factors of production and use market forces to boost the growth story. Equity market participants may not have been happy with the Budget as the STT, LTCG tax rates go up. However, this was government’s way of casting its tax net wider. We see a reduction in the market borrowing programme by Rs 120 bn while net T-bill issuance is lowered by Rs 1 tn over the interim Budget. The reduction in the net T-bill issuance may aid domestic liquidity and push down short-term rates while long tenor rates may remain sticky.

Gaurav Juneja- CRO of Kapture CX
The Budget 2024 marks a significant milestone for the Indian startup ecosystem, with initiatives fostering innovation and growth. Abolishing the angel tax for all investor classes creates a more supportive environment for angel investments, benefiting startups and paving the way for India to become a global innovation hub.

The financial infusion, slated over the next five years, is envisioned to catalyze various components of the IndiaAI Mission. This includes pivotal initiatives like the IndiaAI Compute Capacity, IndiaAI Innovation Centre (IAIC), IndiaAI Datasets Platform, IndiaAI Application Development Initiative, IndiaAI FutureSkills, IndiaAI Startup Financing, and Safe & Trusted AI. With a new allocation of Rs 551.75 crore, the IndiaAI Mission reflects the government’s focus on advancing AI research and applications, positioning
India as a leader in the global AI landscape.

The introduction of the Anusandhan National Research Fund and a financing pool of Rs. 1 lakh crore to spur private sector-driven research and innovation is a game-changer. This fund will power basic research and prototype development, driving commercial-scale innovation and enabling startups to bring cutting-edge solutions to the market.

Additionally, the Finance Minister’s announcement of a PM Package with five schemes aimed at facilitating employment and skilling, along with a provision of Rs 1.48 lakh crore for education, employment, and skilling, underscores the government’s commitment to building a skilled workforce that will drive the startup ecosystem forward.

Ms. Priya John, Principal, DPS Indirapuram
The allotment of a substantial sum for the education sector and Skill Development is a great investment in the future of the nation. By strengthening the infrastructure and access to quality education for students through digital learning platforms, access to online resources, and educational technology, students will have access to quality education through increased funding of scholarships and research grants thus fostering innovation and preparing them for a tech-driven future.

Mr. Neeraj Kansal CEO & Founder of Crack Academy
The Union Budget 2024 strengthens India’s educational growth with a new initiative offering E-vouchers for loans up to ₹10 lakh for higher education at domestic institutions. This plan will assist 1 lakh students annually, providing a 3% interest rate reduction and offering quality education to them. Additionally, the government is launching a program to offer internships at top companies to one crore young people over the next five years. Undoubtedly, these measures reflect the government’s dedication to enhancing education and job opportunities in India.

Shriti Malhotra, Group CEO, Quest Retail, The Body Shop
“The focus in the budget on youth upskilling and creating greater support for working women, aligns perfectly with our company’s goals for a future-ready workforce.

Higher investment in upskilling will equip our youth for our evolving economy and contribute to India’s continued growth. We have experienced this first-hand, with incredible results from The Body Shop apprenticeship program, through which we work with government supported upskilling programs to train and recruit exceptional young people into our business. We are extending this companywide to promote young talent, skill and create future leaders across our stores.

Promoting women-specific skilling programmes are truly commendable steps towards creating a more inclusive and equitable workforce. The increased funding for the Women and Child Development Ministry’s schemes perfectly aligns with our deep systemic focus on gender equity in the workplace and our very progressive maternity, childcare and flexible working policies. We have a formidable 100% post-maternity retention rate.

Mr. Ajay Chaudhary, CMD, Ace Group
“At first glance, the focus of Budget 2024-25 appears to be on strengthening urban infrastructure. While the allocation of Rs 11.11 lakh crore in this budget towards capital expenditure may lead to robust infrastructure development, it will create more opportunities for developing high-end real estate projects catering to the evolving needs of discerning homebuyers. The budget’s emphasis on developing ‘Cities as Growth Hubs’ through economic and transit planning may also uplift the luxury housing market. We hope all these initiatives will create more opportunities for the development of high-end residential and commercial projects, catering to the evolving needs of real estate buyers.”

Mr. Rizwan Sajan, Founder and Chairman, Danube Group
“The Budget 2024-25 is expected to open a wide window of opportunity for the luxury housing market in India. Among the provisions, the significant allocation of Rs 11.11 lakh crore towards capital expenditure is set to stimulate the real estate market. We also expect the government’s focus on enhancing the ease of doing business will create an environment conducive to the collaborations in the industry. At Danube Group, we are optimistic that these initiatives will drive growth and innovation in the real estate market apart from contributing immensely to meeting the sophisticated demands of connoisseurs of luxury and excellence in the residential real estate segment.”

Mr. Arjunpreet Singh Sahni, Executive Director, Solitaire Group
“We appreciate the Union Budget 2024-25 for its strategic policies that are set to significantly boost the real estate sector. Among the beneficial provisions for the real estate sector in this budget though in the long run are the sanctioning of 12 industrial parks under the National Industrial Corridor Development Program, and the facilitation of rental housing for industrial workers in PPP mode. The formulation of transit-oriented development programmes for 14 large cities is also beneficial for the real estate segment, as these measures will enhance urban infrastructure. Such a forward-looking approach in this budget will drive demand and stimulate growth within the sector.”

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

Mr. Vijay Jain, Managing Director, Star Estate
“We applaud the Union Budget 2024-25 for its thorough strategy towards boosting affordable housing with a Rs 2.2 lakh crore allocation under the PM Awas Yojana-Urban. Another major advancement for the real estate segment to look at in the budget is the investment of Rs 10 lakh crore towards addressing the housing needs of one crore poor and middle-class families. This move demonstrates a strong and inclusive approach to the development of urban centers of growth in the country. Such an approach will revitalize demand in the real estate market.”

Mr. Aman Choudhary, Executive Director Marketing at Anmol Industries Limited
“The Union Budget 2024-25 has laid a solid foundation for the FMCG sector with its focus on boosting rural demand and increasing disposable income. The allocation towards improving infrastructure and logistics will greatly enhance supply chain efficiency, enabling faster and more efficient distribution of goods. We appreciate the government’s commitment to fostering a business-friendly environment and believe these measures will spur growth, innovation, and competitiveness in the FMCG industry, ultimately benefiting consumers and businesses alike.”

Mr. Sanchit Sekhwal Goyal, Director, Su-Kam Power Systems Limited
“SuKam welcomes the Ministry of Finance’s decision to fully exempt the custom duty on critical minerals which will reduce the price of lithium-ion batteries and consequently making electric vehicles more affordable. The Finance Minister’s emphasis on expanding the electric vehicles ecosystem through increased usage in public transport network, is a forward-looking move. By championing these initiatives, the government reaffirms its commitment to climate control. EVs contribute significantly to reducing greenhouse gas emissions, and their widespread adoption aligns with global efforts to combat climate change. It’s heartening to see this focus on both affordability and environmental responsibility.”

Mr. Kushal Patel, Managing Director, Axita Cotton
“The Finance Minister announced the development of twelve new industrial parks under the National Industrial Corridor Development programme. These parks will be equipped with complete infrastructure, and ‘plug and play’ parks will be established in or near 100 cities. These provisions will significantly boost industries across the spectrum, and we commend the budget for its strong focus on industrial growth.

Mr. Rajinder Kaul, Chairman & Managing Director, Sharika Enterprises Limited,
“The Indian government’s revelation of expected investment of about ₹30.5 lakh crore in India between 2024 and 2030, for renewable energy sector underscores its strategic focus on energy growth and development. We are confident that this substantial investment will bolster infrastructure, enhance energy security, and drive sustainable progress across the nation. Lowering the turnover threshold for mandatory onboarding on the TReDS platform from ₹500 crore to ₹250 crore empowers MSMEs by improving their liquidity and this initiative recognizes the pivotal role played by them in our economy. India’s renewable energy target of 500 GW by 2030 is ambitious and aligns with global climate goals. As we transition to renewable energy, the sector will experience unprecedented growth, driven by new technologies, grid modernization, smart infrastructure, and research and development breakthroughs.”

Mr. Utkarsh Gupta, Managing Director- Ramagya Group
“Finance Minister Nirmala Sitharaman’s latest budget sets forth an ambitious plan to empower 41 million youth over the next five years, backed by a significant investment of Rs 2 lakh crores. This year’s allocation of Rs 1.48 lakh crores for education, employment, and upskilling demonstrates our unwavering commitment to fostering talent and unlocking potential. This initiative aims to overcome the obstacles that young people face in obtaining essential education and skill development.”

Md. Sharique Khan, Senior Vice President – India Formulation Business, ArEx Laboratories
“We welcome the move to completely exempt three major cancer medicines from basic custom duty which will make the critical treatment affordable for all cancer patients. The additional exemption of customs duty on components of Xray tubes and digital detectors will spurge the indigenous manufacturing of these machines in India and subsequently reducing the price of these medical equipment. Though, these announcement in Budget 2024-25 are far less from expected but it is testament of government’s focus on improving healthcare affordability and accessibility in the country.”

Mr. Hari Kaimal, President – Strategy and Development at Supersonic Imagine:
“India’s Union Budget 2024-25 marks a significant step forward for the healthcare sector with increased expenditure for developing, maintaining, and improving the country’s healthcare system. It’s also encouraging that the Honourable Finance Minister has highlighted healthcare as a priority but we would have expected to see more in terms of incentivizing local manufacturing of innovative medical devices along with more commitment to medical innovation.

Atul Garg, Managing Director, GRM Overseas Limited
Agriculture remains a cornerstone of this budget, with a provision of ₹1.52 lakh crore aimed at boosting productivity and resilience. The introduction of high-yielding and climate-resilient crop varieties, promotion of natural farming, and digital public infrastructure for agriculture underscore the government’s forward-thinking approach to sustainable development.

The emphasis on digital infrastructure, support for farmer cooperatives, and startups marks a new era of efficiency and innovation in farming. The plan to initiate one crore farmers into natural farming is a visionary step that will enhance productivity and promote eco-friendly practices. Addressing long-standing challenges like fragmented supply chains, limited credit access, and outdated techniques, the introduction of the Jan Samarth-based Kisan Credit Card and the focus on bio-input resource centers will empower farmers with essential resources and financial support. Strengthening the production and marketing of pulses and oil seeds will improve self-reliance and boost incomes.

The government’s commitment to capital expenditure and support for irrigation projects further reinforces its dedication to a robust agricultural infrastructure. These initiatives reflect a strong vision for the future, ensuring our farmers are well-equipped to face challenges and seize new opportunities. This budget paves the way for a more resilient and prosperous agricultural sector.

Mr. V. P. Nandakumar, MD and CEO of Manappuram Finance on the import duty on gold.
The Finance Minister’s decision to slash import duty on gold to 6% from 15% in the Union Budget 2024-25 will boost the business of gold loan companies going forward. In my view, the decision will set off an uptick in gold buying cycle in the short-to-medium term and will be mirrored in the retail sales of gold in the upcoming festive season. Consumers will use this window to buy ornaments to meet their pent-up demand. Demand for gold loans from households is more a function of their requirement for money to meet contingencies than just prices. Secondly, reduction in gold prices at the retail end is not significant to impact LTV offered by gold loan companies. This means that lower prices will neither trigger margin calls nor will it lead to repricing or restructuring of existing loans. Finally, it is geo-political factors that exert a predominant influence on gold prices.

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.

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.

Ambika Saxena, CEO, TWH Hospitality, emphasized the budget’s focus on regional connectivity, stating, “The Union Budget 2024 has brought regional connectivity to centre stage. The strategic investment in the building of new expressways, airports, and rail corridors is going to revolutionize the scene of tourism. These developments will foster easier and quicker travel, promoting domestic and international tourism. They will bring life to the local economies by creating new employment opportunities and promoting active cultural exchange. Such new infrastructure developments are bound to entice more visitors to visit India’s diversified destinations—from vibrant urban centers to serene natural landscapes—ensuring that growth and prosperity for the tourist sector continue sustainably.”

Snehdeep Aggarwal, Founder-Chairman, Bhartiya Group, expressed optimism, stating, “Finance Minister Nirmala Sitharaman’s announcement in the Union Budget 2024 is a visionary step towards transforming India’s travel and hospitality sector. The comprehensive development plan promises to create a robust framework for economic growth by enhancing iconic destinations and promoting spiritual, cultural, and natural attractions. These strategic investments will not only boost tourism but also stimulate job creation and attract significant investments. This initiative is a significant stride towards making India a premier global travel destination.”

At Edverse, our goal is to revolutionise education through emerging technologies. The budget demonstrates the emphasis our govt has placed on better preparing our students for the future. With this support, we hope to transform our education system and ensure that students across India have access to the most up-to-date resources and opportunities.”

Mr. Anuj Gupta, Enterprise Director at AutoVRse
“Budget 2024 presents a transformative opportunity for the education sector, especially in the burgeoning ed-tech industry valued at $10.1 billion. By strategically allocating resources towards AI-enabled learning and integrating AR/VR technologies in education, the government can ensure substantial growth for students. This investment will enhance the learning experience, making it more interactive and engaging, catering to diverse learning styles and needs.

In addition to AI and AR/VR, the budget should prioritize the development of kinaesthetic ed-tech tools, such as state-of-the-art laboratories and interactive experiences. These tools will help create a more hands-on learning environment, encouraging practical application of knowledge and fostering critical thinking skills. Enhanced lab facilities and interactive learning modules can bridge the gap between theoretical knowledge and real-world application, preparing students for future challenges.

Moreover, the budget could support teacher training programs focused on effectively using these advanced technologies, ensuring educators are well-equipped to guide students in this new learning paradigm. By investing in these areas, Budget 2024 can pave the way for a brighter future, where students are better prepared to thrive and succeed in their educational and professional pursuits.”

Satyamohan Yanambaka, CEO, Writer Information
“The budget’s emphasis on Digital Public Infrastructure applications across key sectors marks a pivotal moment for India’s digital evolution. As we at Writer Information have long advocated, robust data management is the backbone of digital transformation. The government’s focus on enhanced data governance aligns perfectly with this vision, setting the stage for a data-driven revolution in various sectors. The digitisation of land records with GIS mapping will streamline property administration and boost urban local bodies’ efficiency. Simultaneously, DPI applications in e-commerce, logistics, and MSME services will lead to a more efficient supply chain and improved credit access for small businesses. These initiatives will collectively boost productivity, reduce operational costs, and enhance service delivery for the last-mile customer. However, the real game-changer is the room for more innovation. By opening up sectoral databases and promoting advanced technology tools, we can envision a future where data-driven insights spark new business models and solutions. It is now imperative to bridge the gap between policy and implementation, ensuring all businesses can drive growth, enhance global competitiveness, and ultimately contribute to India’s digital transformation journey.”

Mr Baroruchi Mishra, Group CEO, NET Enterprise.
Overall a balanced budget aimed at job creation which in turn will lead to increased consumption and propel growth. It also has a good focus on energy transition.

1.Focus on Water Management including solid waste management for large cities is particularly heartening. Proper implementation of the solid waste management will key to success.
There is great scope for 3 way collaboration here – Centre,States and private sector. The agencies that need to implement this will need to get innovative with the technology choices – proven techs like chemical recycling of single use plastics, plasma gasification of solids wastes etc should be evaluated. This should not be mired into the bureaucratic red tape as this can lead to reduction in fossil fuel use if done correctly.
2. Aspiration to involve private sector in modular nuclear reactors for green energy is a positive step in energy transition.
3. Instead of promising free electricity @300 units for I Cr households under PM Surya Ghar Bijli Yojna, the government should have announced more enabling subsidises for solar panel installations and battery procurement. And let the population get addicted to using Solar as much as they can. The word “free” is toxic for the economy and kills enterprise.
4. Emphasis on Climate Finance is good; Banks and lending Financial institutions should not stall the noble intent of the government.

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

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

Ms. Usha iyer, Principal and Managing Director, The Green School Bangalore, Benguluru
It is indeed commendable to see such a significant budget allocation today towards education, employment, and skilling in the Union Budget 2024 presented by Finance Minister Nirmala Sitharaman.

There has been an impressive Rs. 1.48 lakh crore earmarked specifically for education as compared to the previous year’s allocation for the education sector in 2023 which stood at ₹1,12,898.97 crore

The budget places a pronounced emphasis on fostering education, employment, and skilling across the nation. For the last nine years we haven’t seen large impact on youth through the skill India movement, now we have to see how it brings a change with these policies

Commencing her address, Minister Sitharaman introduced a Prime Ministerial Package worth Rs. 2 lakh crore, encompassing five transformative programs designed to invigorate employment and skilling sectors.

The emphasis placed on these crucial sectors is vital for the overall development and growth of the nation. Of this, employment, and skill development, surpassing the previous year’s allocation.

However, it does raise the question as to why such a substantial allocation did not happen in previous budgets, considering that it is the same Prime Minister Narendra Modi who has been leading the country. One possible explanation could be that the government is now prioritizing these areas more than before, recognizing the importance of investing in education and skilling to boost employment opportunities and overall economic growth.

A notable highlight is the initiative offering internships at 500 top companies to 1 crore students over the next five years, each receiving a stipend of Rs. 5,000 and a one-time assistance payment of Rs. 6,000. Furthermore, the introduction of model skill loans up to Rs. 7 lakh aims to benefit 25,000 students annually, significantly boosting their career prospects and employability. In my opinion the introduction of initiatives such as the Prime Ministerial Package and internships at top companies for students, along with model skill loans, are steps in the right direction towards empowering the youth and preparing them for a competitive job market. It is crucial for the government to sustain and expand upon these efforts in the future budgets to ensure long-term benefits for the country’s workforce and economy.

Shriti Malhotra, Group CEO, Quest Retail, The Body Shop
“The focus in the budget on youth upskilling and creating greater support for working women, aligns perfectly with our company’s goals for a future-ready workforce.

Higher investment in upskilling will equip our youth for our evolving economy and contribute to India’s continued growth. We have experienced this first-hand, with incredible results from The Body Shop apprenticeship program, through which we work with government supported upskilling programs to train and recruit exceptional young people into our business. We are extending this companywide to promote young talent, skill and create future leaders across our stores.

Promoting women-specific skilling programmes are truly commendable steps towards creating a more inclusive and equitable workforce. The increased funding for the Women and Child Development Ministry’s schemes perfectly aligns with our deep systemic focus on gender equity in the workplace and our very progressive maternity, childcare and flexible working policies. We have a formidable 100% post-maternity retention rate.

A more inclusive workforce that meaningfully represents our large youth demographic and our female population is crucial to unlocking our potential.”

Deepak Chand Thakur, Co-founder and CEO of NPST Ltd
We welcome the Union Budget. Although it does not contain direct policy mandates for the Fintech segment, there are several positives that we would like to highlight:

1. Income Tax Relief and Increased Discretionary Income: The relief in income tax is expected to boost consumer spending, which in turn will drive more digital transactions.
2. 5G Market Growth and Smartphone Penetration: In a rapidly growing 5G market, improved smartphone penetration is essential for broadening payments. The Budget’s focus on reducing the cost of imported components and finished products, potentially leading to lower retail prices for mobile phones and accessories, will benefit the fintech sector by expanding the base of smartphone users and enhancing access to digital payment platforms.
3. Reduction in E-commerce TDS: The reduction in e-commerce TDS from 1% to 0.1% will encourage more merchants to embrace digital payments. This policy change will lower the compliance burden on merchants, making it easier for them to participate in the digital economy, thus driving further adoption of digital payment systems.
4. E-commerce Hubs and Public-Private Partnerships: The establishment of dedicated e-commerce hubs through public-private partnerships presents an exciting opportunity for innovation in cross-border B2B trade payments, potentially using UPI rails.
5. Expansion of IPPB Branches in the Northeast: The opening of 100 IPPB branches in the Northeast also opens opportunities for other payment companies and fintechs to expand their services to new regions, tapping into a market with significant growth potential.