Indian Union Budget 2024: Startup and Tech Sectors Attract Sizable Strides
Aastha Dhowan, Partner, N.A. Shah Associates “The average processing time to process income tax returns having come down to 10 days from 93 days is a fantastic indicator of innovation in technology being used in the right direction.”
Sandeep Shah, Managing Partner, N.A. Shah Associates “The government has brought 10 million smiles to taxpayers by eliminating outstanding demands below 25k upto FY 2009-10 and below 10k upto FY 2014-15. This also means they are using their database wisely.”
Amit Kothari CFO -Chief Finance Officer Propelld. “After landmark changes in the tax regime in budget 2020-21, the increase in threshold limits for higher tax rates for individuals in budget 2024 is another significant reform by the Government. Increase disposal income for individuals will be fuelling growth in the economy.”
“Allowance of exemptions for say employee contribution to PF and national pension scheme under new tax regime is beneficial move for individuals to move towards new regime and sunset the old regime. This will help take away the confusion between the two regimes and offer higher net cash for the individuals.”
Anuj Puri, Chairman – ANAROCK Group
As anticipated, the Interim Budget 2024 made no big-bang announcements, but it continued its focus on infrastructure upgrades and building connectivity across the country. This will benefit real estate growth in not just the top cities but in Tier 2 & 3 cities across the country.
The FM made some announcements that will go on to benefit the sector both directly and indirectly:
- PM Awas Yojana (Gramin) – Despite all the challenges, the implementation of this scheme continued, achieving the target of close to 3 crore houses and now aims for 2 crore more houses to be taken up in the next five years.
- Housing for the middle class – The Government will launch a scheme to help deserving sections of the middle class, living in rented houses or slums, or chawls and unauthorized colonies, to buy or build their own houses. This is likely to free encroachment areas like slums for easier redevelopment.
- Capex outlay allocation to be increased by 11.1% to INR 11,11,111 lakh Cr, accounting for 3.4 % of GDP – This will unlock the potential for real estate development across assets because major part of this allocation will be used for various infra upgrades and new projects.
- Transit oriented development in urban areas – this may give a boost to housing demand in cities and lead to rise in residential prices.
- Development of iconic tourist centres – this is likely to favourably impact the hospitality sector with hotels and restaurants across categories. Moreover, long-term loans proposed to states for tourism.
- Extending tax benefit to startups for another year – this may help the office real estate to rejuvenate.
Key Unmet Expectations
- Industry status: The industry has been requesting industry status for years, believing it would unlock benefits like easier access to credit, tax breaks, and infrastructure development. This wasn’t explicitly addressed in the interim budget.
- Tax benefits: Tax incentives for homebuyers, such as increasing the deduction limit on home loan interest under Section 24, were expected. The interim budget remained silent on this as well.
- Affordable housing: Boosting allocations for schemes like PMAY (Urban) to improve affordability and encourage new projects in this segment was a key expectation. No major announcements appeared in the interim budget regarding this either.
While the interim budget didn’t directly address the real estate sector’s key demands, the upcoming Union Budget might hold more concrete measures addressing industry concerns and potentially impacting market trends.
Avneesh Sood, Director Eros Group “Union Budget 2024 signifies a pivotal moment for the Indian real estate sector with its focus on inclusive development. The commitment to PM Awas Yojana Grameen, targeting 2 crore houses, and a special scheme for the middle class emphasizes the government’s dedication to housing for all. The success of PM Awas Yojana Grameen, nearing 3 crore houses, and the promise to construct an additional 2 crore houses in the next 5 years, underlines the robust momentum in the housing sector. The budget’s acknowledgment of over 70% of houses under PM Awas Yojana going to women reinforces the socio-economic impact. The doubling of airports to 149 and the India Middle East Europe Economic Corridor announcement reflect a positive outlook for infrastructure and economic activities. With FDI inflows at $596 billion, the real estate sector anticipates sustained global investor confidence. The incorporation of Rooftop solarisation aligns with sustainable living goals, contributing to an eco-friendly real estate landscape. Overall, Budget 2024 sets a transformative path for real estate, aligning with national development objectives”.
Tejinder Pal Singh, Founder Director & Senior Partner – Pharma, Healthcare & Life Sciences, TRANSEARCH India “We welcome the Budget 2024-25 as a balanced, consistent & pro-development budget with focus on capex, Infrastructure development, public health & making India a knowledge economy. This year’s budget has paved the way for India to achieve universal health coverage. We appreciate the various initiatives announced by the Honourable Finance Minister to address longstanding gaps in the Indian healthcare ecosystem. Focus on public health programs & health insurance coverage is commendable. Furthermore, the stability and continuity of healthcare policies will further encourage the momentum of a strategic shift, positioning India as a high-value player in the global pharmaceutical market.
We believe that the budget, along with continuity in conducive policies and regulatory reforms, will facilitate research and development, fostering a culture of innovation, and promoting advanced manufacturing in the pharmaceutical and MedTech sectors. This will strengthen our global reach and influence to address unmet health needs and reduce the high disease burden.
The incentives for investment and value creation bode well for our country’s aspiration to emerge as a globally competitive centre of scientific excellence and knowledge, with a keen focus on delivering quality healthcare. With increased investment, the budget is poised to enhance employment opportunities and spur a rising demand, especially for skilled leadership in the scientific sector.”
Atul Garg, MD, GRM Overseas. “The integration of mandis into the Electronic National Agricultural Market signals a monumental step towards inclusive growth for our farmers. The government’s unwavering support for ‘Anna Datas’ through schemes like PM Kisan Samman Yojana and PM Fasal Bima Yojana showcases a commitment that resonates with the agricultural backbone of our nation.
The emphasis on value addition and income enhancement, as exemplified by schemes like Pradhan Mantri Kisan Sampada Yojana and PM Formalization of Micro Processing Enterprises Yojana, is truly uplifting. These efforts are not just about economic benefits; they represent a profound investment in the prosperity of our farming communities.
The focus on post-harvest activities and the promotion of private and public investments demonstrate a holistic approach to the agricultural sector’s development. As we look ahead, the expansion of Nano DAP application and the Aatma Nirbhar Oilseeds Abhiyan instill confidence, aligning with our aspirations for a self-reliant and thriving agricultural landscape.”
Mr. Umesh Singh, Founder & Director, Tara Candles. “As a proud founder in the vibrant landscape of MSMEs and retail, I commend the visionary step of increasing the threshold for presumptive taxation to Rs 3 crore. This pragmatic policy shift not only empowers small businesses but also fosters a conducive environment for growth. Furthermore, placing a policy priority on providing training for MSMEs underscores a commitment to global competitiveness. By investing in the skills and knowledge of our entrepreneurs, we pave the way for a resilient and globally competitive MSME sector. Together, these initiatives propel us towards a future where our businesses thrive, contributing substantially to the nation’s economic tapestry “
Dr. Sat Kumar Tomar, Founder & CEO, Satyukt Analytics.“The Budget 2024 has resonated positively with the agriculture sector, aligning with our expectations for a technologically driven, sustainable farming approach. While the integration of IoT devices for precision farming wasn’t explicitly mentioned, the focus on farmers is evident. Crop insurance coverage for 4 crore farmers under the PM Fasal Bima Yojana ensures risk mitigation. Additionally, the announcement of rooftop solarisation benefiting 1 crore households aligns with sustainable farming goals. The commitment to Direct financial assistance for 11.8 crore farmers under the PM Kisan Samman Yojana reflects a dedication to enhancing the 3Ps of agricultural business: productivity, predictability, and profitability. However, the industry was expecting more industry-centric announcements in this budget to further catalyze growth and innovation in the agricultural sector.”
Partha Pratim Das Mahapatra, Founder and CEO, EzeRx “The Interim Budget of 2024 marks a significant boon for the healthcare industry, particularly benefiting the rural areas where the need is greatest. The government’s strategic initiatives, notably Mission Indradhanush, exemplify a transformative commitment to immunize against measles, polio, hepatitis B, tetanus, diphtheria, TB, and pertussis, empowering women and securing a brighter future for children.
The visionary establishment of additional medical colleges resonates well with our youthful nation, addressing the aspirations of many prospective doctors who currently seek education abroad. This strategic move not only empowers the youth but also contributes to the radiant future of India. A powerful step forward involves extending cervical cancer vaccination to adolescents aged 9-14, a crucial move in combatting a significant healthcare challenge. This visionary approach aims to tackle cervical cancer effectively.
The government’s focus on child and maternal health through the implementation of a comprehensive childcare plan, as part of the POSHAN 2.0 scheme, is commendable. The Saksham Anganwadi and Poshan 2.0, collectively referred to as Poshan 2.0, constitute an Integrated Nutrition Support Programme targeting malnutrition among children, adolescent girls, pregnant women, and lactating mothers.
While lauding the positive strides in the Interim Budget of 2024, anticipation builds for the forthcoming Union Budget, expected to further catalyze the nation’s growth. We express gratitude to the government for its proactive measures in the preventive healthcare domain. Additionally, we anticipate informative insights shedding light on the non-invasive device genre.”
Mr. Ramesh Narasimhan, Chief Executive Officer – India, Worldline. “This year’s Budget focus on the overall MSME sector to facilitate growth and development is a welcome sign.
The priority to work towards providing timely access to credit and all-round training for MSMEs will further strengthen the ecosystem and boost innovation.
It is an opportunity for PayTech players like us to work closely with MSMEs to drive the next phase of digitization.”
Mr. Sarvagya Mishra, Co-founder & Director at Superbot “It’s encouraging that the government recognizes the importance of addressing skill development to meet the demand for a high-quality workforce in the emerging technology sector, crucial for India’s ambitious goal of a $5 trillion economy..All the initiatives mentioned in the Interim budget speech like establishment of more IITs, IIITs, STEM courses etc., are cementing the foundation of the growing India, which is youth. Commendably, the government’s embrace of deeptech in critical sectors like defense underscores our country’s progressive stance. Given that R&D is a capital-intensive step for businesses in deeptech, blockchain, machine learning, and Generative AI, increased allocation towards MUDRA schemes and the announcement of a 1-lakh crore corpus with 50-year interest-free support will undoubtedly fuel technological growth.”
Mekin Maheshwari, CEO and Founder, Udhyam Learning Foundation. “Investing in our youth is investing in India’s future, and this budget rightly emphasizes that. The NEP 2020 is ushering in transformational reforms in schools for rising India. Equipping the students with entrepreneurial mindsets to think and be creative will help them become the future of tomorrow. This budget represents a commendable step towards empowered youth with a focus on their entrepreneurial aspirations. Overall, this budget lays a promising foundation for today’s youth with importance given to education and skilling. There is a need for collaboration to achieve the scale of these initiatives. Its true impact will hinge on efficient implementation and ensuring equitable access to these opportunities.”
Mr. Dilip Chenoy, Chairman, Bharat Web3 Association. “Considering that this was a Vote-on-account budget, we weren’t expecting any big movement during the session. We are eagerly anticipating changes to be announced post elections when the full budget is announced, and we are optimistic with respect to the state of the sector in the country.
High TDS and income tax rates continue to be hurdles which have caused both creators and consumers to move out of India. This migration has significantly affected the prospects of Web3 in India. We have and will continue highlight such concerns to key stakeholders.”
Bipin Preet Singh, Co-founder and CEO at MobiKwik “We appreciate the thoughtful budget announcements for India, marking a significant step towards financial inclusivity and innovation. The allocation of ₹1 lakh crore for long-term, interest-free loans not only fuels innovation but also promotes accessibility to funds, fostering private sector research in emerging areas.
The focus on deep tech startups in the defence sector and the extension of tax benefits until March 2025 for startups, sovereign wealth, and pension funds signify a government committed to supporting growth and resilience. The prolonged tax benefits indicate a steady commitment to creating a conducive environment for startup development and sustainable investments. Overall, the budget underscores a strategic approach towards long-term economic resilience and innovation.”
Dr Charit Bhograj, Founder & CEO, Tricog Health “Interim Budget 2024 presented by Finance Minister Nirmala Sitharaman promises a boost for healthcare in India. The proposed measures include broadening health insurance coverage, reinforcing immunization efforts, investing in maternal and child health, and prioritizing rural healthcare. These initiatives will enhance medical service accessibility in vulnerable regions. The budget reflects a commitment to inclusivity, accessibility, and establishing a robust healthcare foundation for all citizens, signaling a significant move toward strengthening the healthcare infrastructure in the country.”
Mr Arun Poddar, CEO & Executive Director, Choice International Limited. “We applaud the Interim Budget 2024-25 for its forward-looking approach towards the financial sector and the overall Indian economy. The government’s commitment to fiscal consolidation, coupled with an aggressive fiscal deficit target, sets a positive tone for economic resilience. The commitment to Digital Public Infrastructure aligns with our tech-centric vision for innovative financial services.
Choice International is particularly encouraged by the focus on fostering private investment, enhancing MSME growth, and orienting the regulatory environment. The government’s focus on International Financial Centres positions financial service providers to benefit from global capital. The decision to withdraw outstanding disputed tax demands is a significant boost for over one crore taxpayers. As we navigate these economic waters, Choice International remains dedicated to actively contributing to the India’s financial sector and support its journey towards sustained economic prosperity.”
Mr. Rajesh Bharatiya, Managing Director, Peoplefy “One of the perennial challenges facing India today is the creation of jobs for our ever-growing pool of employment-seeking youth. Over the years, the tripling of the Government Capex budget from 4+ lakh crore to over 11 lakh crore is a hugely welcome move in the union budget by Honourable Finance Minister Nirmala Sitaraman. Another theme that will benefit the nation is a renewed focus on Research & Development – summarised by our Honourable Prime Minister Shri Narendra Modi as ‘Jai Anushandhaan.’
However, looking at our burgeoning young population, India needs many more initiatives to create jobs in sectors like Manufacturing, Green Energy, Digital, etc. I was expecting a few more initiatives by the government to galvanize job creation in line with the ground realities of unemployment. This year, there are many aspiring graduates across the campuses who are eagerly waiting for their placement or internship. There aren’t enough jobs for freshers.”
Lincoln Bennet Rodrigues, Chairman and Founder, The Bennet & Bernard Company “The interim budget has no changes to taxation and tax rates for direct and indirect tax rates remain unchanged. Though the homebuyers would be happier if some relief were given, I am sure they would appreciate non-increasing tax slabs for now. Moreover, I am certain that when the newly elected government presents the budget in July, taxpayers can expect some tax reductions on home loans and a tax deduction on property purchases. Needless to say, we were not expecting a lot of big announcements as it was an interim budget, and we can safely assume that the next budget announcement will be more comprehensive than the last few years and will cover more grounds for the overall benefit of taxpayers. However, the current government’s focus on encouraging people from across social strata to become homeowners is much appreciated and deserves special commendation.”
Mr. Ajit Venkataraman, MD, Finolex Industries Ltd. “We applaud Finance Minister Smt. Nirmala Sitharaman for presenting a visionary Interim Budget 2024, setting the stage for an inclusive development. The significant focus on infrastructure and housing, especially the PM Awas Yojana Grameen, achieving 3 crore houses and planning 2 crore more in the next 5 years, resonates with Finolex Industries’ commitment to sustainable communities. The farmer-centric initiatives like PM Kisan Samman Yojana and PM Fasal Bima Yojana showcase the government’s dedication to our ‘Anna Data’. Finolex Industries anticipates these initiatives to have a positive impact and looks forward to participating in these transformative initiatives, reinforcing our belief in a prosperous and empowered India by 2047.”
Chirag Mehta, Founder, Arbour Investments “This year’s interim Budget presented by Finance Minister Nirmala Sitharaman for the year 2024-25 , has been a welcoming move for the Indian Real Estate. The budget presented has raised hopes for the Indian Real estate sector. The capital expenditure outlay on the Infrastructure development has been a welcoming move. Whereas easing the legal provision is a need of the hour. The possibilities of High end Income group investing in the sector will undoubtedly see the shift in the completion of the successful residential & commercial project completion.”
Mr. Chakravarthi C. – Managing Director – Quantum Energy “The interim budget might not have specified any policy or allocation towards the EV sector, however, it did mention the intention to promote EV in public transportation. Additionally, what we need right now is to strengthen the EV ecosystem holistically for which budget is indicated towards policies and measures that will be undertaken to support manufacturing and charging infrastructure. Clearly, EV stands in the priority list of the government and we can expect the upcoming FAME policy and August session to encompass all the particulars”
Mr. Shreeranganath Kulkarni, Managing Director, InfoVision “InfoVision warmly welcomes the budget announcement by Finance Minister Nirmala Sitharaman. The introduction of a 1-lakh crore fund with a 50-year interest-free benefit for private sector research and development is a transformative step, particularly for innovation-driven enterprises like ours with a strong focus on edge technologies such as Artificial Intelligence (AI) and Machine Learning (ML).
The injection of such long-term, interest-free capital promises to substantially boost our research and development initiatives that serve not only India but also the global market. It arrives at an opportune time, aligning with InfoVision’s recognition in the Zinnov Zones for Engineering R&D and Digital Services 2023, particularly for our work in Data & AI Engineering.
This financial support will undoubtedly speed up efforts to create top-tier innovations in India for the world. It underscores our commitment to leveraging India’s rich talent pool and contributes to our nation’s technological progress.”
Mr. Mandar Natekar, Co-Founder & CEO, NeuralGarage “The interim budget presented today shall provide an impetus to an ecosystem of startups, technology companies and aspirants, providing them with ample opportunities to set-up, enhance technological offerings and bolster innovation. These are positive sentiments that will further strengthen India’s technology landscape through research and innovation. A corpus of Rupees One Lakh Crore will be established with a fifty-year interest-free loan. The corpus will provide long-term financing or refinancing with long tenors and low or nil interest rates. The private sector will witness a steep growth with innovation being at the forefront. Further, the government has extended tax benefits for start-ups to March 31, 2025 and withdrawn some outstanding direct tax demands. Deeptech and GenAI have the potential to revolutionize a variety of sectors. Ethical practices and its usage will lead to Indian brands and artists being recognised from local to global markets creating a seamless experience and put India on the global map for technological prowess.”
Mr. Ashish Puravankara, Managing Director, Puravankara Limited “The interim budget presented today is consistent with previous measures and will continue to scale up investment in infrastructure and transit-oriented development. The significant rise in the infrastructure outlay to Rs 11.11 lakh crore for FY25, which amounts to 3.4% of the GDP, represents promising progress towards robust nation-building. The government’s focus will lead to strong growth, contributing towards the dream of a developed India by 2047, assisted by ‘GDP’ – Governance, Development and Performance.
The financial prudence being displayed in bringing down the fiscal deficit to an estimated 5.1% is fantastic. It shows that the government is committed to strengthening the economy, controlling inflation and, therefore, interest costs while maintaining growth with investments in infrastructure.
For real estate, the announcement to help the middle class living in rented homes, slums, and unauthorised colonies buy or build their own houses will provide further impetus to the strong housing demand. Increased focus on transit-oriented development and expansion of metro rail systems in cities, along with strengthening the electric vehicle ecosystem, will encourage people to settle in the peripheries of the urban centres. A slew of measures announced to achieve ‘net zero’ goals by 2070 will also go a long way towards creating sustainable cities. Other proposals, such as the development of iconic tourist centres and long-term interest-free loans to States, will help the commercial real estate sector.
Overall, we look forward to the final budget post-elections and are hopeful that the government will announce more policy initiatives to encourage housing for all further – both for buyers and real estate developers.”
Md. Sajid Khan, Director-India, ACCA (Association of Chartered Certified Accountants) “The Interim Union Budget paints a promising picture of India’s transformation. The focus on skilling India’s youth through initiatives like NEP and Skill India Mission, and the emphasis on both traditional and non-traditional skilling avenues is a laudable step towards India’s aspirations of becoming a ‘Viksit Bharat’ by 2047. Public-private partnerships and leveraging industry expertise will be crucial in bridging the skill gap and empowering the ‘Amrit Peedhi’ for a developed India by 2047. Unleashing GIFT IFSC’s potential as a global financial hub requires fostering a future-ready accounting workforce through industry-aligned training programs and internships. A robust pipeline of skilled accountants adept in FinTech, international finance, and global regulations is key to propel India’s economic growth and achieve ‘Viksit Bharat’.
Ashish Khandelwal, Co – Founder & CEO of ANQ on the Budget 2024 says, “The Interim Budget presented a mixed bag for fintechs, and new-age companies. While some positive steps were taken, key concerns like taxation and regulatory clarity remain unaddressed. The budget’s focus on digitalization and online platforms creates opportunities for DPI development. Initiatives like the Digital Public Infrastructure (DPI) and e-RUPI platform mentioned in the budget could further accelerate DPI development. Creation of a 1 lac cr interest free fund for research could prove a right step in the direction of “Anusandhan Bharath” as unveiled by PM modi,”
Nihar Parikh, Founder of 4point0 Health Ventures “We are pleased to see the Interim Budget’s focus on expanding healthcare access by extending healthcare facilities under Ayushman Bharat to all Anganwadi workers. Establishing medical colleges and hospitals in more districts nationwide is also a significant step towards addressing the crucial issue of healthcare accessibility.
The Government’s commitment to advancing maternal and child healthcare, including initiatives such as cervical cancer vaccination programs and enhanced nutrition delivery, is extremely commendable. With a corpus of 1 lakh crore allocated to provide 50-year interest-free loans to sunrise sectors like tech and research, we anticipate witnessing more initiatives that leverage deep-tech solutions to make quality healthcare accessible and affordable.”
Bharadwaj Rachamadugu, Senior Vice President, Sai Silks Kalamandir “Increasing capital expenditure outlay by 33% is going to be big boost for overall growth of the economy, which will have percolating effect on the income levels, so as the increase in purchasing power. Any incremental spend on the capital expenditure will have a major impact on the overall economic growth which is very positive for expending the pie of middle class in the country. This would go a long way in supporting India consumption landscape across middle, low and upper end income levels, which is very positive for retailers.”
Sarvesh Agrawal, founder and CEO, Internshala “The interim budget for 2024 highlighted the government’s pursuit towards a “Viksit Bharat” (Developed India) through technological research and innovation in emerging fields. Emphasising on inclusive and sustainable development, the government aims to boost green power and support the electric vehicle manufacturing and charging infrastructure. This vision offers a promising trajectory for entrepreneurship and job creation in this rapidly evolving sector. This will in addition, also lead to a boost in the skilling and job creation in the EV sector.
A key highlight from the finance minister’s budget announcement is the expectation of expanded opportunities for Indian youth, both domestically and globally, in areas such as skilling, learning, research, innovation, and career development. The ongoing transformations driven by the new age technologies and data-based advancements present a golden opportunity for aspiring tech enthusiasts. For the educational technology (edtech) industry, this is the cue to enhance skill development programs in areas like deep tech, generative AI, and green technologies such as electric vehicles and solar power.
Another exciting announcement pertains to the provision of a corpus of one lakh crore rupees at low interest rates and for long tenures, particularly beneficial for aspiring Indians looking to enter and progress in the tech industry. If effectively implemented, this initiative could unleash a multitude of opportunities in the entrepreneurial sector, with a strong focus on research and innovation, thus propelling India further towards an Atmanirbhar and Viksit Bharat.
We eagerly anticipate the government’s forthcoming initiatives aimed at realising the aforementioned promises. We hope to see substantial steps taken and concrete initiatives launched in the revised budget for 2024 presented by the newly elected government.”
Siba Panda, Founder and Managing Partner, ValuAble “It was a promising interim budget! Honourable Finance Minister has provided a balanced outlook towards growth and promoting sustainability.
The invaluable focus on “Garib, Mahilayen, Yuva and Annadata” is a testimony to the government’s focus on protecting, uplifting, and promoting at the grassroots. Prima facie the tax rates have remained constant but the initiative to support tech-led youth and startup economy is remarkable. The PM Mudra Yojana that has sanctioned as many as 43 crore loans amounting to a whopping Rs. 22.5 lakh crore will build consensus with the ideology that is at the core of Viksit Bharat @2047. Although this budget has only earmarked major fund allocations, it is sure to boost confidence in the market and the market’s trust in the economy.”
Aastha Dhowan, Partner, N.A. Shah Associates “The Government’s inclusivity on all fronts right from East India and Annadata to enhanced focus on Capex, Green Energy, Rail corridor and Tourism is a further push to the goal of Viksit Bharat @2047”
Mr. Eswara Rao Nandam, Founding President of Polymatech Electronics. “Polymatech commends the Finance Minister’s visionary approach in allocating a substantial ₹1 lakh crore for long-term interest-free loans aimed at fostering innovation. As a semiconductor chip manufacturer, we acknowledge the pivotal role of innovation in our industry. This substantial financial backing not only grants us the capacity to invest in cutting-edge research and development but also highlights the government’s dedication to fostering growth in emerging sectors. The funding will empower the private sector to lead initiatives that push the boundaries of technology, positioning us at the forefront of semiconductor development. These strategic investments align with our pursuit of excellence, steering us toward a future where India takes a global lead in semiconductor innovation.”
Dr. Darshan Rana, Chairman and Managing Director, Erisha E Mobility Private Limited said “We are optimistic about measures like the concerted focus of the honourable Finance Minister on promoting electric mobility through the announcement of greater adoption of e-buses, which is truly encouraging for the EV industry and will equally support sustainable transportation solutions. However, there are certain areas where we believe the budget could have been more encouraging. For instance, a more robust policy framework for the adoption of electric vehicles (EVs) and announcements on the related infrastructure development would have been more beneficial for the industry. Additionally, greater incentives for EV manufacturing and research and development (R&D) activities would have further accelerated the growth of the EV industry. “
Siba Panda, Founder and Managing Partner, ValuAble “It was a promising interim budget! Honourable Finance Minister has provided a balanced outlook towards growth and promoting sustainability.
The invaluable focus on “Garib, Mahilayen, Yuva and Annadata” is a testimony to the government’s focus on protecting, uplifting, and promoting at the grassroots. Prima facie the tax rates have remained constant but the initiative to support tech-led youth and startup economy is remarkable. The PM Mudra Yojana that has sanctioned as many as 43 crore loans amounting to a whopping Rs. 22.5 lakh crore will build consensus with the ideology that is at the core of Viksit Bharat @2047. Although this budget has only earmarked major fund allocations, it is sure to boost confidence in the market and the market’s trust in the economy.”
Mr. Dhananjaya Bharadwaj – Co-founder & CEO at ParkMate “ParkMate applauds the interim Union Budget 2024-25 for its commendable focus on fortifying the electric vehicle ecosystem, a positive development for all parking management stakeholders. The government’s pledge to allocate a 1-lakh crore corpus with a 50-year interest-free financing scheme for private sector R&D holds tremendous promise, capable of ushering innovative solutions across sectors. Importantly, this substantial financial commitment not only empowers ongoing research and development initiatives but also lays the foundation for transformative, long-term projects. In addition, the extension of tax benefits to startups until March 31, 2025, reflects the government’s ongoing support for entrepreneurial ventures, including those in the auto-tech space like ParkMate”
Diana Mathias, Partner, N.A. Shah Advisors, “The In the ever-evolving landscape of industry, strategic innovation and robust infrastructure serve as the keystones of prosperity. The extension of tax incentives by another year for infrastructure and start up sector and providing interest free loans to sunrise sectors is not just a fiscal decision; it’s an investment in the vitality of our industries. This move is poised to infuse renewed energy and propel the engine of growth.”
Mr. Atul Gupta- Co-founder & Director at e-Sprinto “Certainly, particulars in regard to the E-Mobility mission and encouragement of EV infrastructure were missing in the speech, however, the budget did point towards creating ambitious policies towards adoption of EVs in the public transportation sector. Furthermore, since the budget has circumscribed the requirement to strengthen manufacturing of EVs and infrastructure, we can be sure that it stands high on the government’s agenda, and we do expect supporting policies to follow soon,”
Ms. Kavita Sharma, Co-founder and CEO, Ziyyara Edutech “As the Co-Founder and CEO of Ziyyara Edutech, I firmly believe in the transformative power of education, aligning with the progressive strides outlined in the National Education Policy 2020. PM Schools for Rising India (PM SHRI) exemplify our commitment to quality teaching, fostering holistic individuals. With thirty crore Mudra Yojana loans empowering women entrepreneurs and a commendable twenty-eight per cent rise in female higher education enrolment, we witness the impact of these reforms. The Skill India Mission, training 1.4 crore youth and establishing numerous institutions, resonates with our mission of accessible and personalized online tutoring. At Ziyyara Edutech, we stand proud in contributing to the educational landscape that empowers and equips the youth for a brighter future.”
Karan Aggarwal, CFA, Co-Founder & CIO , Elever “Budget is a big positive for power, renewable energy and railways sector with massive allocation to rooftop panel scheme, viability gap funding, railway corridors and railway modernisation. Old economy sectors such as infrastructure, cement and metals expected to extend rally well into FY 2024-25 with double-digit growth in infra outlay and plans of a housing scheme for middle-class and doubling of airports in India by 2030. Budget speech reflect confidence of ruling party to come back in power after elections in 2024 which is a net positive for investor sentiments.”
Dr. Somdutta Singh, Serial Entrepreneur, Founder and CEO Assiduus Global Inc, LP Angel Investor, Ex-Member of Niti Aayog on Startups and Women Centric Sector. “I welcome the budget and strongly align with certain cornerstones we’ve set keeping the growth of our nation in mind. One of the most important is definitely Nari Shakti. Empowering women is not just a vision; it’s a reality unfolding through entrepreneurship, dignified living, and educational strides. Over the past decade, this momentum has surged, symbolized by 30 crore Mudra Yojana loans empowering countless women entrepreneurs. With a 28% rise in female enrollment in higher education and 43% participation in STEM courses, women are scripting a new narrative of achievement, one of the highest in the world, in fact.
Over the last few years, our leaders’ unwavering belief in prioritizing the poor, women, youth and farmers is the linchpin of progress. The government’s steadfast commitment to their needs, aspirations, and welfare is evident. As we propel forward, the collective empowerment and well-being of these four major pillars – the poor, women, youth, and farmers – will shift the entire country towards unprecedented growth. Our Prime Minister’s unwavering belief in prioritizing the ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth), and ‘Annadata’ (Farmer) is the cornerstone of progress. Their progress is our progress, and their success is the driving force shaping our country’s future.
One more thing, the legal prohibition of ‘Triple Talaq’, 1/3rd reservation in legislative bodies, and over 70% ownership of houses under PM Awas Yojana in rural areas signify a monumental shift towards dignity for women. In the heart of rural India, 83 lakh self help groups or SHGs led by 9 crore women are transforming the socio-economic landscape, epitomizing empowerment and self-reliance. Their remarkable success has elevated nearly 1 crore women to the esteemed title of ‘Lakhpati Didi.’ These women are beacons of inspiration and shall be honored for their extraordinary achievements. Bolstered by their triumphs, the target for ‘Lakhpati Didi’ has been ambitiously raised from 2 crore to 3 crore.
We need to understand that when we empower the youth, we’re not just investing resources, we’re investing in our future. We unlock potential, innovation, and transformative energy that will shape a brighter and more resilient India. As we nurture the aspirations of the youth, be that in any form, give a boost to our ‘Make in India’ initiatives or to the startup ecosystem, we pave the way for a future where every dream can become a reality.”
Ms. Kajal Malik, Co-founder and CBO at PickMyWork “We understand this is an Interim Budget and did not introduce much on the policy aspect for startups specifically, nevertheless, with the allocation of an INR 1 lakh crore corpus for interest-free loans, the government not only acknowledges but firmly supports the pivotal role startups play in our economy’s fabric. The extension of tax benefits for another year further cements the commitment to nurturing the immediate needs of this vibrant sector. As we look ahead, we remain hopeful for policy reforms that will further invigorate angel and foreign investments, setting the stage for an unprecedented era of growth and opportunity post-elections. This budget, indeed, is a testament to the belief that startups are not just businesses, but the very backbone of our nation’s future prosperity.”
Mr. Chakravarthi C. – Managing Director – Quantum Energy “The emphasis on eco-conscious initiatives in the previous budget, with environmental sustainability among the top 7 priorities, set a commendable precedent. In today’s budget, this commitment is not only sustained but elevated, reflecting a clear understanding of the urgent need to address environmental challenges. While applauding the positive aspects of the interim budget, we note certain expectations that remain unmet. The imminent expiration of the FAME II subsidy program by March 2024 sparked hopes for its extension, aligning with the government’s ambitious 2030 target of 30% electric vehicles on Indian roads. An extension would have solidified support for the EV industry. Furthermore, a substantial reduction in GST on lithium-ion battery packs and cells, from 18% to 5%, would have alleviated manufacturing costs, making EVs more competitively priced and boosting consumer adoption. The absence of a standardized policy for the battery-swapping market is also a missed opportunity. A unified policy would enhance safety, streamline charging infrastructure, and create a more reliable and secure environment for EV users. As we look forward to the full budget post-general elections, we hope these crucial aspects receive due consideration for the sustainable growth of the electric vehicle sector.”
Mr. George Alexander Muthoot, MD, Muthoot Finance “FM’s interim budget is balanced from the point of view of adhering to fiscal prudence, boosting infrastructure growth and prioritizing focus on four key sections of the economy – the poor, women, youth and farmers. We believe the FM’s focus on higher outlay for infrastructure will help in boosting the broader economy and in the long term will boost investment activity. The government’s support to MSMEs, women entrepreneurs and the agricultural sector aptly aligns with our aim to provide credit support to MSMEs, small business owners, farmers and women entrepreneurs thereby addressing their economic needs. FM’s focus on addressing housing challenges by building two crore additional homes under the PM Awas Yojana-Grameen is certainly positive for boosting the housing sector. While inflation has been a concern globally, FM’s focus on staying on the path of fiscal prudence in the interim budget, will surely be an enabler for stable interest rate scenario in the economy and bodes well for the overall financial sector.”
Neeraj Bansal, Co-Head & COO – India Global, KPMG in India. “Budget 2024 has underlined once more the continuity in this government’s economic policies with a sharpened approach towards accelerating the Indian economy through capital expenditure spending, green growth, digital infrastructure and innovation. Given the government’s vision of Amrit Kal, development and innovation are justifiable cornerstones of budget declarations. The budget’s increase in capital investment outlay for the fourth time in a row—up by 11.1 per cent to a total allocation of INR11.11 lakh crore—will sustain the momentum the Indian economy is currently enjoying, stimulating private capital expenditure, driving economic growth and increasing consumption. Further emphasising efficient logistical development under the PM Gati Shakti initiative, three major railway corridors have been announced, which are expected to significantly enhance India’s supply chain ecosystem. The fiscal deficit in 2024–25 is estimated to be 5.1 per cent of the GDP, which is expected to be reduced further below 4.5 per cent by 2025–26, thereby revitalising the economy further.
The budget’s focus on research and innovation—with a corpus of INR1 lakh crore with a 50-year interest free loan—is a significant move given India’s aspirations of being a USD5–7 trillion economy by 2030. Further, the emphasis on green energy, announcement of rooftop solarisation and the fostering of the EV ecosystem underline the government’s priority on sustainability.
Affordable housing continues to remain a priority. The PM Awas Yojana Gramin has had a good performance despite the disruptions due to the pandemic. While 3 crores houses have already been built, the FM announced an additional 2 crore more houses to be taken up in the next five years under this scheme. Further, the announcement of financial aid to middle classes living in rented houses, slums or unauthorised colonies to buy or build their own houses is a welcome move as ‘housing for all’ is a significant marker of economic progress and a developed country.”
Nandini Mansingka, CEO of Mumbai Angels. “The Union Budget announced looks very promising to see long-term investments with a significant increase in capital expenditure with initiatives in EV, agricultural tech, and logistics industry. The government is taking technology adoption across various sectors and usage very seriously and looking at ways technology can benefit everyone, also by providing a corpus of Rs 1 lk cr will be established with 50 yr interest-free loan tech-savvy growth.”
Mr. Anuj Kumbhat, Co-Founder & CEO, WRMS “The interim budget 2024 reflects a commendable commitment to supporting our ‘Annadata’—the farmers, who are the backbone of our nation. The allocation of direct financial assistance to 11.8 crore farmers through PM-KISAN SAMMAN Yojana, along with crop insurance for 4 crore farmers under PM Fasal Bima Yojana, underscores the government’s dedication to safeguarding the agricultural community. The emphasis on value addition in the agricultural sector and efforts to boost farmers’ income is a welcome step that aligns with the broader goal of enhancing food production for our country and the world.
The success of initiatives like Pradhan Mantri Kisan Sampada Yojana, benefiting 38 lakh farmers and creating 10 lakh employment opportunities, showcases the positive impact of strategic policies. Additionally, the Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana, aiding 2.4 lakh SHGs and sixty thousand individuals with credit linkages, demonstrates a holistic approach towards uplifting the rural economy.
Overall, the budget’s focus on reducing postharvest losses, improving productivity, and augmenting farmers’ incomes reflects a comprehensive strategy to strengthen the agricultural sector, ensuring sustainable growth and prosperity for our ‘Annadata.'”
Mr. Sumit Aneja, Founder, Speedways Electric “In the pursuit of a greener and more sustainable future, the greater adoption of e-buses within public transport networks emerges as a pivotal step. Not only do electric buses significantly reduce carbon emissions, but they also contribute to cleaner and quieter urban environments. To fortify the e-vehicle ecosystem, it is essential to focus on infrastructure development, battery technology advancements, and supportive policies.
One critical aspect that requires attention is the implementation of a robust payment security mechanism. As e-buses become more prevalent, ensuring secure and efficient payment systems will be vital for user convenience and trust. Integration of secure digital payment methods, encrypted transactions, and real-time monitoring will not only streamline the payment process but also safeguard user data.
As we reflect on the budget 2024, it is encouraging to witness a commitment to fostering sustainability and technology-driven initiatives. The increased allocation for e-mobility infrastructure, research, and development signifies a forward-looking approach. This budget reflects the government’s dedication to steering the nation towards a cleaner, more energy-efficient future. Together, with a strengthened e-vehicle ecosystem and enhanced payment security mechanisms, we can accelerate the transition towards sustainable urban transportation, benefitting both the environment and the well-being of our communities.”
Mr Chitranshu Mahant, CEO and Co-Founder, Primebook “We commend the government for its efforts towards upskilling millions of youths through the Skill India Mission and establishing new ITIs and higher learning institutions. The increase in female enrollment in higher education by 28% in the last 10 years is a significant step towards gender equality in education, and we are pleased to see the government’s commitment towards this cause. These efforts will help learners in India become world-ready and equip them with the necessary skills to succeed in the global workforce. However, learners need access to affordable technological tools that cater to their needs to make this a reality. The digital infrastructure has become a crucial aspect of education, and the government must prioritize affordable technology and digital literacy for all in their future policies. As a brand dedicated to eliminating the digital divide in the country, we strongly urge the government to recognize the importance of digital inclusion and take substantial steps to make affordable technology accessible to all learners in India.”
Dr. Tulsi Jayakumar, Professor, Finance & Economics, Executive Director, Centre for Family Business & Entrepreneurship, Chairperson, Post Graduate Programme in Family Managed Business at SP Jain Institute of Management and Research (SPJIMR) “Today’s budget, although a Vote of Account, is important for the policy directions provided were the government to come back to power in the Lok Sabha Elections 2024. The biggest challenge today is to revive animal spirits and promote private investment. The FM has announced an increase in government outlay by 11.1% on capital expenditure. This together with a reduction in the Fiscal Deficit -government borrowings essentially — from 5.8% of GDP in 2023-24 to 5.1% of GDP in 2024-25, is expected to facilitate greater borrowings by private sector. Such capex had increased by 33% in the previous budget as well, however had not really spurred private investment. The challenge for the government will be to ensure private final consumption expenditure to increase and keep the inflation under control.”
Mr Manoj Nair, Head of India GDC, Fujitsu India “We welcome India’s Union Budget 2024-25 unveiled today and applaud the Indian Government for putting digitalization, inclusive and sustainable development, and enhanced capabilities and contribution to the generation of resources to power investments at the core. As the demand for tech talent surges, the Government’s Skill India Mission has played a pivotal role in stemming the talent gap in the IT industry. With 1.4 crore youth upskilled and reskilled the announcement of higher learning institutions including IITs and IIMs will help India address the AI skill crunch and bridge the gap effectively. Additionally, the Government’s corpus of Rs 1 lakh crore with a 50-year interest-free loan will encourage the private sector to scale up research and innovation significantly in sunrise domains. This will be a big boost for tech-savvy youth and help the Nation strengthen capabilities in the deep tech sector. The government’s continued focus on EV ecosystem is indeed a pragmatic step forward and will continue to help India succeed in achieving its long-term decarbonization objectives. This is an exciting time for the country’s green industrial and economic transition. At Fujitsu, we are committed to providing sustainable transformation and supporting green growth and we shall continue as strong partners in helping the nation in its journey towards net-zero!”
Srividya Kannan, Founder and CEO, Avaali Solutions “The Interim Union Budget India 2024 unwraps a portfolio of measures that exude optimism for the future. The projected path to economic resurgence, coupled with a commitment to inclusive growth and innovation, sets the stage for India to continue its journey as a beacon of progress in the global arena.
Two noteworthy announcements, brimming with potential for transformative impact: the continued robust expansion of the Skill India Mission and a laudable push toward enhancing female enrollment in higher education. The former, an ambitious endeavour to upskill the youth workforce, has already begun painting a success story of empowerment and employability. Meanwhile, the latter underpins a strategic move toward inclusivity and gender parity, recognizing that the true strength of the nation lies in equipping all its citizens to contribute to the economic and social fabric with equal fervour.
The allocation of interest-free loans to stimulate innovation is not just a fiscal transaction but an investment in the unbridled ingenuity of Indian minds. By easing the financial burden on entrepreneurs and start-ups, the government fosters an environment where bold, forward-thinking ventures can flourish without the stranglehold of interest payments. This will ultimately bolster India’s reputation as a hub for innovation and drive the indigenous tech ecosystem forward. With an already burgeoning talent pool, focused investment in innovations, including in the technology sector, will likely yield significant returns, catalyzing the development and adoption of innovative solutions across industries.
Given the rising complexity of working with banks, it will be interesting to see how these are being implemented, with a focus on ease of adoption.”
Mr. Gaurav Sahay, Practice Head (Technology & General Corporate), Fox Mandal & Associates “Deep tech innovation is transforming sectors such as Deep Tech, Healthcare, and Clean Energy are bolstering India’s global economic competitiveness. In the interim Budget 2024, tax rates, including import duty, remain steady. However, start-ups will benefit from tax exemptions for specific IFSC units that are extended to March 2025. FM Sitharaman has allocated ₹1 lakh crore for interest-free loans, stimulating private sector research that would particularly aid deep tech startups. The economic policies aim to sustain growth, foster inclusive development, enhance productivity, create opportunities, and generate resources for investments and aspirations.”
Manoj Purohit, Partner & Leader, Financial Services, Tax & Regulatory Services, BDO India “In recent years, the start-up ecosystem in India has expanded rapidly to emerge as a major driver of economic growth. The finance minister’s proposal to extend the tax holiday by another year is bound to accelerate the progress and give impetus to new entrepreneurial pool. Start-ups and investments made by sovereign wealth funds/pension funds, certain IFSC units will get a tax break for one more year thereby leading to increasing in foreign capital inflows in India.”
Mr. Milan Sharma, Founder & MD, 35North Ventures, SEBI Regulated VC Firm based out of Mumbai. “In my opinion it is a very balanced budget keeping in view that it was an election year. The fiscal deficit has been reigned in 5.8 for FY-24 and projected at 5.1 for FY25. The increased allocation towards capital expenditure by 11.1% will enhance India’s infrastructure further propelling growth for the nation. Infrastructure sector will play a key role in achieving a $5 trillion economy. Schemes for rooftop solarization for electricity generation, affordable housing and medical infrastructure will allow the nation to grow on the regional level.
Overall, the budget is well balanced and focusing towards the major pain points such as infrastructure, medical infrastructure and agriculture. Prime focus has been towards building a self-sustainable economy.”
Mr. Rohit Chouhan, Chief Executive Officer, Nabhdrishti Aerospace “In a crucial move to fortify the growth of private sector R&D and defense sector, the government’s announcement of providing long-term loans at negligible or zero interest emerges as a vital imperative. The development of cutting-edge technologies for defense demands substantial capital investment and endures a protracted gestation period. The scarcity of capital particularly hampers the prospects of startups and small enterprises, hindering their ability to compete with formidable global entities.
Furthermore, the initiative holds the potential to spur economic growth by creating employment opportunities within the defense sector. As India strives for “Atma Nirbharta” in defense capabilities, strategic investment in innovative projects becomes paramount. In the face of global uncertainties, a robust, self-reliant defense sector is pivotal for national security. Thus, the proposition of extended, low-interest loans emerges as a strategic step towards bolstering the resilience and competitiveness of the defense industry, ensuring a secure and technologically advanced future.”
Rohan Rai, Co Founder of Edupull said, “The figures presented pertaining to women empowerment both in education and entrepreneurship are incredibly encouraging. We believe education is the key to unlocking women’s potential, and we are thrilled to see the government prioritizing initiatives that support their journey towards academic and entrepreneurial success with the extension of Mudra Yojana loans to 34 crore women entrepreneurs. Access to capital is a major hurdle for many aspiring women entrepreneurs. Expanding the Mudra Yojana scheme is a game-changer, and we believe it will empower countless women to turn their dreams into reality. This initiative has the potential to create a wave of female-led businesses, driving economic growth and social change.
Biraja Rout, founder of Biggies Burger said, “I welcome the positive measures announced in Budget 2024, particularly those aimed at supporting the growth and innovation of young businesses like ours.
Extending tax benefits for startups until 2025 is a crucial step in nurturing the entrepreneurial spirit and fostering a vibrant startup ecosystem. This policy certainty will allow us to invest more in expansion, technology, and talent, ultimately creating more jobs and contributing to India’s economic growth.
The increased threshold for presumptive taxation for retail businesses like ours from ₹2 crore to ₹3 crore is another welcome move. This simplification of tax compliance will reduce administrative burdens and allow us to focus on serving our customers better.
However, we believe further measures could be taken to unleash the full potential of the startup ecosystem. Lowering corporate tax rates for startups and providing easier access to capital would further incentivize innovation and risk-taking. Additionally, streamlining regulations and promoting ease of doing business would create a more conducive environment for young entrepreneurs. Overall, Budget 2024 takes a positive step towards supporting startups.”
Kalyan Sivaraman, Founder of 5C Network, “a Tata 1MG backed digital diagnostics startup said, “Budget 2024 recognizes the crucial role of technology and youthful ambition in shaping India’s future. By combining these forces, we can revolutionize healthcare delivery, making it more accessible, efficient, and personalized. The creation of a dedicated fund for technology-driven startups with long-term, low-interest financing is a bold move that will unlock immense potential. As an entrepreneur who has navigated the challenges of funding in the health tech space, I understand the transformative power of such initiatives. This will empower young innovators like myself to translate their ideas into impactful solutions, propelling India’s journey towards becoming a global leader in healthcare innovation.
Extending tax benefits and exemptions until March 2025 is a welcome move. This provides much-needed stability and runway for young companies like 5C Network to navigate the challenges of growth. However, the devil lies in the details. We look forward to understanding the specific eligibility criteria and streamlining the application process to ensure ease of access for genuine startups.
The focus on setting up medical colleges by leveraging existing infrastructure is commendable. This can potentially address the shortage of qualified healthcare professionals and improve access to quality care. However, we urge the government to prioritize digital healthcare infrastructure as well. Initiatives like telemedicine and remote diagnostics can significantly expand reach and affordability, especially in underserved areas.”
Trideep Bhattacharya, President & Chief Investment Officer- Equities, Edelweiss MF “In an election year, the budget adeptly strikes a balance, prioritizing sensibility over populism. It showcases India’s unwavering commitment to infrastructure development, coupled with a steadfast adherence to fiscal prudence. This paves the way for sustained growth, steering the nation along the trajectory towards achieving a developed economy by 2047.”
Dheeraj Bansal, Co-founder Recode Studios, “We find great optimism in the recent interim budget presented by Mrs. Nirmala Sitharaman. The budget not only underscores India’s ambitious growth vision but also places a strong emphasis on inclusive growth and sustainable development, acknowledging our country’s position as a global economy. The Finance Minister’s statement regarding the significant improvement in the Indian economy over the past ten years strikes a deep connection with the spirit of entrepreneurship that propels the retail, MSME, and startup industries. The decision to maintain existing tax rates for both direct and indirect taxes in the retail sector is a welcome move, providing stability and predictability to businesses. This not only creates a favorable atmosphere for new businesses but also stimulates the expansion of essential elements of our economy. With revised estimates at 5.8% of GDP, this budget sets the stage for a collaborative and thriving ecosystem. As we navigate these dynamic times, I believe that this budget will fuel the entrepreneurial spirit, driving our industries towards unprecedented growth and success. While the interim budget provided a broad overview, we eagerly anticipate the detailed budget’s insights into specific measures for the retail sectors.”
Hemang Jain, Founder & Director of The Love Co. “The recent budget announcement has ignited a wave of excitement and optimism within the startup community. Enhanced tax benefits, increased funding, and a deep focus on research and development are fueling entrepreneurial spirits. These measures are seen by startups as pivotal drivers for innovation and expansion, providing the essential financial backing and nurturing environment they need to flourish. The commitment to skill enhancement aligns perfectly with the demands of the startup landscape, heralding a future with a more capable and proficient workforce. As this budget unfolds, businesses are gearing up to seize these new prospects, paving the way for a vibrant and robust entrepreneurial ecosystem.”
Rishabh Sethia, Director, MARS Cosmetics “The budget serves as a strategic Guidelines for both the retail and startup industries, presenting a dual narrative of obstacles and opportunity. Retailers welcome the GST amendments as a possibility for higher consumer spending, while they navigate customs tariff modifications that may affect their global supply chains. Simultaneously, entrepreneurs are encouraged by longer tax breaks and expanded funding allocations, which align with a larger aim of supporting innovation and growth. The e-commerce business is at a crossroads, with new laws prompting online platforms to rethink their tactics, while traditional shops welcome the possibility of a more fair playing field. As these industries navigate the fiscal landscape, flexibility and strategic agility emerge as critical to thriving in a changing economic paradigm.”
Nidhi Gupta, Founder & CMO at French Essence “As a woman entrepreneur, the current budget reflects a genuine recognition of the critical role women play in both the startup and retail industries. Extended tax breaks and higher financial allocations not only encourage innovation, but also pave the path for more diverse and inclusive business operations. The emphasis on skill development is especially empowering, since it provides a platform for women to improve their capabilities and make important contributions to these dynamic industries. The budget’s regulatory focus on e-commerce is an important step toward building a more equitable and competitive environment for women-led enterprises in both traditional and online retail.
This budget acts as a beacon, ushering in a transformative era for women entrepreneurs by creating an environment in which their abilities and efforts are recognized and promoted.”
Himanshu Adlakha, Co-founder of Winston India, “ Since this was an interim budget, there was not much regarding the e-retail sector, we anticipate much more in the upcoming budget in July. This budget reinforces India’s commitment to inclusive growth and sustainable development, establishing our country as a major player in the world economy. The prospect of monetary support for the Open Network for Digital Commerce (ONDC) program is particularly encouraging. This groundbreaking initiative has the potential to revolutionize the landscape for micro, small, and medium-sized businesses (MSMEs) in the e-retail sector. The focus on standardizing data and processes through ONDC is a significant stride towards empowering e-retail entrepreneurs. This will not only enhance productivity but also foster a vibrant ecosystem for MSMEs to thrive on various e-retail platforms. In an era of technological advancement, a budget that supports online businesses, reduces regulatory processes, and provides financial incentives is instrumental in driving our ambitions and contributing to the expansion of the e-commerce industry. This budget lays the groundwork for a positive transformation in the Indian economy with revised estimates at 5.8% of GDP.”
Dr Nisha Bhatnagar, MBBS. MD (ObGyn), Medical Director of Infinite Fertility “We applaud the visionary step taken by the government, to prioritize vaccination against cervical cancer for girls aged 9 to 14, as announced as part of the Interim Budget 2024. The move is a critical step towards public, specially women, health through preventive measures in combating life-threatening diseases. As a recent contributor to cervical cancer prevention through our collaborative efforts with Aveya Fertility, we believe this initiative aligns seamlessly with our mission to enhance the well-being of individuals globally.
By investing in preventive healthcare, the government is not only safeguarding the health of the nation’s future generation but also reducing the burden on healthcare infrastructure. This initiative resonates with our commitment to advancing health outcomes through innovative solutions. We will be happy to support and collaborate with the government in achieving the shared goal of a healthier and happier society.”
Mr. Abhinav Jain, Co-Founder & CEO, Almonds AI.“Government’s forward-looking budget aligns remarkably well with the impetus required for the AI and technology sectors. The focus on digital infrastructure lays a robust foundation for innovation, and the commitment to skill development among youth mirrors the mission to empower the next generation with AI capabilities.
The support for electric vehicles and clean energy initiatives resonate with the Green Loyalty Program, reinforcing belief in sustainable technological advancement. This budget not only catalyzes a tech-driven economy but also heralds a golden era for companies like ours at the intersection of AI and market technology. We are eager to contribute to this transformative journey and commend the government’s vision for a tech-empowered, inclusive growth trajectory.”
Mr. Mazhar Syed, Director, Asmita India Realty “The swift advancement of infrastructure, spanning physical, digital, and social aspects, indicates an era of unparalleled progress. Every part of the country is actively contributing to economic growth. In the 21st century, Digital Public Infrastructure becomes a crucial element in production, significantly contributing to the organization of the economy. Our vision for ‘Viksit Bharat’ is that of a Prosperous Bharat in harmony with nature, with modern infrastructure, and providing opportunities for all citizens and all regions to reach their potential. As we construct, connect, and introduce new ideas, our collaborative endeavors are molding a future where comprehensive growth flourishes on a sturdy and interconnected infrastructure.”
Pritesh Mahajan, Co-Founder & CEO of Revamp Moto “The electric vehicle industry has exciting potential for the Interim Budget of 2024. A big step towards a sustainable future has been taken by the government’s commitment to developing the EV ecosystem, assisting with production, and funding charging infrastructure. In addition to being in line with our environmental objectives, the focus on promoting e-buses for public transport and the implementation of a bio-manufacturing programme open doors for creative, sustainable alternatives. Furthermore, a comprehensive strategy is shown by the actions taken to harness offshore wind energy and encourage the gradual integration of biogas into natural gas. This budget not only jumpstarts our path to “net-zero,” but it also ushers in a new era of environmentally friendly growth and conscientious manufacture for Revamp Moto and the entire EV industry.”
Mr. Ankur Gigras, CEO and Co-founder, HexaHealth “The interim budget was just released, and the emphasis on a comprehensive GDP, incorporating governance, development, and performance was evident. The proposed fiscal estimate reinforces a people-centric agenda and promises great enhancement in Indian healthcare. As per WHO, cervical cancer ranks as the fourth most prevalent cancer among women, posing a significant challenge for the Indian population. The budget forecast has thus put focus on prioritising precautionary healthcare by encouraging vaccination in girls of 9-14 years for cervical cancer. This initiative is a great step to help in the diagnosis and prevention of cervical cancer in girls at an early age. Additionally, the finance minister mentioned extending the Ayushman Bharat scheme to include ASHA and Anganwadi workers, which reflects inclusivity by recognising their invaluable role in our health system. The finance minister expressed her futuristic expectations during the provisional budget, ensuring the necessary support. The vision for 2047 is full of commitment to providing abundant opportunities for our country. It has motivated the healthcare sector to continue contributing to holistic development and achieve great heights.”
Jasdeep Singh, Group CEO, CARE Hospitals Group “The 2024 Union Budget places a pivotal emphasis on enhancing healthcare services, particularly in tier II cities and rural areas. Aligned with the overarching theme of women empowerment, the budget addresses the healthcare sector comprehensively. A noteworthy initiative is the improvement and fortification of the rural healthcare system, a move that stands to benefit women and children significantly. The extension of the Ayushman Bharat Yojana to include all ASHA and Anganwadi workers ensures that healthcare becomes accessible and affordable for all.
Cervical cancer, a prevalent health concern, is addressed through the introduction of vaccination for girls aged 9-14, a pivotal step in preventing the disease and raising awareness. The consolidation of maternal and child healthcare schemes into a comprehensive program aims to empower the vulnerable groups, especially women and children. The government’s commitment to setting up more medical colleges, utilizing existing hospital infrastructure, reflects a strategic approach to strengthening the healthcare system.
The ‘U-Win’ platform for managing immunization, along with the intensification of Mission Indradhanush, will be rapidly implemented across the country. The government’s multifaceted approach in this budget underscores a dedication to quality healthcare, particularly in tier II cities and rural regions. We are glad that we are aligned with the Government’s plans as we will continue to focus on tier II cities and rural areas to cater quality healthcare efficiently.”
Rajendra Chitale, Chief Finance Officer, Crayon Software Experts India “Today the honorary Union Finance Minister Nirmala Sitharaman presented the interim budget for FY2024-25. The call for Viksit Bharat i.e. Developed India will be the north star for businesses to ‘Reform, Perform and Transform’. The efforts to realise the dream of developed India by 2047 are idealistic and we at Crayon look forward to contributing towards this goal. The focus provided by the government in upskilling and reskilling 54 lakh youths and training close to 1 crore youths through the Skill India Mission instils confidence in the technology sector to utilize the country’s existing talent pool. The Trinity – Demography, Democracy and Diversity will help businesses of all sectors to put in efforts to provide employment opportunities and aid them in sustainable development. The Union FM’s mention of the importance given to the ease of doing business by supporting MSMEs through technology and financing is what the industry is looking forward to. The businesses are expecting a strong policy around investment needs and a regulatory framework aligning with the Panchamrut goals. The most encouraging news has been that how the country is witnessing a strong women enrollment in universities where 43% of them are for STEM education, the highest in the world. This resonates with the initiatives companies similar to Crayon are taking in to create a diversified work environment with more presence of women in the workplace.”
Prashanth GJ, CEO, TechnoBind Solutions “The interim budget presented this year by the Union Minister Nirmala Sitharaman shows promise of what is to be expected next in terms of development for the technology verticals. The prominence given to the youth, startups and women is in the current momentum we are witnessing in India and globally. Viksit Bharat or Developed India by 2024 is the target and we as a nation are on the right path to fulfilling this goal. The promise of the Union FM around developing the financial sector with scale, capacity and regulatory frameworks for meeting investment goals is much needed to expel the current idea of ‘funding winter’. The announcement of establishing a corpus of Rs 1 lakh crore providing 50-year long-term interest-free loans, long-term financing and refinancing with low or nil interest will invigorate the innovators and the youth of India. This can be a strong foundation for continuing the stance of Atmanirbhar Bharat and the Make In India initiative. The encouragement given to the private sector to scale innovation and research along with the development of Deep Tech for the defence sector will help in the free-flow of opportunities by and for the youth. Lastly, The enrolment of women in STEM education which is at 43%, the highest in the world as quoted by the Union FM strengthens the efforts put in by organizations to have an inclusive workforce,”
Mr. Tarun Sharma, Founder and CEO, Yodda – Elder Care “The interim budget showed a glimpse of promoting the startup ecosystem in India but didn’t have much takeaway for the senior citizens. It was positive to see that certain tax exemptions for startups and IFSC units, which were expiring on March 31, 2023, have now been extended till March 31, 2025. There is an urgent need to address the growing challenges faced by senior citizens in India by making various elder care services more affordable and accessible. With no change in income tax slabs and continued higher GST rates on various elder care services offered by private players, including at-home elder care services, there is an urgent need to address these challenges. We need robust economic policies that foster the growth of the elder care service sector in India and make such services affordable.”
Mr. Sriram Kannan, Founder & CEO, Routematic “The government has shown a progressive stance towards its commitment to building and strengthening the EV ecosystem. By supporting EV manufacturing, enhancing charging infrastructure, incentivized adoption of e-buses, coupled with robust payment security mechanisms, the government is paving the way for a more environmentally friendly and sustainable mode of transportation. This holds particular significance for corporate transport as it should help boost the corporate sector’s goals of embracing green mobility and contributing to a cleaner and greener future”
Gen. Dr. S.P. Kochhar, Director General, Cellular Operators Association of India (COAI) “The Interim Budget presented by the Finance Minister today reemphasized the government’s economic policies and the commitment to sustained growth, improving productivity and creating opportunities with a focus on skilling and reskilling. In a significant gain for the telecom sector just before the interim budget, the current customs duty exemption granted to vessels engaged in laying submarine cables in India – which lapses on 31st March 2024 – was extended up to 30th September 2024. Telecom companies depend heavily on submarine cables for the high-speed transfer of data around the globe and this step will help in following the compliances.
The announcement of a corpus of ₹1 lakh crore for the technology sector is a positive measure as access to capital is a critical factor to support innovation and growth. The long-term, interest-free or low interest rate loans and focus on deep tech will further encourage the private sector to scale up research and innovation.
We are hopeful that in the post-election full budget, the industry’s suggestions to reduce regulatory levies like License Fee, deferring USOF contribution till the existing funds are exhausted, exemption of Basic Customs Duty (BCD) on Telecom equipment, waiving of GST on regulatory payments and refund of ITC, among others, will be considered and addressed by the Government during the course of the year.”
Mr. Agendra Kumar , Managing Director, Esri India “The 2024 Interim Budget has placed a robust emphasis on fostering innovation and embracing cutting-edge technologies to realize the ambitious goal of ‘Viksit Bharat by 2047.’ It rightly underscores the pivotal role that technology plays in shaping our economic landscape. A notable strategic move is the allocation of a 1-lakh crore corpus through a 50-year interest-free loan, aimed at incentivizing the private sector to elevate their investments in Research and Development (R&D) and propel digital innovation. Financial backing provided to start-ups is also poised to make the ecosystem flourish and contribute significantly to the overall economic landscape. This forward-looking budget not only fuels the growth of the IT sector but also actively supports a comprehensive skills development ecosystem, ensuring the creation of a workforce that is geared for the future. As technology continues its rapid advancement, the 2024 interim budget emerges as a catalyst, steering the IT sector, including the robust geospatial sector toward sustainable excellence and global competitiveness. The visionary initiatives outlined in this budget position India on the trajectory of becoming a technological powerhouse, laying the foundation for a prosperous and globally influential nation.”
Bimal Khandelwal, Chief Financial Officer, STT GDC India “The Union Budget 2024-25 presents encouraging prospects for the technology and digital infrastructure sector. The substantial increase in FDI inflow and the commitment to negotiating bilateral investment treaties signal a favourable environment for sustained foreign investment, aligning with the digital aspirations of the nation.
The noteworthy outlay of Rs 11.11 lakh crores for infrastructure development, with a focus on technology, is a promising move. This budget holds the potential to positively impact the data centre industry, fostering innovation and growth. The emphasis on technology, innovation, and infrastructure aligns seamlessly with the evolving needs of the data centre sector, and we anticipate contributing significantly to India’s digital journey.”
Mr Manoj Nair, Head of India GDC, Fujitsu India “We welcome India’s Union Budget 2024-25 unveiled today and applaud the Indian Government for putting digitalization, inclusive and sustainable development, and enhanced capabilities and contribution to the generation of resources to power investments at the core. As the demand for tech talent surges, the Government’s Skill India Mission has played a pivotal role in stemming the talent gap in the IT industry. With 1.4 crore youth upskilled and reskilled the announcement of higher learning institutions including IITs and IIMs will help India address the AI skill crunch and bridge the gap effectively. Additionally, the Government’s corpus of Rs 1 lakh crore with a 50-year interest-free loan will encourage the private sector to scale up research and innovation significantly in sunrise domains. This will be a big boost for tech-savvy youth and help the Nation strengthen capabilities in the deep tech sector. The government’s continued focus on EV ecosystem is indeed a pragmatic step forward and will continue to help India succeed in achieving its long-term decarbonization objectives. This is an exciting time for the country’s green industrial and economic transition. At Fujitsu, we are committed to providing sustainable transformation and supporting green growth and we shall continue as strong partners in helping the nation in its journey towards net-zero!”
Alekh Sanghera, (Co-founder and CEO, FarMart) ‘’Budget 2024-2025 is a great step towards a promising and bountiful agritech future. The budget provisions strengthening agriculture value chains through food processing infrastructure, minimized wastage and crop insurance.
We, at FarMart, echo the vision of PMKSY & PM-FME, bridging the farm-to-fork gap. Better market access and post-harvest management empower smallholders with sustainable income. We are aligned with the government’s vision to boost productivity and farmer welfare through incentives around credit access, infrastructure, and public-private collaboration. This budget fuels India’s agritech ecosystem, ensuring local and global food security.”
Parag Mehta, Partner, N.A. Shah Associates, a 58 year old CA firm “GST Council had in its 50th Meeting on 11th July 2023 had proposed amendment to be made in GST law to make Input service Distributor (ISD) mechanism mandatory for allocation of common expenses. Suitable amendments have been introduced in the CGST Act for the same in the interim budget. The mechanism of cross charge and ISD will have to be reviewed and brought in line with the proposed amendments by all business entities having multi state presence. Suitable amendments are also proposed for manner of distribution of Input Tax Credit between distinct entities (i.e. inter branch units in different states). Additional compliance and change in accounting system will have to be made by the trade.”
Chirag Mehta, CIO, Quantum AMC “Prudent, not populist budget”
“There was an expectation that given it’s an election year, the budget could tilt more populist with more support for rural sector. However, contrary to expectations, the government continues to be driven by development and fiscal prudence as the central focus. Given the economic growth momentum , there was need for assuring macroeconomic stability which has been judiciously crafted to give way for fiscal consolidation. The lower tax collection assumption could either be conservative or government signal to assume some growth moderation going forward. The government continues it capital expenditure spending with on Inclusive development with Agri, Infra (including housing) and Green ecosystem as the key thrust areas with an emphasis on Research and Technological developments. There was a need to support manufacturing momentum and way to revive rural economy. However, probably that could be part of the main budget that gets presented in July as government plans to showcase a pathway for Developed India.”
Mr. Varun Kalsi , Global Head of Business & Family Solutions, Lighthouse Canton “The FM’s budget reiterates the GoI’s unwavering commitment towards promoting the Gujarat International Finance Tec-City as the first choice for Indians considering exposure to global public and private markets. There is no doubt that the IFSCA is doing its best to iron out all creases and remove any obstacles that stand in the way of this avowed objective. In fact, IFSCA has very quickly earned the reputation of being an extremely proactive and patient regulator. Indeed, this is a feather in the regulator and the GoI’s caps.”
Pankaj Pathak, Fund Manager- Fixed Income, Quantum AMC “This is a very good budget for the bond market as the government chose fiscal prudence over populist spending. The budgeted fiscal deficit of 5.1% of GDP is lower than even the lowest of market estimates. Faster fiscal consolidation and consequent decline in the government’s market borrowing should drive bond yields lower and bond prices higher. Another positive aspect is that the government has pegged only a moderate growth in the non-capex expenditure. This should keep inflation under check and provide enough headroom to the RBI to cut interest rates. We expect long term bonds to do well in 2024. Investors can capture this opportunity with dynamic bond funds which are invested in long term bonds.”
Alok Kashyap, Founder and CEO at Yatiken Software Solutions “In line with the government’s ambitious vision of technology contributing 20-25% to the GDP by 2025, this forward-looking budget charts a promising course for the IT sector. The allocation for EV infrastructure development is particularly noteworthy as it opens avenues for software development in EV systems, IoT integration, and data analytics. The 1-lakh crore corpus for long-term financing is another indispensable boon for the IT industry, fostering innovation and research. Moreover, the Skill India Mission’s initiatives and tax benefits for startups provide a robust foundation for skill development and entrepreneurial growth.”
Manish Kumar, CEO & Founder of KredX said, “As anticipated, this Interim Budget did not feature major announcements or changes; however, it instills confidence within the business community, signaling the government’s ongoing commitment to fostering a favorable environment for entrepreneurs, startups, and the MSME sectors.
The allocation of a ₹1 lakh crore corpus, accompanied by a 50-year interest-free loan for research and innovation, emerges as a transformative catalyst for long-term financing, particularly propelling innovation within sunrise sectors, especially amid the post- “funding winter” phase. For fintechs particularly, this significant financial backing offers an opportunity to revolutionize financial services through advancements in blockchain, artificial intelligence, and data analytics, fostering efficiency and security. Moreover, the infusion of funds can drive the implementation of cutting-edge technologies like IoT and automation, optimizing processes and bolstering overall operational resilience.
Furthermore, the extension of tax benefits for startups until 2025, alongside the government’s ‘First Develop India’ focus on Foreign Direct Investment (FDI) policies, underscores the commitment to supporting and strengthening entrepreneurial efforts. This strategic move not only extends a favorable period of tax incentives for startups, promoting their sustained development but also aligns with India’s economic priorities by fostering an environment conducive to both domestic and international investment. These forward-looking policy measures not only stimulate innovation and job creation but also lay the foundation for enduring economic development, positioning India as an enticing destination for startup ventures and foreign capital alike.
Moreover, the government’s dedicated focus on the Skill India Mission, geared towards creating an advanced nation, holds the potential to generate employment opportunities, drive technological advancements, foster entrepreneurship, and promote inclusive growth. The upskilling of youth and the establishment of new ITIs represent significant strides in the right direction, aligning seamlessly with our vision for innovation and global market leadership while simultaneously creating fresh employment prospects.
However, the budget reveals a shortfall in capital expenditure, with a meager 11% increase that barely offsets inflation, prompting expectations for more strategic investments in the post-2024 election’s full-fledged budget. Additionally, the industry had anticipated tax benefits, both personal and corporate, but no changes were announced, leaving room for hope and expectations for the future.”
Mr. Girish Rowjee, Co-founder and CEO, greytHR “Envisioning a ‘Viksit Bharat’ by 2047, the Union Budget 2024 reflects the steadfast dedication to ‘sabka sath, sabka vikas.’ The introduction of a 1-lakh crore corpus with a 50-year interest-free period to catalyze private sector research and development marks a groundbreaking move. This significant investment is set to drive innovation and technological progress, especially in emerging fields, by relieving the financial burden of high interest rates. By encouraging businesses to undertake prolonged research projects, it nurtures a culture of ongoing advancement. The resolute commitment to Micro, Small, and Medium Enterprises (MSMEs) is evident in the emphasis on providing training for global competitiveness. This equips MSMEs with essential skills, strengthening the economic backbone, contributing to job creation, and enhancing economic resilience. Beyond the financial aspects, this budget symbolizes the collective effort to shape a resilient and future-ready India.”
Mr. Rahul Garg, Founder and CEO, Moglix, “The establishment of new infrastructure corridors for ports, energy, minerals and cement will boost manufacturing and supply chains. Doubling the number of airports to 149 will energized the aviation sector.
As a manufacturing-focused company, we welcome the government’s aim to enhance the EV ecosystem through manufacturing and charging infrastructure support. The proposed bio-manufacturing scheme for green growth aligns with our sustainability mission.
It is heartening that policy priority will be given to provide training for MSMEs like ours to build global competitiveness. Preparing the financial sector to meet MSME investment needs is key.
The upcoming years will see unparalleled development as we strive for a developed India by 2047. There are abundant opportunities ahead and we are poised to fulfill the aspirations of our youth.
The trade corridor connecting India, the Middle East and Europe will be transformative for the manufacturing sector. Our vision is for prosperity in sync with nature, offering opportunities for all.
Guided by reform, perform and transform, our government will adopt policies fostering growth, improving productivity and increasing opportunity. We look forward to timely and adequate financing, relevant technologies and support for MSMEs. With the motto of Sabka Saath Sabka Vikas, we are committed to an inclusive Viksit Bharat by 2047. Our optimistic and aspiring youth will be key in this journey. Importantly, the increased infrastructure outlay to Rs 11.11 lakh crores in FY25 will provide a significant boost to the manufacturing and logistics sectors.”
Ms. Ambika Sharma, Founder & MD, Pulp Strategy. “The Union Budget 2024 has presented a groundbreaking roadmap for India’s digital transformation, bolstering the IT and internet landscape across the nation and expanding connectivity. This translates to more opportunities for businesses to thrive in the digital realm and captivate audiences with potential for greater outreach. The budget’s attention to skilling and training programs for media and entertainment professionals is a game-changer, nurturing a highly skilled workforce that can deliver awe-inspiring content and consumer experiences. Additionally, initiatives such as tourism promotion and rural development have the potential to boost advertising demand. The Union Budget 2024’s focus on fostering innovation and entrepreneurship through tax benefits, credit guarantee schemes, and fund launches creates a fertile environment for startups and MSMEs to thrive and make a positive impact in society. The budget also highlights the importance of the media and entertainment industry in promoting India’s culture and soft power worldwide, tapping into the power of technology to create immersive experiences, showcase the beauty and diversity of India, and drive meaningful change in society.”
Ms. Manu Saigal, Director, General Staffing, Adecco India “The interim budget reflects a robust commitment to job creation, skill development, and talent growth. Notable achievements include the Skill India Mission’s training of 1.4 crore youth and the establishment of 3000 new ITIs. The expansion of higher education institutions, such as IITs, IIITs, IIMs, AIIMS, and universities, underscores a focus on diverse talent development.
Women’s empowerment through initiatives like Mudra Yojana loans and increased enrollment in STEM courses signals a move towards gender-inclusive workforce participation. The allocation of a significant corpus for research and innovation, coupled with a tech-focused fund, promises a golden era in employment for tech-savvy youth. The introduction of a scheme for deep-tech technologies in defense aligns with self-reliance objectives, fostering innovation and skill development in cutting-edge sectors. As AI and human partnerships become more prevalent, there will be a need to upskill the labour force, especially as AI becomes more sophisticated and takes over more tasks. This comprehensive approach aims to position India as a global leader in talent, innovation, and economic growth.
Although the postponement of enforcing labor codes since 2019 impedes the development of regulations to address the present demands of the workforce. Urgent measures are required to narrow the gap between obsolete regulations and contemporary challenges, and automation is recognized as a crucial mechanism for effectively complying with labor laws.”
Swapnil Pathak Sharma, Owner of Zighrana “The government’s prime focus on encouraging women in the workforce is a commendable move. It will provide opportunities to empower women’s contributions to the Indian economy. With a substantial number of women-led startups emerging in recent years, the 30 crore Mudra Yojna loans for women entrepreneurs will further encourage and benefit more female individuals to become self-dependent entrepreneurs. The 43% increase in female enrollment in higher education reflects a significant rise in women’s participation in the workforce, serving as a positive indicator of their contribution to the overall economy”
Devashish Sharma, CEO and founding member at Taggd “The groundbreaking announcement of 50-year interest-free loans for innovation heralds a golden era for our tech-savvy youth, positioning India as a global hub for research and development.
Infrastructure projects, tourism initiatives, and expanded rail networks depict a nation gearing up for unprecedented development. The trinity of democracy, demography, and diversity takes center stage, propelling inclusive growth.
In essence, Union Budget 2024 lays a robust foundation for a holistic and empowered India, aligning with our collective vision of achieving developed nation status by 2047. Combined with investments in green energy, infrastructure, and R&D, this budget positions us to meet the projected 25% hiring intent increase in sectors like Core, Energy, and Manufacturing as forecasted India Decoding Jobs 2024.”
Mr Ishan Chaturvedi, Co founder, Vareyn Solar Pvt. Ltd. “The budget is working towards incentivising clean and renewable energy which is great for the sector.
To ensure accelerated adoption of solar energy, the minister announced that the government will support about 1 crore households under the rooftop solarisation scheme. This will help these households save up to 15000-18000 in a year. In addition to this to meet the commitment for net zero by 2070 viability gap funding will also be provided for harnessing off shore wind for initial capacity or 1 gigawatt
The focus is on becoming Atma Nirbhar and reduce our country’s dependency on the export of natural gas. The budget had laid down a growth conducive environment for the renewable energy sector.”
Mr Aditya Poonia, Founder, Etrica Power “The budget aims to promote clean and renewable energy, particularly through encouraging the adoption of solar power. The government plans to support approximately 1 crore households in implementing rooftop solarisation, leading to potential savings of 15000-18000 annually. Additionally, to fulfill the commitment to achieve net zero by 2070, the budget allocates viability gap funding for the initial capacity of 1 gigawatt in offshore wind harnessing. The emphasis is on achieving self-reliance and diminishing the country’s reliance on natural gas exports, fostering a growth-friendly environment for the renewable energy sector.”
Chirag Mehta, Founder, Arbour Investments.”This year’s interim Budget presented by Finance Minister Nirmala Sitharaman for the year 2024-25 , has been a welcoming move for the Indian Real Estate. The budget presented has raised hopes for the Indian Real estate sector. The capital expenditure outlay on the Infrastructure development has been a welcoming move. Whereas easing the legal provision is a need of the hour. The possibilities of High end Income group investing in the sector will undoubtedly see the shift in the completion of the successful residential & commercial project completion.”
Mr. Nitin Viijay, Founder & CEO of Motion Education “The Finance Minister’s proposal to establish new medical colleges across India and the formation of a dedicated committee for this initiative are commendable steps. This step will undoubtedly create numerous opportunities for aspiring medical professionals, fostering a more conducive learning environment and alleviating the competitive pressure currently faced by students. By providing increased access to medical education, we can empower future generations of doctors and contribute to a brighter healthcare landscape for the nation”
Mr. Sanjay Goenka, Managing Director and CEO, 3F Oil Palm, said, “The Union Budget 2024 further builds on the push for edible oils self-sufficiency through its “Atma Nirbhar” strategy in all agro-climatic zones. Investing in our Annadata’s (farmers’) future is investing in India’s future itself. While the timely push for edible oil production of mustard, groundnut, sesame, soybean, and sunflower oils is welcome, the scope should be extended to oil palm as well given its higher productivity. The vision for research, modern farming techniques, and infrastructure investment aligns perfectly with our company’s mission to empower farmers and unlock the sector’s potential in palm oil production and processing. We are enthusiastic to empower our farmers and be a part of the journey towards a truly self-reliant India”
Mr. Kumar Gaurav, Founder and CEO of Cashaa (Fintech) “We indeed were expecting some progress on the lines of the regulatory framework in the crypto sector, which has been one of the primary speculations all this while. Nevertheless, the government is whole heartedly accepting technological disruption in different sectors by emerging technologies like AI, machine learning, blockchain etc. Adoption of deeptech in sectors like defence indicates a positive sentiment. We do understand that it is an interim budget, and there has been no mention of any regulatory framework or rationalization in tax or TDS structure, in regard to the crypto sector which has been long pending. However, we are hopeful about the coming months and expect to hear encouraging policies soon.”
Mr. Amit Patjoshi, CEO, Palladium India “We commend the government’s strong commitment to the agricultural sector evident in the Budget. The focus on value addition and income augmentation for farmers is pivotal, and the success of initiatives like Pradhan Mantri Kisan Sampada Yojana, benefiting 38 lakh farmers, is truly commendable. The support extended through Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana, assisting 2.4 lakh SHGs and 60 thousand individuals, reflects a holistic approach towards empowering the agricultural community. The emphasis on reducing postharvest losses and enhancing productivity aligns with the sector’s long-term sustainability. Furthermore, the launch of schemes promoting climate-resilient activities for the blue economy 2.0 is a forward-looking step. This integrated and multi-sectoral approach for coastal aquaculture and mariculture, coupled with restoration and adaptation measures, holds promise for sustainable growth. Overall, this budget signals a positive trajectory for the agricultural sector, laying the foundation for a more resilient and prosperous future.”
Nikhil Goyal, CEO & Founder, Beyond Imagination Technologies & BitMemoir “The Union Budget 2023-24 has set the stage for a transformative era, particularly laudable in its focus on empowering the youth and fostering sustainability. By earmarking a significant corpus of one lakh crore with a fifty-year interest-free loan, the government is not only acknowledging the potential of our youth but also fostering entrepreneurship opportunities on an unprecedented scale, with a keen eye on sustainability practices.
This budget paves the way for a golden era for our tech-savvy youth, offering employment avenues in manufacturing, installation, and maintenance, while also emphasizing the importance of sustainable practices. The commitment to deep-tech technology for defense purposes reflects a strategic vision towards self-reliance (atmanirbharta), aligning with the broader goal of Jai Jawan Jai Kisan Jai Vigyan and Jai Anusandhan. This forward-looking approach not only recognizes the pivotal role of innovation in driving growth, employment, and overall development but also places a strong emphasis on sustainable solutions.
The inclusion of sustainability in the budget highlights the government’s commitment to addressing environmental challenges and fostering eco-friendly practices. The emphasis on long-term financing and low-interest rates will undoubtedly catalyze private sector involvement in cutting-edge research and innovation across sunrise domains, with a particular focus on sustainable technologies. This approach propels India onto the global stage as a solutions-driven and environmentally conscious nation.
In essence, this budget is a resounding endorsement of the symbiotic relationship between our youth, technology, economic prosperity, and sustainability. It lays the foundation for a future where India not only keeps pace with global advancements but also leads through indigenous innovation, entrepreneurial vigor, and a steadfast commitment to sustainable practices.”
Mr. Anish Mathew, Chief Financial Officer (CFO), Allcargo Gati Limited “In the budget, the government has laid the roadmap for inclusive and sustainable economic growth with a focus on GDP—governance, development, and performance. The thrust on advancing EV infrastructure and driving the energy transition aligns seamlessly with the logistic industry’s goal to minimise operational impact on the environment.
The prioritisation of skilling the youth to build efficiency and global competitiveness in MSMEs will foster broader economic growth.
As we look ahead, the next five years hold immense potential for the growth and progress of the country, and the budget aptly outlines the framework. This period presents an exciting opportunity to explore the convergence of sustainable investment and financial prosperity.”
Deepak Visweswaraiah, vice president, platform engineering, and site managing director, Pegasystems, India “With an emphasis on welfare for the youth, women, and farmers reflecting a holistic approach to societal progress, the Interim Budget for this year sets the stage for a very positive and people-centric development. The budget outlines a path towards ‘Vikshit Bharat’ by 2047 and innovation remains to be at the core for this year as well. Backed by a significant focus on women’s empowerment, and with a notable increase in female participation in STEM courses, the aim for this year’s interim budget aligns with our commitment to diversity and inclusivity.
The allocation of INR 1 lakh crore corpus for interest-free loans to foster innovation among the youth is a game-changer, ushering India into a golden era for our tech-savvy talent. We stand ready to leverage these opportunities, contributing to the nation’s growth and development. As a pioneering force in technology, we commend the government’s strategic focus on fostering innovation and enhancing accessibility. The government’s ongoing dedication to fostering skill development, advancing higher education, and upholding fiscal responsibility is praiseworthy and resonates with our vision of propelling India towards technological advancement and economic resilience.
Therefore, this budget establishes a strong groundwork for collaboration, growth, and innovation, reaffirming our dedication to spearheading transformative solutions that empower both individuals and technology providers.”
Mr Veer Singh, CEO of Lord’s Automative Pvt. Ltd.“The forward-looking approach adopted in the interim budget towards the automotive sector has been in alignment with the government’s goals of promoting Atmanirbhar Bharat and moving firmly towards net-zero carbon emissions by 2070. Acknowledging electric vehicles (EVs) as the cornerstone of future mobility, the sustained emphasis to boost manufacturing capabilities and expanding charging infrastructure is poised to propel the adoption of electric vehicles in the country. Nevertheless, the industry is expecting further pivotal announcements that will support various measures including subsidies, tax benefits and financing solutions to catalyse transformative change in the EV sector this year.”
Anil Pinapala, CEO & Founder of FlexPay by Vivifi, a Hyderabad-based Fintech NBFC. “This is a status quo budget with no changes made to direct or indirect tax regimes. The 50-year near-interest-free loan for the sunrise segment shows government’s commitment towards promoting innovation. The government also has plans to withdraw direct tax disputes up to Rs. 25,000 dating to before FY2010, re-iterating the government’s approach to ‘Minimum Government, Maximum Governance’. The government’s focus on the middle class with schemes to promote Buy or Build own homes could become a driver for growth.
Overall the interim budget was more of a status quo budget with a focus on promoting innovation.“
Mr. Vinay Singh, Executive Director and CEO of Q&I and Thomson Digital “Applauds the 2024 budget for its remarkable strides in education, with a noteworthy emphasis on EdTech in shaping a holistic and skilled education landscape, pointing towards a promising future for our nation’s educational advancement. The allocation towards education in the Union Budget 2024 is a pivotal step towards fostering a brighter future for our nation. The 28% surge in female STEM enrollment, commitment to establishing more medical colleges, and transformative reforms under the National Education Policy showcase commendable progress. The success of the Skill India Mission, training 1.4 crore youth and providing upskilling opportunities to 54 lakh, resonates with the imperative of preparing a skilled workforce.
Furthermore, the establishment of numerous institutions for higher learning, including IITs, IIITs, IIMs, AIIMS, and universities, showcases a commitment to excellence. We applaud these initiatives and stand ready to contribute our expertise towards realising the vision of a progressive and inclusive education system.”
Dr. Narendra Vankar, Founder and CEO, Quantum CorpHealth. “This fiscal year’s interim budget, which covers a wide range of areas and lays out specific actions to be carried out, is a demonstration of the government’s progressive thinking. We applaud the government’s dedication to bolstering the healthcare industry, with a particular emphasis on building a strong system for today’s contemporary India.
It is very appreciated that girls between the ages of 9 and 14 will now receive cervical cancer vaccinations in schools, as stated by Hon. Finance Minister Nirmala Seetharaman. By focusing on nutrition delivery as a component of early childhood care and development, Saksham Anganwadi and Poshan 2.0 will contribute to the creation of a healthy community. With the kind of components being combined to make health the most reliable foundation of Atmanirbhar Bharat, the Indian government is providing strong assistance to the healthcare industry. We anticipate some more encouraging announcements with the planned outline in the coming months, which will help the industry grow even more and thrive in a more improved manner.”
S Ravi, Founder, Ravi Rajan & Co. “This budget is on the expected lines because it’s a vote on account budget. There are no changes in the direct and indirect taxation which is on the expected lines This budget focuses on what the government has achieved in the last 10 years and also the way forward in terms of economic growth. The focus is on “Viksit Bharat 2047” which talks about clean energy. A significant announcement is the free 300-unit rooftop solar power scheme, a positive step to encourage clean energy adoption. Additionally, increased allocations are made to the farm sector, farmers, and infrastructure development. So, overall, this budget prioritizes infrastructure and rural development, laying a strong foundation for the future.”
Ahsan Karim Khan, Chairman, Splice Ply “India’s 2024 budget is all about fixing homes and building roads! The government plans to build 20 million new houses in the next 5 years, which will help many people and also boost industries like construction and cement. They’re also spending more money on roads and bridges to make them better. India’s economy is doing well, and the government thinks it can be one of the fastest-growing soon. To help with that, they’re giving some people a tax break, so they can save more money. This budget is good news for everyone, from homeowners to construction workers, and it should help India keep growing strong”
Mr. Unni Bhaskar, Managing Director of Uno Technology Private Limited “We welcome the Government’s emphasis on the aviation sector and its commitment to ‘Viksit Bharat’ by 2047. The budget’s focus on air connectivity to tier 2 and tier 3 cities, the expansion of airports, and the proactive steps taken by Indian carriers are positive indicators for our industry. The establishment of a Rs. 1 lakh crore corpus for research and innovation, along with interest-free loans, is a favorable step that will encourage private sector involvement and advance technology integration in the aviation industry. We are eager to contribute to the growth of the aviation sector and work closely with the government, Airports Authority of India, and private sector partners to bring world-class ATC Control Towers and High Vision Cabins to India. We look forward to the detailed roadmap in the upcoming full Budget to further understand the government’s vision for ‘Viksit Bharat’ and its implications for the industry.”
Mr. Partha Neog, CEO and Co-founder of Vantage Circle, “This year’s Union Budget announcement resonates with a visionary outlook, especially for the future of India. Establishing a Rs. 1 lakh crore corpus with a 50-year interest-free loan for tech-savvy youths and the focus on MSME training demonstrates a strong commitment to fostering innovation and global competitiveness. Additionally, the government is also set to provide long-term financial help with extended periods and low interest rates that will benefit the private sector to increase investments in R&D and innovation.
We highly applaud these strategic initiatives put forward by the government to leverage the opportunities presented. Our dedication remains unwavering as we contribute to the nation’s progress.”
Deena Jacob, Cofounder & CFO, OPEN Financial Technologies “A budget that is again aimed at fundamentals for growth including infrastructure investments, entrepreneurial and skill development and ensuring basic needs are well served for the deserving section, all while focusing on ease of doing business and ensuring more disposable income across strata. Reduction in fiscal deficit and allocation to key capital expenditure heads are good moves to ensure inflation is in check; overall a balanced interim budget.”
Ratheesh D, Director, CABT Logistics- First Mile, Mid Mile & Last Mile services “Logistics gets a shot in the arm with Budget 2024! The visionary conversion of 40,000 rail bogies to Vande Bharat standards and doubling of airports to 149 signal a major infrastructure push. This, coupled with the procurement of 1,000 new aircraft by Indian carriers, creates a powerful ecosystem for seamless freight movement.
FM Nirmala Sitharaman’s announcement of three major railway corridors and dedicated economic rail corridors for specific commodities showcases a proactive approach to tackling logistics bottlenecks. These initiatives are poised to significantly reduce logistics costs (currently at 12% of GDP), a major pain point for the industry. The focused strategy on freight movement aligns seamlessly with the National Rail Plan and promises to catapult India’s manufacturing competitiveness by ensuring efficient and cost-effective delivery of goods.”
Mr Vishal Jain, Co founder, Roadcast- End to end supply chain management solution provider “Interim budget 2024 heralds a seismic shift in the logistics landscape, steering towards unprecedented growth.
With airports doubling, and 1,000 aircraft orders, India propels into a new era of efficiency. The unveiled railway corridors, particularly the port connectivity and energy corridors, promise de-congestion, slashing logistics costs and boosting competitiveness. This logistics sector is estimated to grow to 563 billion dollars in 2030, at a compound annual growth rate 9.4 percent. These new developments will halo achieve this number and bring reduce the Indian logistics costs as well which are currently higher than other countries. India has a higher logistics cost as a percentage of GDP at 14 percent, compared to the BRICS average of 11 percent. These new announcements will help propel growth.
Nirmala Sitharaman’s visionary corpus of Rs 1 lakh crore, featuring a 50-year interest-free loan, is a beacon for tech-savvy innovation. This strategic blend of infrastructure overhaul and technological investment will bring forth a dynamic future, elevating India’s logistics sector to unparalleled heights of efficiency and global competitiveness.”
Mr Edwin, Co Founder, Boxigo “The budget outlines India’s focus on development, with Finance Minister Sitharaman’s strategy for Amrit Kaal and tech-savvy growth policies, including a Rs 1 lakh crore corpus with a 50-year interest-free loan. The government aims for economic policies fostering sustainable growth, inclusive development, improved productivity, and creating opportunities. The Middle East-Europe-India corridor reflects a commitment to technological growth, offering businesses opportunities for expansion. Interim budget 2024 marks a seismic shift in logistics, with doubled airports,, and unveiled railway corridors promoting efficiency and competitiveness. The budget promotes tech-savvy innovation, shaping a dynamic future for India’s logistics sector.”
Kamal Bansal, Managing Director, GVFL “The Finance Minister has rightly described innovation as the foundation of development and showcased its commitment to fulfilling the aspirations of the youth. The announcement to establish a corpus of Rs. 1 lakh crore to provide financing with long tenors and low or nil interest rates will encourage the private sector to scale up research and innovation in sunrise domains. This augurs well for startups and young innovators. The announcement to extend tax benefits to startups and investments by sovereign wealth or pension funds by a year will provide continuity in taxation.”
Aftab Chaz, Associate Director and Business Head at Elephant.in “The government should promote the use of new-age technologies in various sectors across the country, and offer tax deductions to propel technology in the Fintech sector. Insurance is one sector that can offer huge opportunities to people for livelihood, investments, and creating a financial shield for themselves. Therefore, the government should focus on pushing more and more digital solutions in the insurance sector so that companies can provide insurance to the masses in the coming years. The government should also support research and innovation in the insurance sector, which will help in improving product market research and encourage insurance companies to bring in more innovative insurance solutions in the country.”
Manas Pal, Co-Founder, PedalStart “As a startup accelerator founder, I view the Interim Budget as a nod to the entrepreneurial spirit that fuels our nation’s growth. While it maintains stability with no major tax changes, I’m hopeful that the government’s acknowledgment of the startup ecosystem signals a commitment to fostering innovation. The focus on digital infrastructure and R&D is promising, aligning with the core values of our tech-driven ventures. The allocation of a dedicated fund for women entrepreneurs in this interim budget is a laudable step towards fostering gender inclusivity in the entrepreneurial landscape. This financial commitment not only acknowledges the untapped potential of women-led ventures but also empowers them to overcome traditional barriers. With increased access to capital, mentorship, and resources, women founders can catalyze innovation and contribute significantly to economic growth. As we await detailed policies, I’m optimistic that the government’s trust in startups will translate into tangible support, catalyzing our journey. This budget reflects the symbiotic relationship between the state and startups, emphasizing the crucial role we play in shaping India’s economic future. Let’s leverage this foundation to propel our ventures into a future marked by innovation, resilience, and collaborative success.
Yasir Nazar, Co-Founder, Techno Companion “This budget appears to be relatively conservative, with the Finance Minister placing greater emphasis on reviewing the achievements of the past decade rather than introducing significant changes for the current fiscal year. There are no alterations to the tax slabs, and no major announcements were made. The government exudes confidence in its potential return in the upcoming elections, hinting at a more comprehensive budget unveiling scheduled for July 2024.”
Deepak NG, Managing Director, Dassault Systemes India “We, at Dassault Systemes strongly resonate with the Hon’ble PM Shri Narendra Modi’s clarion call of Jai Jawan, Jai Kisan, Jai Vigyan and Jai Anusandhan. Innovation, indeed is the foundation of development.
The corpus of Rupees one lakh crore for the tech-savvy youth, will have far-reaching impact and provide a much-needed impetus to research and development of new age technologies, and help India emerge as a global leader in the field. The government’s commitment to fostering innovation and entrepreneurship is very encouraging and will go a long way in creating a thriving ecosystem for technology startups in the country.
We at Dassault Systemes India look forward to supporting this initiative of the Government and contribute to the innovation endeavors of the youth of this country.”
Life Science
“We welcome the initiative of setting up more medical colleges by utilizing the existing hospital infrastructure in India, as we believe that it will boost the Life Sciences and medical sector in the long-term. The focus on cervical cancer vaccination, Mission Indradhanush and upgradation of anganwadi centres, is a positive step towards ensuring a healthier and more sustainable future for everyone. We are excited to see the Government’s continued support for the sector and look forward to collaborating with them to drive innovation and create a more resilient Life Sciences ecosystem.”
Infrastructure
“It is very encouraging to see the continued focus of the Government of India, on accelerating, evolving and scaling up infrastructure development in the country. Considering the rapid rise of India as a global powerhouse, a robust and advanced infrastructure is mission-critical for both, the short term and long term goals of the country.
The increase in capital expenditure outlay by 11.1 percent will provide a significant impetus to the already strong momentum of economic growth in the country. The addition of the three major railway corridor programs will further boost the impact of PM Gati Shakti mission, and establish an integrated infrastructure ecosystem to reduce logistics cost, improve connectivity and efficiency. The continued focus on expansion of public infrastructure like Airports, Metro Rail, NaMo Bharat and Electric Vehicles, will ensure that the urban transformation of the country gets fast-tracked.
We look forward to collaborating with the Government to support key public sector projects with our virtual twin technology. Application of this technology can not only help in accelerating the completion of the projects, but also reduce overall cost and improve planning to lower the carbon footprint.”
Dr . Yajulu Medury, Vice Chancellor, Mahindra University “The Budget 2024 exemplifies the government’s commitment to empower ‘Amrit Peedhi’, our youth and National Education Policy 2020 reaffirms commitment towards transformative reforms, ensuring quality education and inclusive development. Initiatives like Startup India, Skill India and PM Mudra Yojana align with our vision to cultivate a robust entrepreneurial culture on our campus, reiterating our focus on growing the University’s Entrepreneurship and Innovation Cell (EIC). The rise in female enrollment, especially in STEM courses, and their growing impact on the workforce, stands testament to inclusivity as we envision a future where our youth not only thrive but also lead, armed with skills and innovation for a dynamic world.”
Mr. Abhijit Verma, Founder & MD, Avinya Industrial & Logistics Parks “The Interim Budget 2024 reinforces the government’s commitment towards boosting the logistics infrastructure in India. Infrastructure development, a primary focus of India, will play a pivotal role in achieving India’s aspiration of reaching a $7 trillion economy by 2030. The announcement of the three important economic railway corridors for energy, mineral, and cement, coupled with increased port connectivity and high traffic density under the PM Gati Shakti Yojana has the potential to improve logistics efficiency and facilitate multi-modal connectivity. This will serve a long way towards the government’s goal of reducing India’s logistics costs to that of global standards and enabling logistics industry to become a key contributor towards India’s overall GDP growth.”
Mr. Varun Tangri CEO and founder at QueueBuster POS “Entering India’s Interim Union Budget 2024, the spotlight on infrastructure and road development marks a pivotal moment for the Retail and Retail Technology industry. With an injection of 11 Lakh crore and the PM GatiShakti project, we witness a strategic push for economic corridors, opening doors for three new corridors that will strengthen and expand organised retail in newer cities.
Acknowledging the retail sector’s key role in India’s economy, the budget commits to launching new retail destinations, aligning seamlessly with our vision. Globally, our country has secured its place as the fourth-largest retail destination, driven by a surge in demand for lifestyle products. As India targets the third-largest consumer market by 2030, strategic investments in infrastructure promise substantial growth.
In a noteworthy move, the budget raises the presumptive taxation threshold for retail businesses to Rs 3 crore, offering valuable support to SMEs in the sector. These initiatives will surely be instrumental in positioning India as the world’s largest retail destination in the coming decades.”
Mr. Prashant Vasan, CEO at Madras Mandi “As Madras Mandi, we extend our appreciation for the government’s unwavering support to our ‘Annadata’ through key budgetary initiatives. The direct financial assistance under the PM-KISAN SAMMAN Yojana and the extensive coverage of crop insurance through PM Fasal Bima Yojana underscore a commitment to the well-being of our 11.8 crore farmers, including marginal and small farmers. The integration of 1361 mandis into the Electronic National Agriculture Market, with a trading volume of ₹3 lakh crore, aligns with our mission to modernize agricultural practices and empower 1.8 crore farmers.
The budget’s emphasis on farmer-centric policies, income support, risk coverage, and technology promotion resonates with Madras Mandi’s commitment to fostering a sustainable agricultural ecosystem. We applaud initiatives like Pradhan Mantri Kisan Sampada Yojana and Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana, contributing to value addition, employment generation, and the reduction of post-harvest losses. Madras Mandi looks forward to actively participating in the government’s vision, leveraging private and public investment in post-harvest activities for aggregation, modern storage, efficient supply chains, primary and secondary processing, marketing, and branding. Together, we aim for inclusive, balanced, and higher growth in the agricultural sector.”
Darshil Shah, Founder and Director, TreadBinary, “The Budget for the Retail Sector gave a positive way forward to the overall development of the sector in the country. The dedication of the scheme for infrastructure and technological development, the India Middle East Europe Economic Corridor, will be a game changer for India, aiding growth on the aspects of trade and global connectivity. The multi-modal connectivity infrastructure, under PM Gati Shakti, will improve the logistics and reduce cost, benefiting the industry.”
Mr. Akshay Hegde, Co-Founder, ShakeDeal, “Coming from the supply chain sector, we express our gratitude to the Finance Minister for outlining the aspirations for our industry. The creation of commodity-specific economic rail corridors in the eastern region will enhance accessibility, fostering the growth of the country’s supply chain. This, coupled with the reduction in India’s logistics cost from 12% of GDP, is poised to benefit the manufacturing sector. Additionally, initiatives like the biomanufacturing scheme and the Compressed Biogas (CBG) blending mandate align with the nation’s green vision.
The budget also underscores the government’s support for startups through tax benefits, and we eagerly anticipate witnessing these initiatives unfold in alignment with the broader vision for comprehensive GDP, governance, development, and performance.”
Anubhav Dubey, Co-founder and CEO, Chai Sutta Bar “The Finance Minister has announced the interim budget for the fiscal year 2024-25 and it has lot of things to talk about. First of all, the policy of preserving the prevailing rates for direct and indirect taxes serves stability, ensuring that firms have an environment they can predictably operate in. CSB is pleased with the tax relief provided to startups and IFSC units up to March 31, 2025. This consistency supports the development of favorable growth and innovation-friendly conditions for the startup ecosystem.
This decision to withhold all outstanding direct tax demands under a certain limit provides relief to many taxpayers and proves the government’s attentiveness. CSB appreciates the government’s efforts to streamline tax processes with the reduction of processing return times, improving performance and speedy refunds.”
Mr Dinesh Kumar Poobalan, CEO & CTO, Greatify as a prominent entrepreneur and an edtech expert, having an experience for over two decades in Education Technology space on, ‘Interim Budget 2024, announced by the honorable Finance Minister, Ms Nirmala Sitharaman.
“The Interim budget 2024, presented by the Honorable Finance Minister Nirmala Sitharaman, reflects a positive outlook. We applaud the government’s dedication to upskilling millions of youths through the Skill India Mission and establishing higher learning institutions. Women’s enrollment in higher education has increased by an astounding 28 percent over the last ten years, along with 43 percent of enrollment in STEM courses, a rate among the highest globally. These initiatives are anticipated to elevate the quality of education in India, fostering the development of a more educated workforce. This, in turn, is poised to stimulate increased research and innovation in emerging sectors by the private sector. By harnessing the combined potential of our youth and technology, these efforts aim to propel India forward.
Additionally, extending tax exemptions for startups is viewed as a positive measure expected to contribute to overall growth and increased investment.”
Pravin Agarwala, Co-founder and Group CEO, BetterPlace “The Union Budget 24-25 presented by FM Nirmala Sitharaman strongly echoed Centre’s vision of further increasing & scaling up employability in India, with holistic training, skilling, and reskilling being the decisive pillars. The vision of furthering domestic tourism is set to create a plethora of job opportunities for local workers, thereby bolstering the employment landscape for frontline workers in India.
The Budget also stressed upon taking collective efforts towards bringing more women, youth, farmers, and the underserved workers to the forefront, which strongly mirrors our collective efforts of empowering the dignity & wellbeing of these different cohorts of the population, who are resiliently driving India’s growth. Extension of Ayushman Bharat-Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) to all ASHA and Anganwadi workers will further ensure medical & health care facilities reach women workers.
It was truly exciting to hear how India’s tech stack has become a robust case study for the world and with our innovation-first approach, tech-first companies, like ours, are providing solutions to the global markets.
While we were looking forward to more concrete policies directed towards extending social security of gig workers, thereby enabling formalisation of the workforce, it will be important now for industry leaders and enterprises to have an open dialogue and with the support of policymakers, develop frameworks which can be conducive for the employing companies and the gig workers alike.”
Ketul Acharya, President, Global Alliance for Mass Entrepreneurship “The interim budget this year reflects holistic development across sectors and highlights the Government’s unwavering commitment to fostering economic growth. It is heartening to note the emphasis on MSMEs, skill development and entrepreneurship. Indian MSMEs need to be competitive globally and providing them with the necessary resources is of paramount importance.
By prioritising the empowerment of four crucial segments – the underprivileged, women, youth, and our agricultural providers (Anna-data), this budget echoes the Government’s dedication to uplifting these sections of society. It shows a focus on creating an environment conducive to entrepreneurship, especially among the youth and women. The allocation of Rs 43 crore loans under the PM Mudra Yojna, training and upskilling of 1.4 crore youth as well as the introduction of strategic initiatives like the Fund of Funds, Startup India, and Startup Credit Guarantee Schemes will be transformative in the landscape of our economy. These measures reinforce the Government’s stance of encouraging entrepreneurial ambitions and inclusivity.
The Government’s commitment to providing timely and adequate finances, relevant technology, and tailored training to foster the growth of MSMEs is commendable. In addition, streamlining the regulatory environment to aid the ease of doing business is always a welcome move. It paves the way for the country’s economic growth consistently and sustainably.
While this budget is only an interim one, it has created an optimistic environment for the full-year budget slated for July 2024,”
Mr. Shikhar Aggarwal, Chairman of BLS E-Services “We laud the Hon’ble Finance Minister’s Budget 2024 announcement, emphasizing a holistic approach to GDP, encompassing governance, development, and performance. This focus aligns perfectly with our mission to empower citizens through accessible and inclusive digital services. We are particularly encouraged by the initiatives targeting crucial segments like women entrepreneurs, farmers, artisans, and tribal communities. The MUDRA Yojana’s success in reaching 30 crore women with loans is commendable, and initiatives like PM Awas Yojana granting ownership to women are empowering. Similarly, PM Kisan Samman Yojana’s direct financial assistance to farmers and PM Fasal Bima Yojana’s crop insurance are welcome steps towards rural welfare.
As a leading digital services provider, BLS E-Services is committed to bridging the digital divide and ensuring these government initiatives reach the intended beneficiaries effectively. Our extensive network, Sewa Kendras, acts as the last-mile connection, simplifying access to e-governance services and financial inclusion schemes. Working towards realizing the government’s vision of Vikasit Bharat, we at BLS E-Services are committed to leveraging its expertise in e-governance services to support these initiatives and empower marginalized communities. We look forward to the full budget in July, which will contain a detailed roadmap for the government’s pursuit of Vikasit Bharat.”
Veer Mishra, Founder of Plus “While the broader budget holds promise, specific measures addressing the gold industry, like import duty adjustments or support for local exploration, remain elusive. We remain cautiously optimistic, hoping for further dialogue and targeted policies to unlock the true potential of India’s golden opportunity.”
Mr. Anil Agarwal, CEO, and Co-Founder of InCruiter “While we appreciate the focus of the Skill India Mission on training and upskilling millions of youths, the emphasis should be on bridging the gap between skilling initiatives and industry needs. Hiring skilled talent for the right opportunities remains a challenge for HR professionals, and a more targeted approach could be the adoption of AI tech-driven HR software to make the process faster and more efficient. Fostering a culture of continuous learning to align skill development with emerging sectors and specific job profiles is crucial. The new institutions of higher learning are commendable, but ensuring quality education and industry exposure is key. We also need to see stronger industry-academia partnerships to equip graduates with the practical skills that businesses demand.
Furthermore, for the startup ecosystem, access to skilled talent can make or break their ventures, and schemes like PM Mudra Yojana and Start-Up India are positive steps for budding entrepreneurs. We stand ready to collaborate with the government and skill development bodies to bridge this gap, ensuring that India’s startup ecosystem can hire skilled talent for the evolving economy.”
Prashant Singh, Co-founder, and Chief Operating Officer, LeadSquared “The interim budget 2024 recognises the potential of tech-focused start-ups and its vital contribution to development of the country. The continuation of essential schemes like credit guarantee and Start-up India, Funds of Funds show a promising start-up environment in India, one that will provide employment for youth in the country and drive innovation.”
Aditya Virwani – COO, Embassy Group. “The government’s announcement of a scheme to facilitate home ownership for deserving sections of the middle class is a commendable step in line with the Housing for All initiative. This not only addresses a crucial need for our young population but also propels the housing sector into a new era of growth, fosters inclusivity, and ensures that homeownership becomes a reality for a larger section of our society.
As we anticipate the final budget under the new government, we hope for continued support, including reduced home loan rates, favourable tax policies, and incentives for sustainability. These measures will be crucial in fostering an environment conducive to the growth of the real estate sector and contributing to the larger vision of India becoming a USD 7 trillion economy.”
Mr Pinkesh Kotecha, MD & Chairman, Ishan Technologies. “While the Interim Budget provides a wide overview of FY24-25, we applaud the government’s emphasis on empowering the youth through upskilling and reskilling initiatives. The establishment of additional IITs, IIITs, and IIMs is a promising stride toward creating a skilled talent pool in the IT sector, addressing a critical need in the industry especially in the era of Artificial Intelligence.
As an MSME in the IT sector, Ishan Technologies appreciates the government’s recognition of the importance of timely finances, relevant technologies, and training for the growth and global competitiveness of MSMEs. The orientation of the regulatory environment to facilitate the growth of MSMEs is a crucial element of the policy mix, and we look forward to the positive impact it will have on the MSME ecosystem.
As we look forward to the budget announcement in July, we anticipate a focused commitment to bolstering cybersecurity measures. We believe that additional allocation and specific policies in this crucial area will play a pivotal role in fortifying India’s digital infrastructure and enhancing overall cybersecurity, aligning with the nation’s vision for a secure and resilient digital future.”
Anooshka Soham Bathwal, CEO & Founder of Dhanvesttor “In her address, the Honourable Finance Minister highlighted the achievements of the past decade, emphasizing the government’s commitment to inclusive growth, particularly targeting Garib Youth Annadata and Nari. With a focus on bolstering infrastructure and unveiling strategies for upcoming initiatives in the ‘Amrit Kaal’, the government’s progress under PM Awas Yojana is near completion, with plans to add 2 crore more houses in the next five years. Notably, the push for environmental sustainability aims to achieve net-zero emissions by 2070.
Empowering women remains a priority, evident in the increase of Lakhpati Didi targets to 3 crore and a substantial boost in infrastructure spending by 11.1%, along with a dedicated focus on railway infrastructure. Striving to achieve the goal of a developed Bharat by 2047, adherence to the FRBM goal of a 4.5% fiscal deficit by FY26 is commendable. The reduction of the fiscal deficit target from 5.9% to 5.8% and a further decrease to 5.1% in FY25 underscores fiscal prudence.
The budget also champions women’s empowerment through entrepreneurship, with 30 crore Mudra loans allocated for women entrepreneurs and an increased scheme target of ₹3 crore. Aligning with market expectations, the budget emphasizes infrastructure, defense, and railways, with a significant allocation of ₹11.11 trillion for infrastructure development, promising opportunities for societal progress. This budget embodies a visionary approach towards fostering prosperity and equity for all.”
Parimal Heda, Chief Investment Officer, Digit General Insurance “The Interim Budget presented by the finance minister was largely in line with expectations moving ahead on the fiscal consolidation path. The budget’s focus was on empowering people and thereby to create a pathway towards the government’s objective of a ‘Viksit Bharat’ by 2047. Though no direct announcements were made related to the insurance sector, various measures announced by the FM will have a trickle-down effect in multi-fold ways.
Ayushman Bharat
Expanding the scope of the Ayushman Bharat health insurance coverage to all ASHA workers, Anganwadi workers and helpers will bring an additional over 3 million health workers under the insurance umbrella and is a thoughtful token of appreciation to this community that acted as the frontline workers during the Covid pandemic. The social security this provides will aid in redefining healthcare in our country and further strengthen the grassroot-level healthcare ecosystem on a whole. However, expanding the scope of insurance coverage from the current Rs 5 lakh to Rs 10 lakh in the future can ensure this vulnerable segment is adequately protected against rising medical inflation and healthcare costs in the future.
Fillip to EV Sector
The government’s resolve to support the manufacturing and charging infrastructure of the electric vehicle ecosystem will surely provide a fillip to the Niti Aayog’s EV penetration target of 30-35% by FY30. This will aid in driving EV volumes in the country and will have an ancillary effect on the adoption of EV insurance in the country. The insurance industry is already well-prepared to meet this rising demand through launch of EV-specific motor insurance coverage, providing adequate protection to the specific risks associated with EVs compared to Internal Combustion Engine (ICE) vehicles.
Preventive Healthcare
The announcement to encourage cervical cancer vaccination for girls in age group of 9 to 14 years shows the government’s intent to improve preventive healthcare in the country. Cervical cancer contributes to approximately 6–29% of all cancers in Indian women, the treatment for which can be very expensive. Encouraging early vaccination will help in nipping the issue of rising cervical cancer cases in the bud. The announcements made towards managing immunization and nutrition delivery for maternal and child healthcare also clearly establishes the government’s intent of creating a robust preventive healthcare ecosystem in the country. All these measures will lessen the burden on hospitalizations and subsequently on the health insurance sector in the long term.
Boost to Tourism
Giving boost to spiritual tourism, developing, and rebranding iconic tourist centres at a global level and taking up projects to improve port connectivity and tourism infrastructure, especially in islands like Lakshadweep, will significantly boost domestic tourism and make India among the top holiday destinations globally. This will also act as a catalyst to India’s travel insurance market. The domestic travel insurance market saw a premium growth of 67.6% YoY in FY23. These measures announced by the government will have an auxiliary effect on the travel insurance sector and end up seeing further growth as a result.
Mr. Kishan Karunakaran, CEO of Buyofuel “In a move that resonates with Buyofuel’s vision, the government’s backing for biomass aggregation and compressed biogas blending heralds a new era in India’s energy landscape. This crucial support, especially in providing financial aid for biomass aggregation machinery, aligns perfectly with our efforts to streamline the complex supply chain. Simultaneously, the progressive mandate for CBG (Compressed Bio Gas) blending marks a pivotal shift, ensuring biofuels remain a key player in powering India’s journey towards a greener, more sustainable future. This budget with its focus on Energy security through the Panchamrit scheme and various policies for Rooftop solar, is consistent with India’s vision for Energy security and will play a very important role in making India more energy secure in the coming years”
Anshuman Das, CEO and Co-founder, Careernet “As we witness the unprecedented pace of infrastructure development in all facets—be it digital, social, or physical—it is evident that the government’s commitment to progress is unwavering. The financial provisions outlined by the Finance Minister signal a paradigm shift, especially in the empowerment of women. With 300 million Mudra Yojana loans, the nation is fostering entrepreneurial spirit, while the remarkable 28% surge in female enrolment in higher education speaks volumes about the strides in education equality. Notably, our optimism is further fuelled by the impressive 43% representation of girls and women in STEM courses, showcasing a commitment to diversity and inclusivity. At Careernet, we embrace this forward momentum, recognising the correlation between education, empowerment, and the rising participation of women in the workforce. This budget sets the stage for a more inclusive and vibrant employment landscape.”
Rahul Malodia, Founder & CEO of Malodia Business Coaching “The budget’s focus on global competitiveness for MSMEs through training is a positive step towards Viksit Bharat and the commitment to sustainable economic policies and next-gen reforms, in collaboration with states and stakeholders, signals a positive trajectory. The vision for India’s development by 2047 aligns with the positive transformation witnessed in the last decade. The dedicated emphasis on all-round, all-inclusive development resonates with our mission. The priority to train MSMEs for global competition is a crucial step. This budget sets a promising tone for the entrepreneurial ecosystem, and we eagerly contribute to India’s journey towards becoming a developed nation by 2047.”
Sourabh Deorah, CEO & Founder, Advantage Club “We welcome the government’s decision to extend tax benefits for startups until March 2025 and allocate 1 lakh crore loans for tech-savvy youth. The support provided by Fund of Funds, Startup India, and Startup Credit Guarantee Schemes exemplifies a comprehensive approach to fueling growth. Overall, the budget presents a positive outlook for the future of India Inc.”
Mr. Rohit Saboo, President & CEO, National Engineering Industries Ltd. “The Interim Budget presented today highlights the government’s intent to continue its focus on inclusive and sustainable development. The government stands committed with a special emphasis on empowering the poor, women, youth, and farmers and is focused on driving policies that resonate with their aspirations.
As a responsible brand focused on implementing sustainability, we are pleased to see the government’s focus on promoting electric vehicles (EVs) which is a visionary step towards environmental sustainability as well as overall economic growth. Additionally, the commitment towards expanding the e-vehicle ecosystem brings an exciting prospect for the youth, which will create employment opportunities that align with the demands of the future. The introduction of biomanufacturing and bio-foundry schemes is also a welcome move that will be a great alternative to bio-degradable production.
Overall, it is a balanced budget despite being interim. It addresses the immediate needs while laying a chart for long-term economic resilience.”
Mr. Mazhar Syed, Director, Asmita India Realty “The swift advancement of infrastructure, spanning physical, digital, and social aspects, indicates an era of unparalleled progress. Every part of the country is actively contributing to economic growth. In the 21st century, Digital Public Infrastructure becomes a crucial element in production, significantly contributing to the organization of the economy. Our vision for ‘Viksit Bharat’ is that of a Prosperous Bharat in harmony with nature, with modern infrastructure, and providing opportunities for all citizens and all regions to reach their potential. As we construct, connect, and introduce new ideas, our collaborative endeavors are molding a future where comprehensive growth flourishes on a sturdy and interconnected infrastructure.”
Mr. Harshvardhan Tibrewala, Director, Roha Realty “The Budget 2024 signals a bold stride towards ‘Viksit Bharat’ with an 11.1% increase in infrastructure expenditure, reaching ₹11,11,111 crore, or 3.4% of the GDP. This boost underscores the government’s commitment to economic growth and widespread employment.
The vision for ‘Viksit Bharat’ envisions a prosperous nation with modern infrastructure and opportunities for all. This aligns with the real estate sector’s growth, promising increased property values as infrastructure improves. Real estate investors can anticipate a positive impact on property markets, making strategic investments more appealing in the coming year.”
Mr. Sachin Patel, Chief Managing Director, Swaminarayan Group “The government’s commitment to infrastructure through ‘Viksit Bharat’ in the budget 2024 shines a beam of hope on the growth of the real estate sector. The government has allocated 11,11,111 crore rupees which is an 11.1% increase from the previous year proclaims their commitment to increase economic growth and boost employment creation. This substantial investment, constituting 3.4% of the GDP, promises a multiplier effect that will undoubtedly stimulate the real estate market.
The vision of ‘Viksit Bharat’ is Prosperous Bharat is “Prosperous Bharat in harmony with nature, with modern infrastructure, and providing opportunities for all citizens and all regions to reach their potential”.
Emphasizing the transformative impact of the Atal Setu (Mumbai Trans Harbour Link) Bridge on Industry growth, there is a pressing need for the government to prioritize more such infrastructure developments to unleash substantial economic potential.
Prajodh Rajan, Co-Founder & Group CEO, Lighthouse Learning (formerly EuroKids International), said, “The Interim Union Budget offers a beacon of hope for India’s education landscape. As rightly mentioned by the Union Finance Minister, the National Education Policy 2020 has ushered in transformational reforms in terms of delivering quality education across the country. Upgrading Anganwadi centers through Saksham Anganwadi and Poshan 2.0 is a welcome step, to not only expedite the improved nutrition delivery but also prioritise early childhood care and development, laying the foundation for a brighter future for our country. The continued emphasis on STEM education and empowering girls and women is particularly encouraging.
We believe that these initiatives have the potential to unlock India’s vast human capital and propel our nation towards becoming a developed country by 2047. We must ensure that the allocated funds reach the grassroots level and translate into tangible improvements in classrooms and learning outcomes. Collaboration between government, educators, and private stakeholders will be crucial in achieving these ambitious goals. We look forward to more positive changes in the future with hope and optimism and are committed to playing our part in building a brighter future for our children.”
Ashvin Patil, Founder and Director of Biofuels Junction “A significant challenge addressed in the budget is the large-scale collection of stubble, particularly the capital-intensive process involving balers. Annually, India witnesses the generation of approximately 500 million tonnes of agricultural residue, offering a substantial business opportunity estimated at around Rs 50,000 crore. Unfortunately, nearly 200 million tonnes of this resource remain unused, often leading to environmentally detrimental burning practices. This underscores the untapped potential for converting agricultural residues into biofuels.
The recent budget announcement by the Finance Minister emphasizing measures such as financial assistance for biomass aggregation machinery outlines a crucial initiative to address this issue and unlock the economic and environmental benefits of converting agricultural residues into biofuels. The focus on transforming agri- waste into biofuels not only contributes to sustainable waste management but also aligns with the larger vision of promoting green growth and reducing carbon emissions in the country. It will also help farmers generate income on agri-waste and boost and support the rural economy and communities and promote rural entrepreneurship.
Furthermore, the announcement of the phased mandatory blending of compressed biogas (CBG) with compressed natural gas (CNG) for transport and piped natural gas (PNG) for domestic purposes will help integrate sustainable and renewable energy sources into the mainstream fuel supply, promoting environmental responsibility and reducing dependence on traditional fossil fuels. The mandated blending of CBG in CNG and PNG represents a proactive step towards fostering a cleaner and greener energy ecosystem, aligning with the broader goals of sustainable development and reducing carbon emissions in the transportation and domestic sectors.”
Raja Debnath, Managing Director, Veefin Solutions Ltd “We applaud the government’s intention in calling out ‘timely and adequate finances, relevant technologies and appropriate training’ for MSMEs as an ‘important policy priority’. This will push financial institutions to keep priority sector lending in focus and adopt technologies that boost credit disbursement to MSMEs. We do foresee a strong policy support in the coming months for more MSMEs to formalize, resulting in a further uptick in GST filings and Udyam registrations, that will help small businesses to have access to formal channels of credit. Furthermore, the government has declared its intention to establish a regulatory framework, augment the financial sector’s scale, capacity, and expertise, the subsequent impact of which will create a more robust, resilient, and thriving financial ecosystem in India. This will also draw global demand for financial innovation from India. The finance minister has clearly mentioned that India-Middle East-Europe Economic Corridor is a strategic and economic game changer for India and I believe financial services will be a critical element of this vision.”
Akshay Mehrotra, Cofounder & CEO, Fibe (on youth aspirations, entrepreneurship and financial services) “We applaud the Finance Minister’s emphasis on the country’s youth by recognizing their aspirations and providing support in terms of policies and schemes for their welfare and prosperity. The Budget’s focus on ‘youth and entrepreneurs’ will help in realizing the Government’s vision of a developed India by 2047 as they are the key drivers of growth. As one of India’s leading digital lending companies, Fibe’s vision of empowering and upskilling the youth to fulfil their aspirations are aligned well with the initiatives laid down in the Union Budget 2024. We welcome the announcement of creating a corpus of one lakh crore with five-year interest free loan and providing long term financing and refinancing with low or nil interest rates. It will not only harness the potential of this vibrant, tech-savvy generation but also foster innovation and contribute to technological advancements and economic progress. We applaud the success of the ‘Skill India Mission’ that has been able to train 1.4 crore youth, while upskilling 54 lakh youth.
Further, Honorable Finance Minister also acknowledged the positive impact of strengthening the financial sector in making savings, credit, and investments more efficient. This is well aligned with Fibe’s commitment of making financial services and credit accessible to every individual in the country thereby fostering financial inclusion.”
Aishwarya Jain, Cofounder, Kirana Club (on women entrepreneurship) “As a woman and a woman entrepreneur, I feel extremely proud and happy on government’s strong focus towards women empowerment in our country. The government has recognised the potential of women to drive the country forward and bring about a significant socio-economic change. 30 crore Mudra Yojana loans have been pivotal in driving women entrepreneurship in our country and increase in women enrolment in higher education and STEM courses are big positives. . As a women entrepreneur myself, I believe that a supportive entrepreneurial system is the foundation for a more inclusive and thriving India. This budget provides the encouragement and the enthusiasm for women to strive more and break the glass ceiling. I believe, that day is not far away when the entrepreneurial ecosystem in India will be run by women entrepreneurs and we will have more women startup founders.”
Ashish Goyal, Cofounder & CFO, Fibe (on overall economy) “I commend the Indian Government for its steadfast governance and visionary initiatives during the past decade that has paved the way for India to be on a sustainable growth path. This is reflected in the Government’s commitment to reducing the fiscal deficit below 4.5 per cent by 2025-26, creating employment opportunities for the youth, boosting entrepreneurship ecosystem and promoting innovation. In the Budget speech today, the Honourable Finance Minister outlined structural reforms and the strategic pro-people programs undertaken to successfully navigate the geo-political challenges. This showcases the Government’s resilience and reaffirms its commitment to strengthen India’s position on the global stage. Through progressive policies, right governance and people-centric approach, I am optimistic that our nation is on a high growth path and the economy will continue to outperform its global counterparts.”
Nischal Shetty, Cofounder, Shardeum (on youth and technology) “In this transformative era, where the confluence of youth and technology holds boundless potential, the Hon’ble Finance Minister’s establishment of a Rs. 1 Lakh crore corpus with 50-year interest free loan is a welcome move. India’s youth have a keen knack for exploring new-age and innovative technologies such as Web 3 and blockchain and this announcement by the government will be pivotal in facilitating more research and development on such innovative technologies. It will fuel growth of more Web3 professionals in the country thereby redefining India’s growth trajectory on the global stage. Harnessing the youth’s energy and embracing technological advancements, will pave the way for a future where creativity, entrepreneurship, and digital prowess converge to shape a thriving and resilient nation. The interim budget has truly unlocked the potential of web3 and blockchain industry that will further drive economic growth and ensure a ‘golden era’ for the tech savvy youth.
Raja Debnath, Managing Director, Veefin Solutions Ltd. (on MSMEs and financial services) “We applaud the government’s intention in calling out ‘timely and adequate finances, relevant technologies and appropriate training’ for MSMEs as an ‘important policy priority’. This will push financial institutions to keep priority sector lending in focus and adopt technologies that boost credit disbursement to MSMEs. We do foresee a strong policy support in the coming months for more MSMEs to formalize, resulting in a further uptick in GST filings and Udyam registrations, that will help small businesses to have access to formal channels of credit. Furthermore, the government has declared its intention to establish a regulatory framework, augment the financial sector’s scale, capacity, and expertise, the subsequent impact of which will create a more robust, resilient, and thriving financial ecosystem in India. This will also draw global demand for financial innovation from India. The finance minister has clearly mentioned that India-Middle East-Europe Economic Corridor is a strategic and economic game changer for India and I believe financial services will be a critical element of this vision.”
Gurjodhpal Singh, CEO, Tide India (on women entrepreneurship and MSMEs) “We commend the government’s continuous support towards making women the part of the formal economy across sectors from agriculture to entrepreneurship. Recognizing this crucial contribution, today’s budget clearly showed the focus of the government of India towards empowering women for the economic development of the country. To encourage them and start their own businesses, the Mudra Yojana scheme has been a game-changer, providing loans to 30 crore women. This will bridge the digital divide and help women entrepreneurs to equip with the tools they need to compete in the modern marketplace.
The empowerment of women through entrepreneurship, ease of living, and dignity for them has gained momentum in the past few years. The continuous government support for women will help them to take centre stage in the sustainable growth of the country. To transform the rural socio-economic landscape with empowerment and self-reliance, the GOI will enhance the target for ‘Lakhpati Didi’ from 2 crore to 3 crore.
We believe Indian fintech’s will help women-led MSMEs to access formal credit lines while saving time and money through digitisation and to unlock their immense potential to drive India’s economic growth.”
Ashwin Chawwla -Founder & MD, Escrowpay “Very heartening to see a visionary and progressive budget overall from our Hon’ble FM Smt Nirmala Sitharaman Ji. This budget will further boost the economy and foster innovation. The continued impetus for digital first businesses, fintechs, payments and SMEs is indeed very encouraging as these businesses, sectors are undoubtedly core fulcrums of our ever growing vibrant economy. All of the above are also well aligned with our vision as well; as we continue to create a holistic, compliant yet agile trust ecosystem for digital payments and transactions, helping these unserved and underserved businesses grow anxiety and worry free”
Mr. Sumit Singh, CEO and Co-Founder of DashLoc “The budget has clearly exhibited that the government is extending full-fledged support towards adoption of technology across sectors. The special mention that deeptech in defence section gained in the speech truly indicates that the government is going to support emerging technologies in crucial sectors too. Alongside, it is a matter of pride that STEM courses have seen aggressive enrolment from women. We can expect a quality and skilled workforce in India that will keep the wheel running towards striking progress.”
Mr. Manvendra Shukul, CEO, Lakshya Digital on skilling in gaming sector. “We appreciate the Honourable Finance Minister’s strong commitment to developing skills and recognizing the positive impact of the Skill India Mission.
The commitment to train 14 million youth and enhance the skills of 5.4 million individuals resonates with India’s journey towards a developed nation, captured in the vision of ‘Viksit Bharath.’ Furthermore, the establishment of 3000 new ITIs marks a significant stride in nurturing a proficient workforce essential for national growth.
The Skill India Mission is essential for the dynamic gaming landscape, where there is a shortage of qualified game developers in both the Indian and worldwide markets.
These focused expenditures on education and skill enhancement are necessary to build a talented workforce capable of addressing the demands of the industrial revolution. With programs like the Skill India Mission, we hope to position India as a leader in the global gaming sector, which makes training and upskilling even more important.
The alignment between the nation’s educational progress and the demands of the gaming industry will lead to a skilled workforce capable of excelling on the global stage.”
Mr. Dhawal Dalal, President & Chief Investment Officer- Fixed Income, Edelweiss MF “A very pragmatic & growth-oriented interim budget with continued focus on conservative revenue estimation and fiscal consolidation. The FM believes in under-promise and over-delivering on fiscal front. Lower borrowing in FY25 is expected to decline bond yields. This will be positive for the economy and will support in reaching our goal of $5T economy by end of 2027, in our view. “
Mr. Pranav Bajaj, Co-Founder, Medulance Healthcare “The Finance Minister’s extension of Ayushman Bharat coverage to Anganwadi and Asha workers is a commendable move, prioritizing the well-being of healthcare frontline workers. The consolidation of maternal and child healthcare schemes into a comprehensive program streamlines efforts for better outcomes. Committing to raise the Lakhpati Didi scheme target to Rs 3 crore reflects dedication to women’s economic empowerment. The emphasis on tech-savvy youth and innovation as a linchpin for national development is encouraging.
At Medulance, the launch of our Healthcare Academy aligns with the government’s vision, focusing on uplifting healthcare standards, creating employment opportunities through training and upskilling. We launched the academy in collaboration with the children of Robin Hood Army with an aim to raise awareness about the significance of our commitment to ensure quick access to essential medical services, making healthcare universally accessible, equitable, and sustainable. The Medulance healthcare academy is a commitment to set a benchmark for excellence, professionalism, and compassion. Our vision is to be the trusted guardian of health, fostering a safer and healthier society for all.”
Mr. Prateek Bansal, Partner, Taxation, White & Brief, Advocates & Solicitors “As an interim budget preceding general elections, the focus on social welfare and empowerment initiatives for the masses is a notable highlight. We acknowledge the government’s strategic approach in prioritizing the general public, women’s empowerment, and schemes aimed at uplifting the underprivileged segments of society. The emphasis on people-centric policies rather than significant changes in taxation aligns with the inclusive spirit of the budget. The proposal to withdraw outstanding direct tax demands up to ₹25,000 reflects a considerate approach towards individuals, particularly those in the lower income brackets. While the budget doesn’t heavily target the high-income group, the assurance of no tax liability for income up to Rs 7 lakh demonstrates a commitment to easing the burden on middle-income individuals.
It’s noteworthy that in this interim budget, there are no substantial alterations in tax structures, whether direct or indirect, including import duties. At White & Brief, we remain vigilant and will continue to provide strategic insights to our clients in navigating the legal landscape shaped by these budgetary announcements.”
Ms. Vandans S Ahuja, Organizational HR Adviser & Executive Coach (ICF), Executive Director at Metamorph Dynamics Consulting “Finance Minister Nirmala Sitharaman highlighted in the recently announced Interim Budget 2024 that there is a clear focus on prioritizing youth and women empowerment, with an emphasis on fiscal consolidation and sustained capital expenditure. The past decade has witnessed significant strides in empowering women through entrepreneurship, enhancing the quality of life and preserving their dignity. The Finance Minister underscored the distribution of 30 crore Mudra Yojana loans to women entrepreneurs as a noteworthy achievement. Addressing ‘Nari Shakti,’ she pointed out that female enrollment in higher education has surged by 28% in the last 10 years. In STEM courses, girls and women now constitute 43% of enrollment, marking one of the highest figures globally. These positive trends are evident in the growing participation of women in the workforce. Additionally, legal measures such as the prohibition of triple talaq, the reservation of one-third of seats for women in Parliament and state assemblies and the allocation of over 70% of houses under PM Awas Yojana to women have contributed significantly to enhancing their dignity.”
Mr. Nilesh Tribhuvann, Founder & Managing Partner, White & Brief, Advocates & Solicitors “The Finance Minister’s assertion that this will be a golden era for our tech-savvy youth is a promising nod towards the power of innovation and research in emerging domains. As a law firm committed to navigating legal landscapes, we are keenly aware of the profound impact that technology-driven programs can have when combined with the enthusiasm of our youth. The introduction of a new scheme to strengthen deep-tech technologies for defense purposes aligns seamlessly with the broader vision of fostering ‘atmanirbharta’ or self-reliance. This initiative holds great potential in enhancing India’s capabilities in defense technology.
Furthermore, the government’s consistent focus on Nari Shakti, reflected in initiatives for women’s empowerment, entrepreneurship, and dignity, is commendable. Legal strides such as making ‘Triple Talaq’ illegal and reserving one-third of seats for women in legislative assemblies have contributed significantly to advancing gender equality. The emphasis on providing over seventy percent of houses under PM Awas Yojana in rural areas to women as sole or joint owners is a testament to the government’s commitment to enhancing the dignity of women. As a law firm, we remain committed to supporting legal frameworks that empower and uphold the rights of all citizens.”
Aditya Sanghi, CEO & CO-Founder, Hotelogix: “We at Hotelogix wholeheartedly applaud the 2024 Union Budget for its steadfast commitment to advancing tourism, recognizing its pivotal role in shaping India’s economic prosperity and cultural legacy. The formidable barrier posed by the high cost of financing in India underscores the urgent need for strategic initiatives. By catalyzing investments in pivotal areas such as port connectivity, tourism infrastructure, and amenities, the budget heralds a new era of growth. Such targeted investment not only amplifies tourist inflows but also enhances the quality of the traveler experience, providing a significant boost to the hospitality sector. As the tourism sector evolves, the infusion of technology into travel and hospitality emerges as a pressing need. Technological advancements promise enhanced efficiency and elevated service quality, making it imperative for the industry’s sustainable growth. We eagerly anticipate further initiatives in this direction from the government and the active involvement of both public and private players.”
Chirag Agrawal, Co-FOunder, TravClan: “Tourism cannot grow without investment. We welcome the government’s initiatives on developing iconic tourist centers and investing in tourism and connectivity infrastructure. Measures such as long term loans to states will foster long term development and unlock India’s tourism potential. We hope for more measures from the government that continue to build our air infrastructure and hospitality sector. This development will not just invite the world to explore our heritage but also ignite local economies and our pride!”
Krutikesh Age, Co-founder, DPHS Pvt. Ltd, a clinical research, development, diagnostics and data management solutions company “The schemes proposed in the Union Budget 2024 present both opportunities and challenges for the common man and the healthcare industry. Enhanced health insurance coverage and preventive care initiatives offer financial protection and easier access to healthcare services for individuals, while also driving increased demand and investment in the healthcare sector. However, effective implementation of these schemes at the grassroots level and maintaining the quality of healthcare services remain key challenges. Additionally, affordability of additional services like cervical cancer vaccination could limit uptake among economically disadvantaged families. For the healthcare industry, the expansion of medical colleges contributes to skill development and technological advancements, yet financial pressures and regulatory compliance pose significant hurdles. Competition among providers may increase, potentially driving consolidation and limiting options for consumers. In summary, while the Union Budget 2024 schemes aim to improve healthcare access and outcomes, addressing implementation challenges and ensuring long-term sustainability will be essential for their success.”
Aman Puri, Founder, Steadfast Nutrition, one of the leading sports nutrition and wellness brands in India “The revised estimates on healthcare are more significant to analyse since this is an interim budget since the estimates for next year will change when the government presents the Budget after the elections in July. On health, the government’s revised estimates show that it had set an expenditure of Rs 88,956 cr last year but actually spent only Rs 79,221 crore. The health allocations are lower than what India needs – it is less than 2% of GDP while the world average is 6% – and the revised estimates show that even those targets have not been met in the ongoing financial year. We need to strengthen primary and secondary healthcare in India and with these numbers, will not be able to do so. However, the government’s decision to expedite Saksham Anganwadi and Poshan 2.0, its flagship scheme to address the challenges of malnutrition in children, adolescent girls, pregnant women, and lactating mothers is a welcome step. The decision will go a long way in improving nutrition content and delivery among these segments of our population and is a step towards eliminating India’s problem of malnutrition.”
Mr. Suresh Garg, CMD & Founder at Zeon Lifesciences Ltd. “I believe the Union Budget of 2024 reflects a strategic balance, emphasizing economic growth, social development, and fiscal prudence, paving the way for a resilient and inclusive future. A special focus on Women empowerment, Farmers as Annadata, and startups will really contribute along with increasing opportunities for international trades and exports will surely lead to economic reform. However, the tax slabs are unchanged. But steps like vaccination of cervical cancer for 9-14-year-old girls in their schools is surely a big step for women’s health. The vision of becoming Vikshit Bharat by 2047 seems to be achievable through all these reforms.”
Avinash Deshmukh, COO, iThrive, Pune-Based Health & Wellness Startup “In this budget announcement, the government has taken a reflective and pragmatic approach, summarizing the achievements of the past decade rather than making bold announcements. This interim budget seems to be a strategic move, avoiding major actions before the upcoming election. The emphasis on continuity and stability is evident, setting the stage for potential impactful measures in the post-election period. The extension of Ayushman Bharat cover to all Anganwadi and Asha workers, along with the consolidation of maternal and child healthcare schemes into a comprehensive initiative, demonstrates a commitment to inclusive healthcare. While it may be viewed as a status quo budget on the surface, it signifies a responsible and measured fiscal strategy, showcasing the government’s dedication to maintaining a positive economic trajectory. The anticipation of more detailed fiscal numbers and micro financial parameters will provide a clearer picture of the country’s economic direction. Overall, the budget lays the foundation for future developments and affirms the government’s confidence in the positive trajectory of the nation.”
Richa Bhanot, Director, Wellessentials, a startup that focuses on organic Tisanes “The disbursement of 30 Crore Loans to women entrepreneurs under the Pradhan Mantri Mudra Yojana (PMMY) is a groundbreaking step towards empowering women in the business sector. By directing financial support to female entrepreneurs, the government is not just fostering economic growth but also actively working towards bridging the gender gap in entrepreneurship.
With loans extending up to Rs 10 lakh, the PMMY scheme is a beacon of hope and support for women striving to establish or expand their businesses. As a woman in business, I understand the challenges we face in securing funding. The government’s focus on facilitating financial independence for women is a commendable move.”
The significant increases in female enrollment in higher education and STEM courses statistics are not just numbers; they represent a societal shift where women are increasingly taking center stage in economic and educational spheres. The allocation of MUDRA loans is more than just financial assistance; it’s a message of empowerment and faith in the capabilities of women entrepreneurs. It’s a step towards a more inclusive and equitable business landscape.”
Shabnum Khan, Mandrake Mydia and 750AD Healthcare Pvt. Ltd. “In the vibrant realm of India’s burgeoning startup ecosystem, the Union Budget 2024-25 resonates with our unwavering commitment to nurturing entrepreneurship, fostering innovation, and driving inclusive growth. The PM Mudra Yojana exemplifies empowerment, having dispersed thirty crore loans to women entrepreneurs, catalyzing their journey towards economic independence.
Furthermore, the budget’s spotlight on the remarkable surge in female enrolment in higher education, coupled with their significant representation in STEM courses, underscores our dedication to fostering gender equality and nurturing talent, essential pillars for sustainable growth.
While celebrating these achievements, it’s imperative to acknowledge the need for some relaxation in the tax regime for startups and small businesses. Such measures would not only incentivize risk-taking but also bolster the entrepreneurial spirit, driving further innovation and growth in our dynamic startup landscape.”
Nishant Pitti, CEO & Co-Founder, EaseMyTrip “The budget prominently highlights a substantial emphasis on the tourism, aviation, and railways sectors. It’s truly exciting to observe the government’s keen attention to nurturing and expanding both domestic and spiritual tourism and highlighting Bharat’s strength through global events like G20.
The dedicated efforts towards developing aviation and rail infrastructure, especially through the commendable initiatives of UDAN and the PM Gati Shakti scheme, encouraging States to promote iconic tourists’ centres by providing interest-free loans are noteworthy with special focus on developing island tourism and fortifying port connectivity, including Lakshadweep.
These measures are anticipated to spur economic growth, create employment and create new opportunities, marking a progressive move towards positioning India as a global destination.”
Harsha Solanki, VP GM Asia, Infobip, said, “It’s inspiring to see the government’s steadfast commitment to fostering women empowerment, encouraging private sector investments, and promoting entrepreneurship. Furthermore, the focused approach to infrastructure and continued emphasis on housing for all reflects a comprehensive strategy for inclusive and societal development.
Over the last decade, initiatives aimed at empowering women through entrepreneurship, enhancing ease of living, and upholding dignity have gained significant traction. The strides made are evident with over 30 crore MUDRA Yojana loans disbursed to women entrepreneurs, female enrollment in higher education witnessing a remarkable 28% surge, and women constituting 43% of enrollment in STEM courses – among the highest globally – the landscape of opportunity for women is evolving positively. Importantly, these efforts are translating into tangible outcomes, with an increasing number of women joining the workforce. As we reflect on these achievements, let’s continue to support and amplify initiatives that further empower women, ensuring a more inclusive and equitable society for all.
The Budget’s forward-looking approach to fostering innovation creates a conducive environment for companies like us, paving the way for sustained success and meaningful contributions to India’s economic landscape. We are very positive about this trajectory and committed to supporting the long-term growth of businesses in India by integrating innovative tech capabilities into their operations. The allocation of a corpus of Rs 1 lakh crore, coupled with a 50-year interest-free loan for financing and refinancing, aims to catalyze private sector investment in sunrise domains for youth and technology. This visionary initiative propels technological advancement and creates a fertile ground for the emergence of diverse entrepreneurial ventures. By nurturing innovation and entrepreneurship, especially in sectors poised for exponential growth, the government is laying the foundation for a dynamic and inclusive economy that empowers individuals of all backgrounds to thrive and contribute meaningfully to India’s progress.”
Mr. Kartikey Hariyani, Founder and CEO, ChargeZone “We wholeheartedly support the Government’s vision outlined in the Interim Budget 2024, reflecting a strong commitment to the electric vehicle (EV) ecosystem. ChargeZone is perfectly aligned with this vision, emphasizing the need to fortify both EV manufacturing and charging infrastructure. The encouragement of e-buses in public transport networks, along with the implementation of a robust payment security mechanism not only accelerates the adoption of sustainable transportation, but also propels the growth of the EV charging sector. We are glad to be able to play a key role in steering this positive transformation by actively contributing to the manufacturing, installation, and maintenance of EV charging stations across the country. As part of the National Highway Electrification Scheme, we’ve also been electrifying state and national highways by installing fast chargers for
seamless and accessible charging for EV owners, demonstrating our vision of accelerating India’s transition to green mobility.”
MR. Manish Rastogi, Chief Executive Officer, Zee Learn Ltd commented, “The Budget has been on expected lines, considering it was a vote-on-account budget. As per the FM, female enrollment in higher education has increased by twenty-eight per cent in ten years. as also a 43 per cent rate of female enrolment in STEM courses, which is heartening. The Budget’s focus on the poor, women, youth and farmers will go a long way to ensure a developed India. The additional funds for the infrastructure sector will surely benefit the overall economy. Another important highlight is that 1.4 crore youth were trained under the Skill India Mission.”
He adds, “Going forward, reduction in education loan rates will go a long way in turning the idea of Vikshit Bharat into a reality. Steps should be taken to integrate more technology into education to bridge the digital divide. A lowered GST rate would also be better. It seems the FM has kept that for the full Budget to be presented later in the year.”
Hemant Kanawala, Senior Executive Vice President & Head Equity, Kotak Mahindra Life Insurance Company. “The Budget is well grounded prioritising fiscal prudence and capital expenditure over consumption. Power sector including new energy, railways, defence and affordable housing are major areas of focus for capital expenditure . The focus on capital expenditure over consumption remains with 11% capital spending growth on high base of FY24. Fiscal consolidation remains top priority, targeting fiscal deficit of 5.1% for FY25 against 5.8% in FY24, which should augur well for Bonds. Lower interest rates should support current valuation of the market while earnings will be the main driver of market returns.”
Ms. Radhika Kalia, Managing Director at RLG Systems India Private Limited “I would say that with respect to the e-waste management and reverse logistics sector, the Interim Budget 2024 appears to present restrained optimism. The budget does not specifically lay down direct implications for the e-waste sector, it emphasizes infrastructure development, renewable energy, and digital advancement, which would certainly provide indirect positive momentum. The 11.1% increase in infrastructure spending could ease e-waste collection and processing networks. Support for renewable energy and EV manufacturing falls in line with our goals for recovery of sustainable materials and recycling. Improvements in digital infrastructure might see more efficient reverse logistics operations. Having said that, the budget does not offer explicit support and incentives for e-waste management. I hope that future policies would offer specific incentives for recycling, sustainable practices, and innovation in e-waste processing, paving the way towards a greener economy.”
Mr. Kishore Lodha, Chief Financial Officer, U GRO Capital “Overall, this Union budget has been an excellent budget – it consists of something for everyone. Notably, the Government’s commitment to green growth and energy infrastructure is commendable. The announcement of one crore solar units by the Prime Minister marks a significant stride, alleviating financial burdens on households and addressing environmental concerns.
The overall focus on GYAN initiative, which is Garib (Poor), Yuva (Youth), Annadata (Farmer) and Nari (Woman), will benefit the most economically disadvantaged individuals. The announcement of an 11 per cent increase in capex budget sounds promising, and the best part is that the government is not leaving fiscal prudence in any way. The next year’s deficit target has been kept as 5.1 per cent, which is a pleasant surprise. Borrowing will be lesser compared to this year which is good news for the financial markets.
Extending Ayushman Bharat cover to Anganwadi and Asha workers, alongside consolidating maternal and child healthcare schemes, aims to address rural health challenges and fosters opportunities for Healthcare MSMEs who are crucial contributors to the healthcare sector’s revenue growth. To achieve the vision of a $7 trillion economy, accelerating digitalization is paramount in today’s evolving digital global fabric.
Sundeep Mohindru, Promoter & Managing Director, M1xchange, a leading TReDS platform in India that facilitates working capital solutions for MSMEs through analytics-based invoice discounting. “There is an overall boost to the manufacturing ecosystem with the outlay for infrastructure being 3.4% to the GDP. This will have a ripple effect on the entire value chain of manufacturing, a large part of which is led by the MSMEs. To add to this the Interim Budget 2024 prioritizes timely finances, tech advancement, and skill development for MSMEs. With strong support coming from the government, we are optimistic there will be a massive drive within the MSMEs ecosystem to formalize and thereby have access to formal credit channels to scale their business.
Further, with the positive acknowledgment within the industry regarding the benefits of GST and collections surging to ₹1.72 lakh crore in January 2024, we are certain that GST based analytics to credit decisioning will see a massive adoption in India in the coming months. The finance minister has also acknowledged the role GIFT IFSC has played in creating a robust gateway for financial services for the economy. This is a great boost to ongoing projects underway at GIFT IFSC and we expect some new financial innovations such as TReDS for exporters to come to go live in 2024-25,”
Mr. Bharat Patel – Director and Chairman, Yudiz Solutions “I strongly agree with our honorary FM Smt. Nirmala Sitharaman that MSMEs have the potential to compete at global level. Establishing training facilities to equip MSMEs with skill, knowledge, and resources will benefit the economy and themselves both. We are talking about job creation, export potential, and societal development. On the other hand, a corpus of Rs. 1 lakh crore with a 50 years interest-free loan, it’s a huge move indeed to support the IT sector. It will empower companies like Yudiz to take long-term ambitious R&D projects in exploring cutting-edge technologies in the area of AI, AR/VR, Blockchain, Game and Web 3.0. It will strengthen the entire IT ecosystem and support the sector’s growth. The increased funding enables us to address challenges and progress without friction. I believe that the budget of 2024 is a strategic roadmap that will propel India towards sustainable development and the modern phase of digital transformation.”
Mr. Yasin Hamidani, Director, Media Care Brand Solutions. “The Interim Union Budget 2024 places a strong emphasis on the upliftment of economically vulnerable sections, women, farmers, and the youth, recognizing their pivotal role in the nation’s progress. The commendable commitment to construct an additional two crore houses over the next five years through the PM Awas Yojana Grameen highlights the government’s dedication to ensuring housing for all. Finance Minister Sitharaman’s announcement of an upcoming scheme tailored for the middle class, especially those in rented houses, slums, and unauthorized colonies, marks a positive step towards fostering inclusive growth. With expectations for a comprehensive roadmap for Viksit Bharat in the Full Budget this July, it is anticipated that it will further reinforce the government’s commitment to both economic development and welfare.
A reassuring development is the decision to eliminate long-pending and minor income tax disputes. This aligns with the government’s ongoing efforts to minimize legal conflicts. Notably, there are no alterations to tax rates or structures, and no adjustments have been proposed in personal taxation. This might be a bit disappointing for those who were anticipating such announcements.”
Dr Neerja Agarwal, Psychologist and Co-founder Emoneeds “While the interim budget lacked specific policies or initiatives for the mental health sector, we remain optimistic that post-election, the full budget will address this critical area. With approximately 150 million Indians requiring mental health care services and a stark shortage of professionals – only 0.3 psychiatrists, 0.07 psychologists, and 0.07 social workers per 100,000 people – the need is urgent. On a positive note, we commend the government’s commitment to other health initiatives, including the extension of Ayushman Bharat, consolidation of maternal and child healthcare schemes, and the remarkable 1-lakh crore corpus for private sector R&D. These efforts reflect a commendable focus on the nation’s well-being, growth and innovation.”
Mr. Arpit Paliwal, Director, HRS Navigation. “In this budget, we applaud the transformative impact on India’s youth. The Skill India Mission’s remarkable achievements in training and upskilling 1.4 crore youth and establishing 3000 new ITIs signal a commitment to nurturing talent. The PM Mudra Yojana’s approval of 43 crore loans worth Rs. 22.5 lakh crore empowers entrepreneurial dreams. The emphasis on education is evident with the establishment of 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS, and 390 universities, paving the way for a knowledge-driven future. The startup initiatives further reinforce the government’s unwavering support for youth innovation and enterprise”
Chirag Agrawal, Co-FOunder, TravClan: “Tourism cannot grow without investment. We welcome the government’s initiatives on developing iconic tourist centers and investing in tourism and connectivity infrastructure. Measures such as long term loans to states will foster long term development and unlock India’s tourism potential. We hope for more measures from the government that continue to build our air infrastructure and hospitality sector. This development will not just invite the world to explore our heritage but also ignite local economies and our pride!”
Aditya Sanghi, CEO & CO-Founder, Hotelogix: “We at Hotelogix wholeheartedly applaud the 2024 Union Budget for its steadfast commitment to advancing tourism, recognizing its pivotal role in shaping India’s economic prosperity and cultural legacy. The formidable barrier posed by the high cost of financing in India underscores the urgent need for strategic initiatives. By catalyzing investments in pivotal areas such as port connectivity, tourism infrastructure, and amenities, the budget heralds a new era of growth. Such targeted investment not only amplifies tourist inflows but also enhances the quality of the traveler experience, providing a significant boost to the hospitality sector. As the tourism sector evolves, the infusion of technology into travel and hospitality emerges as a pressing need. Technological advancements promise enhanced efficiency and elevated service quality, making it imperative for the industry’s sustainable growth. We eagerly anticipate further initiatives in this direction from the government and the active involvement of both public and private players.”
Mr Manish Maryada, Co-founder and CEO of Fello “In a pivotal interim budget announcement, Finance Minister Nirmala Sitharaman unveiled key measures for economic rejuvenation. Highlighting a remarkable 50% surge in average real income, Sitharaman introduced a groundbreaking ₹1 lakh crore corpus, facilitated by a 50-year interest-free loan, aiming to provide long-term, low-interest financing. The Finance Minister’s vision is set on India achieving ‘Viksit Bharat’ status by 2047. Fiscal prudence is emphasized, with a target to reduce the fiscal deficit below 4.5% by 2025-26, despite the current deficit standing at 5.8% of GDP. Tax certainty is assured through the extension of benefits until March 31, 2025, signaling the government’s commitment to sustained economic growth.”
Homi Katgara, Partner, Jeena & Company. “The budget announcement is welcomed by the logistics industry. As industry players, we are brimming with optimism. The government’s focus on youth, infrastructure, innovation, and strategic partnerships resonates strongly with our aspirations.
The ₹1 Lac crore innovation corpus specifically targeted at young minds in technology is an important move. This fosters a culture of problem-solving and tech adoption, crucial for streamlining logistics operations and optimizing routes. The infrastructure push, particularly the doubling of airports (149 in 10 years) and the development of dedicated railway corridors, is a game-changer. These initiatives will significantly improve connectivity, decongest existing routes, and expedite freight movement. The CRISIL prediction of a 12% reduction in logistics costs is music to our ears – it translates to enhanced competitiveness for Indian manufacturers and a boost to the overall economy.
Furthermore, the government’s commitment to “First Develop India” through bilateral trade treaties opens doors to new opportunities and strengthens our global footprint. This strategic approach aligns perfectly with our aspirations for growth and expansion.
Overall, this budget is a step in the right direction.”
Ravin Saluja, director with STERLING AGRO INDUSTRIES LIMITED “At Nova Dairy, we are dedicated to helping dairy farmers across India through a comprehensive program to improve productivity and sustainability in the dairy business. Building on the fulfillment of existing programs such as the Rashtriya Gokul Mission, the National Livestock Mission, and the Dairy and Animal Husbandry Infrastructure Development Funds, we seek to formulate a cohesive approach that utilizes these initiatives to maximum effect. As Nova Dairy, we believe that the current GST rate of 12% on milk products is a significant challenge for the dairy industry and the private sector. While milk is an essential part of daily nutrition for millions of people, the high GST rate adds to the financial burden on both consumers and producers. By reducing the GST rate to 5%, the government can not only alleviate the GST burden but also promote the health and well-being of the general public. This reduction would make dairy products more affordable and accessible to a larger segment of the population, especially those from lower-income backgrounds. Additionally, it would incentivize dairy companies to invest in quality and innovation, ultimately benefiting the entire dairy ecosystem. We urge policymakers to consider this adjustment to the GST rate as a crucial step towards supporting the dairy industry's growth and ensuring the health and nutrition of the nation.”
Pooja Sodhi, Co-Founder and CEO at Combonation “The budget 2024 redefines the dedication to the empowerment and welfare of the ‘Mahilayen’ (Women), and ‘Yuva’ (Youth), and stands resolute, as articulated by our Prime Minister. Financial budget underscore their needs and aspirations, acknowledging that the country’s progress is intricately related to the development in these areas. To bolster this, the budget champions Nari Shakti, spotting the momentum received in women’s empowerment over the last decade. Importantly, the budget introduces strategic tax benefits for startup ventures, aligning with the government’s dedication to fostering entrepreneurial spirit. As part of the broader initiative, the Mudra Yojana has dispensed 30 crore loans to women entrepreneurs, reflecting a tangible commitment to assisting female-led organizations. The expanded enrollment of women in higher education, mainly in STEM courses, highlights the advantageous trajectory toward gender inclusivity. Budget 2024, with its multi-faceted method, now not only addresses the various desires of our society but also propels the nation closer to inclusive increase and monetary prosperity.”
Dr. Gopichand Katragadda, President – Institution of Engineering and Technology (IET) “The Interim Indian Budget released today by Nirmala Sitharaman is forward-looking in parts. It is clear that as we navigate the path of technological leadership for India, the transparency and implementation of deep-tech-related funds presented in the budget become crucial.
Ms Sitaraman presented a skills program with an increase in ITI’s. In parallel, the industry’s approach towards talent acquisition must evolve, recognising the value of diploma holders(technicians) alongside STEM graduates, to foster a dynamic workforce. Also, the gender diversity seen in educational institutions has not yet been mirrored in our workforce due to the relative lack of mobility in the female workforce. This calls for a strategic shift of industry hiring to create opportunities in Tier 2 cities and rural areas, particularly in AI, to harness the untapped potential across our nation.
Today’s budget lays down the financial framework, but it’s the execution that will determine our trajectory towards becoming a global tech powerhouse.”
Mr. Mustafa Wajid, Chair – Future of Transport and Mobility Panel, IET India “The announcement by Government to strengthen the EV Ecosystem by supporting manufacturing & charging infrastructure is timely & very positive. The payment security mechanisms envisaged in today’s budget will go a long way in accelerating adoption of e-buses – a much needed step for improving public transportation & reducing carbon emissions”
Sujata Biswas, Co-Founder of Suta “Tax benefits and relief for individual taxpayers: The budget has proposed to extend the date for tax benefits for start-ups and investments made by sovereign wealth or pension funds to 31.03.2025. It has also announced to withdraw outstanding direct tax demands up to ₹25,000 and ₹10,000 for certain periods. These measures are expected to boost the disposable income and consumption of the middle class, which can benefit the D2C industry and apparel brands that cater to this segment.
Boost for e-commerce exports and digital advancements: The budget has proposed to continue the scheme of 50-year interest-free loans for capital expenditure to states with total outlay of ₹1.3 lakh cr. For organizations in the D2C domain, this can help them to improve their infrastructure and logistics for e-commerce exports. The budget has also proposed to expand and strengthen the e-vehicle ecosystem, promote rooftop solarization, and launch a scheme for restoration and adaptation measures for blue economy 2.0. These measures can help in fostering green growth, reducing carbon footprint and enhancing energy security, which can have positive spill-over effects for the D2C industry and apparel sector.
Focus on women’s empowerment: As women entrepreneurs, we are heartened by the focus on Nari Shakti. Thirty crore Mudra Yojana loans have been given to women entrepreneurs. Female enrolment in higher education has gone up by 28 per cent in ten years. In STEM courses, girls and women constitute 43 percent of enrolment – one of the highest in the world. The impact of these measures can be directly felt in the increasing participation of women in the workforce”.
Ms. Anitha Rangan, Economist, Equirus “With a new definition to GDP (Governance, Development and Performance), with a sharp focus on fiscal consolidation, the interim budget has demonstrated that the direction of the government is on long term growth. Fiscal deficit to GDP at 5.1% for FY25 along with outperformance in FY24 at 5.8% (versus 5.9% target) demonstrates government’s commitment to not go the populist way. But at the same time, focus on the four pillars of social governance viz. poor, women, youth and farmers, government’s direction in Amrit Kaal is towards an inclusive growth with is sustainable and non-inflationary. Capex growth estimated at 11.1% is reasonable. Market borrowing is lower for FY25 versus FY24. In the era where the global world is struggling to rein in fiscal deficit and borrowing, India adopting the path of consolidation and reduction in borrowing showcases its macro stability. FM has also reiterated the glide path of below 4.5% for FY26. As expected, despite being an election year, there was no touch of populism – Outcome versus Outlay. In summary, the interim budget has a stamp of finality that this government is focused on growth, but structural, sustainable and non-inflationary growth”.
Mr. Arun Shukla, President and Director, JK Lakshmi Cement “JK Lakshmi Cement applauds the Honourable Finance Minister, Shree Nirmala Sitharaman, for crafting the visionary Union Budget 2024-25, a blueprint that aligns profoundly with our ethos of inclusive development. As a stalwart in the cement industry, we welcome the Government of India’s commitment to fostering growth, sustainability, and inclusivity. The Government’s strategic focus on all forms of infrastructure, be it digital, social, or physical, and a strong emphasis on women’s empowerment, resonates with our forward-looking mission. The significant increase in infrastructure outlay to INR 11.11 lakh crores and the emphasis on green growth shows the Government’s pursuit to propel our nation towards economic excellence.
As a key player in the cement sector, we are eager to contribute meaningfully to the strategic railway corridor programs, particularly those targeting energy, mineral, and cement corridors. We also applaud the Government’s efforts to deepen GST reforms, creating a more unified and efficient tax regime. This, coupled with initiatives like the bio-manufacturing scheme, and multi-modal connectivity projects, creates a favourable environment for sustained economic growth and job creation. As we navigate the next five years of unprecedented development, JK Lakshmi Cement remains steadfast in its commitment to supporting the Government’s vision of a Vikisit Bharat by 2047 and contributing to the nation’s journey towards economic excellence while creating opportunities for all.”
Mr. Siddharth Chaturvedi, Executive VP, AISECT Group, Chancellor– SGSU “In the aftermath of Budget 2024, India’s higher education landscape radiates with promise as 1.4 crore youth have been skillfully equipped and 54 lakh reskilled under the Skill India Mission. The establishment of 3,000 educational institutions, including 7 IITs, 16 IIITs, and 7 IIMs, underscores a steadfast commitment to academic excellence and innovation, while the significant enrollment of women, comprising 43% of STEM students, reflects substantial progress towards gender inclusivity.
Additionally, the government’s pledge to establish additional medical colleges and upgrade 14,500 schools through the PM Schools for Rising India initiative signals robust investment in education and innovation, ensuring that India’s youth are adeptly prepared to navigate future challenges. The National Education Policy 2020 heralds transformative reforms and initiatives like PM Schools for Rising India stand as testaments to delivering quality education and nurturing well-rounded individuals. The Skill India Mission’s success in upskilling and reskilling, combined with the growth of higher education institutions, illustrates India’s commitment to cultivating a capable and empowered population.”
Mr. Arjun V Founder and CEO of Arivupro Academy “The budget has drafted very focused guidelines on the holistic development of the nation with a clear agenda for economic growth and becoming a prosperous nation by 2047. The government’s focus on developing the financial sector through investments for growth in size, capacity, skills, and regulatory framework, is commendable as it helps drive the necessary infrastructure needed to manage the growth. With an additional focus on skill development and vocational, and job-ready youth, I foresee a huge potential for growth in the financial education sector, especially in professional courses like CA, wealth managers, and financial planners.
Additionally, with the supportive economic policies that facilitate inclusive and sustainable development, and create opportunities for all, we at AricuPro are positive that the future generation of finance professionals will be able to benefit from an efficient ecosystem that can help them enhance their capabilities, and contribute to the nation-building process while fulfilling their own aspirations.”
Mr. Vimal Kumar CEO & Co-Founder of Ionage Technologies. “The Government’s focus on EV as a sector and on green energy and sustainable transportation is a boost for innovation and faster adoption of EV’s across India. Push for faster adoption of e-buses for public transport networks, through payment security mechanism will also indirectly push for a wider charging infrastructure set-up, for both public and private vehicles. This is another welcome move and aligns with Ionage’s vision of democratising EV Charging infrastructure. Additionally, focus on reskilling, and upskilling of youth will help drive vocational courses and help the youth to pursue innovation and research-oriented streams. Overall, the budget is positive and offers impetus to the EV Sector at large.”
Mr. Varun Gada, Director of LP Logiscience- A Liladhar Pasoo Company “The focus on further strengthening connectivity and building transport infrastructure in this interim union budget is a great boost to the existing efforts of reducing logistic costs. The railways and port connectivity will help strengthen domestic supply chains and help 3PL service providers to offer efficient and sustainable supply chain solutions. Development of airports and connectivity to tier 2 and tier 3 towns will also help drive speed to market for manufacturers, across India.
The focus on upskilling and vocational training for youth is also a welcome step, which will translate into job-ready professionals across sectors, including for logistics and warehousing.”
Mr. Rajesh Mehta, Executive Director of Liladhar Pasoo Group. “According to me, the budget reflected confidence in the government retaining its power and continuing the good work that has given India stability and a reputation in global markets. Some key takeaways from the budget, which stood up to our expectations, include:
1. Government’s focus on Railways
· With segregation of freight corridors for railways – dedicated Energy, mineral, and cement corridors, Port Connectivity corridors and high traffic density corridors, will ensure a continuous supply chain strategy for India and is a valuable development in railways infrastructure.
· With more bogies getting converted into express train models like Vande Bharat, translates into better, express connectivity for the logistics sector. In fact, I think it would be a ‘one-day Bharat’ delivery, which will further help enhance consumption across India.
2. The announcement of Capex investment in infrastructure up to 11.1 lac crores is another push to re-engineer India into a manufacturing country for world markets. Projects under PM GATI SHAKTI, especially port connectivity for Indian Islands, will help enable multi-modal connectivity and thus improve logistics efficiency and reduce cost.
3. Skill, Upskilling, and reskilling are other key focus areas that the government is keen to develop. This will help increase living standards by generating better employment opportunities while generating consumption growth with the growth in average disposable income. This will also mean that our youths who are tech-savvy will have more opportunities to participate in India’s growth story
4. The India-Middle East-Europe Corridor is set to be a game changer for India and the world in the history of logistics and Supply Chain, especially considering the volatile global geo-political scenario today.
To summarise, I would term this interim budget as very well-footed and focused on India’s growth while benefiting even the common man.
SAB KA SAAT SAB KA VIKAS – A CONCEPT 10 YEARS BACK IS NOW A CASE STUDY FOR WORLD.”
Mr. Amit Patjoshi, CEO, Palladium India “We commend the government’s strong commitment to the agricultural sector evident in the Budget. The focus on value addition and income augmentation for farmers is pivotal, and the success of initiatives like Pradhan Mantri Kisan Sampada Yojana, benefiting 38 lakh farmers, is truly commendable. The support extended through Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana, assisting 2.4 lakh SHGs and 60 thousand individuals, reflects a holistic approach towards empowering the agricultural community. The emphasis on reducing postharvest losses and enhancing productivity aligns with the sector’s long-term sustainability. Furthermore, the launch of schemes promoting climate-resilient activities for the blue economy 2.0 is a forward-looking step. This integrated and multi-sectoral approach for coastal aquaculture and mariculture, coupled with restoration and adaptation measures, holds promise for sustainable growth. Overall, this budget signals a positive trajectory for the agricultural sector, laying the foundation for a more resilient and prosperous future.”
Mr. Aryaman Vir, CEO of WiseX “The FM’s interim budget is balanced from the point of view of adhering to fiscal prudence, boosting infrastructure growth, and prioritizing focus on four key sections of the economy – the poor, women, youth, and farmers.
While the silence on real estate specifics is noticeable, the increased allocation for infrastructure is a promising indicator for the economy’s overall health and an indirect boon for the real estate sector. The focus on reducing the fiscal deficit to below 4.5% by FY26 offers stability, likely to enhance investor confidence in Indian equities and bond markets. Of particular interest is the substantial ₹1 lakh crore innovation fund, a significant stride towards fostering technological growth. This is a beacon of optimism for startups and fintech firms, signaling strong governmental support for their crucial role in shaping India’s economic future”
Mr. Sanjay Goenka, Managing Director and CEO, 3F Oil Palm, said, The Union Budget 2024 further builds on the push for edible oils self-sufficiency through its “Atma Nirbhar” strategy in all agro-climatic zones. Investing in our Annadata’s (farmers’) future is investing in India’s future itself. While the timely push for edible oil production of mustard, groundnut, sesame, soybean, and sunflower oils is welcome, the scope should be extended to oil palm as well given its higher productivity. The vision for research, modern farming techniques, and infrastructure investment aligns perfectly with our company’s mission to empower farmers and unlock the sector’s potential in palm oil production and processing. We are enthusiastic to empower our farmers and be a part of the journey towards a truly self-reliant India.
Balasaheb Darade, Founder and MD, New Era Cleantech Solution “The budget announcement by finance minister Nirmala Sitharaman today outlining the promotion of coal gasification and liquefaction capacity with a substantial outlay of 100 metric tons by 2030, underscores the government’s commitment to for clean coal technologies for its energy and chemicals self-sufficiency in a sustainable and affordable manner. This initiative aligns with India’s commitment to reach net zero emissions by 2070 as announced by Prime Minister Narendra Modi at COP26 held in Glasgow in 2021. We appreciate the Government’s strategy to facilitate sustaining high and more resource efficient economic growth. This will work towards energy security in terms of availability, accessibility and affordability.
The decision is a significant step as it helps reduce the import of natural gas, oil, chemicals, which can be derived through coal gasification.
Coal gasification and liquefaction will enhance energy security under the Atmanirbhar Bharat framework. The focus on boosting domestic production and curbing imports of various commodities such as natural gas, hydrogen, urea, methanol, ammonia, DME/LPG, will lead to significant forex savings.
New Era CleanTech Solution leads one of India’s pioneering 5 MMPTA private sector clean coal gasification projects. The budget announcement, coupled with the Union Cabinets’s recent unveiling of an ₹8,500 crore incentive scheme for coal gasification, is poised to catalyze substantial growth in the coal-to-chemicals sector. This dual initiative enhances the viability of coal gasification projects, making them more attractive for further investment and fostering a sustainable energy landscape in India.
China’s successful use of coal gasification in recent years to produce essential materials like urea, ammonia, methanol, and hydrogen shows immense potential for India. Geopolitically, coal gasification is important for India as it will reduce our dependency on imports and promote self-reliance and energy security. It will also help many other industries by replacing oil and natural gas and have a multiplier effect. In all, the homegrown petrochemicals products made using syngas will truly lead us towards Atmanirbhar Bharat.
The FM has announced a research and innovation fund of ₹1 Lakh Crore. The other measures in the Budget including viability gap funding for offshore wind, rooftop solarisation, which will benefit one crore households, strengthening of the e-vehicle ecosystem and the new scheme of bio-manufacturing and bio-foundry will increase the share of renewable energy in the energy mix.”
Sandeep Dutta, Senior Managing Director and Lead – India Business, Accenture “The interim Union Budget 2024 outlines several initiatives to sustain the country’s growth trajectory. The focus on research and development and new age technologies has the potential to not just accelerate our economic growth but also create new opportunities for talent from India at a global level. Also, the commitment towards net-zero emissions with a focus on solar electricity and e-vehicle ecosystem will catalyze our advances towards sustainable and inclusive development.”
Shaina Ganapathy, Head of Community Outreach, Embassy Group “As the Indian economy regains momentum, the upcoming budget presents a golden opportunity to build a nation where every individual holds the promise of a secure future. At Embassy Group, we envision a vibrant India where robust health, empowering education, and future-proof skilling form the bedrock of sustainable growth.
Imagine a nation where quality healthcare is not a privilege but a right. We urge the government to prioritise primary healthcare infrastructure, ensuring every corner of our vast landmass receives quality care. Continued investment in preventive programmes, like vaccination drives and community-based health education, can build individual and societal resilience against future health challenges. Nurturing a dynamic medical research ecosystem through public-private partnerships will not only fuel innovation but also equip us to combat unforeseen health threats.
Education must be the cornerstone of our empowered nation. We advocate for increased funding for public schools, ensuring quality education becomes a reality for every child, regardless of their background. Skill development initiatives must evolve beyond traditional vocational training, embracing digital literacy and skillsets aligned with the ever-shifting needs of modern industries. Scholarship programmes targeted at underprivileged students can bridge the access gap and unleash their immense potential.
To thrive in a dynamic economy, the budget should incentivize on-the-job training programmes and industry-academia collaborations, fostering a skilled workforce prepared for the evolving job market. Expanding apprenticeship programmes and providing tax breaks for companies investing in skill development can create a win-win situation for both employers and employees. Focusing on entrepreneurship and small business development, particularly in rural areas, will not only generate new employment opportunities but also drive inclusive growth, ensuring no one is left behind.
By investing in these critical areas, the Union Budget 2024 can become the blueprint for an India where every healthcare centre, school, and skilling initiative acts as a brick in the foundation of a nation where every individual contributes to, and benefits from, a secure and prosperous future. Let us build an India where every child’s dream, every entrepreneur’s vision, and every citizen’s aspiration can flourish, brick by brick.”
Bharath Rao, Founder & CEO, Emobi “The Interim Budget ignites a new era of innovation and opportunity for Electric Vehicles. This is a pivotal moment for Bharat’s industrial landscape. With a strong emphasis on the E-vehicle ecosystem and bio-manufacturing, India stands at the cusp of unprecedented innovation. The Government’s commitment to bolstering manufacturing and charging infrastructure lays a solid foundation for EV growth. It will reshape our consumption patterns and fuel green growth. As pioneers in the EV sector, we wholeheartedly welcome this transformative stride towards a greener, more prosperous future for all.”
Chandresh Sethia, Co-founder, EVRE. “The Interim Budget’s bold focus on Electric Vehicles sparks a revolution in EV space, and that is a welcome move. It is heartening to see India at the forefront of this electrifying transformation. Improvement in our charging infrastructure will boost consumer confidence, and amplify adoption and growth of electric vehicles in the country. A focused approach will address concerns, and facilitate entrepreneurial opportunities for various ecosystem players involved in the supply and installation of EV chargers, driving growth of the electric vehicle charging ecosystem.
As leaders in charging infrastructure, we envision a future charged with possibility. Aligned with the government’s vision, we are committed to expanding and fortifying the e-vehicle ecosystem, paving the way for seamless integration. The robust support for manufacturing and charging infrastructure propels us towards a future where sustainability meets innovation. With the introduction of e-buses for public transit and the launch of bio-manufacturing and bio-foundry schemes, we witness a shift towards eco-friendly alternatives and regenerative principles. As pioneers in charging infrastructure, we are thrilled to embark on this electrifying journey towards a cleaner, greener, and sustainable Bharat.”
Anupam Kumar, Founder & CEO, MiniMines Cleantech Solutions. “We commend the Government’s visionary approach, particularly the emphasis on Viability Gap Funding for tapping into shore-wind energy potential. This strategic initiative is a game-changer, poised to accelerate the widespread adoption of renewable energy across the country. As a pioneering startup in battery recycling, we are highly optimistic about the future, especially with Bharat’s unwavering commitment to coal gasification and liquefaction, which is targeting a capacity of 100 metric tons by 2030.
Moreover, the phased mandatory blending of compressed biogas in compressed natural gas for transport and piped natural gas for domestic purposes perfectly aligns with our steadfast dedication to sustainable practices. This forward-looking fosters the adoption of eco-friendly alternatives and propels the growth of businesses like ours.
At MiniMines, we eagerly look forward to contributing to Bharat’s sustainable future and thriving in the dynamic landscape shaped by these progressive budgetary measures. With the nation’s commitment to Aatmanirbhar Bharat and one step closer to Net Zero, we are inspired to innovate and lead the charge towards a greener, self-reliant India.”
Mr Sahil Kapoor, Head – Products and Market Strategist at DSP Mutual Fund “It is noteworthy is that this is a budget entirely focused on fiscal consolidation and not populism, which was expected to be in focus because of the upcoming general elections. The most pleasing words from the budget: “No changes in taxation.” It’s a budget that focuses on the continuation of policy and doesn’t introduce any surprises. It’s a budget prepared keeping in mind that global fiscal expenditure may decrease this year, and the global monetary policy may tighten. The government has assumed an increase in total expenditure of 6.1% YoY in FY25. This is the lowest growth in 8 years, and less than half of the 8-year average of 12.4%. The budget has a negative fiscal impulse, with the gross fiscal deficit contracting by Rs. 49,000 crores and the primary deficit reducing by Rs. 1.8 lakh crores. The bond market has rejoiced with a drop in yields, and rightfully so. Gross and net borrowing for FY25 are lower than FY24. The fiscal deficit is expected at 5.1% for FY25, a reduction of 0.7%. With India getting included in global bond indices and the supply of Govt. Securities estimated to be lower, it will lift a major hurdle for the RBI to exercise a more neutral to easy monetary policy – advantage duration funds.”
Mr Amit Mishra, Co-Founder & CEO, iMocha “We commend the budget’s focus on skill development and its recognition of technology’s pivotal role in driving India’s economic growth. The achievements of the Skill India mission underscore our commitment to a skills-first approach. Tax benefits for startups align with Atma Nirbhar Bharat, yet a more targeted approach is needed for skill development, especially in emerging technologies like AI and cybersecurity.
There’s a pressing need for targeted resource allocation toward essential tech skills. Collaborative initiatives between the government and the private sector will be crucial for addressing workforce challenges and making individuals future-ready. Skills intelligence will play a vital role in identifying and meeting these objectives.
We look forward to ongoing endeavors aimed at establishing a resilient skills ecosystem that empowers individuals and elevates India’s global position in technology.”
Ravi Mittal, Founder & CEO of QuackQuack “As the Founder of a startup, I am thrilled to witness the visionary steps taken in the Union Budget 2024. The allocation of a 1 Lakh Crore fund for long-term, low-interest loans towards deep tech in defence is a testament to the government’s commitment to fostering innovation. With 43 crore loans sanctioned through PM Mudra Yojana, totaling 22.5 lakh crore, our youth’s entrepreneurial aspirations are also being significantly supported. The extension of tax benefits and continued support through schemes like Fund of Funds, Start-Up India, and Start-Up Credit Guarantee until March 2025 further exemplifies the government’s dedication to empowering startups. At QuackQuack, we are excited about the opportunities ahead.”
Yeshasvini Ramaswamy, Serial Entrepreneur & CEO of Great Place To Work®, India. “The recently unveiled budget reflects a commendable effort toward addressing the diverse needs of our society, making it one of the most populous and inclusive budgets in recent times. It is evident that the government has taken into account the varied sections of society, ensuring that the benefits reach every stratum.
Over the last decade, the Indian economy has undergone a transformative journey, and this budget seems to be a strategic continuation of that trajectory. The focus on women empowerment is particularly heartening, with a notable 28% increase in female enrollment and the distribution of 30 crore Mudra Yojana loans. This signals a positive momentum towards creating a more gender-inclusive economic landscape.
One of the fiscal highlights is the revised fiscal deficit, standing at 5.8% of the GDP for FY24, with an optimistic projection to bring it down to 5.1% in FY25. The government’s commitment to further reduce the fiscal deficit to below 4.5% of the GDP in FY26 speaks volumes about its financial prudence. The substantial increase in the number of tax filers by 2.4 times is a positive indicator of a growing tax base, reflecting a broader participation in the economic activities of the nation.
The announcement of a corpus of Rs 1 lakh crore, earmarked for long-term financing and re-financing with low or nil interest rates, is a significant stride towards fostering innovation. This will undoubtedly galvanize the private sector to intensify research and innovation, especially in sunrise domains, propelling India towards technological leadership on the global stage.
It’s heartening to note that the budget places a strong emphasis on addressing the needs and aspirations of the poor, women, youth, and farmers. The commitment to making India ‘Viksit Bharat’ by 2047, with a focus on ‘sabka sath, sabka vikas,’ demonstrates a holistic approach towards inclusive growth.
The government’s equal focus on GDP – Governance, Development, and Performance – underscores its commitment to not only economic growth but also to the overall well-being and progress of the nation. The optimistic projection of the Indian economy growing at over 7% in the coming years and becoming the third-largest economy in the world by achieving a GDP of $5 trillion is indeed a promising outlook.
Additionally, the extension of the tax break for start-ups until March 31, 2025, is a welcome move that will further support the entrepreneurial ecosystem, fostering innovation and job creation. The allocation of interest-free loans to states for all-around tourism development, irrespective of socio-economic restrictions, is a commendable step towards promoting inclusive growth and supporting regions like Lakshwadweep.
The announcement that the next five years will be marked by unprecedented growth is a positive outlook for the nation’s economic landscape. Furthermore, the enhancement of the target for Lakhpati Didi from 2 crore to 3 crore and the introduction of new schemes for Deep Tech will undoubtedly have a multiplier effect on the economy, promoting financial independence and technological advancement.
Also, recognizing the importance of women in policymaking, there is a pressing need for the reservation of women in decision-making roles, ensuring a more balanced and inclusive representation that reflects the diversity of our society.
This budget appears to be a well-thought-out roadmap for the nation’s economic development, encompassing a broad spectrum of sectors and demographics. As citizens, we can look forward to a period of sustained growth and progress with a renewed focus on inclusivity and innovation.”
Punit V. Sood, Founder & Director of Karabi Art Community “The PM Vishwakarma Yojana has the potential to completely transform the artisan and crafters community at Karabi Art Community thanks to its significant financial investment and all-encompassing methodology. The program’s dedication to providing comprehensive assistance, including monetary support, instruction, and exposure to contemporary methods, is a game-changing move. In addition to streamlining the registration process and bringing accessibility into the modern era, the biometric-based portal offers free registration, which benefits our community. This project has the potential to improve our abilities, give much-needed financial support, and create a growth-oriented atmosphere. Because the program covers a wide range of 18 trades, it is inclusive and benefits a diverse group of artisans. All things considered, the PM Vishwakarma Yojana is a shining example of empowerment, promising to strengthen and elevate our sector by providing us with the tools, information, and assistance required to prosper in a changing and cutthroat environment.”
Mr. Ajay Chaudhary, CMD, Ace Group said “In this interim Union Budget, we find notable provisions that resonate with the aspirations of the middle class homebuyers. The proposal to empower them with avenues to build their own homes, whether in rented accommodations, chawls, or unauthorised colonies, marks a significant stride towards inclusive prosperity. Equally commendable is the budget’s emphasis on bolstering infrastructure development, with a remarkable increase in allocation by over 10 per cent, reaching approximately Rs. 11 lakh crore. This surge in investment promises a robust multiplier effect, igniting economic growth engines and paving the way for substantial employment opportunities. Moreover, it stands poised to catalyze housing demand among our burgeoning urban youth population.”
Mr. Arjunpreet Singh Sahni, Executive Director, Solitaire Group said The budget’s provisions for affordable housing and infrastructure development align with industry expectations. However, granting Industry Status to the real estate sector, a long-awaited demand, could have further stimulated growth. While we appreciate the measures taken in this budget, we believe that more can be done to provide a significant impetus to the real estate sector with additional incentives and policy support for developers and homebuyers. We look forward to the effective implementation of the measures outlined in the budget and hope to see positive outcomes percolate to all stakeholders of the real estate sector.”
Mr. Harshvardhan Tibrewala, Director, Roha Realty “The Budget 2024 signals a bold stride towards ‘Viksit Bharat’ with an 11.1% increase in infrastructure expenditure, reaching ₹11,11,111 crore, or 3.4% of the GDP. This boost underscores the government’s commitment to economic growth and widespread employment.
The vision for ‘Viksit Bharat’ envisions a prosperous nation with modern infrastructure and opportunities for all. This aligns with the real estate sector’s growth, promising increased property values as infrastructure improves. Real estate investors can anticipate a positive impact on property markets, making strategic investments more appealing in the coming year.
Mr. Sachin Patel, Chief Managing Director, Swaminarayan Group “The government’s commitment to infrastructure through ‘Viksit Bharat’ in the budget 2024 shines a beam of hope on the growth of the real estate sector. The government has allocated 11,11,111 crore rupees which is an 11.1% increase from the previous year proclaims their commitment to increase economic growth and boost employment creation. This substantial investment, constituting 3.4% of the GDP, promises a multiplier effect that will undoubtedly stimulate the real estate market.
The vision of ‘Viksit Bharat’ is Prosperous Bharat is “Prosperous Bharat in harmony with nature, with modern infrastructure, and providing opportunities for all citizens and all regions to reach their potential”.
Emphasizing the transformative impact of the Atal Setu (Mumbai Trans Harbour Link) Bridge on Industry growth, there is a pressing need for the government to prioritize more such infrastructure developments to unleash substantial economic potential.
ONDC Official Post Budget Statement “We applaud the government’s unwavering commitment to supporting MSMEs post-budget announcement. The acknowledgement of MSMEs’ pivotal role in the global market and the focus on fostering a green economy is noteworthy. Recognizing the need for a policy environment tailored to MSMEs’ unique requirements is significant. Prioritizing training initiatives for global competitiveness reflects a forward-looking approach. Emphasizing the importance of Digital Public Infrastructure (DPI) as a new factor of production in the 20th century highlights its critical role in shaping a more organized and structured economy. Minister Sitharaman’s assurance of preparing the financial sector for investment needs is a welcome commitment. ONDC applauds the government’s dedication to fostering inclusive and sustainable development, improving productivity, and creating opportunities for all.”
Roshan Shah, Co-founder & CEO, VoloFin “In unveiling the 2024 Interim Budget, Finance Minister Nirmala Sitarama has charted a visionary course for our nation’s economic future. With a commitment to fostering sustained growth, promoting inclusive and sustainable development, and enhancing productivity, the government is set to create unprecedented opportunities for both public and private sectors. The buoyant economy, propelled by active foreign investment, is a testament to our stability and success. Through strategic policies, performance reforms, and transformative initiatives for MSMEs, we are poised to compete globally. The robust regulatory framework by IFSCA and GIFT IFSC is a beacon for the finance sector, paving the way for innovative products and services that will propel us into a prosperous tomorrow.”
Sarvjeet Virk, Co-founder & MD, Finvasia “The post-budget landscape looks fairly positive, with a continued emphasis on initiatives like Startup India, Funds of India, and Startup credits. A corpus of Rs 1 lakh crore, coupled with interest-free loans for 50 years, is allocated for research and innovation. This initiative aims to offer long-term financing or refinancing with extended tenures and low to zero interest rates. It signals robust support for our tech sector, encouraging innovation in sunrise domains. This is a very positive development and will boost the morale of the whole startup community.
The fiscal deficit reduction to 5.1% of GDP by 2025-26 showcases a forward-looking economic path.
The commitment to deep tech for defense, infra development, and air connectivity to tier 2 and tier 3 cities exemplifies a holistic approach. Here’s to a developed India and a Viksit Bharat, fostering entrepreneurship, employment, and technological prowess.
Shailendra Singh Rao, Founder & MD, Creduce “We wholeheartedly applaud the government’s commitment to green energy initiatives, aligning with the ‘net zero’ target by 2070. The allocation of viability gap funding for harnessing offshore wind energy is a visionary move, propelling us towards a cleaner energy landscape. The establishment of coal gasification and liquefaction capacity by 2030 not only supports domestic production but also diminishes reliance on imported fuels. The phased mandatory blending of compressed biogas in CNG and PNG underlines a strategic push towards cleaner transport and domestic energy consumption.
We appreciate the budget’s recognition of the vital role biomass plays in our green journey, evident in the financial assistance for biomass aggregation machinery. Creduce is ready to leverage these opportunities, contributing to the nation’s green energy goals and we look forward to collaborating with the government, reinforcing our commitment to combating climate change.”
Gaurav Jalan, Founder & CEO, mPokket “The emphasis on continued growth of digital public infrastructure is most welcome. The government’s consistent push to capitalize on India’s momentum as an attractive investment destination bodes well for potential FDI inflows. The intention to create a conducive regulatory environment for MSMEs through appropriate financing, technologies and training will also provide a robust fillip to small enterprises and start-ups.
Besides farmers, women and the poor, the focus on youth via the training of 114 million youth and upskilling and reskilling of 5.4 million youngsters, as well as the establishment of 3,000 new ITIs, will help in transforming India into a catchment area for young talent. With 430 million loans worth Rs22.5 lakh crore sanctioned by the PM Mudra Yojana to support the entrepreneurial aspirations of the youth, it will boost both entrepreneurial and employment opportunities. Additional schemes such as the Fund of Funds and Start-up Credit Guarantee will also assist the youth and start-ups throughout India.”
Sampath Reddy, Chief Investment Officer, Bajaj Allianz Life Insurance “The interim budget for 2024-25, demonstrated a balance between maintaining the momentum of recent initiatives and outlining a vision for future economic growth. In-spite of the upcoming elections, the budget demonstrates the government’s commitment to fiscal prudence and long-term planning. At the core of the budget lies a focus on fiscal responsibility. The government has set a fiscal deficit target of 5.1% for FY25 and revised estimate for FY24 is 5.8% of GDP vs 5.9% earlier, exceeding market expectations and showcasing its dedication to sound financial management. The government has reiterated its intention to reach the Fiscal deficit target to get it below 4.5% by FY26. This commitment extends to managing debt, with gross borrowing projected to be lower than the previous year, reflecting a responsible approach to fiscal consolidation. Additionally, efforts to control revenue expenditure further demonstrate responsible fiscal management. After a significant increase in the previous years capital expenditure, the projected outlay to capital expenditure is to grow by 11% to Rs. 11 trillion (3.4% of the GDP).
Despite being an interim measure, the budget reveals a clear long-term vision across crucial areas. Inclusive development and equitable growth remain priorities, evident in initiatives like the Pradhan Mantri Awas Yojana aiming to build an additional 2 crore rural houses in the next five years. This emphasis on inclusivity extends to infrastructure, with continued investments in railways, airports, under the Gati Shakti program for improved logistics efficiency.
Clean energy also receives considerable attention in the budget. Investments in rooftop solarization programs highlight the government’s push for modernization and sustainability. The rooftop solarization scheme, targeting 1 crore households with access to free electricity up to 300 units, exemplifies this dual focus on infrastructure development and environmental consciousness.
On the taxation front, there are no changes proposed in the existing income tax slabs but to retain the same tax rates for direct taxes and indirect taxes including import duties.
Overall, the interim budget exhibits continuity and stability, emphasizing fiscal prudence, infrastructure development, clean energy adoption, and inclusive growth. It lays the foundation for a future-oriented path towards economic prosperity. This careful balancing act positions India to navigate the upcoming transition while maintaining its focus on long-term goals, creating a optimistic outlook for the nation’s economic trajectory. The 10 year benchmark yield softened significantly with the bond market taking the fiscal prudence shown in the budget positively.”
Rahul Cordeiro, Chief Financial Officer, GE HealthCare South Asia. “The Union Budget FY 2023-24 promising an increased outlay of INR 1 Lk Cr for sunrise sectors like MedTech is encouraging for the industry as we strengthen our march towards Atmanirbhar Bharat, envisioning to become the global manufacturing and MedTech hub. The increased vision for encouraging collaboration in R&D, multidisciplinary courses for MedTech in existing institutions, high-end manufacturing and research is a welcome move. In addition, the move to set up more medical colleges by utilizing existing hospital infrastructure under various departments will further enable access to care in the country. Today, India is the fourth largest medical equipment manufacturer, representing a sizeable growth opportunity for India, particularly as ‘China plus One’ policy takes root across countries. Local manufacturing, which has always been a focus across various government initiatives, is set to grow stronger with policies like National Medical Devices Policy 2023, Production Linked Incentive Scheme, Promotion of Research and Innovation in Pharma MedTech Sector (PRIP) Scheme. Moreover, 80% procurement is in private sector, and this needs to be incentivized with economic benefit to buy locally manufactured medical devices. Rebates to private healthcare providers buying locally manufactured medical equipment in underserved areas and lower rebates for imported medical devices of similar specifications will address the access to care gap. Currently, 20% rebate is provided by State governments of Madhya Pradesh to healthcare facilities built in non-metro/rural areas for buying MedTech products, enabling healthcare infrastructure build out in access-restricted geographies. To encourage healthcare facilities to buy locally, we must look at a strategic structure that transfers the economic benefit directly to these facilities. We also expect to see incentives and rebates for medical devices to make them globally competitive and enhance exports; coupled with the facilitation of single-window clearances for local manufacturers. At Wipro GE Healthcare, we have spearheaded the Make in India journey for decades now and look forward to working closely with Governments at all levels to take the Atmanirbhar agenda to new heights.”
Manish Rathi, co-founder and CEO, IntrCity SmartBus “The government’s prioritization of improving public transportation and connectivity in the 2024 interim budget highlights the critical importance of efficient and reliable transportation in the country. Through promoting the thorough development and promotion of tourist destinations by individual states, the initiative aims to draw in more visitors from around the globe. In particular, the provision of long-term interest-free loans to states, matched by their own investments, is a noteworthy aspect. Not only does it facilitate crucial improvements to infrastructure and amenities, but it also ensures long-term sustainability and the optimization of these developments to fully showcase the unique characteristics of each destination.
With the increasing enthusiasm among Indians for traveling within their own country, specially to spiritual and culturally significant destinations. The announced endeavors cater to the expanding middle class income group, highlighting a progressive mindset in tapping into the untapped potential of the domestic market while simultaneously making Indian locales more attractive for everyone. The focus on domestic travel is not just a mere tactic; it serves to instill a sense of pride and knowledge in Indians about their own heritage while also jumpstarting socio-economic progress, especially in smaller cities. Through the promotion of inclusive development, these endeavors strive to empower local communities.”
Mr. Rajesh Narain Gupta, Managing Partner of SNG & Partners, Advocates & Solicitors “Huge incentives to the private sector for innovations by creating a new fund exceeding one lakh crore and further a deep focus on infrastructure development by increasing the overall provisions as well as steps being taken towards rural, women and farmers development are astounding steps which will accelerate India becoming a developed nation”
Akshay Munjal, Founder & CEO, Hero Vired. “The interim budget marks a pivotal stride towards fostering inclusive and robust academic growth. The establishment of new institutes underscores our commitment – that is, to elevate both the scale and quality of education. Women constitute 43% of enrolments in STEM courses, their participation increasing by 28% in the last decade reflects a substantial leap towards expanding opportunities in traditionally male-dominated fields. Additionally, through the Skill India Mission, the training of 114 million youth, along with upskilling/reskilling of 5.4 million youth, are strong steps that will benefit the industry at large by addressing the crucial need to bridge the demand-supply gap for skilled workers.
Given that innovation is the cornerstone of Viksit Bharat, the budget lays the foundation for citizens to become empowered, enabled, and equipped. This strategic approach aligns with our vision for a progressive and skilled workforce, thereby contributing to the overall growth and development of the nation.”
Mr. Ajay Trehan, Founder and CEO, AuthBridge, “In the transformative landscape of Bharat’s 2024 budget, our nation envisions prosperity in harmony with nature, propelled by modern infrastructure, and abundant opportunities for all. The deepening and widening of the tax base through GST, coupled with a reinforced financial sector, have set the stage for economic resurgence. As we witness the implementation of major railway corridor programs under PM Gati Shakti, expansion of airports, and comprehensive urban development schemes, we seamlessly align with these initiatives. With 43 crore loans sanctioned under PM Mudra Yojana, AuthBridge is a key partner in enabling efficient verification processes, fostering growth in employment, and contributing to the nation’s journey of progress and inclusivity.”
Mr. Roland Landers, CEO, All India Gaming Federation expresses his opinion stating that, “Today’s interim budget announcement may not have directly addressed the needs of the gaming industry, however the clear focus on technology and the youth is one that we deeply appreciate. We believe that the announcement proposing long term financing for the sunrise sectors to scale up on research and innovation will be beneficial for the technology and startup sector as a whole including the gaming and game-development sub-sectors. We are hopeful for more concrete and decisive measures addressing the online gaming industry in the upcoming Union Budget.
We urge progressive budgeting to empower responsible online gaming, aligning with AVGC policies and fostering self-regulation, as recommended by the I&B Ministry’s AVGC Task Force. This will unlock industry potential and benefit the economy, players, and creators.
As the apex industry body, we are committed to working with policymakers to create an enabling environment for the gaming sector’s growth and innovation. Our industry has immense potential, and we look forward to constructive policies that will drive its development in the union budget.”
Dr. Silpi Sahoo, Chairperson, SAI International Education Group “The Union Interim Budget 2024 intends to be accessible and inclusive for all. It prioritizes the education sector among several others and is a step forward from last year’s focus on job creation. It promotes skill development, boosts employment, and encourages entrepreneurship – all towards the Government’s larger vision of “Viksit Bharat”. We welcome the well-rounded approach of bolstering the startup ecosystem, investments in progressive technologies like AI integrating with education and emphasis on digital literacy as well as STEM education, especially for women. If these policies are delivered to their full potential and spirit, we will not be far from Bharat attaining global leadership.
Empowering our youth is a critical success factor towards our nation’s prosperity, therefore, 43 Crore loans sanctioned in this Budget will go a long way to encourage entrepreneurship among them. Moreover, reforms under NEP 2020 such as PM Shri will that deliver top-quality teaching, and nurture holistic and well-rounded individuals is much much-needed intervention that will impact at the grassroots level.
The Government’s strong focus on sports has already generated a new civilizational confidence in our sportspersons. Our highest-ever medal tally in the Asian Games and Asian Para Games in 2023 stands as a testimony of this.”
Nirmit Parikh, Founder & CEO, apna.co “The Interim Budget 2024 deserves a nod of appreciation for its commitment to fostering a vibrant entrepreneurial ecosystem. The extension of tax benefits to startups, along with a seamless continuity in taxation, reflects a tangible dedication to long-term sustainability. Kudos to key initiatives like Start-up India and the Start-up Credit Guarantee schemes, which genuinely showcase a hands-on effort to empower the start-up sector. The support for technology and innovation within start-ups isn’t just policy; it’s a true progress accelerator. These measures are concrete steps that strengthen the ‘rozgardata’ and lay a foundation for inclusive, balanced, and robust growth within the start-up landscape. Overall, the Budget presents a realistic and impactful vision for a dynamic and thriving entrepreneurial future.”
Mr Vinay Thadani, Director & CEO – Grew Energy Pvt Ltd said, “We welcome this budget presented by Hon’ble Finance Minister Smt. Nirmala Sitharaman. With the target to achieve Net Zero by 2070, the focus is now on Green Energy. The country is aiming at energy security in terms of availability, accessibility and affordability. The roof-top solarization scheme will enable upto one crore households to obtain up to 300 units of free electricity every month.
As emerging solar manufacturers and EPC players, this announcement motivates us to increase our solar PV modules manufacturing as well as optimise EPC services. In synergy with measures announced today to achieve the 2070 target, adoption of solar energy will enable India towards securing the uninterrupted availability of energy sources at an affordable price.”
Sanket Sarkar, Founder of Zeron “This informed decision is a timely and crucial step in response to the escalating cyber threats faced by various government institutions, as highlighted by recent incidents including those affecting AIIMS.The statistics from the Indian Computer Emergency Response Team (CERT-In), which managed 1.39 million cybersecurity incidents in 2022, emphasize the gravity of the cybersecurity landscape. This increased budget allocation demonstrates the government’s commitment to fortify our digital defenses, ensure the resilience of our critical infrastructure and enhance the cyber risk posture management of the nation.Cybersecurity is not merely a technological investment; it’s an imperative for safeguarding our national interests. The government’s decision reflects a recognition of the evolving nature of cyber threats and the need for a robust defense strategy.
At Zeron, we remain committed to supporting initiatives that enhance our nation’s cyber risk posture management. We look forward to collaborating with government agencies and contributing our expertise to collectively strengthen our digital resilience.This financial commitment signals a decisive step towards securing our digital future, and we commend the government for prioritizing cybersecurity in the national agenda.”
Saravanan T., Director, Platform Engineering, Ascendion. “The 2024 Union budget has highlighted the many achievements and has introduced new features for the year ahead. The Skill India Mission has trained 1.4 crore youth, upskilled and re-skilled 54 lakh youth, and established 3000 new ITIs. India has also succeeded in setting up a large number of higher learning institutions, including 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS and 390 universities. This overwhelming number creates more scope for future skilling and upskilling of talent in India as well as more employment opportunities for youth in technical skills.
The increase of 28% in female enrollment in higher education over the past 10 years, especially in STEM courses where girls and women make up 43% of enrollment, further highlights the higher participation of women in the workforce. It’s evident that we are witnessing a more diverse and inclusive India, especially when viewed from a global standpoint.
Upskilled talent and an increased women’s workforce with STEM backgrounds can pave the way for a more sustainable and progressed India, which is another point stressed in the budget for 2024-25. Technologies like Gen-AI can further aid in upskilling and training of youth and the workforce at large, which is the way forward for India.
The 2024 Interim budget has shown primary emphasis on tech entrepreneurship, women and child healthcare, and infrastructure development. The budget’s focus on leveraging technology across various sectors to expedite and accomplish its objectives is an important virtue to encourage India’s prowess in the global tech industry.”
Rahul Dhamdhere, CMO, KidZania India “At KidZania India, we welcome the 2024 interim budget with optimism, acknowledging its numerous positive indicators for the education and entertainment sector.
The sustained emphasis on capital expenditure, especially in infrastructure, promises well connectivity benefiting educational and entertainment experiences with enhanced accessibility and connectivity. The extension of tax breaks for startups in education and skill development establishes a conducive environment for innovative learning solutions.
As an advocate of edutainment, we firmly believe that these initiatives have immense potential to ignite the playful spark in every child.”
Sanket Sarkar, Founder of Zeron “This informed decision is a timely and crucial step in response to the escalating cyber threats faced by various government institutions, as highlighted by recent incidents including those affecting AIIMS.The statistics from the Indian Computer Emergency Response Team (CERT-In), which managed 1.39 million cybersecurity incidents in 2022, emphasize the gravity of the cybersecurity landscape. This increased budget allocation demonstrates the government’s commitment to fortify our digital defenses, ensure the resilience of our critical infrastructure and enhance the cyber risk posture management of the nation.Cybersecurity is not merely a technological investment; it’s an imperative for safeguarding our national interests. The government’s decision reflects a recognition of the evolving nature of cyber threats and the need for a robust defense strategy.
At Zeron, we remain committed to supporting initiatives that enhance our nation’s cyber risk posture management. We look forward to collaborating with government agencies and contributing our expertise to collectively strengthen our digital resilience.This financial commitment signals a decisive step towards securing our digital future, and we commend the government for prioritizing cybersecurity in the national agenda.”
Sandeep Kumar, Founder & Managing Director, Baatu Tech “The interim Union Budget 2024 brings welcome provisions for India’s youth and startup ecosystem. The enhanced focus on skill development through expanding training programs will empower our young workforce for the jobs of tomorrow.
The budget’s emphasis on promoting entrepreneurship through Mudra loans and Fund of Funds schemes will unlock the potential of startups to drive innovation and job creation. The Start Up India, and Start Up Credit Guarantee schemes are promising initiatives to provide support for startups across Tier-2 and 3 cities. Extension of certain tax benefits to Start-ups and investments made by sovereign wealth funds/ pension funds, tax exemption of some IFSC units for one more year will encourage start-ups to increase investments and help ramp up their business.
Furthermore, the Rs. 1 lakh crore corpus for long-term financing of research and innovation will be transformative in scaling up R&D and spurring growth in sunrise sectors. Such incentives are integral for Indian startups to develop cutting-edge solutions and compete globally.
Overall, this forward-looking budget lays the foundation for leveraging India’s tech talent and nurturing startups. With skilling, accessible finance and R&D support, it sets the stage for an exciting decade of technology-led growth and entrepreneurship.”
Diwakar Chittora, CEO and Founder of Intellipaat “We applaud the government’s transformative efforts in the education sector, highlighted by initiatives such as the Skill India Mission. With 1.4 crore youth trained and substantial progress in higher education, India is on track to become a global hub for high-skilled resources. At Intellipaat, we are dedicated to upskilling and actively contributing to these initiatives. As CEO and Founder, I am proud to support the vision outlined in the budget.”
Mr Saket Gaurav, CMD Elista “We appreciate the Government of India’s commitment to fostering unprecedented growth through MSME training initiatives and impactful GST reforms in the Interim Budget 2024, realizing ‘One Nation, One Market, One Tax.’ The focus on upskilling youth aligns with our dedication to empower them though our latest manufacturing facility in Andhra Pradesh. However, for sectoral growth and universal Smart TV accessibility, re-evaluating the 28% tax on Smart TVs above 43 inches is crucial. Recognizing these devices as essential household appliances, not luxuries, lowering taxes can boost sales and contribute to the nation’s economic prosperity.
We are optimistic that these measures will reduce compliance burdens and logistics costs, fostering an environment conducive to innovation and economic progress. Aligned with the government’s vision for industrial development, we anticipate a positive ripple effect across sectors, benefiting industries and companies”
Mr. Nitin Gupta, Co-Founder & CEO Of Attero Recycling “The government’s focus on strengthening EV manufacturing and charging infrastructure in the interim budget is a positive signal towards sustainable mobility. With such initiatives, the government is laying a strong foundation for a greener and more resilient transportation sector. The push for e-buses adoption backed by a payment security mechanism will help in accelerating the transition to cleaner and more sustainable public transportation systems. The rooftop solarization scheme, enabling one crore households to receive up to 300 units of free electricity every month, marks a crucial step towards the adoption of renewable energy. This transition necessitates the use of lithium-ion battery packs for energy storage, indirectly promoting technological innovation and sustainability in the energy sector. Such initiatives align with global efforts to combat climate change and promote a greener, more sustainable future. While we hoped for provisions addressing the recycling of critical minerals, we are optimistic about the government’s overarching commitment to achieving Net Zero by 2070. It is a collective responsibility towards environmental stewardship and in building a greener future for generations to come.”
Gurjodhpal Singh, CEO, Tide India “We commend the government’s continuous support towards making women the part of the formal economy across sectors from agriculture to entrepreneurship. Recognizing this crucial contribution, today’s budget clearly showed the focus of the government of India towards empowering women for the economic development of the country. To encourage them and start their own businesses, the Mudra Yojana scheme has been a game-changer, providing loans to 30 crore women. This will bridge the digital divide and help women entrepreneurs to equip with the tools they need to compete in the modern marketplace.
The empowerment of women through entrepreneurship, ease of living, and dignity for them has gained momentum in the past few years. The continuous government support for women will help them to take centre stage in the sustainable growth of the country. To transform the rural socio-economic landscape with empowerment and self-reliance, the GOI will enhance the target for ‘Lakhpati Didi’ from 2 crore to 3 crore.
We believe Indian fintech’s will help women-led MSMEs to access formal credit lines while saving time and money through digitisation and to unlock their immense potential to drive India’s economic growth.” – Gurjodhpal Singh, CEO, Tide India, which is a business financial platform for MSMEs.
Prashant Muddu, Managing Director & CEO, Jocata “The government has reaffirmed its intent of promoting timely and adequate finances for MSMEs to help them grow and compete domestically and globally in alignment with the national economic agenda. The industry will see further strengthening of the regulatory environment and more policy push for Banks, NBFCs & Fintech towards priority sector lending. Fintechs working towards uplifting the MSME ecosystem through adoption of digital technologies, SaaS and financing can look forward to strong ecosystem support from the government in the coming months with MSME finance, training and tech adoption being spelled as a ‘policy priority’. Also, GST as a unified tax structure in the country will compel banks and financial Institutions to confidently rely on GST-led credit decisioning as robust and reliable source of business and operational performance. We expect banktech and regtech players like us to witness a demand for analytics-driven credit decisioning solutions. The FM has also reiterated the recent announcement of the India-Middle East-Europe Economic Corridor being a strategic and economic game changer for India and others. We expect financial services to play a big role in it,” said Prashant Muddu, Managing Director & CEO, Jocata, a leading B2B fintech working with financial institutions.
Mr. Sundeep Holani, Co-Founder and Co- CEO, Channelplay Ltd “It’s great to learn about the progress made by the Skill India Mission presented in the interim budget 2024. As a company that believes in the power of up-skilling and re-skilling, we are thrilled to see the establishment of 3000 new ITIs, which will equip our youth with the necessary skills for the future. It’s impressive to know that 1.4 crore youth have been trained under this initiative, and 54 lakh youth have been up-skilled and re-skilled. Such initiatives are essential for creating a competent and skilled workforce and contributing to the growth of the economy. At Channelplay, we believe that such efforts will go a long way in creating a competent and skilled workforce.”
Chandan Barve, VP and Chief Administrative Officer, Sun Life Global Solutions “The interim budget sets a positive tone as we progress towards the vision of a ‘Viksit Bharat’ and marks a new era of unprecedented development for India. The support of the government has been invaluable with the budget promising another good year for multiple sectors including Global Capability Centres (GCC), currently contributing 1% to Indian GDP, as per nasscom. This sector is a major contributor to India’s digital transformation journey and the narrative has moved beyond cost differential to being a value generator. As one of the fastest growing sectors, the GCC spur has been aided not just through technological innovation but by also embracing ideas such as diversity and progressive workplace culture. The government’s increasing focus on inclusivity & growth will be vital in shaping the evolving workforce as well as the rapid development of a digital infrastructure.”
Mr. Amit Kapoor, Co-founder and CEO, Eupheus Learning said “As the Interim Budget for 2024-25 unfolds, we welcome the notable 6.1% increase in the schooling outlay, with a substantial Rs 4,200 crore boost in the School Education Budget, and a significant allocation of Rs 6,000 crore to the PM SHRI program, marking a remarkable 50% surge from the previous year. This underscores a dedicated focus on enhancing the quality of school education including digitalization. While we await the full-fledged budget post the upcoming elections, these initial steps are encouraging notes for the education sector to partner with edtech companies like ours.”
Mr. Gaurav Goel, CEO, Toprankers “In light of the recent Union Budget and FM’s announcements, we’re heading towards transformative changes in education. With Skill India Mission successfully upskilling 1.4 crore youth and establishing 3000 new ITIs, alongside the inauguration of prestigious institutions, the education landscape is evolving. Notably, the surge in female enrollment, particularly in STEM at 43%, highlights our dedication to inclusivity and innovation.
This shall have a profound impact on the education industry. Together, we stride towards a future where opportunity knows no bounds.”
Dr. Kavita Pathak, Director Jaipuria institute of management. Lucknow “The interim budget spells out four thrust priorities, i.e. women, farmers, poor and youth; therefore a thrust on start-ups, support to farming communities and encouraging use of solar panels by offering 100 units of free power. Adding 1 crore additional lakhapati didis promises to bolster women empowerment within the SHG framework. Overall nothing out of the ordinary and mostly supportive of the government’s overarching vision.”
Dr Arvind Chaturvedi – Pro Vice Chancellor and Director, School of Management, IILM University “The Interim Union Budget 2024, presented by the Honourable Finance Minister Nirmala Sitharaman, places significant emphasis on women empowerment and housing.”
“Ensuring every homeless individual has a home within the next five years delivers a major boost to the country’s infrastructure and is a laudable initiative. The government’s commitment to an inclusive society was also evident during the Republic Day parade, where women were given preeminence. Overall, the budget reflects the Narendra Modi government’s commitment to women’s development and progress.”
Balasaheb Darade, Founder and MD, New Era Cleantech Solution “The budget announcement by finance minister Nirmala Sitharaman today outlining the promotion of coal gasification and liquefaction capacity with a substantial outlay of 100 metric tons by 2030, underscores the government’s commitment to for clean coal technologies for its energy and chemicals self-sufficiency in a sustainable and affordable manner. This initiative aligns with India’s commitment to reach net zero emissions by 2070 as announced by Prime Minister Narendra Modi at COP26 held in Glasgow in 2021. We appreciate the Government’s strategy to facilitate sustaining high and more resource efficient economic growth. This will work towards energy security in terms of availability, accessibility and affordability.
The decision is a significant step as it helps reduce the import of natural gas, oil, chemicals, which can be derived through coal gasification.
Coal gasification and liquefaction will enhance energy security under the Atmanirbhar Bharat framework. The focus on boosting domestic production and curbing imports of various commodities such as natural gas, hydrogen, urea, methanol, ammonia, DME/LPG, will lead to significant forex savings.
New Era CleanTech Solution leads one of India’s pioneering 5 MMPTA private sector clean coal gasification projects. The budget announcement, coupled with the Union Cabinets’s recent unveiling of an ₹8,500 crore incentive scheme for coal gasification, is poised to catalyze substantial growth in the coal-to-chemicals sector. This dual initiative enhances the viability of coal gasification projects, making them more attractive for further investment and fostering a sustainable energy landscape in India.
China’s successful use of coal gasification in recent years to produce essential materials like urea, ammonia, methanol, and hydrogen shows immense potential for India. Geopolitically, coal gasification is important for India as it will reduce our dependency on imports and promote self-reliance and energy security. It will also help many other industries by replacing oil and natural gas and have a multiplier effect. In all, the homegrown petrochemicals products made using syngas will truly lead us towards Atmanirbhar Bharat.
The FM has announced a research and innovation fund of ₹1 Lakh Crore. The other measures in the Budget including viability gap funding for offshore wind, rooftop solarisation, which will benefit one crore households, strengthening of the e-vehicle ecosystem and the new scheme of bio-manufacturing and bio-foundry will increase the share of renewable energy in the energy mix.”
Mr Gyanesh Chaudhary, Chairman & Managing Director, Vikram Solar “With its clear vision, sound structure, and commitment to fiscal prudence, this interim budget continues on a path towards Atmanirbhar and Viksit Bharat (Self-reliant and prosperous India). The significant 11.11% increase in capital expenditure will act as a catalyst for economic rise and job creation ensuring inclusive growth for the nation (“Desh Ka Kalyan”).
Prime Minister Modi’s ambitious vision of rooftop solarisation will provide 300 units of free electricity to 1 crore households every month resulting in savings of Rs 15000 – 20,000 per month. This significant announcement promises a bright future not only for the renewable energy industry but also for numerous enthusiasts and entrepreneurs urging new employment opportunities.
The focus on women empowerment remains at the forefront of this budget recognizing the pivotal role of “Nari Shakti” in development of the nation. Initiatives like “lakhpati didi”, “mudra yojana” were significant steps in strengthening women entrepreneurship.
“First Develop India” through increased FDIs and the government’s efforts for negotiating bilateral investment treaties augur well for the Indian entrepreneurs. Also, efforts to promote green growth through bio-manufacturing is a step in the right direction to achieve our net zero targets.
By prioritizing the development of the eastern region and unlocking its potential as an engine of national growth, the government demonstrates its commitment to balanced and inclusive development across the nation.
Guided by the principles of “Reform,” “Perform,” and “Transform,” the government is navigating these turbulent geo-political times with confidence. Under its leadership, the Indian economy is poised to shine even brighter on the global stage.”
Mr. Ashok Rajpal, Managing Director – Ambrane India “The Skill India Mission has achieved commendable milestones, training 1.4 crore youth, upskilling and reskilling 54 lakh, and establishing 3000 new ITIs, marking a transformative era for our workforce. These accomplishments are promising, particularly for India’s manufacturing industry, aligning with our goal to cultivate a skilled workforce for a robust $300 million electronics sector. The Finance Minister rightly emphasizes the expansion of India’s global opportunities driven by innovation and entrepreneurship. While positive strides are acknowledged, further emphasis on incentives for innovation, R&D, and export-oriented measures would contribute to our industry’s sustained growth. Additionally, anticipated adjustments in import duty on electronics raw materials and higher dumping duty on imported electronics products could fortify our domestic market further. Addressing these considerations will be vital for ensuring a resilient and globally competitive electronics industry.”
Mr. Saral Talwar, COO at BikeWo, “The 2024 budget turned out to be relatively uneven, considering it marked the final budget for this government. As anticipated, there were no significant surprises or substantial changes. However, there were notable positive initiatives, particularly for sunrise industries. The establishment of a 1 Lakh Crore Fund to provide interest-free loans of 50 lakhs could significantly benefit emerging sectors, such as the EV Industry – showcasing a forward-thinking perspective for the evolving landscape.
Moreover, the budget’s emphasis on expanding India’s electric vehicle charging infrastructure is poised to drive the adoption of EVs, instilling confidence in potential adopters. This move supports the EV ecosystem and opens up many entrepreneurship opportunities within the sector, further contributing to its growth. This strategic move extends the budget’s impact beyond immediate fiscal implications.”
Mr. Ankit Agrawal, CEO and Co-Founder InsuranceDekho “The government’s commitment to a “Viksit Bharat” and the vision for a prosperous India by 2047, reflects a broader vision for fostering prosperity and inclusivity in India. The budget has provided a significant boost to the agricultural sector and focussed on cultivating a thriving environment for the startup ecosystem. The crop insurance will offer farmers direct financial assistance, fostering awareness and growth in rural India. The emphasis on offering adequate financial help to MSMEs will pave the way for small enterprises to grow, generate employment and compete globally. The government has extended 43 crore loans aggregating to ₹22.5 lakh crore under the PM Mudra Yojana. This fund was aimed to help the entrepreneurial youth of the nation. Besides that, Fund of Funds, Startup India, and Startup Credit Guarantee schemes are assisting our youth”
Jaepy Kurian, Senior Vice President & Delivery Head – India, Orion Innovation “We appreciate the government’s vision of making India a developed nation by 2047 and its efforts to provide inclusive development and growth across various sectors and regions.”
“We support the government’s initiatives and schemes that aim to boost the digital economy, such as the PM SVANidhi scheme for street vendors, the PM Kisan Yojna for farmers, Mudra Yojana for women entrepreneurs, PM Mudra Yojana for entrepreneurs, the Digital India programme, the National Digital Health Mission, and the National Education Policy. We believe that these initiatives will empower millions of Indians with access to digital services, opportunities, and benefits.”
“We also suggest some areas where the government can further invest and collaborate with the private sector to accelerate the digital transformation of India, such as enhancing the digital infrastructure, promoting digital literacy and skills, fostering innovation and entrepreneurship, and ensuring data security and privacy. We are confident that with the government’s support and guidance, India can emerge as a global leader in the digital era.”
Mrs. Sonali Chowdhry – CEO, Officenet “The Union Budget brought forth some heartening developments and notable statistics. I applaud the recognition and support extended to women entrepreneurs. The allocation of Mudra loans & Stand-up India (SUPI) initiative further exemplifies the government’s dedication to fostering women’s economic empowerment.
Evidently, the Budget showcased the government’s commitment to the country’s economic development by empowering women. Additionally, the emphasis on skilling and upskilling through the Skill India Mission, aligns seamlessly with the evolving workforce needs. This Budget lays a positive foundation for fostering women’s entrepreneurship and enhancing skill development, essential elements for cultivating a more inclusive and dynamic economy.
Nandini Tandon- Co-Founder and Chief People Officer, Indusface “In the Budget Speech 2024, the government has unveiled a series of ambitious initiatives aimed at empowering our youth and driving innovation forward. The strides made in skilling, particularly through the Skill India Mission, are not just commendable but pivotal for our nation’s socio-economic development. With 1.4 crore youth trained and 54 lakh upskilled, the sheer scale of the effort is impressive. However, amidst these achievements, it is imperative to ensure that the quality of training matches the dynamic demands of the rapidly evolving job market, ensuring that our youth are equipped with the right skills and competencies to thrive in the digital age.
As a dedicated proponent of women’s empowerment and STEM education, I am encouraged by the government’s emphasis on fostering female entrepreneurship and increasing women’s enrollment in higher education, especially in STEM fields. The revelation of a forty-three per cent enrollment rate for girls and women in STEM courses signifies a positive trajectory towards gender inclusivity and diversity in these critical domains. Yet, while enrollment figures are encouraging, we must ensure that women are not just participants but leaders in shaping the technological landscape, breaking barriers, and driving innovation forward.
The focus on deep-tech technologies for defense purposes underscores the importance of self-reliance and innovation in critical sectors. However, what is missing in the budget is a mention or focus on cybersecurity, which is crucial. Insurance industry for example is seeing massive penetration and has a huge upside in India and bad actors have caught up with that trend. We saw 100% websites getting targeted by sophisticated bots in the last year and they even target public facing internal systems such as HRMS or ERPs as per our latest state of application security report. With the landmark announcement of the DPDP act last year, the government has indeed taken steps to protect citizens’ data. Therefore, it’s essential that cybersecurity receives the attention and resources it deserves in our national budget and strategic planning.”
Mr. Avinash Deshmukh, COO, iThrive “In this budget announcement, the government has taken a reflective and pragmatic approach, summarizing the achievements of the past decade rather than making bold announcements. This interim budget seems to be a strategic move, avoiding major actions before the upcoming election. The emphasis on continuity and stability is evident, setting the stage for potential impactful measures in the post-election period. The extension of Ayushman Bharat cover to all Anganwadi and Asha workers, along with the consolidation of maternal and child healthcare schemes into a comprehensive initiative, demonstrates a commitment to inclusive healthcare. While it may be viewed as a status quo budget on the surface, it signifies a responsible and measured fiscal strategy, showcasing the government’s dedication to maintaining a positive economic trajectory. The anticipation of more detailed fiscal numbers and micro financial parameters will provide a clearer picture of the country’s economic direction. Overall, the budget lays the foundation for future developments and affirms the government’s confidence in the positive trajectory of the nation.”
Veerendra Jamdade, Co-Founder & CEO of Vritti Solutions, a leading IT Solutions provider for Enterprises and SMEs “In light of the interim budget declaration, there is a strong emphasis on the pivotal role of supporting Micro, Small, and Medium Enterprises (MSMEs) in driving national economic growth. While the government’s outlined priorities align with our vision, it is essential to underscore that facilitating MSMEs demands more than financial support—it necessitates a robust technological infrastructure. We firmly believe that integrating Industry 4.0 training into the budget is crucial in empowering MSMEs to excel globally. We commend the government’s dedication to creating a favorable environment for MSMEs and eagerly anticipate contributing our innovative IT solutions to enhance their capabilities further.”
Mr. Rajesh Gupta, Founder & Director at Recyclekaro on the Post Budget 2024 “The union budget’s “Panchamrit” targets, as highlighted by the finance minister, aim to support sustainable economic growth with a focus on using resources efficiently. This is expected to boost India’s raw material capacity, especially in the manufacturing of Li-ion batteries. The commitment to strengthen the e-vehicle ecosystem through support for manufacturing and charging infrastructure shows a proactive approach to environmentally-friendly growth. By embracing economic policies for ongoing growth, the government is setting a path for a circular economy, emphasizing environmental responsibility and smart use of resources. This approach not only tackles challenges in the lithium-ion battery industry but also contributes to building a resilient and sustainable future for our nation.”
Mr. Abhijit Patil, COO – Ajna Lens “Last year’s budget gave a good, progressive start to the ecosystem – especially the deep tech sector – with schemes like the iDEX initiative as well as a few more schemes for healthcare start-ups. This year’s budget is surely in favour of innovations and the deep tech sector. The Rs. 1L Crore initiative will help budding entrepreneurs kick start their ideas into reality, because that’s where start-ups need the most support.
The process of allocating these loans should be simple and should take into account the balance sheets of early stage start-ups in my opinion. In the early stages it’s difficult for them to show a positive balance sheet, as well as many other issues, so they need to be more lenient. Additionally, I feel more equity based funds and grants need to be arranged for start-ups and innovations. This will increase the Government’s involvement and they’ll have more sweat in the game.”
Dr Miniya Chatterj, Founding Director, Anant School for Climate Action and CEO, Sustain Labs Paris. “The Union Budget 2024 announcement brings with it a renewed focus on sustainability and inclusivity. The government’s commitment to sustainability through its strategy for “Amrit Kaal” adopts economic policies that foster growth, facilitate inclusive and sustainable development, improve productivity, create opportunities for all, and contribute towards the generation of resources to power investments.
India has committed to achieve net-zero emissions by 2070 and accordingly the budget includes providing viability gap funding for offshore wind energy, financial assistance for procurement of biomass aggregation, installation of coal gasification and liquefaction of 100 MT capacity by 2030, and phased mandatory blending of compressed biogas, CNG, and PNG.
It is crucial for industry to leverage the provisions made in the Union Budget 2024 to also focus on skilling their employees and the next generation, towards achieving India’s net zero targets in ways that balance our responsibility towards producing value and providing for livelihoods, while preserving and even regenerating our natural resources.”
Sachin Bhatia, Co-Founder and CGO, Exotel “It’s truly remarkable to see the government’s unwavering dedication to fostering technological innovation, especially with the significant Rs 1 lakh crore allocation for our youth who are passionate about technology. It’s a signal that India is serious about cultivating a vibrant ecosystem of startups and technology giants. The provision of long-term financing and re-financing options at minimal interest rates is akin to planting seeds of opportunity in fertile ground, setting the stage for a future rich in digital advancements and entrepreneurial triumphs.
Additionally, the unveiling of the India Middle East Europe Economic Corridor is a bold stride towards global integration. This isn’t just an economic initiative; it’s a bridge linking India to the heart of global trade and collaboration. The corridor promises to open up new avenues for business, fostering international partnerships that are critical in today’s interconnected world. It’s a forward-thinking move that acknowledges our nation’s capabilities and positions us as a pivotal player on the international stage. Witnessing such strategic initiatives fills me with optimism about India’s role in shaping a future that is not only technologically advanced but also economically integrated and globally connected.”
Jose Thattil, CEO, PhiCommerce “We applaud the government’s initiative to establish a Rs 1 lakh crore fund to fuel technological innovation among our youth. This visionary step, offering long-term, interest-free financing, is a game-changer and the fintech sector alone can potentially get elevated to USD 1 trillion by 2030. For digital payments in particular, this will mean many more young entrepreneurs eager to innovate especially in the hardware terminal space will enter the industry and potentially transform payment solutions across India. This fund is not just an investment in technology; it’s an investment in India’s innovative spirit and global leadership in fintech.”
Madhavan Menon, Executive Chairman, Thomas Cook (India) Limited “The interim Budget presented by the Finance Minister has focussed on Tourism with a multipronged approach that we believe will create a multiplier effect across aviation, tourism and allied sectors, boosting growth and employment generation.
We welcome the announcements on airport development and expansion: having already doubled to 149 airports in the last decade, the government’s plans to boost air connectivity by the addition of 517 new routes across Tier 2-3 cities, carrying 1.3 crore passengers via the UDAN scheme, will play a critical role with vibrant hub and spoke air corridors to boost accessibility-affordability for Regional India.
Implementation of major rail connectivity corridors via the PM Gati Shakti program together with port and metro/rapid transport expansion will serve to create valuable multi modal connectivity for Tourism.
We welcome the special focus on Domestic Tourism which represents a vibrant growth driver via the government’s plan of long-term interest free loans to States; development of iconic tourism centres by States along with marketing on global standards. What was noteworthy is the reference to Spiritual Tourism and projects for port connectivity, tourism infrastructure and amenities on islands including Lakshdweep – aimed at development of India’s hidden gems and employment opportunities.
Further, the strong capex outlay of Rs 11.11 lakh cr, a significant 4% of our GDP, will serve as a catalyst to the Country’s growth potential and job creation.”
Mr. Vishal Suri, Managing Director, SOTC Travel Limited. “The interim budget presented by Hon’ble Finance Minister has maintained status-quo on direct and indirect taxes thus keeping its impact neutral. The government has set focus on the overall travel and tourism sector via infrastructure development, green energy, sustainability and looked at diverse initiatives for domestic tourism via a strategic approach for each segment – aviation, ports (waterways) and rail to strengthen regional connectivity to tier 2 and 3 cities.
We welcome the development on the rapid expansion of air connectivity with the addition of 517 new routes across Regional India’s tier 2 and 3 cities via the UDAN scheme – this will play a key role in strengthening accessibility.
The special focus on strengthening domestic tourism via implementation of rail connectivity corridors under the PM Gati Shakti initiative and upgrading 40,000 regular train boogies into high speed Vande Bharat trains will definitely strengthen surface transportation.
The Government’s plan on focus on spiritual tourism, development of iconic tourist spots and island destinations of India including Lakshadweep (projects for port connectivity, tourism infrastructure, and amenities) will generate employment thus boosting India’s economy. What is noteworthy, is the Government’s mindful move to form a panel to tackle challenges of higher population/over tourism, especially in destinations with sensitive ecosystems.”
Mr. Pratik Kamdar, CEO & Co-Founder Neuron Energy. “The Interim Budget focused on key sectors and one of the promising ones is Electric Vehicles (EV). The initiatives will enhance and fortify the EV ecosystem by bolstering manufacturing and charging infrastructure. Additionally, the encouragement of greater adoption of e-buses for public transport networks through payment security mechanisms is a notable benefit. These investments not only pave the way for increased EV sales and adoption but also open doors for burgeoning job opportunities and entrepreneurial ventures within the sector. These efforts remain dedicated to driving India’s green mobility revolution forward. There is also an anticipated outcome in the form of economic empowerment which will equip the youth with valuable technical skills, ensuring a robust workforce for the manufacturing of EV chargers, and associated equipment. We look forward to the July budget where the focus will be on Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME II) scheme and much-anticipated FAME III scheme.”
Ankur Gigras, CEO and Co-founder of HexaHealth, “The interim budget was just released, and the emphasis on a comprehensive GDP, incorporating governance, development, and performance was evident. The proposed fiscal estimate reinforces a people-centric agenda and promises great enhancement in Indian healthcare. As per WHO, cervical cancer ranks as the fourth most prevalent cancer among women, posing a significant challenge for the Indian population. The budget forecast has thus put focus on prioritising precautionary healthcare by encouraging vaccination in girls of 9-14 years for cervical cancer. This initiative is a great step to help in the diagnosis and prevention of cervical cancer in girls at an early age. Additionally, the finance minister mentioned extending the Ayushman Bharat scheme to include ASHA and Anganwadi workers, which reflects inclusivity by recognising their invaluable role in our health system. The finance minister expressed her futuristic expectations during the provisional budget, ensuring the necessary support. The vision for 2047 is full of commitment to providing abundant opportunities for our country. It has motivated the healthcare sector to continue contributing to holistic development and achieve great heights.”
Mr. Amit Parsuramka, CEO, Bonito Designs, “The budget 2024 has placed a significant emphasis on inclusive development, setting the stage for India’s transformation into a “Viksit Bharat” by 2047. This strides in the PM Awas Yojana Gramin, targeting the construction of 3 crore houses with an additional 2 crore in the next 5 years, underscore a substantial commitment to affordable housing. This approach holds immense promise for the interior designing, real estate, and infrastructure sectors, with the specific focus on uplifting the middle class. Anticipated growth in real estate demand and concurrent development in infrastructure present a myriad of opportunities in Tier II and Tier III markets as well. The announcement pertaining to boosting domestic and spiritual tourism will also give rise to real estate and related businesses in those areas. As the government proactively addresses housing needs and establishing collaborations with these sectors, there’s a tangible potential for them to play pivotal roles in the transformative vision of the country”
Nikhil Mansukhani, Managing Director, MAN Industries. “The budget aligns with the vision of ‘Viksit Bharat’, that of creating a prosperous nation in harmony with mother nature. We see the emphasis on modern infrastructure, including metro rail network and NaMo Bharat, as a significant catalyst for urban and industrial transformation. It is commendable to see the government’s strategy to triple capital expenditure, fostering robust economic growth and job creation. The 11.1 percent increase in next year’s outlay to 11,11,111 crore, constituting 3.4 percent of the GDP, reflects a visionary approach. The focus on building infrastructure aligns seamlessly with the government’s vision for a resilient and prosperous India.
Very importantly, the provision of viability gap funding for offshore wind energy, establishment of coal gasification and liquefaction capacity, and the phased mandatory blending of compressed biogas in CNG and PNG, are welcome steps towards India’s commitment to achieving ‘net-zero’ by 2070. These will lead to reduced imports and boost self-reliance, a very welcome approach to our sustainability goals.
The strategic economic railway corridor programs are bound to boost the energy, mineral, and cement corridors, ports connectivity, and enhanced and smoother traffic. These initiatives will undoubtedly propel infrastructural development and growth.”
Mr. Sameer Gupta, Chairman and Managing Director of Jakson Group “Aligned with the government’s strategy to ‘Reform, Perform, Transform’, to stimulate strategic growth. In parallel, Jakson aligns seamlessly with the government’s visionary initiatives, including a substantial 11.11 lakh crore infrastructure investment and the introduction of ‘Pradhan Mantri Suryodaya Yojana.’ This program aims to provide 1 crore households with 300 units of free electricity through rooftop solarization, symbolizing our shared commitment to economic growth and net zero journey. These dynamic measures not only enhance energy security and promote clean energy accessibility but also drive a tech revolution, supported by a INR 1 lakh crore corpus for R&D. Jakson is committed to this journey towards a sustainable, and inclusive future, championing synergies between innovation and economic empowerment.”
Mr. Bikesh Ogra, Managing Director and Chief Executive Officer of Jakson Green.“The recently announced budget’s substantial infrastructure investment marks a significant stride in accelerating the renewable ecosystem. We anticipate dedicated allocations for crucial elements such as port infrastructure, renewable energy integration, and specialized infrastructures for green hydrogen. Notably, PM Gati Shakti’s railway corridors emerge as a game-changer for green hydrogen and its derivatives, fostering dedicated transport links between production hubs, ports, and markets. This strategic move is poised to reduce costs, enhance accessibility, and expedite India’s transition towards clean energy.
Furthermore, the government’s decision to reduce borrowing from markets is a pivotal development, unlocking opportunities for increased private investment, particularly in sectors like renewables. This shift acts as a catalyst for India’s clean energy transition, propelling us closer to a sustainable future. Additionally, the viability gap support for offshore wind and bio-based solutions holds immense promise, presenting opportunities to lower the levelised cost of green hydrogen and its derivatives. In a seemingly neutral yet strategically significant move, the budget’s stable tax and duty regime ensures a steady flow of foreign investments, particularly in critical sectors like renewable energy. This commitment to continuity prioritizes investor confidence and predictability, serving as essential pillars for fostering long-term commitments and accelerating growth in key sustainability sectors.”
HP Singh, CMD at Satin Creditcare Network Ltd. “The government’s pivotal focus on women empowerment throughout the past ten years have enabled ‘Nari Shakti’ to be a true force by defying erstwhile entrepreneurial impediments, making them realise their calibre and emphasising their capability to contribute significantly towards the country’s growth and GDP. The Lakhpati Didi Scheme empowering nearly 1 crore women, 30 crore MUDRA Yojana loans for women entrepreneurship and ease of living and dignity underscores a dedicated effort towards women’s empowerment in the last decade. Emphasising the need of SHGs (Self Help Groups) through the already 83 lakh SHGs with 9 crore women transforming the rural socio-economic landscape until now, will aid women to become more resilient and contribute efficiently to the workforce in the country.
Undertaking additional 2 crore projects over the next five years under the PM Awas Yojana Gramin is a significant stride to help lower-income groups realize their housing aspirations, contributing to the resolution of the housing crisis prevalent in rural India. By combining efforts to empower women economically and addressing essential living conditions, these measures set a trajectory for India’s economic growth, aiming to reach the milestone of the set target of 5 trillion-dollar economy in the coming years.”
Mrs. Jyotsna Govil, Chairperson- Indian Cancer Society, Delhi Branch “We are quite happy to see from the budget that our Finance Minister, Nirmala Sitharaman has increased the allocation for health, as compared with last year. However, we wish it had been much more, particularly the allocation to cancer. We have a young population who need education about cancer and about how lifestyle impacts it, and it is very important that the budget allocates funds towards awareness and prevention. With increased awareness, the numbers for treatment will automatically come down and create an economic benefit both to the person and the nation.”
Mr Vaibhav Sisinty, Founder & CEO, GrowthSchool “The 2024 Interim Budget is all about getting the youth ready with skills for the future. Hats off to the Skill India Mission for its remarkable impact, enabling 1.4 crore young individuals to upgrade their skills – showcasing the government’s commitment to establishing a robust groundwork for employment possibilities. EdTech startups are central to new India, igniting innovation and critical thinking for the future workforce while Gen AI continues plays a pivotal role in sustaining the momentum of upskilling, shaping a transformative educational landscape. I’m optimistic that eventually, the government will steer more towards training programs that align with industry needs, adapting to the rapidly evolving world of upskilling and EdTech.”
Lt. Gen. AK Bhatt, Director General, Indian Space Association (ISpA) “We commend the government’s allocation of the Rs 1 lakh crore corpus in the interim budget 2024 for long-term financing of technological research. This move will be beneficial for startups in the rapidly expanding space sector, providing them with support to innovate and conduct further research across various domains of space technology.
Additionally, the new scheme being launched for boosting deep-tech for the defense sector will be transformative. This initiative holds significant promise for DefSpace startups, which can play a substantial role in enhancing the ecosystem due to the integral relationship between space and defense industries.
However, we are sanguine that the post-election full budget will include support for a liberal FDI policy for space, inclusion of space grade components in PLI, reduction of GST for satellites, launch vehicles and ground equipment manufacturing and provide tax holidays and lower import duty for space sector firms.”
Arun Balasubramanian, VP & MD, India & South Asia, UiPath “We firmly believe that innovation is fundamental to progress. At UiPath, we recognize the critical role of a skilled workforce in advancing Digital India. The introduction of the INR 1 Lakh crore corpus, along with 50-year interest-free loans for the private sector to boost research in sunrise domains, marks a significant stride towards unlocking the potential of innovation. This initiative will provide necessary resources for our tech-savvy youth to smoothly integrate and apply transformative technologies such as AI, automation, and robotics. While commendable progress has been made with the Skill India Mission, it is now crucial to streamline and facilitate demand-driven formal skilling, bridging the gap between academia and industry. With these initiatives, India’s digital evolution holds promise for a bright future.”
Ms Pooja Thakran, Senior Director – Corporate Communications and CSR, Honeywell India.“Interim Budget 2024 stands as a testament to the government’s dedicated focus on promoting rural agronomy, bolstering youth employability and fostering women empowerment, especially across the rural belts. The budget acknowledges the need for critical interventions in youth upskilling and this is reflected in the success of the Skill India. Moreover, the surge in female enrolment in higher education and in STEM courses is indicative of the positive transition in India’s gender parity. Much of this success is also attributed to the growing synergies between the government, the development sector and corporate India, specially by promoting upskilling and sustainability interventions through CSR.
For example, we, at Honeywell Hometown Solutions India Foundation have sponsored STEM education for girls and upskilling programs for underserved youth. Moreover, we provide financial impetus to start-ups in the deep science. The Interim Budget’s allocation of 1 lakh crore to scale up research and innovation in sunrise sectors (hydrogen fuel production, petrochemical industry) is a great move and aligns with Honeywell’s business priorities and our social impact agenda. We are optimistic that this will contribute to India’s $5 trillion economic vision.”
Varun Babbar, MD India and SAARC for Qlik “The 2024 budget announcement signals a strategic focus on propelling the economy toward sustained growth. The government’s dedication to fostering growth, enhancing productivity, and creating employment opportunities aligns seamlessly with Qlik’s commitment to empowering businesses with transformative data solutions, including cutting-edge AI and ML applications.
The emphasis on transformative reforms via NEP 2020 and the Skill India Mission, particularly in crucial tech and AI segments, highlights the immediate need for upskilling and reskilling – essential pillars where Qlik’s innovative data analytics, data literacy, augmented by AI and ML, play a pivotal role. The allocation of Rs. 1 lakh crore for Research and Innovation, coupled with interest-free loans, underscores the crucial role of the private sector.
Furthermore, the forward-looking initiatives supporting shore-wind energy demonstrate a commitment to technological advancement and resonate with Qlik’s vision for sustainability and impactful innovation.”
Mr. Viswanath PS, MD & CEO, Randstad India. “The interim budget 2024 is a tough balancing act carried out by the Government, reinforcing its steadfast strategy of inclusive growth, embodying the core principles of ‘Sabka Saath, Sabka Vikas’, its commitment towards the poor, farmers, youth, and women, while maintaining its vision of making India a Viksit Bharat by 2047.
The emphasis on inclusion in education, income generation, and employment opportunities are great moves in the positive direction towards building a skilled talent pool that attracts global stakeholders to India. Moreover, the focus on building ‘Nari Shakti’ by the government is commendable and will truly reflect in India’s boardrooms in the forthcoming years.
While no direct announcements have been made in the context of job creation, the increased outlays in railways, focus on developing port infrastructure, and planned investments in the aviation sector are likely to boost employment. Moreover, the budget focuses on developing the country’s private sector R&D capabilities, and all these measures will bring sustainable economic growth and open the doors of employment generation in the country in the long term.
Additionally, the need for skilled professionals has grown significantly. Hence, the focus on further developing India’s educational infrastructure will make us future-ready in the context of talent supply, and hence more employment opportunities. Moreover, the announcements made to foster entrepreneurship and self-reliance, especially directed toward women will serve as a solid foundation for the youth to innovate and incubate indigenous businesses, ensuring that they are not merely perceived as job seekers but also as job creators.
While the budget announcements reflected a well-rounded approach toward strengthening the root of the country’s economy, we anticipate more clarity around extremely relevant avenues like the ever-expanding gig economy and specifics around employment generation challenges in the forthcoming budget.
All in all, the government’s initiatives and approach, as reflected in the interim budget set a strong foundation for the country to transition into a ‘developed economy’ over the next few decades and emerge as a premier talent and employment hub at a global level.”
Sachin Alug, CEO, NLB Services “Interim Budget 2024 stands as a testament to the government’s unwavering commitment towards gender-inclusive education & youth and women empowerment in the country. Acknowledging the critical need for boosting youth employability, the Skill India Mission has trained 1.4 crore youth and upskilled 54 lakh individuals. Additionally, there has been a commendable 28% surge in female enrolment in higher education over the past decade, and what’s even more striking is the significant 43% representation of women in STEM courses. These achievements will continue to drive a positive transition in the strength of the skilled workforce in India.
Additionally, the government’s dedication to environmental sustainability, as reflected in this budget, is truly commendable. The robust support for the expansion and strengthening of the Electric Vehicle (EV) ecosystem, with a focus on both manufacturing and charging infrastructure, is a significant step forward. The introduction of a ground-breaking bio-manufacturing scheme further highlights our commitment to an equitable and sustainable future. These reforms will significantly boost employment generation, creating up to 1 lakh jobs in the country by 2025. However, some extensions in the PLI Scheme and dedicated measures for the MSME/start-up and tech ecosystem would have also contributed to the larger employment engine.
The budget also hinted at aspects critical for large-scale employment generation. A standout move is the approval of 43 crore loans under the PM Mudra Yojana. This financial boost not only fortifies the entrepreneurial spirit among the youth but also fosters an environment conducive to business growth and job creation. Furthermore, the budget takes a strategic leap with a substantial corpus of Rs 1 lakh crore which will drive innovation and research in sunrise sectors, ushering in a golden era for our tech-savvy youth. By addressing the core pillars of Employment, Innovation, Skilling, and Education, the budget paves the way for a dynamic and inclusive economic future, where the aspirations of the youth are nurtured, and the nation’s potential is fully unleashed.”
Rohan Vaidya, Area Vice President, India & SAARC, CyberArk “We commend the Indian government’s foresight and commitment to fortifying our nation’s digital defenses. The substantial increase in allocation for cybersecurity projects, from Rs 400 crore to a robust Rs 750 crore in 2024-2025, is a testament to the recognition of the escalating cyberthreats and the importance of combating them. This additional investment, led by the Ministry of Electronics and Information Technology (MeitY), is an important step in protecting critical systems. Knowledge and skills will contribute to the success of increasing cybersecurity awareness. As we move forward, CyberArk stands ready to leverage our expertise and technological prowess to contribute meaningfully to the success of the government’s cybersecurity initiatives. Together, we can build a robust defense against cyber adversaries, ensuring the security and integrity of our nation’s digital infrastructure.”
Anshul Garg, CEO and Director of Aroma Agrotech “welcomed the strides made in the Agriculture sector by the latest budget, as he resonated with the sentiments made by the FM, “Aroma Agrotech finds enormous inspiration in the ingenious and insightful evaluation in the interim budget 2024-25. The sentiment regarding the government’s commitment to the farmers, our ‘Annadata’. The PM-Kisan Samman Yojana and PM Fasal Bima Yojana sounds like the highlight of the Agricultural budget and Aroma will extend its unwavering support to implement the scheme effectively. We feel that this budget extends farmer-centric policies, support of income, risk coverage and the encouragement of developing technologies and innovative ideas through Agritech, which aligns perfectly with our core values and we are enthusiastic about building on the sector’s fast-paced growth by assisting these policies.”
Tarun Gupta. – Co-Founder – Lissun “In analyzing the interim budget, I find it to be a well-rounded approach towards health initiatives. Extending Ayushman Bharat to Anganwadi and Asha workers and bringing maternal and child healthcare schemes under one roof, reflect positive strides. The initiative to establish medical colleges through existing structures and committees is another noteworthy development. Commendably, there is a strong commitment to Research and Development (R&D) with a substantial 1-lakh crore corpus allocated to the private sector. Additionally, India’s leadership is evident in STEM courses, boasting an impressive 43% women enrollment. However, as we await the post-election full budget, there’s a need for specific attention to the mental health sector. Allocating resources for infrastructure, qualified professionals, research, and destigmatization campaigns is imperative to address to escalating mental health crisis in India.”
Tapan Barman, Co-Founder & CEO, Mihup “As a technology entrepreneur, I find the interim budget presented by the Finance Minister of India today to be a source of both excitement and anticipation. The budget’s focus on digital infrastructure and innovation is a positive development, signaling the government’s acknowledgment of technology as a crucial catalyst for economic growth. The allocation for improving digital connectivity, particularly in rural areas, is commendable and expands the market for tech businesses and startups, creating opportunities for innovation among a more diverse user base.
However, the budget lacks specific incentives for the burgeoning startup ecosystem, such as tax reliefs or funding for early-stage tech startups. This represents a missed opportunity to boost the morale and stability of startups, especially in a challenging economic environment. Additionally, it would have been beneficial if the budget directly addressed issues like ease of doing business and regulatory challenges, which often consume considerable time and resources for entrepreneurs.
Yet, as highlighted by Mr. Anand Mahindra today, budgets may not be the ideal platform for major policy innovations. We remain confident that numerous changes will unfold throughout the year,”
Arun Awasthy, President & Managing Director, Johnson Controls India “The delivery of the Union Budget 2024 by the honorable Finance Minister earlier today can be summed up as stable and focused. The announcement was a clarifying tool that mapped out India’s growth trajectory in the last decade. The verdict is resounding – the Indian Economy has emerged strong, especially after the pandemic, and all signs point towards a continued steady momentum in the future. This year’s budget, in my view, has been drafted to fortify our strengths and ensure that the hard-won momentum remains, with only the most necessary interventions.
The Budget also demonstrates a profound and unwavering intent towards achieving India’s NetZero targets through various initiatives, including providing viability gap funding for harnessing offshore wind energy potential and empowering the EV ecosystem by expanding its manufacturing and charging infrastructure. Notable are the announcements made about strengthening the Indian Infrastructure, particularly the expansion of existing airports and plans for newer airports. Our nation’s Infrastructure capacity and capability are growing, and ensuring that it is being done with sustainability and energy efficiency considerations at the center is crucial. We at Johnson Controls India remain steadfastly committed towards enabling India’s transition into decarbonization through meaningful collaboration. Lastly, as we gear up for the full Budget later this year, we expect that concerns of decarbonization through energy efficient technologies, particularly for buildings, will be on the agenda.”
Smita Singh, Partner – Indirect Tax, Customs & Trade at S&A Law Offices. “Distribution of Input Tax Credit (ITC) received on common services as an Input Service Distributor (‘ISD’) was not mandatory earlier. Now keeping in view of recommendations of the GST Council, an amendment in definition of ISD and Section 20 which talks about the manner of distribution of ITC by an ISD has been proposed.
In terms of the amendment (which will come into effect from a date to be notified later), an entity is required to compulsorily register itself as an ISD for distributing the ITC availed on common services and of GST paid under Reverse Charge Mechanism by the distinct person in the same state as of the ISD. However, there is a requirement of a detailed clarification regarding distribution of GST paid under RCM.”
Rajiv Bhatia, President & Country Head, Analytix Solutions “I congratulate the FM for the growth-oriented interim budget which seeks to build on the foundation laid in the previous budgets. The FM has reiterated the commitment to adopt economic policies that sustain growth, improve productivity and create opportunities for all. The budget has identified research and innovation for catalysing growth. There is a clear focus on facilitating greater investments across sectors to continue the growth momentum. The creation of a corpus of Rs. 1 lakh crore for providing long-term financing will boost research and innovation in sunrise sectors and support atmanirbharta in critical sectors.”
Sindhu Gangadharan, SVP and MD, SAP Labs India; Vice Chairperson, nasscom “The Interim Budget 2024 is reflective of the India’s sustained focus on Atma Nirbhar Bharat (Self Reliant India). The long-term financing and re-financing scheme with a corpus of INR 100,000 Cr with a 50-year interest free loan to promote R&D in the private sector in sunrise domains, as well dedicated initiatives to promote DeepTech/R&D in the defence sector underscore the commitment to position India as a global leader in the world of technology. The focus on skilling, upskilling, and reskilling of youth will ensure an industry-ready workforce to navigate the headwinds of a volatile marketplace.
Additionally, the extension of tax exemptions for eligible startups, granting newly incorporated ventures until March 2025 to claim tax benefits for three out of their first 10 years, is a progressive and encouraging move. By incentivizing entrepreneurship, the government is actively promoting the creation of a robust startup ecosystem, which is crucial for driving economic development.”
Mr. Pradeep Bakshi, MD & CEO, Voltas Limited “The Finance Minister’s interim budget for 2024-25 reflects a strong commitment to a positive future for the nation. This interim budget sets the stage for a robust and sustainable growth path. It is expected to provide concrete updates on policies and schemes that will shape the future landscape for the Consumer Durables industry in its upcoming edition. It is focused on digitalization, ‘Make in India’ initiatives and a growth-oriented tax environment, to drive employment and economic productivity. The interim budget’s emphasis on infrastructure projects like railways, roads, urban infrastructure, power and the green growth agenda will contribute to a greener and a better tomorrow. The Consumer Durables industry is hopeful that these policies would help the industry to grow substantially in 2024-25.”
Samir Kapadia, Founder & CEO, India Index “The India-Middle East European Economic corridor is a strategic game changer. Additionally, warming ties between the U.S. and India, spearheaded by President Joe Biden and Prime Minister Narendra Modi, with the former’s “friendshoring” policy aimed at encouraging U.S. companies to diversify away from China, have also made India an attractive alternative. The geo-political relationship has been encouraging for Indian suppliers for global trade.
The Indian government will spend a record ₹11.11 trillion ($133.87 billion) on infrastructure creation in 2024/25, to ensure the Asian nation remains one of the world’s fastest growing major economies. This will help drive technological developments and help industries across the spectrum to grow which in turn will boost the overall supply chain. With the ‘Make in India’ initiative gaining momentum, we are certain that India will be a front runner in shaping the global trade scenario in the years to come.”
Prashanth Doreswamy, President and CEO, Continental India “As a leading automotive technology company in the automotive sector, here is our reaction on the interim budget presented earlier today by the Union Finance Minister, Nirmala Sitharaman:
Generic/Short:
“The emphasis on EV adoption and energy transition is on par with the global trends and gives an edge and a push to companies to invest in sustainable mobility, the need of the hour. The Skill India Mission is another positive and collaboration with such government initiatives will ensure a better and more skilled workforce that meets the evolving demands of the automotive technology sector. One more positive for sustainability is the embracing of bio-manufacturing. It will provide opportunities for companies to innovate and contribute to a greener growth trajectory. Proactive adaptation and monitoring of the policy developments in the coming months will help companies remain competitive and relevant, while ensuring growth.”
Detailed version: “We, at Continental, appreciate the Indian government’s commitment to skill development and the successful training of 1.4 crore youth under the Skill India Mission. Advancements in technology mandate specialized skills and we have been speaking about this regularly. A skilled workforce is key in any sector and automotive technology is no exception. With all the focus on R&D in the automotive technology sector India, there is definitely a need to increase collaboration between the industry and academia in order to align with the evolving needs.
The government’s commitment towards the EV ecosystem is also worth appreciation, and this is also in keeping with the needs of the current times, especially as the plan is to expand and strengthen support of manufacturing and charging infrastructure – both critical aspects for faster adoption. With the government encouraging greater adoption of e-buses for public transport through payment security mechanism, it gives the automotive sector an opportunity to explore the same as well.
With the allocation of a mega capital outlay for net-zero objectives, the Energy Transition Fund is also a positive move. This will also impact the automotive sector, especially in the development and adoption of new-age fuels like green hydrogen, ethanol, and biofuels. An alignment of the automotive sector’s R&D efforts with this government focus can help businesses stay ahead in the game.
We also appreciate the introduction of the scheme for bio-manufacturing and bio-foundry, recognizing its potential to promote green growth and provide environmentally friendly alternatives. Sustainability has been a key focus for Continental – from material to product and this will help us align with the government and also stay at the forefront of innovation keeping in mind sustainability.”
Mr. Sumit Gupta, Co-founder, CoinDCX “In this interim budget, Finance Minister Nirmala Sitharaman outlines a strategic blueprint for continuous economic advancement, resonating with India’s ambition to achieve developed nation status by 2047. With a strong focus on fostering innovation and embracing digital transformation, it charts a path towards inclusive growth. While the VDA industry had hoped for tax and TDS relief, we remain optimistic that the full budget will bring positive developments, including reduced taxation and a supportive policy framework. The VDA industry, rooted in digitization, innovation, and research, plays a pivotal role in facilitating decentralized storage, fractional ownership, metaverse development, interoperability, scalability, and sustainability. As such, it is believed that the crypto industry, a key component of the VDA ecosystem, holds substantial potential to contribute significantly towards realizing India’s developmental aspirations by 2047.”
Mahankali Srinivas Rao (MSR), CEO, T-Hub- “We applaud the Indian Government for its visionary Interim Budget 2024, a pivotal step towards fostering innovation and growth within the dynamic Indian startup ecosystem. The reduction in corporate tax rates is a commendable move, providing a conducive environment for existing and new companies. The decision to retract outstanding direct tax demands is a welcome relief, aligning seamlessly with the broader vision of facilitating ease in daily living and conducting business. Another significant milestone is the allocation of a substantial one lakh crore corpus for research and innovation signifies a transformative leap, ushering in a new era for our tech-savvy youth. Furthermore, the introduction of a scheme dedicated to deep-tech technologies in defense resonates with the overarching aspiration of achieving ‘Atmanirbharta.’
While the proposed amendments offer encouragement, the startup community eagerly awaits more definitive measures. We anticipate a heightened ease in ESOP taxation, a simplified tax regime, extended benefits for carrying forward losses, and a reduction in Minimum Alternate Tax (MAT). Trusting in the proactive stance of the government, we look forward to continued policy evolution, fostering a conducive ecosystem for startups.”
Rahul Paith, CEO of MATH (Machine Learning and Artificial Intelligence Technology Hub by DST)- “The Interim Budget presented by the finance minister is a clear signal of India’s continued commitment to technological transformation. Notably, the announced measures such as the one lakh crore rupee corpus with its 50-year interest-free loans is a game-changer. This visionary initiative unlocks sustained funding, empowering startups to transcend boundaries and contribute substantially to the ‘Atmanirbharta’ vision.
However, our expectations included a stronger emphasis on AI research funding, particularly through initiatives like the Startup India Seed Fund Scheme (SISFS), to bolster the Generative AI domain. This investment not only nurtures our talent pool but also positions India for global leadership in artificial intelligence. Additionally, the focus on improving policies for AI startups in tier-2 and 3 cities is a strategic move that promises enhanced profitability through favorable cost structures. While the budget sets a positive trajectory, we look forward to further strides in advancing technological innovation and empowering startups to thrive on the global stage.”
Mr. Sourabh Bansal, Co-founder and Managing Director, Magicrete “With Finance Minister Sitharaman’s announcement that an additional 20 million houses will be taken up in the next five years and a scheme for housing middle class, there is a positive outlook for the construction industry. It is notable that the government puts emphasis on long-term economic growth and development. The withdrawal of standing direct tax demands and maintenance of tax rates reduce the burden on many construction business owners. The fact that interest-free loans are to continue and the commitment to bring down the Fiscal Deficit implies an exercise in good fiscal policies. The focus on affordable housing, rooftop solarization, and green energy is in sync with Magicrete’s emphasis on environment-friendly construction technologies. We anticipate a proactive role in fulfilling the mission of Viksit Bharat towards nation-building.”
Sanjeev Bhandari, Founder and CEO, AirBrick “We appreciate the government’s commitment to improving taxpayer services, as highlighted by the Finance Minister’s announcement. The proposal to withdraw outstanding direct tax demands up to Rs. 25,000 for years up to 2009-10 and Rs. 10,000 for the period from 2010 to 2015 is a welcome relief for 1 crore taxpayers. This step aligns with the government’s efforts to ease the burden on taxpayers and foster a more supportive financial environment. Furthermore, the decision to maintain the current tax rates for both direct and indirect taxes, including import duties, provides stability and predictability for businesses. The extension of tax exemptions for startups and IFSC units until March 31, 2025, is a strategic move to encourage continued growth and innovation in these sectors.
The announcement of interest-free loans with an outlay of Rs. 1.3 lakh crore for the next year is a noteworthy initiative. This scheme aims to provide financial support and stimulate economic activities. The government’s focus on fiscal discipline, with an estimated Fiscal Deficit of 5.1% of GDP in 2024-25, reflects a responsible approach to economic management. In the housing and construction sector, the announcement of a scheme to assist the middle class in buying or building houses is a significant step towards addressing housing challenges. Additionally, the focus on green energy, e-vehicles, and bio-manufacturing reflects a forward-looking approach.”
Mr. Vikas Kumar Mittal, Managing Director, Nova Formworks “We commend the government for its determination to ensure economic growth and the steered path the country has been placed on. The proposed intention to streamline tax processes and preserve ongoing stability in tax rates is a welcome move toward the manufacturing sector. Prolongation of tax exemption for startups and IFSC units until March 31, 2025, will ensure continuity and promote innovativeness. This focus on green manufacturing, which is geared toward e-vehicle and bio-manufacturing sectors, coincides with our sustainability goals. Nova Formworks thanks the efforts of the government’s initiative to develop improved performance logistics efficiency institutes through a corridor of railway programs. We hope to be a part of the creation of Viksit Bharat and to engage constructively with the Government’s vision for India as an advanced Nation.”
Geeta Arya, Founder and Principal Architect, Geeta and Vaibhav Architects “We applaud Finance Minister Ms. Nirmala Sitharaman for proposing a budget that aims to showcase a vision for ‘Viksit Bharat’ or developed India. The track record of governance, development, and performance by the government is a notable element in every scheme and initiative mentioned in the budget. The concentration on how to empower the youth in the National Education Policy and Skill India Mission combined with a focus on inclusive development is praiseworthy.
It is a great measure by the Finance Minister that proposes the construction of housing scheme for the middle class to help deserving sections of this class who live in rented houses or slums to buy or build their homes and it should be applauded as an important step towards resolving the issues from housing. As professional architects, we understand the trend of such schemes towards the nation’s overall progress and people’s welfare.”
Mr. Sanjay Mendiratta, Director, Heat Cure “As the Finance Minister presents the Interim Budget, Heat Cure welcomes the government’s focus on sustainable growth and development. The commitment to green energy is particularly noteworthy, with initiatives like Viability Gap Funding for shore-wind energy and the establishment of coal gasification and liquification capacity. The emphasis on the e-vehicle sector and bio-manufacturing aligns with Heat Cure’s dedication to eco-friendly practices. In the housing sector, the proposed scheme to assist the middle class in acquiring homes is a positive step towards inclusive development. The extension of tax exemptions for startups and IFSC units until March 31, 2025, is also encouraging for startups. The Finance Minister’s decision to withdraw outstanding direct tax demands and maintain the current tax rates reflects a balanced approach. Heat Cure applauds the government’s efforts to simplify tax procedures and reduce the compliance burden.”
Mr. Soumya Sarkar, Co-founder, Wealth Redefine (AMFI registered MFD) “The salient features of the interim budget 2024 include a CapEx target for FY25 rising by 11.1% to 11.1 lakh crore. Specifically, there is no change in direct or indirect taxes status quo. The FY25 physical deficit target is pegged at 5.1 percent of GDP; this represents a marginal decrease from that of FY24. The budget also allows highlighting pillars such as the poor, women, youth and farmers in an attempt to foster holistic growth. The forecast for the FY25 tax receipt stands around INR 26.02 lakh crore with monthly GST collection doubled to INR 1.66 lakh crore each month Among the many initiatives are tourism projects in islands, EV manufacturing support, and free 50 years loan on interests for tech-friendly youth. Asha and Aganbari employees also enjoy Ayushman Bharat coverage. The government promises to help middle-class housing, especially people living in rental houses, slums, and unrecognized colonies. The corridor of India-Middle East- Europe has been projected as a game changer for infrastructure and exports with the foresight of India becoming a developed economy by 2047.”
Sachin Panicker, Chief AI Officer, Fulcrum Digital “Finance Minister Nirmala Sitharaman’s sixth consecutive budget presentation sets a decisive course for India’s future, rooted in the vision of ‘Viksit Bharat’ by 2047. The government’s emphasis on GDP – Governance, Development, and Performance, lays a sturdy framework for sustainable growth. With a focus on empowering youth and fostering innovation, the budget outlines a roadmap for unprecedented development over the next five years.
In addition, initiatives like the Skill India Mission, training, upskilling and reskilling 1.4 crore youth and establishing new educational institutions, reflect a commitment to human capital development and digital empowerment.
At Fulcrum Digital, we stand ready to leverage deep technology and the power of our youth to continue to create opportunities for India at a global level. As a global enterprise AI organization, we are committed to contributing to India’s growth story, and fostering innovation for heightened development.”
Puneet Gupta, Vice President & Managing Director, NetApp India/SAARC “The Interim Union Budget 2024 focuses on data-driven innovation, and this gives us much to look forward to. The Honourable Finance Minister has acknowledged the potential of deep technologies like AI in transforming varied industry sectors. In addition, the GoI’s focus on training, upskilling, and reskilling the youth of the nation through the Skill India mission is likely to place India well on the global map of tech-savvy nations. With India’s tech prowess growing, we expect the need for unified storage and intelligent data infrastructures to grow as well. Harnessing the power of data will be a key growth driver and differentiator for businesses across sectors. At NetApp, we are aligned with the government’s focus, with innovation in data management being at the heart of everything we do. Combined with the capabilities of our tech talent, particularly the youth, we are well poised to contributing towards building a ‘Viksit Bharat’ by 2047.”
Debashis Chatterjee, MD & CEO, LTIMindtree “We welcome the interim budget’s focus on skilling, deeptech, R&D, innovation, and digital infrastructure, all of which are critical drivers for the IT industry’s growth. The Skill India Mission has helped in building a highly skilled workforce, and the Rs. 1 lakh crore corpus with interest-free loans for tech-savvy youth will be a true game-changer. This will fuel innovation and entrepreneurship, fostering the next generation of tech leaders. As we strive towards achieving the goal of “Viksit Bharat” by 2047, LTIMindtree stands committed to partnering with the government in its digital transformation journey. We believe this interim budget has laid a strong foundation for continued growth, with technology playing a pivotal role in shaping India’s future.”
Sunil Sharma, Vice President- Sales, Sophos India & SAARC “We at Sophos are in complete alignment with the vision presented by the Honorable Finance Minister in the Interim Union Budget 2024, towards creating a prosperous and inclusive India. The highlighted emphasis on skill development, technology-driven innovation, and sustainable infrastructure resonates with our organizational mission, focused on empowering Indian businesses through state-of-the-art cybersecurity solutions. The government’s steadfast commitment to increasing the cybersecurity budget from INR 400 crores to INR 750 crores within a year is a noteworthy development within the industry, and promises to address cybersecurity threats that may endanger the rapidly digitizing nation.
The intersection of democracy, demography, and diversity, encapsulated by the ideology of “Sabka Prayas,” emerges as the key force that will unlock India’s true potential in the technology sector. Other significant initiatives such as the allocation of a substantial amount of Rs 1 lakh crore for tech startups and the strategic emphasis on deep-tech for defense, underscore the government’s dedication towards realizing its Atmanirbhar Bharat vision.
Within this transformative landscape, Sophos remains unwavering in its commitment to playing a constructive role in realizing the vision of a cyber-secure India. Our dedication extends to equipping businesses with resilient cybersecurity solutions and nurturing a culture of cyber awareness, thereby contributing to the empowerment of citizens and the assurance of our digital future.”
Mr. Prakhar Varshney, Founder and CEO of Hutchstar,
Anticipations on the forthcoming IT budget
An IT professional’s expectations from the government’s incoming IT budget usually revolve around a few essential areas that are necessary for the efficient operation of IT services, initiatives, and infrastructure. The following are typical expectations:
Digital Transformation Initiatives:
Anticipation: Substantial financial resources for digital transformation endeavours and projects that update and improve government information technology systems and services.
Reasoning: To keep up with technology developments, enhance service delivery, and give citizens access to more effective and easily available digital services.
Cybersecurity Investment:
Anticipation: a significant amount of funds will be put aside for effective cybersecurity measures, such as sophisticated security technologies, educational initiatives, and incident response capabilities.
Reasoning: To defend vital infrastructure, preserve sensitive citizen data, and provide resilience against emerging cyber threats.
Infrastructure Maintenance and Upgrades:
Anticipation: A substantial amount of funds will be set aside for effective cybersecurity measures, such as sophisticated security technologies, educational initiatives, and incident response capacities.
Reasoning: Protect vital infrastructure, safeguard sensitive citizen data, as well as offer resilience against emerging cyberthreats.
Talent Development and Retention:
Anticipation: The allocations for instructional initiatives, career advancement, and recruitment campaigns are intended for assembling and preserving a proficient IT labour force.
Reasoning: To alleviate skill shortages, stay up to date on advancements in technology, and nurture a staff that can handle evolving IT obstacles.
Innovation and Emerging Technologies:
Anticipation: Monetary aid for investigating and carrying out cutting-edge technologies that can potentially improve operational efficiency and government services.
Reasoning: To fulfil the ever-evolving requirements of enterprises and citizens by encouraging innovation, sustaining innovation, and providing cutting-edge solutions.
User-Centric Digital Services:
Anticipation: Allocate finances towards the establishment and enhancement of digital services that are centred around the user, guaranteeing that citizens have a pleasant and easy experience interacting with government platforms.
Reasoning: To boost the usability, accessibility, and contentment of citizens through digital government services.
Interoperability and Standardization:
Anticipation: Provision of funds towards endeavors that foster uniformity and communication among government-owned IT systems to enhance collaboration as well as the transfer of information.
Reasoning: To establish a unified and integrated IT environment that enables seamless communication across multiple government departments.
Data Governance and Privacy:
Anticipated: Financial support for establishing comprehensive data governance processes into effect while ensuring confidentiality regulations are strictly adhered to to safeguard citizen data.
Reasoning: To build an association of trust, and preserve transparency, whilst safeguarding the security and privacy of citizens’ personally identifiable information.
E-Government Initiatives:
Anticipation: Encouraging e-government initiatives that improve the efficient functioning of government operations and offer citizens easily accessible online services.
Reasoning: To promote accessibility, eliminate bureaucracy, and it simpler for citizens to access government data and services.
Community and Regional IT Infrastructure Development:
Anticipation: Projects and financial contributions aimed at filling in the gaps in IT infrastructure across various regions and territories, promoting digital accessibility.
Reasoning: To guarantee that people at various geographic locations possess equal access to technology resources and services.
Environmental Sustainability:
Anticipation: Adherence to sustainable and eco-friendly IT practices, encompassing energy-efficient technology investments and ecologically aware IT regulations.
Reasoning: To mitigate the negative environmental impact of government IT operations and integrate IT objectives with more broad sustainability objectives.
Anticipates as an IT expert that the government will give top priority to these certain areas where if proper allocation of funds are initiated, those sectors are going to become more efficient and sustainable, ultimately letting the public gain easier accessibility to the government provided services.
A budget that is well-balanced in these areas can enable IT professionals to make a substantial contribution to the efficacy and efficiency of government services.
Aalok Kumar, Corporate Officer & Senior VP – Head of Global Smart City Business, NEC Corporation & President & CEO, NEC Corporation India, “This budget underscores a vision for India as a developed nation, putting infrastructure, sustainability, and youth empowerment at the forefront. The government’s focus on the country’s exponential growth is evident from the initiatives specifically announced for infrastructure development and scaling up research & innovation.
At NEC, we applaud the strong focus on infrastructure and green growth, aligning with our vision for a connected India. Initiatives in green projects, EV manufacturing, and tourism development signal positive steps towards a sustainable and inclusive future. The focus on youth empowerment, exemplified by the 50-year loan scheme, resonates with our commitment to future generations.
Looking ahead, we anticipate that the July 2024 full budget will address concerns about inclusivity and execution. NEC remains a committed partner in India’s growth, offering technological expertise in digital infrastructure, submarine connectivity, smart cities, and rural development. We stand ready to collaborate and contribute to building a more inclusive and prosperous India by 2047.
At NEC, we are confident that India will achieve its goal of ‘Viksit Bharat’ ahead of its time, and we are excited to be part of this journey to a Prosperous Bharat in harmony with nature, modern infrastructure, and opportunities for all.
Sachin Bhatia, Co-Founder and CGO, Exotel “It’s truly remarkable to see the government’s unwavering dedication to fostering technological innovation, especially with the significant Rs 1 lakh crore allocation for our youth who are passionate about technology. It’s a signal that India is serious about cultivating a vibrant ecosystem of startups and technology giants. The provision of long-term financing and re-financing options at minimal interest rates is akin to planting seeds of opportunity in fertile ground, setting the stage for a future rich in digital advancements and entrepreneurial triumphs.
Additionally, the unveiling of the India Middle East Europe Economic Corridor is a bold stride towards global integration. This isn’t just an economic initiative; it’s a bridge linking India to the heart of global trade and collaboration. The corridor promises to open up new avenues for business, fostering international partnerships that are critical in today’s interconnected world. It’s a forward-thinking move that acknowledges our nation’s capabilities and positions us as a pivotal player on the international stage. Witnessing such strategic initiatives fills me with optimism about India’s role in shaping a future that is not only technologically advanced but also economically integrated and globally connected.”
Sudhindra Holla, Director, Axis Communications, India & SAARC “The Union Budget of India 2024 has a visionary approach to sustainable development. Introducing the Blue Economy 2.0 scheme, focusing on environmental restoration through multimodal strategies, is a commendable step towards a greener future. The budget’s emphasis on improving rail and air connectivity is crucial for fostering economic growth. Implementing major railway corridor programs and converting rail bogeys to higher safety standards demonstrate a commitment to enhancing transportation infrastructure. Similarly, expanding air connectivity to tier-2 and tier-3 cities and the growth of airports are positive moves supporting inclusive development.
Overall, the Union Budget’s focus on sustainable initiatives and strategic infrastructure development sets a promising trajectory for India’s growth. It creates opportunities for various industries to contribute to a more environmentally conscious and technologically advanced future.”
Gautam Madhavan, CEO and Founder, Mad Influence “Mad Influence welcomes the government’s commitment to maintaining stability in taxation, ensuring continuity for startups and IFSC units by extending tax exemptions till March 31, 2025. The Finance Minister’s decision to withdraw outstanding direct tax demands up to Rs. 25,000 and provide relief to 1 crore taxpayers is a positive step towards improving taxpayer services. As the economy strides towards sustained growth, Mad Influence acknowledges the government’s prudent approach in maintaining existing tax rates and embracing the positive impact of GST on trade and industry. However, Mad Influence looks forward to more targeted initiatives for startups in the upcoming full Budget in July. The overall budgetary estimates, with a focus on interest-free loans, reflect a balanced approach towards economic growth. Mad Influence anticipates further details in the detailed roadmap for ‘Viksit Bharat’ promised in the full Budget, paving the way for a more prosperous and inclusive India.”
Vikram Bhalla, Founder, Vivify Asia “As the Union budget 2024-25 is presented, the budgetary figures outlined reflect a prudent approach to fiscal management. The Finance Minister’s estimate of total receipts, excluding borrowings, at Rs. 30.80 lakh crore and total expenditure at Rs. 47 lakh crore for the upcoming fiscal year demonstrates a commitment to responsible financial planning. The continuation of interest-free loans at an outlay of Rs. 1.3 lakh crore is a strategic move to support key sectors. The targeted Fiscal Deficit of 5.1% of GDP for 2024-25 aligns with the government’s commitment to gradually reduce the deficit to 4.5% of GDP by 2025-26. This shows a balanced effort to stimulate economic growth while maintaining fiscal discipline.
The mention of revised estimates for 2023-24, with revenue receipts expected to surpass the Budget Estimate, reflects the positive momentum in economic activities and formalization. The government’s ability to manage expenditures effectively is evident in this upward revision. While the overall vision for ‘Viksit Bharat’ is ambitious, the budget strikes a balance between addressing immediate concerns, investing in long-term growth drivers, and maintaining fiscal prudence.”
Mr Chandra Shekhar Ghosh, MD and CEO, Bandhan Bank “The interim budget focuses extensively on inclusive development and is a step forward in the $5 trillion economy aspirations of the nation. The focus on housing sector will benefit a range or peripheral sectors like cements, paints and, steel, among others, and create employment opportunities. The focus on women empowerment will further boost the economy. The emphasis on infrastructure and rural development will lay a strong foundation for India’s growth story.”
Mr. Jayanth Murthy, Joint Managing Director, South Asia & Africa, Kaizen Institute. “While India has made significant progress when it comes to improving the efficiency of its logistics – jumping from the 44th to the 38th position in the World Bank’s Logistics Performance Index (LPI), the high cost of logistics, amounting to 13-14% of the country’s GDP, has long been a challenge. Further, an over-dependence on roadways has also led to a severe impact on the logistics management in India. In this regard, it is encouraging to witness the announcement of three major economic railway corridors under the PM Gati Shakti for enabling multi-modal connectivity. It is especially heartening to see that the freight corridor is being more streamlined – with energy, mineral and cement corridors (which is aligned to the coal logistics policy 2022), port connectivity corridors, and high traffic density corridors being announced. These projects will indeed, improve logistical efficiency and ensure cost reduction.”
KR Sekar, Partner, Deloitte India, “The budget’s emphasis on the growth and global competitiveness of MSMEs reflects the government’s steadfast commitment to fostering a robust ecosystem. Adequate finances, relevant technologies, and targeted training showcase a comprehensive approach towards empowering MSMEs. Notably, initiatives like the PM Mudra Yojana, Fund of Funds, Start Up India, and Start Up Credit Guarantee schemes highlight the government’s proactive stance in supporting entrepreneurial aspirations and generating employment for the youth. As we anticipate the positive impact of these measures, the next full budget will likely unveil more concrete steps in this direction, further shaping the landscape for MSMEs and the broader economy.”
Ashwin Chawwla -Founder & MD, Escrowpay “Very heartening to see a visionary and progressive budget overall from our Hon’ble FM Smt Nirmala Sitharaman Ji. This budget will further boost the economy and foster innovation. The continued impetus for digital first businesses, fintechs, payments and SMEs is indeed very encouraging as these businesses, sectors are undoubtedly core fulcrums of our ever growing vibrant economy. All of the above are also well aligned with our vision as well; as we continue to create a holistic, compliant yet agile trust ecosystem for digital payments and transactions, helping these unserved and underserved businesses grow anxiety and worry free”
Mr. Ujjwal Singh, Founding CEO, Infinity Learn by Sri Chaitanya “We believe the Centre’s focus on GDP (Governance, Development, and Performance), is poised to benefit our economy and nation as a whole. The shift towards empowering citizens to address poverty, rather than focusing on entitlements, is another positive step. Additionally, the increasing representation of girls in STEM courses is a notable achievement. With the establishment of additional IITs, IIITs, IIMs, AIIMS, and 390 universities, our nation is on track to become a genuine talent pool for skilled resources. The transformative performance of PM Schools for Rising India and the implementation of the National Education Policy 2020 further underscore our commitment to delivering quality education, so as to strengthen the foundation in core subjects, and thereby nurturing holistic, well-rounded individuals. Furthermore, initiatives aimed at assisting start-ups and promoting youth entrepreneurship will undoubtedly accelerate our journey towards becoming a developed economy by 2047.”
Dr. Dhruv Galgotia, CEO, Galgotias University “We commend the government’s unwavering dedication to youth empowerment and education reform, exemplified by the National Education Policy 2020. The strides made through initiatives like the Skill India Mission, which has trained an impressive 1.4 crore youth, and the PM Mudra Yojana, sanctioning 43 crore loans totalling 22.5 lakh crore for entrepreneurial ventures, are pivotal in nurturing a skilled workforce and fostering entrepreneurial spirit among our youth.
The remarkable 28% increase in female enrolment in higher education over the past decade, alongside the impressive participation of women, constituting 43% of enrolment in STEM courses, deeply resonates with our ethos. These statistics not only signify progress but also highlight the importance of creating an inclusive and diverse educational landscape.
We are committed to leveraging these opportunities to further equip and empower the next generation of leaders. As we collectively strive towards making India a ‘Viksit Bharat’ by 2047, we recognize the critical role of enhancing people’s capabilities and empowering them to drive meaningful change and create a brighter, more equitable future for all.”
Gaurav Aggarwal, CEO & Founder of CarLelo, A Capri Loans Venture “Carlelo commends the government’s commitment to bolstering the EV ecosystem and investing in crucial infrastructure for sustainable mobility. Ms. Sitharaman’s announcement of a new scheme for bio-manufacturing further emphasizes the government’s commitment to sustainability by promoting the use of biodegradable materials in manufacturing processes. We eagerly anticipate the positive impact of these initiatives on the automotive industry and the environment. This shift towards green-oriented consumption aligns with Carlelo’s values and contributes to a more environmentally conscious manufacturing landscape.”
Ms. Sonam Motwani, CEO & Founder, Karkhana.io “Karkhana.io commens the Finance Minister’s visionary budget, especially for empowering women entrepreneurs through initiatives like MUDRA Yojana, fostering inclusivity in fields like manufacturing.
The increased support for MSME training in the 2024 budget is crucial for growth, aligning with the ‘Amrit Kaal’ initiative for inclusive economic development. With over 63 million MSMEs contributing significantly to India’s GDP and employment, the budget strategically fuels their growth.
The emphasis on EV manufacturing highlights the government’s progressive stance, supporting sector growth. Karkhana.io firmly supports the Finance Minister’s budget, prioritizing women’s empowerment, strengthening MSMEs, and fostering the EV manufacturing sector, showcasing commitment to inclusive economic development in India.”
Dr Digvijay Singh; Ophthalmologist, Director, Noble Eye Care “It is good to know that healthcare has got a two digit increment in its budget but there is a lot to be desired. Access to healthcare and adequate payout for medical personnel is still a far distance away. Compared to G20 nations, India has the smallest amount of budgetary allocation towards healthcare and preventive measures. There is a need to provide more thrust towards medical research which fortunately has been on the agenda of the current government and hopefully will bear fruit for healthcare in the near future.”
Mr. Sanjeev Chabbra, Managing Director & CEO at Beetel Teletech Ltd. “The budgetary focus on the three identified economic railway corridor programs through PM Gati Shakti is a significant stride toward enhancing multi-modal connectivity, laying a strong foundation for positioning India as a global electronics manufacturing hub. The allocation of a one lakh crore corpus, combined with the reduction in corporate tax rates from 30 percent to 22 percent for existing domestic companies, underscores a forward-looking approach. These initiatives are poised to unlock immense potential, propelling India’s technology and electronic manufacturing landscape to new heights. The budget reflects a commitment to fostering innovation, competitiveness, and a brighter future for our nation in the realm of technology.”
Vaibhav Gupta, Co-founder and CPO, KlugKlug “In this interim budget, the acknowledgment of the transformative impact wielded by new-age technologies and data on individuals and businesses resonates deeply with Klug Tech’s core values. The emphasis on fostering economic opportunities and ensuring affordable, high-quality services reflects a commitment to inclusivity, reaching even those at the ‘bottom of the pyramid. As innovators and entrepreneurs, we stand poised to contribute to India’s rising global potential through our cutting-edge solutions. This budget sets the stage for a future where innovation and entrepreneurship drive positive change, elevating India’s position on the global stage.”
Ranjita Ravi, Co-founder, Orxa Energies “The Interim Budget of 2024 has mentioned plans to accelerate the EV ecosystem through the expansion of charging and manufacturing infrastructure in the country. We at Orxa Energies firmly believe in India’s commitment towards growing electric mobility across the country and we look forward to collaborating with the government in achieving this aspiration.
We are also delighted with the Honourable Finance Minister’s mention of the government’s intent to bolster deep tech for defence purposes. We are optimistic that such initiatives will accelerate our work in defence technologies and widen our footprint in these realms”
Greaves Cotton “Reflecting on the Interim Budget 2024 presented today, Greaves Cotton Limited reaffirms its commitment to aligning strategies with the nation’s vision. The budget’s commitment to achieving net zero by 2070 and a renewed focus on sustainability align seamlessly with our goal to shape the future of sustainable last-mile green mobility. The INR 2,671 crore allocation significantly boosts EV makers, fostering growth and innovation. We commend the emphasis on empowering youth and harnessing ‘Nari Shakti’, recognising the significant contributions of women in our workforce. The increased allocations for the National Hydrogen Mission reinforce our confidence in India’s shift towards clean energy solutions. These initiatives are poised to catalyse innovation, boost skill development and stimulate growth in crucial sectors for India’s sustainable development journey.”
Chetan Maini, Co-founder and Chairman, SUN Mobility “As a leading player in the EV energy services sector, SUN Mobility is particularly encouraged by the continued focus on green growth. I welcome the proposal to strengthen EV manufacturing and charging infrastructure. The announcement to promote e-buses is a progressive move towards electrifying the heavy vehicle segment. It shows the government’s efforts towards encouraging wider adoption of EVs and fostering sustainable public transportation.
Overall, this is a prudent Budget that outlines the government’s dedication towards driving India at the forefront of sustainable revolution. We looked forward to positive announcements on the implementation of the Battery Swapping Policy, which was proposed in 2022. Announcements on further reforms like GST reduction on EV batteries and rationalization of inverted duty structure on EVs would have added further impetus to the country’s ambitious EV transition goals.”
Mr. Mandeep Arora, MD & Co-founder, UBON “The government’s focus on empowering the MSME sector is evident. The commitment to providing timely and adequate finances, relevant technologies, and training is welcomed. The emphasis on orienting the regulatory environment to facilitate MSME growth indicates a supportive policy framework. The increased threshold for presumptive taxation from ₹2 crore to ₹3 crore is seen as a positive step, providing relief to small retail businesses, allowing them to focus on growth and development. Mr. Mandeep anticipates that these measures will enhance the competitiveness of MSMEs on a global scale. In alignment with the ‘Panchamrit’ goals, the founder notes the government’s focus on sustaining high and resource-efficient economic growth. The commitment to energy security is perceived as a positive step, ensuring availability, accessibility, and affordability for businesses. To meet investment needs, the founder appreciates the government’s commitment to preparing the financial sector in terms of size, capacity, skills, and regulatory framework. This will contribute to a robust financial ecosystem that can support the growth aspirations of both MSMEs and retail businesses.
Mr. Lalit Arora,Co-founder, VingaJoy “The recent budget announcement has invigorated the founder with a renewed sense of optimism. The decision to increase the presumptive taxation threshold from ₹2 crore to ₹3 crore is perceived as a welcome relief for small retail enterprises, offering them room for growth. The founder applauds the government’s commitment to fostering an environment conducive to development and productivity, evident in the forward-looking ‘Reform, Perform, and Transform’ approach.
The establishment of a substantial corpus with a fifty-year interest-free loan specifically tailored for the tech-savvy youth is hailed as a catalyst for innovation and entrepreneurship. This visionary move is expected to usher in a golden era of technological advancements. The founder is particularly appreciative of the strategic emphasis on strengthening defense technologies, aligning with the goal of self-reliance.
In the realm of MSMEs, the founder commends the government’s focus on providing timely finances, relevant technologies, and training, foreseeing increased competitiveness on a global scale. Overall, the founder’s positive sentiment reflects a belief in the budget’s potential to foster growth and innovation across MSMEs and retail businesses.”
Mr. Kapil Bhatia, CEO & founder, UNIREC “We welcomes the budget’s visionary focus on promoting green growth through the introduction of a bio-manufacturing and bio-foundry scheme. This initiative aligns seamlessly with our commitment to eco-friendly practices. The emphasis on biodegradable polymers, bio-plastics, bio-pharmaceuticals, and bio-agri-inputs not only supports our brand’s sustainable product offerings but also contributes to a more environmentally conscious manufacturing landscape. The shift towards regenerative principles in manufacturing is particularly noteworthy, resonating with our brand’s ethos of responsible and ethical business practices. This forward-thinking budgetary approach encourages the industry to continue pioneering in eco-friendly alternatives and reinforces the importance of integrating green technologies into the fabric of retail and MSME sectors. We look forward to actively participating in and benefiting from this transformative journey towards a more sustainable and regenerative future.”
Mr. Anuj Kumbhat, Co-Founder & CEO, WRMS “The interim budget 2024 reflects a commendable commitment to supporting our ‘Annadata’—the farmers, who are the backbone of our nation. The allocation of direct financial assistance to 11.8 crore farmers through PM-KISAN SAMMAN Yojana, along with crop insurance for 4 crore farmers under PM Fasal Bima Yojana, underscores the government’s dedication to safeguarding the agricultural community. The emphasis on value addition in the agricultural sector and efforts to boost farmers’ income is a welcome step that aligns with the broader goal of enhancing food production for our country and the world.
The success of initiatives like Pradhan Mantri Kisan Sampada Yojana, benefiting 38 lakh farmers and creating 10 lakh employment opportunities, showcases the positive impact of strategic policies. Additionally, the Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana, aiding 2.4 lakh SHGs and sixty thousand individuals with credit linkages, demonstrates a holistic approach towards uplifting the rural economy.
Overall, the budget’s focus on reducing postharvest losses, improving productivity, and augmenting farmers’ incomes reflects a comprehensive strategy to strengthen the agricultural sector, ensuring sustainable growth and prosperity for our ‘Annadata.’
Vihang Sarnaik, Director, Vihang Group “A critical facet of my expectation from the Budget was the re-evaluation of affordable housing criteria. I was expecting that the Honourable Finance Minister would find some merit in establishing a separate affordable housing index for each Tier-1 and Tier-2 cities with impetus to the housing affordability in key Metro Cities and its Periphery.
While considering the affordability of housing, it was essential to consider factors such as inflation, land cost, construction cost, approval cost, and labour cost for defining affordability in housing. For instance, in the case of Mumbai, where housing costs are notably high, we thought that the interim Budget would increase the price ceiling on affordable housing from ₹45 lakhs to ₹90 lakhs so that the whole affordable scheme benefits a large chunk of people living in the unorganised sector.
As per the current affordable housing scheme, the limit is set at ₹45 lakhs and you will not find a single home in Mumbai in that price bracket. So, the scope of availing the full benefit of credit link subsidy under PMAY is non-existent in Mumbai.
Mr. Dhruv Agarwala, Group CEO, REA India (Housing.com, Proptiger.com and Makaan.com) “We acknowledge the remarkable economic growth that India has experienced over the past decade driven by the ‘Sabka Sath, Sabka Vikas’ mantra. The government’s ambitious vision of achieving a ‘Viksit Bharat’ by 2047 is truly commendable, emphasizing inclusivity and progress for all.
The soon-to-be-launched housing scheme, aimed at supporting the middle class in owning their homes, is poised to be a significant boost to the housing sector in a country where an increasing number of people are entering this income category each day. Industry estimates suggest that India’s middle class is set to nearly double to 61% of the total population by 2047, up from 31% in 2020-21.
Another critical driver of growth in the housing segment is the government’s commitment to enhancing infrastructure and connectivity across the nation. Allocating 3.4% of the GDP to targeted initiatives will yield widespread benefits across various sectors. In the short to medium term, Tier-II and Tier-III cities can anticipate increased economic activity due to these concerted efforts.
In conclusion, the Finance Minister’s budget presents the housing sector with a promising outlook for the future.”
Harsh Goenka, Chairman RPG Group “The Finance Minister’s speech during the Vote on Account exudes confidence that our economy is on track to achieve the Hon’ble Prime Minister’s vision of becoming a ‘developed nation’ (Viksit Bharat) by 2047. The budget last year had significantly increased infrastructure spends along-side multiple welfare schemes. The results of the reforms and investments are now clearly visible with significant strides in various sectors that bolster the nation’s trajectory towards inclusive growth and sustainable development.
Continued focus on infrastructure, with substantial investments in railways, airports, highways underscores the government’s commitment to strengthen these sectors which are the backbone for economic growth, job creation, and enhanced quality of life. The budget also continues several social welfare, crucial for India’s long-term growth, ensuring that development is inclusive and benefits the most vulnerable sections of society. The healthcare initiatives are particularly noteworthy, reflecting the lessons learned during the pandemic and doubling down on the commitment to building a robust public health system. The decision to extend healthcare coverage under Ayushman Bharat to all ASHA and Anganwadi workers will motivate those working at the grassroots and strengthen the primary healthcare ecosystem. The decision to encourage cervical cancer vaccination for young girls will reduce the risks of developing cervical cancer for the 511.4 million women aged 15 years and older.
The foresight shown towards technology is commendable. The 1 lakh crore support for technology investments aligns with the nation’s rapidly growing digital economy, unlocking new growth avenues and fostering innovation to cement India’s position as a global leader in the digital space. Strengthening of deep-tech technology for the defence sector will ensure our defence forces are always equipped with the most advanced technologies to meet any future threat.
The agricultural sector, the backbone of the Indian economy, has been getting due attention with 11.8 cr. farmers having received direct financial assistance from PM-Kisan Samman Nidhi so far. The initiatives to enhance agricultural productivity, improve post-harvest marketing and storage infrastructure and better market access will not only boost the sector but also empower millions of farmers. This will go a long way in elevating the rural economy and ensuring food security for India.
The budget makes a strong case for environmental sustainability, aligning with our Net Zero commitment. Viability gap funding for investments in renewable energy, green initiatives, and sustainable urban planning demonstrates our proactive stance on climate change. The proposed rooftop solar investment of 1 crore households will promote grassroot level energy self-sufficiency and also create multiple economic opportunities..
The budget showed continued commitment to simplifying tax structure and removing irritants eg. withdrawal of old outstanding direct tax demands which will bring relief to around one crore small taxpayers.The government’s approach to fiscal management also deserves an applause. Measures to consistently bring down fiscal deficit, aiming at a below 4.5% number by FY26 will ensure economic stability.
Overall, balancing growth with social welfare, modernization with sustainability, and fiscal prudence with ambitious development goals, the Interim Budget 2024 has ensured that India’s economic juggernaut continues to roll on as we build a prosperous, resilient, and future-ready nation.
Dr Jagprag Singh Gujral, SVP MDO/ Head of Emerging Markets, Varian (a Siemens Healthineers Company) and Group CEO- CTSI. “We are happy to see the budgets renewed focus on preventive initiatives for Cancer such as Cervical cancer the FM alluded to. Talent pool enhancement through the announcement for Medical Colleges and extension of the Ayushmann Bharat scheme are welcome positives for the growing middle class youth and the healthcare industry. The interim budget from a healthcare announcements perspective is in line with the optimism in India’s growth story. “
Mr. Navneet Munot, MD & CEO, HDFC Asset Management Co. Ltd. “In the words of Mahatma Gandhi, “the true measure of any society can be found in how it treats its most vulnerable”. And Government by its focus on “GYAN” – Gareeb (Poor), Youth, Annadata (Farmers) and Naari (Women) has targeted to achieve exactly that.
The budget gets full marks for Credibility of numbers, Continuity on structural reforms and Conviction of building a developed economy in a highly sustainable and equitable manner. The conviction is commendable despite a challenging global backdrop.
The focus has shifted on quality rather than quantity of spending, on outcome rather than outlays. There is an unwavering focus on building world-class infrastructure – physical, digital as well as social. Social welfare received targeted attention for enhanced quality outcomes. A distinct highlight was creation of an Innovation fund to foster a self-reliant, knowledge-based economy.
While the interim budget was only a vote-on-account, a procedural necessity pending elections, the finance minister not only injected enough Cash to support growth (particularly Infrastructure) but also infused great Confidence in each section of society to gear up for building a Viksit Bharat in this Amrit Kaal.
Commitment on fiscal consolidation and focus on supply augmentation bolster macro-economic stability and spell good news for bond markets and debt mutual funds. In equity markets, long term investors will take the budget positively while the near-term direction will depend on global cues, incoming data and earnings trajectory.”
Mr Naman Dhamija Founder and Marketing Director , Dharishah Ayurveda- “The 2024 Interim Budget has taken our nation towards encouraging entrepreneurship. Even though a detailed 2024 Union Budget is yet to come still the government’s commitment to supporting the dreams and aspirations of our youth through initiatives like the PM Mudra Yojana, which has sanctioned an impressive 43 crore loans amounting to Rs. 22.5 lakh crore, is truly commendable. The extension of tax benefits for startups until March 31, 2025, is a strategic move that will undoubtedly stimulate the startup ecosystem. The allocation of a substantial Rs. 1 lakh crore corpus fund for research and innovation shows the government’s recognition of the crucial role that these sectors play in driving economic growth. Additionally, the particular focus on startups through initiatives like the Fund of Funds, Startup India, and the Startup Credit Guarantee Schemes is highly commendable. These schemes not only provide financial support but also create a conducive environment for startups to thrive. Nevertheless, the measures announced today lay a solid foundation for the future of entrepreneurship in our country, and we are optimistic about the transformative impact they will have on the startup landscape.”
Shubham Jhuria, CFO & Partner at Aeravti Ventures “The Interim budget announced by the government has kept the ship sailing in the right direction by announcing a couple of key initiatives with long term implications. A scheme focusing on DeepTech growth in Defence will not only open the flood gates to the defense sector which earlier has been safely guarded but will also give birth to india-centric innovation. Promoting R&D with interest free loans will encourage more theories to move out of the lab and into the real world. Overall, the government has set the right platform to announce a defining budget post the election.”
Mr. Prateek N Kumar, Founder and CEO – NeoNiche Integrated Solutions ltd. “In the recent announcement of the Indian Finance Budget 2024, Finance Minister Nirmala Sitharaman outlined a vision that encapsulates the core principles of governance, development, and performance, emphasizing a more comprehensive approach to GDP. She articulated the government’s commitment to addressing the needs of the “four major castes” – the poor, women, youth, and farmers – asserting that their well-being remains the highest priority.
Remarkably, the government’s efforts have already lifted 250 million people out of poverty over the past decade, a testament to its commitment to inclusive growth. The focus on the welfare of farmers is evident in the extension of benefits to 40 million farmers through the crop insurance scheme. Sitharaman highlighted the moderation of inflation and the uptick in economic growth, underscoring the positive trajectory of India’s economy.
Tax reforms have played a pivotal role in widening the tax base and increasing collections, contributing to the fiscal stability outlined in the budget. Despite the challenges posed by the global economic landscape, India’s economy, recognized as the fastest growing among major nations, is undergoing profound changes.
Looking ahead, Sitharaman envisions the next five years as a period of unprecedented economic growth, steering India toward the goal of being developed by 2047. The government is set to launch a new scheme to bolster deep tech for defence purposes, demonstrating a commitment to technological advancements in the national interest.
Notably, the finance minister emphasized the government’s support for the middle class, facilitating their dream of homeownership. Plans to build 20 million affordable houses in the next five years align with the broader vision of creating inclusive development. The success of self-help groups in empowering 1 crore women, referred to as “Lakhpati didis,” further illustrates the transformative impact of socio-economic initiatives.
As the budget outlines a fiscal deficit of 5.8% of GDP for FY24, with a target of 5.1% in FY25 and a further reduction to 4.5% by FY26, the government emphasizes prudent fiscal management. Importantly, there are no changes in taxation, both direct and indirect, ensuring stability for businesses and individuals alike.
The extension of tax benefits for start-ups and investments by sovereign wealth and pension funds until March 2025 reflects the government’s commitment to fostering innovation and attracting investments. Additionally, significant investments in the tourism sector and special attention to the tourist infrastructure of Lakshadweep signify the government’s dedication to enhancing the country’s appeal on the global stage.
The Finance Budget 2024 lays the foundation for a transformative period, characterized by inclusive growth, fiscal responsibility, and a vision for a future of India as world Leader.”
Dr. Arjun Kalyanpur, CEO, Co-founder and Chief Radiologist at Teleradiology Group. “Extending Ayushman Bharat coverage to ASHA and Anganwadi workers is a commendable step by the Finance Minister. They are the backbone of India’s healthcare system, often serving remote and underserved communities. Providing this all-woman task force with health insurance not only ensures their well-being but also strengthens the healthcare delivery system itself. It’s a true reflection of the budget’s focus on inclusivity and equity, which is also a WHO goal for an environment of mutual respect.
It is crucial to prioritize public health infrastructure and support innovation. Technology plays a crucial role in bridging the gap in healthcare access, especially in rural geographies. Leveraging telemedicine with the power of AI diagnostics and other advancements to offer timely and quality care to all brings a shift in the country. The budget’s emphasis on research and development in these areas is encouraging. However, ensuring affordability is absolutely necessary to address the digital divide in India. As India aspires to become a 5 trillion economy, we as a country need to make sure these technologies such as AI in healthcare are accessible across societies and reach the intended beneficiaries.”
Dr. Sujit Paul, Group CEO at Zota Healthcare Ltd. “The government is committed to prioritizing the health and well-being of our nation. The initiation of a robust campaign to vaccinate girls aged 9-14 against cervical cancer is commendable. Ayushman Bharat now extends its coverage to include ASHA and Anganwadi workers. To strengthen medical education, it will establish more colleges using existing hospital infrastructure, guided by a dedicated committee. Unifying maternal and child healthcare schemes will ensure effective implementation, while ‘Saksham Anganwadi’ and Poshan 2.0 upgrades aim to enhance nutrition and early childhood care. The ‘U-Win’ platform and intensified Mission Indradhanush will swiftly cover the entire country.”
N D Mali, Founder, KDM “The focus on laying Rs. 1 lakh crore long term funding support for innovation will go a long way in building Make in India, which would put the country in the likes of developed countries. Unlike expectations of the market, this budget is well balanced, more of growth oriented than welfare focused. The increase in outlay across all major infrastructure built up will increase the per capita consumption of the people which should boost the overall growth of the enterprises like us so as the economy of the country. KDM is focusing on innovation to bring technology in to our Make India. We strongly support Viksit Bharat initiative of India and we are very confident that we will become developed country by 2047.”
Mr. Anand Dubey, CEO, Indkal Technologies. “We applaud the Finance Minister for the astute measures taken in the budget to enhance the financial sector’s size, capacity, skills, and regulatory framework. These initiatives are pivotal in fortifying the foundation of our economy. Additionally, the commitment to ensuring energy security for businesses across sectors is commendable, providing a robust foundation for sustained economic growth. We look forward to leveraging these enhancements to further contribute to the nation’s progress and prosperity.”
Rajiv Bhatia, President & Country Head, Analytix Solutions “I congratulate the FM for the growth-oriented interim budget which seeks to build on the foundation laid in the previous budgets. The FM has reiterated the commitment to adopt economic policies that sustain growth, improve productivity and create opportunities for all. The budget has identified research and innovation for catalysing growth. There is a clear focus on facilitating greater investments across sectors to continue the growth momentum. The creation of a corpus of Rs. 1 lakh crore for providing long-term financing will boost research and innovation in sunrise sectors and support atmanirbharta in critical sectors.”
Mr. Amit Kapoor, Co-founder and CEO, Eupheus Learning “As the Interim Budget for 2024-25 unfolds, we welcome the notable 6.1% increase in the schooling outlay, with a substantial Rs 4,200 crore boost in the School Education Budget, and a significant allocation of Rs 6,000 crore to the PM SHRI program, marking a remarkable 50% surge from the previous year. This underscores a dedicated focus on enhancing the quality of school education including digitalization. While we await the full-fledged budget post the upcoming elections, these initial steps are encouraging notes for the education sector to partner with edtech companies like ours.”
Mr. Ankit Ratan, CEO & Co-founder at Signzy ‘The Budget has recognized the importance of Digital Public Infrastructre as the new factor of production driving the formalization of the economy. A key factor that drives the digital economy and enhances adoption is Digital Trust. It revolves around customers’ confidence in the security, reliability, and honesty of transactions carried out through banking channels. We believe a robust digital public infrastructure along with an enhanced digital trust ecosystem will promote responsible innovation while risk-proofing businesses from cybersecurity concerns. Creating an environment of trust beyond the established physical branches of a bank through real time monitoring biometric systems and cybersecurity resilence among others is the way forward. This promises an economy where technology empowers trust that paves the way for a brighter and more equitable future.’
Gaurav Goel, CEO, Toprankers “In light of the recent Union Budget and FM’s announcements, we’re heading towards transformative changes in education. With Skill India Mission successfully upskilling 1.4 crore youth and establishing 3000 new ITIs, alongside the inauguration of prestigious institutions, the education landscape is evolving. Notably, the surge in female enrollment, particularly in STEM at 43%, highlights our dedication to inclusivity and innovation.
Satish Kannan, Co-founder & CEO, MediBuddy “ The government’s interim budget highlights a strategic focus on preventive healthcare. Prioritizing the enhancement of immunization coverage is a crucial focus, which is achieved by utilizing both the U-WIN digital platform and the Mission Indradhanush initiative. Utilizing these strategic tools and initiatives by the government streamlines the immunization process and contributes significantly to providing access to quality healthcare to a larger population. Plans to establish additional medical colleges using the existing hospital infrastructure reflect a commitment to training future doctors and building regional capacity to achieve universal healthcare access. It can significantly enhance and supplement overburdened metropolitan healthcare systems.
The healthcare insurance coverage under Ayushman Bharat will now extend to frontline health workers, such as ASHA and Anganwadi staff. As a health tech startup aiming to enhance preventive care, these measures affirm the necessity and potential within this domain. The policy’s focus on providing fiscal support for prevention as the primary aspect of healthcare will stimulate innovation in technologies like early detection and screening, remote diagnostics, personal health management, digital therapeutics, and many more.
Indian health tech startups now have a significant opportunity to supplement government initiatives in preventive healthcare. The extended tax incentives for startups further enhance the ecosystem’s potential to explore sustainable solutions. The startups can drive the next wave of preventive healthcare adoption throughout towns and villages in India, thereby improving overall health outcomes and the quality of life for billions of Indians.”
Ms. Prasanna Anireddy VP of Engineering, Product Development at Progress “Finance Minister Sitharaman’s post-budget declaration brings promising news for our education system. The revelation that 43% of girls and women are now enrolled in STEM courses positions India among the global leaders in fostering gender diversity in scientific and technological fields. This positive trend shows a significant stride as more women embrace opportunities in science and technology. While acknowledging the progress achieved, I hope also to witness a surge in the number of women not just in academic settings but also in workplaces. Today’s budget transcends mere numerical allocations; it is a commitment to ensuring equal opportunities for everyone, irrespective of gender, fostering a more inclusive and vibrant future. The increasing contribution of women to our workforce serves as a tangible indicator of the positive transformations underway, propelling our nation towards greater inclusivity and progress.”
Dr. Vikram Kumar, MD and Founder of SRV Media Pvt Ltd. “Budget 2024 has shown a promising commitment towards strengthening the digital infrastructure of our nation. As the Founder of SRV Media, I am particularly excited about the potential this holds for the future of digital marketing. The emphasis on digital connectivity and accessibility will undoubtedly open up new avenues for innovation and growth in our industry. The fact that India’s digital public infrastructure (DPI) has helped transfer $400 billion or Rs 29 lakh crore of benefits to beneficiaries in the last five years, and has played a part in boosting India’s GDP, is a testament to the transformative power of digital technology. Moreover, the digital economy now contributes almost 10% to India’s total GDP, up from 3.5% a few years ago. This is a clear signal that the future of marketing is digital, and we are ready to embrace it. With the government’s recent approval of Rs 1.39 lakh crore for the BharatNet Project to enhance rural internet connectivity, the digital landscape of India is set to expand even further. This will not only increase the reach of digital marketing but also bring in a new demographic of consumers into the digital fold.”
Mr. Ajit Venkataraman, MD, Finolex Industries Ltd “We applaud Finance Minister Smt. Nirmala Sitharaman for presenting a visionary Interim Budget 2024, setting the stage for an inclusive development. The significant focus on infrastructure and housing, especially the PM Awas Yojana Grameen, achieving 3 crore houses and planning 2 crore more in the next 5 years, resonates with Finolex Industries’ commitment to sustainable communities. The farmer-centric initiatives like PM Kisan Samman Yojana and PM Fasal Bima Yojana showcase the government’s dedication to our ‘Anna Data’. Finolex Industries anticipates these initiatives to have a positive impact and looks forward to participating in these transformative initiatives, reinforcing our belief in a prosperous and empowered India by 2047.”
Prasoon Shrivastava, Founder, Zepth “The announcement of the India-Middle East-Europe Economic Corridor (IMEC) in “Budget 2024″ is a visionary leap forward. This corridor symbolizes not just the enhancement of trade routes but heralds a new era of connectivity and economic synergy across continents. For us at Zepth, and for the construction industry at large, IMEC opens up unprecedented opportunities for innovation, collaboration, and growth. It’s a testament to India’s forward-thinking approach and its commitment to playing a pivotal role in shaping the global economic landscape. We are excited to align our efforts with this monumental project, contributing to and benefiting from the prosperity and progress it promises. This initiative marks a significant milestone in our journey towards global integration and economic development”
Manav Subodh- Managing Director, 1M1B ( One Million for One Billion) “The interim budget presented by Finance Minister Nirmala Sitharaman today embodies the government’s vision of a ‘Developed India’ by 2047.
Indeed, the National Education Policy (NEP) has played an incredible role in ushering in transformational reforms, but I see digital technologies as the true silver bullet in our education system (according to a recent survey, more than 60% of educators are already using AI tools actively).
AI skilling, I believe, can be a big equalizer and can reduce the gap between urban and rural India by providing equal opportunities. The interim budget seems to agree as well, as it has set forth a corpus of 1 Lakh crores with 50 years of interest-free loans to promote innovation in technology for youth. This will make India’s youth creators, not consumers. It is also commendable that the Skill India mission has trained over 1.8 crore youths and established 3,000 new institutions. But to fully leverage the capabilities of these institutions, we need to think more deeply about how we can invest in robust digital infrastructure and integrate AI and immersive technologies across different layers of our education system. Skills not degrees will make our youth job-ready. I look forward to seeing the comprehensive budget that is presented after the elections, and I hope it further builds on this vision.”
Rama Mahendru- Country General Manager- India, Intrepid Travel “It is encouraging to see that the Hon’ble Finance Minister’s statement aligns with the strategic objective of growing the country’s infrastructure and tourism industry. The introduction of a novel system for classifying tourist locations according to amenities and infrastructure charts a revolutionary new direction and gives them a competitive advantage in the global marketplace. India’s appeal to foreign tourists is enhanced by its dedication to the comprehensive development of famous tourist destinations, with a focus on captivating locations such as Lakshadweep. The budget places significant focus on advancing green growth by introducing bio manufacturing and foundry initiatives, indicating a proactive stance.
As the Finance Minister pointed out, the country’s major train infrastructure projects are expanding due to the boost in economic strength, which also drives conference and business travel. The exponential increase in airports over the last ten years is evidence of India’s dedication to accessibility and connectivity. It is heartening that this budget essentially lays out a revolutionary route that combines robust infrastructure development, sustainable tourism, and economic dynamism and will also boost adventure tourism in India.”
Dr Lalit Singh- CEO of TelioEV “India’s Interim budget 2024 is a major step forward in accelerating the adoption of EVs in India, and we believe it will create significant opportunities for companies like TelioEV. The increased focus on charging infrastructure will address a key concern for potential EV buyers, and it will also boost the confidence of investors in the Indian EV market. We are particularly excited about the government’s plans to approve a large number of vendors for the supply and installation of EV charging points across the country. This will create a competitive market and drive down the cost of charging infrastructure, making it more affordable for everyone.
We believe that the government’s initiatives will create massive employment opportunities, especially for youth with the technical skills to be a part of large-scale manufacturing of EV charging components. TelioEV is committed to playing a leading role in this growth and we are confident that the Indian EV market is poised for a bright future.”
Mr. Deepak Patkar, MD & CEO, SMFG Grihashakti “The announcements in the Interim Budget on the intention to launch a new scheme tailored for the deserving sections of the middle class is a step in the right direction towards ensuring universal homeownership. We are also happy to note the continued focus by the government on infrastructure development which will aid the real estate sector as well as the vision of extending PM Awas Yojana Grameen scheme to build another two crore homes over the next five years. These steps not only support the growth trajectory of the housing sector but it will also help in creating more employment opportunities across its ancillary industries. The government has also stated that they will pay attention to making the eastern region and its people powerful drivers of India’s growth, giving impetus to affordable housing development in the region”
Rajesh Shet, Co-Founder & CEO SahiBandhu Gold Loan “Finance Minister Sitharaman’s acknowledgment of the 83 lakh Self Help Groups (SHGs) and their transformative impact on 9 crore women signifies a powerful commitment to women empowerment. At SahiBandhu Gold Loans, we proudly contribute to this vision by empowering SHG women through our Advisor Network Program, generating income avenues for SHG members. The enhancement of the ‘Lakhpati Didi’ scheme to 3 crore women reflects an ambitious drive towards women economic empowerment. SahiBandhu, as the largest gold loan aggregator not only supports this initiative but is also aligned with it as we have been supporting women from remote geographies of India who are engaged in helping people in financial need to avail hassle-free gold loans through SahiBandhu.”
Aloke Bajpai, Co-founder & Group CEO, ixigo – “The Indian air travel market is one of the fastest-growing markets in the world. Total passengers handled across airports amounted to around 327 million passengers in FY2023. The increase in fleet by airlines and the development of new airports under the ongoing UDAN scheme has improved regional air connectivity and benefitted travelers from Tier 2 & 3 cities which in turn resulted in significant growth in demand for air travel and first-time flyers. We are pleased to see that this will remain an area of key focus for the government going forward. We are also happy to see the government taking steps to develop new tourist destinations in India that can compete on a global scale. Infrastructure development and improved connectivity for offbeat tourist destinations like Lakshadweep will help build and promote the unexplored and hidden gems of India and will help further boost the tourism sector.”
Dinesh Kumar Kotha, CEO, ixigo trains & Confirmtkt – “The announcement of three new corridors under the PM Gati Shakti for enabling multi-modal connectivity including the energy, mineral and cement corridors, the port connectivity corridor and the high traffic density corridors will help in resolving the current connectivity issues in the country and reduce logistic costs. As said in the Budget Speech, the decongestion of the high-traffic corridors will improve the operations of passenger trains. Additionally, the upgradation of 40,000 bogies to Vande Bharat standards will elevate safety and the overall rail passenger experience by providing a superior train travel experience to Indians. The current budget’s focus on the active development and upgradation of railway infrastructure, better connectivity, and new rail tracks will fuel train travel demand in India.”
Rohit Sharma, COO, AbhiBus (ixigo bus business) – “Electric vehicles represent the most significant opportunity for achieving a world with reduced carbon emissions. We appreciate the government’s commitment to enhancing the EV ecosystem through the expansion of charging infrastructure in India. Such ongoing efforts will increase consumer awareness driving faster EV adoption and we can successfully reach our nation’s electric vehicle targets and move towards a future powered by clean energy. Payment security mechanisms will also support the large-scale roll-out of e-buses, which will contribute to the growth of technologically advanced, environmentally friendly, and affordable alternatives to existing inter-city public transport in India.”
Mr. Akshat Pushp, Chief Business Officer, Apollo Supply Chain “Apollo Supply Chain commends the government’s resolute commitment to fortifying India’s logistics infrastructure, as outlined in the Union Budget. The proposed economic railway corridors align seamlessly with our expectations, offering a promising avenue for heightened efficiency, cost reduction, and optimization in logistics. This in turn will help reduce costs to customers, giving an impetus to businesses. The emphasis on dedicated freight corridors is particularly noteworthy, presenting a potential game-changer for the supply chain sector. As Apollo Supply Chain expands into the Direct-to-Consumer (D2C) segment, the implementation of these corridors is poised to significantly reduce turnaround times and streamline deliveries, with a keen eye on road infrastructure development.
Furthermore, the government’s emphasis on green energy, exemplified by the promotion of electric vehicles infrastructure, resonates deeply with Apollo Supply Chain’s sustainability commitment. This will help us introduce environment friendly trucking solutions, making the supply chain ecosystem greener. As part of our sustainability efforts, we are prepared to integrate solar rooftops into our warehouses, aligning with the broader green energy initiative.
The India-Middle East-Europe Economic Corridor is a strategic game-changer aligning seamlessly with our focus on cross-border commerce. This development will facilitate SME exports and significantly contribute to our vision for a globally connected supply chain.
We recognize the increased investment in infrastructure as a catalyst for modern development and cost reduction. We look forward for the crucial issue of asset life versus bank terms creating a cash flow gap that impedes growth. The government must address this challenge and provide effective solutions to bridge the gap, ensuring sustained growth and operational viability for companies in the logistics sector. These measures, coupled with the strategic initiatives outlined in the budget, align with our forward-looking approach and contribute significantly to realizing the overarching vision of ‘Viksit Bharat”.
Vijender Reddy Muthyala, Co-founder & CEO, DrinkPrime “We are happy to see the government’s focus on setting up a corpus of Rs. 1 lakh crore to promote research and development in deep-tech technologies. As we are an IoT-based startup in the 30-year-old water purifier industry, we believe that this will pave the way for further development of new-age technologies like Artificial Intelligence (AI) and battery tech (EV). We expect a lot more tech-savvy people to take initiative in setting up new tech businesses, which would possibly lead to advancements in the water space as well.”
Alok Dubey, Chief Finance Officer, Acer India “The ₹1 lakh crore corpus for interest-free financing is a massive boost for research and development. This will fuel innovation and create jobs within the technology sector. Empowering women entrepreneurs also adds a crucial dimension to diversity, enhancing the talent pool and fostering creativity within the industry. I am also happy to see steadfast commitment to environmental sustainability. Overall, the Interim Budget 2024-25 has generated excitement within the technology sector. However, the industry awaits further details and calls for transparent implementation to ensure the success of these ambitious plans.”
Ms. Aparna Acharekar, Co-Founder, coto. “At coto, we are pleased with the Union Budget 2024’s emphasis on women’s welfare and empowerment, which closely aligns with coto’s vision and mission. The introduction of strong policies in the favour of women across socio-economic groups undeniably leads to long-term economic growth. The startup ecosystem is also gradually witnessing a rise in women entrepreneurs and their ownership stakes within organizations.
We also share the strong belief that this is a golden era for tech-savvy youth. We hope that more women will be inspired by this to enroll in science courses and pursue STEM-related employment. This not only promises a stronger representation of women in traditionally male-dominated fields but also offers them greater opportunities for financial independence through these careers. An increased presence of women in scientific professions can contribute to addressing pressing issues pertaining to mental health, which are highly relevant in today’s world.”
Dr. Sujata Seshadrinathan, Director of IT and Process at Basiz Fund Services and an astute investor. “Budget 2024 is a Vote-on-Account budget. So you need to decipher what you heard in that context which was set right in the beginning by the Hon FM Nirmala Seetharamanji (I have nothing but absolute sympathies for those of you who sat expecting tax news, you first need lessons in macroeconomics and finance). If you heard Nirmalaji properly she set the stage for the narrative in the first 5 minutes of her speech by briefing on factors and achievements from 2014 onwards (touching on this a couple of times during her speech also) and hoping for a thumping majority mandate in 2024. So the rest of her budget was clearly a blueprint for the next 5 years if we give them that mandate. As a huge fan of creative storytelling, I give a standing ovation yet again to Nirmalaji. That was brilliant FM madam, no one can ever achieve all that in 10 years, we heard all that we needed to and hoped for.
The deep tech sector is going to receive a major push. This includes startups and youth working on innovations in AI and Blockchains, among others.”
Srinivasa Bharathy, CEO & MD, Adrenalin eSystems “The budget gives an insight into teh country’s aim of viksit Bharat Budget FM Sitharaman’s strategy for Amrit Kaal is something we look forward to. In addition to the tech savvy growth policies including the corpus of Rs 1 lk cr with 50 yr interest-free loan for tech-savvy growth. The government aim to adopt economic policies which will foster and sustain growth, facilitate inclusive and sustainable development, improve productivity, create opportunties for all and help them enhance their capabilities and contribute to generation of resources to power investments and fulfill aspirations.
The budget has shown the government’s commitment to technological growth. The new Middle East – Europe-India corridor is also reflective of the same. It will give businesses the opportunity to expand their services and build an ecosystem of groth for various tech related silos as well.”
Mr. Jayant Rastogi, Global CEO, Magic Bus India Foundation “In the symphony of progress, we commend the government’s resolute dedication to nation-building through transformative initiatives. This encompasses the progress of the Skill India mission, the commendable push towards increased girl child enrollment in higher education over the past decade, Pradhan Mantri Schools for Rising India’s (PM-SHRI) steadfast commitment to ensuring quality teaching, and the pivotal role played by the National Education Policy (NEP) 2020 in driving transformative changes in our education system. Additionally, the Startup India and Startup Credit Guarantee Schemes are instrumental in empowering the youth, fostering innovation, and driving economic growth. These initiatives harmonize seamlessly with our mission at Magic Bus India Foundation, where we take pride in actively contributing to the education, skilling and employment landscape, empowering adolescents, youths and budding entrepreneurs towards a brighter and more promising future.”
Praveen Grover, Vice President, and Managing Director, AHEAD. “In response to the budget’s pro-people initiatives and swift implementation, AHEAD recognizes the creation of conducive conditions for increased employment and entrepreneurship opportunities. The acknowledgment of new-age technologies and data reshaping lives and businesses is pivotal, enabling economic opportunities and high-quality services accessible to all, including the ‘bottom of the pyramid.
The announcement of a one lakh crore corpus with a fifty-year interest-free loan is a visionary step. This strategic move will serve as a catalyst for the private sector to scale up research and innovation, particularly in sunrise domains.
India’s global opportunities are expanding, and the budget underscores our nation’s commitment to showcasing innovative solutions through the entrepreneurship and innovation of our people. For our tech-savvy youth, this heralds a golden era, emphasizing the need for programs that synergize the prowess of our youth and technology. AHEAD stands poised to contribute actively to this transformative journey, harnessing the potential of technology for inclusive growth and innovation.”
Mr. Gopichand P. Hinduja, Chairman, The Hinduja Group “A Runway for the Vikasit Bharat Flight to take off
Interim Budget is both a time for reflection and visioning for the future while managing adroitly the present. Compliments to FM Nirmala Sitharaman for effectively achieving this. She articulated the achievements of the past decade and spelt out the broad roadmap to 2047 while maintaining the path of fiscal rectitude with fiscal deficit targeted at 5.1% in FY 25 and down to 4.5% in FY 26.
The interim budget commendably shunned any populist measures so often resorted to by the governments. But Bharat could certainly do more on its infrastructure CAPEX budgeting which increased nominally by 11%. Some bold measures are needed to increase the annual FDI level of 60bn $ further. The banking and power sector reforms coupled with further impetus on digital infrastructure are imperatives to Vikasit Bharat with improved sovereign rating. Overall, stability and continuity with judicious acceleration are the wheels deployed through this interim budget for taking off this flight. Now, it’s over to July 2024.”
Anurag Choudhary, CMD & CEO of Himadri Speciality Chemical Ltd. ” The Interim budget marks a significant stride towards a forward-looking and positive vision for India’s development, encapsulating our aspiration for a ‘Vikashit Bharat.’ The government’s emphasis on bolstering the Electric Vehicle (EV) ecosystem, particularly through the expansion of charging infrastructure and promotion of EV public transport, showcases its commitment to sustainable development. By announcing a substantial corpus of Rs 1 lakh crore for low to nil interest rate loans, aimed at fostering research and innovation in sunrise sectors, the government is paving the way for private sector participation in driving economic growth. This budget, with its unexpected fiscal deficit target of 5.1%, reflects the government’s determination to navigate challenges while prioritizing economic stability and growth.”
CA Aditya Sesh, Founder and managing director of Basiz Fund Service Private Limited who is also a Member of the Expert Committee in the Ministry of Agriculture & Farmers Welfare in the Government of India. “I think of this budget in two dimensions, one being political, which is most important given the election year, and much of the work done has been discussed. It focuses on performance rather than promises. One thing that struck me is that while free electricity has been discussed in some states, here it has been achieved with minimal impact on electricity-generating companies by utilizing solar rooftop resources, essentially providing up to 300 units of electricity to households. The fiscal deficit target, currently at 5.8%, is expected to decrease to 5.1%, primarily due to maintaining the expenditure target well and ensuring that revenue collection, especially tax collection, has been on or even exceeded targets most of the time, purely through compliance. I still remember the 2016 Budget, which had GST and sales tax at 85,000 crores per month, now doubling to 1,65,000 crores per month, so that’s a significant jump. Income tax collection has tripled, indicating that compliance has been maintained without making too many changes to the laws. Over the last 10 years, tax rates for corporates have been reduced from 30% to about 22%. The personal income tax exemption limit has increased from 2.5 lakhs to 7 lakhs. Capex has almost tripled; I think the economy is in very good shape. Capital markets are expected to rise, and India is looking very attractive in terms of growth. The P/E ratios are slightly premium, but that’s because the growth is good, and the inflation management targets are at the desired levels, around 6% odd, matching the increases in GDP, so effectively, there would be no impact on real income.”
CA Aditya Sesh, Member of the Expert Committee in the Ministry of Agriculture & Farmers Welfare in the Government of India and Founder and managing director of Basiz Fund Service Private Limited “This budget refrains from dramatic announcements; instead, it highlights past achievements and provides a clear vision for the future. It’s straightforward and no-frills. Notably, the integration of national agricultural markets, linking 1361 mandis with an average transaction of over three and a half crores per year, is a remarkable development. I expected the PM Samman Nidhi to go up but very boldly the government has maintained everything without being populist. Farmers now have the option to sell their produce without physically visiting the mandi, streamlining the process. The ONDC network enriches the electronic national agriculture market, enabling farmers to sell at maximum retail price (MRP) rather than minimum support price (MSP), shifting towards a business-to-consumer (B2C) model and positioning agriculture as an industry rather than just a profession. Politically, the BJP party exudes confidence in a massive majority with a clear mandate, evident from the absence of populist proposals aimed solely at securing votes.”
Sajid Malik, Chairman & Managing Director of Genesys International “The revised fiscal deficit for FY 24 at 5.8%, lower than the earlier estimate, demonstrates prudent financial management by the government, fostering stability and confidence in the economy. This, coupled with the government’s focus on leveraging new age technologies and data to drive economic growth, underscores India’s commitment to embracing innovation and fostering a conducive environment for technological advancement.
The allocation of a corpus of rupees one lakh crore, coupled with a fifty-year interest-free loan, to promote research and innovation in sunrise domains is a welcome move. This initiative incentivizes private sector participation in research and innovation.
The government’s emphasis on strengthening deep-tech technologies for defense purposes aligns with the bigger goal of promoting self-reliance and innovation in critical sectors. This initiative will not only strengthen India’s defense capabilities but also drive ‘atmanirbharta’ or self-sufficiency in technological advancements.
In the tourism sector, the focus on comprehensive development of iconic tourist centers, the enhancement of tourism infrastructure and , the investment in spiritual tourism reflects the government’s commitment to leveraging India’s diverse cultural heritage and economic strength to attract global visitors. I believe that these commendable steps in the technology and tourism sector shall foster inclusive growth and work towards positioning India as a global leader within the two sectors.”
Saurabh Mittal, CFO of S Chand and Company Limited “The budget’s emphasis on transformation and quality teaching as outlined in the NEP 2020 is a significant stride towards ensuring a robust and inclusive education system. The government’s commitment to upskilling and reskilling youth through initiatives like the Skill India Mission, coupled with the establishment of new ITIs and prestigious institutions such as the 7 new IITs, 16 IIITs, 7 IIMs, 15 AIIMS, and 390 new Universities, underscores the importance of equipping our workforce with relevant skills for the future.
Moreover, the notable increase in female enrolment in higher education, especially in STEM courses, is a testament to the success of efforts aimed at promoting gender equality and inclusivity in education. Achieving a 43% female enrolment in STEM courses, one of the highest in the world, reflects a positive shift for India towards breaking gender stereotypes and fostering greater participation of women in traditionally male-dominated fields.
By prioritizing initiatives that encourage female participation and student empowerment in education, the government is not only advancing gender equality but also nurturing a talent pool that is vital for driving innovation and socio-economic growth in the country.”
Mr. Asish Saraf, VP and Country Director, Thales “We welcome the Research and Innovation focused steps outlined in the Budget. The allocation of INR one-lakh crore corpus, backed by a fifty-year interest-free loan, is a game-changer. As underscored, this will provide long-term financial support, offering low or nil interest rates to catalyse private sector participation in research and innovation across sunrise domains. This golden era for our tech-savvy youth will undoubtedly spur breakthroughs and drive progress. For Thales, R&D is collaborative by definition, and we work hand-in-hand with start-ups, industry partners and the academic research community to provide our customers with the most advanced solutions possible. We look forward to leveraging our global tech expertise, continue with our R&T efforts in India, and support in fostering the innovation ecosystem in the country collectively with the local teams, talent and industry.”
Jayant Rastogi, Global CEO, Magic Bus India Foundation “In the symphony of progress, we commend the government’s resolute dedication to nation-building through transformative initiatives. This encompasses the progress of the Skill India mission, the commendable push towards increased girl child enrollment in higher education over the past decade, Pradhan Mantri Schools for Rising India’s (PM-SHRI) steadfast commitment to ensuring quality teaching, and the pivotal role played by the National Education Policy (NEP) 2020 in driving transformative changes in our education system. Additionally, the Startup India and Startup Credit Guarantee Schemes are instrumental in empowering the youth, fostering innovation, and driving economic growth. These initiatives harmonize seamlessly with our mission at Magic Bus India Foundation, where we take pride in actively contributing to the education, skilling and employment landscape, empowering adolescents, youths and budding entrepreneurs towards a brighter and more promising future.”
Rupa Bohra – Managing Director, TNSIF “I am thrilled to witness the transformative impact of the budget on rural India, especially the commendable initiative of “Lakhpati Didi”. The 83 lakh Self-Help Groups, with nine crore women, are reshaping socio-economics with empowerment. Today’s budget reflects a resounding commitment to their success, as nearly one crore women have already achieved the milestone of becoming Lakhpati Didis. These women inspire, proving empowerment yields success. Elevating the target to 3 crores reaffirms their achievements, motivating other such women to establish micro-enterprises, thereby paving the way for economic empowerment.
The government’s consistent commitment to women’s empowerment is also reflected in the progress accomplished over the last decade. With 30 million Mudra Yojana loans issued to women entrepreneurs and a 28% rise in female higher education enrollment, we are seeing significant progress. In India, women enroll in STEM courses at a rate of 43%, which is among one of the highest worldwide. This momentum extends to women’s participation in employment, as seen by shifts like reserving 35% of government jobs in Madhya Pradesh for women and one-third of legislative seats for women reflecting an inclusive approach.
The allotment of nearly 70% of PM Awas Yojana residences in rural regions for women demonstrates an inclusive approach taken by the government. By focusing on the needs of the ‘Garib,’ ‘Mahilayen,’ ‘Yuva,’ and ‘Annadata,’ we are establishing an inclusive society in which every individual’s dignity and ambitions are protected.”
Sriram Kanuri – CEO & Director, Arteria Technologies “Following the government’s budget pronouncements on empowering MSMEs and driving infrastructure development, Arteria is excited about the collaborative focus on technology and growth. By providing timely finances, relevant technologies, and essential training, we contribute to the MSME sector’s global competitiveness. With the rapid expansion of digital, social, and physical infrastructure, Arteria is ready to contribute to this transformative journey by utilizing our Innovative FinessArt product to support the MSME sector and the country’s overall progress.”
Satyendra Prasad Narala – Managing Director, Regency Ceramics “The government’s initiative to facilitate homeownership for the middle class is a commendable step toward inclusive growth. Moreover, the commitment to construct another 2 lakh houses and providing over seventy percent of these houses under PM Awas Yojana to women as sole or joint owners not only enhances their dignity but also promotes gender equality in rural housing development. These two schemes is a big positive for the building materials industry.
Regency has always been a trusted supplier of tiles for most government schemes and with innovative manufacturing practices will provide natural tiles at lower prices with better durability to the beneficiaries of these two schemes. We welcome these transformative measures for a brighter, more equitable future, and a flourishing ceramic tiles sector.”
Mr. Sohinder Gill, CEO, Hero Electric. “We appreciate that the budget reinforces commitment towards sustainability and emphasizes a green public transportation system, prioritizing a strong charging infrastructure for widespread adoption of electric vehicles.
However, a noticeable gap in the budget is the absence of a sustained and continued direct customer subsidies, a critical element that played a substantial role in driving the adoption of electric vehicles across various categories over the last two years.
We eagerly await the government’s comprehensive strategy and commitment to sustaining the electric vehicle manufacturing ecosystem. It is anticipated that a combination of fiscal and non-fiscal interventions will be outlined, offering crucial support for the industry in the coming years until it achieves a threshold for self-sustained growth.
We look forward to playing our part, providing environmentally conscious solutions that resonate with the nation’s strong commitment to a sustainable and electric tomorrow.”
Jaepy Kurian, Senior Vice President & Delivery Head – India, Orion Innovation – “We appreciate the government’s vision of making India a developed nation by 2047 and its efforts to provide inclusive development and growth across various sectors and regions.”
“We support the government’s initiatives and schemes that aim to boost the digital economy, such as the PM SVANidhi scheme for street vendors, the PM Kisan Yojna for farmers, Mudra Yojana for women entrepreneurs, PM Mudra Yojana for entrepreneurs, the Digital India programme, the National Digital Health Mission, and the National Education Policy. We believe that these initiatives will empower millions of Indians with access to digital services, opportunities, and benefits.”
“We also suggest some areas where the government can further invest and collaborate with the private sector to accelerate the digital transformation of India, such as enhancing the digital infrastructure, promoting digital literacy and skills, fostering innovation and entrepreneurship, and ensuring data security and privacy. We are confident that with the government’s support and guidance, India can emerge as a global leader in the digital era.”
Mr. Sanjiv Kanwar, Managing Director, Yara South Asia “We welcome and commend the government’s focus on empowering poor, youth, women, and farmers through the interim budget announcement today. The increase in MSP for producers whenever required and the provision of basic goods has raised rural real income, which is a positive step towards ensuring the well-being of our farmers. We are also pleased to see the government’s commitment to modernizing storage, supply chains, and branding in the farm sector, which will benefit both farmers and consumers. Overall, we believe that this budget will provide a much-needed boost to the agriculture sector and encourage private and public investment in post-harvest activities. As a company committed to sustainable agriculture practices, we believe that continued investment in this sector is crucial for the long-term growth and prosperity of our country.”
Mr. Rohit Saboo, President & CEO, National Engineering Industries Ltd. “The Interim Budget presented today highlights the government’s intent to continue its focus on inclusive and sustainable development. The government stands committed with a special emphasis on empowering the poor, women, youth, and farmers and is focused on driving policies that resonate with their aspirations. As a responsible brand focused on implementing sustainability, we are pleased to see the government’s focus on promoting electric vehicles (EVs) which is a visionary step towards environmental sustainability as well as overall economic growth. Additionally, the commitment towards expanding the e-vehicle ecosystem brings an exciting prospect for the youth, which will create employment opportunities that align with the demands of the future. The introduction of biomanufacturing and bio-foundry schemes is also a welcome move that will be a great alternative to bio-degradable production.
Pradeep Lala (MD & CEO – Embassy Services Pvt. Ltd “In a bold stride towards sustainability, our focus lies in bio-energy, amplifying ethanol production and championing green-energy access through hybrid policies. A significant breakthrough is imminent with a major announcement on distributed solar, bolstered by a welcomed relaxation in BCD for solar panel module manufacturing. A strategic push towards enhancing energy storage systems is underscored, backed by subsidies or GST relaxation to spur growth. The transformative investment in smart grids aligns with our commitment to a future-ready energy landscape. Noteworthy is our keen attention to the promising realm of green hydrogen, particularly in transportation and later in steel industries, marking a pivotal step towards cleaner industrial processes. The emphasis on ISTS for renewable energy solidifies our dedication to a comprehensive and sustainable energy ecosystem, setting the stage for a greener and more resilient future.”
Ajath Anjanappa, CEO & Co-Founder of Fabits “We welcome the Interim Union Budget 2024 with optimism, it served its purpose of giving people a glimpse into what’s next on the government’s mind for the Indian economy especially the government’s strategic initiatives to boost the private sector’s role in research and development. The allocation of a substantial corpus of Rs. 1 lakh crore with a 50-year interest-free loan for tech-savvy enterprises is an encouraging & growth-oriented move.
The emphasis on maintaining the growth momentum through increased private sector involvement in infrastructure development, particularly the 11.1% higher capex budget is noteworthy. We believe this approach not only fosters economic development but also opens up avenues for investment and Innovation. As a company rooted in Bengaluru, a hub for technology and innovation, we are excited about the opportunities that this budget creates for deep tech technologies.
Additionally, the decision to keep taxes unchanged and extend fax benefits for start-ups until March 31, 2025, is a welcome relief. This will undoubtedly encourage entrepreneurial spirit and innovation in the financial technology sector.
Infrastructure and housing seem to be hot investments, with the FM announcing 2 crore homes and 40000 additional Vande Bharat trains. We will ensure that investors on our platform make the most of these sectors and their related industries
Overall, the Budget 2024 reflects a balanced interim budget, steering clear of populist giveaways, which gives a positive outlook for the economy and continuity. This budget sets the stage for a conducive environment for FinTech companies like ours to thrive, ensuring that more individuals can embark on their financial investment journey with ease and confidence.”
Aditi Avasthi, Founder & CEO, EMBIBE, “India’s foremost AI-powered learning platform, said, “The Interim Union Budget is a big win for inclusive growth. It’s great to see the National Education Policy pushing reforms, making quality education accessible at the grassroots. At EMBIBE, we’re all in on this mission. We’re thrilled to see the government reaching out to underserved communities, aligning perfectly with our mission to make education accessible and inclusive.
The extended tax benefits for startups? A fantastic move. And it’s incredible to see girls and women making up 43% of STEM enrolments – India is leading the way here. We’re excited at EMBIBE to be part of this change, driving forward with tech-powered education for a more inclusive future for our youth.”
Mr. Hrishikesh Rajpathak-Co-Founder & CTO,nRoad “In the dynamic landscape of technology, the government’s budget signals exciting prospects for growth, innovation, and employment. By acknowledging the transformative impact of new-age technologies and emphasizing research and entrepreneurship, it fosters an environment conducive for businesses to thrive and push boundaries.
This budget positions India to enhance its global standing in the technology sector, thereby contributing to positive socio-economic impacts. However, amidst this momentum, there’s a pressing need for stronger policies on data mining and usage. As technology evolves, data becomes increasingly valuable, raising concerns about privacy, security, and ethical usage. Clear guidelines and regulations are essential to safeguarding corporate enterprise data and ensuring optimum utilization across industries.
At nRoad, we are aligned with this vision and actively seeking to adapt and integrate more talent into our workforce. As the technology sector undergoes unprecedented advancements, forward-thinking companies are seizing these opportunities to expand their teams and contribute to broader goals of innovation and economic development. This collaborative effort between government initiatives and private enterprises underscores a shared commitment to driving positive change and fostering a vibrant future in the tech industry.
Mr. Rajan Bajaj, Founder CEO, “The government’s allocation of a ₹1 lakh crore corpus for technological research in this year’s budget is a game-changer. It positions India’s R&D to capitalize on our young and dynamic demographic. The provision of interest-free support will undoubtedly catalyze scaling up research and innovation, fostering significant strides in filling economic gaps. Made in India tech is the future, and we’re here for it!”
Karunya Sampath, Co-founder & CEO of Payoda Technologies “A major highlight of the Interim Budget is the focus on combining the prowess of India’s youth and technological advancements. As the Finance Minister stated, the idea is to foster a golden era for the youth that is tech savvy. We further welcome the announcement of encouraging the private sector to scale up innovations and research significantly in the sunrise domain to avoid instances like cybersquatting. Also commendable is the vision to leverage deep tech-like technologies for strengthening the country’s defence ecosystem in a self-reliant Atma Nirbhar Bharat.”
Mr Arindam Das Sarkar, MD, Mirasys (India) “We believe that using technologies such as Deep Tech for defence purposes manifests India’s technological mettle on the global stage. The need of the hour is to take the Make in India initiative further and incorporate other technologies such as AI Video Surveillance Analytics for defence as well as the nation’s internal safety & security. It should be carried out with increased public-private partnerships across domains like transportation, railways, highway security, logistics, smart cities etc. Nation’s industrial and cultural assets should also be safeguarded through such security blankets and private enterprises too must take a steadfast approach in the direction. To substantiate the same, we have the example of how Ram Mandir and Ayodhya, as well as key highway networks are already secured through AI-powered video surveillance analytics.”
Vinesh Menon, CEO – Human Development & Social Impact Solutions, Ampersand Group “The union budget has been tabled as expected as ‘Vote on Account’ budget and has set the expectations for driving VIKSIT Bharat at 2047. I am particularly excited about the PM shri schools program & the Nep 2020 Execution and the vision to have more girl children enrolled fot STEM programs. My only wish is that we add a 5th caste along with Garib, Mahila, Yuva & Annadata and that is ” Baccha “…as there is a lot more we need to do for the 300 plus million pre school and school going children in the country. Overall, with emphasis on technology, innovation and upgradation of angamwadis, it looks like an exciting decade ahead”
Mr. S Pasupathi, COO, HirePro “We commend the government’s commitment to empowering the youth of India through its focus on skill development and employability in the recent budget. The Skill India Mission’s achievement of training 14 million youth, upskilling and reskilling 5.4 million individuals, and establishing 3,000 new ITIs is a significant step towards addressing the growing demand for skilled talent both domestically and internationally.
At HirePro, we recognise the importance of a skilled workforce in driving economic growth. The government’s emphasis on talent mobility aligns with the global demand for Indian talent. This presents a tremendous opportunity for collaboration, where platforms like ours can play a pivotal role in connecting skilled Indian youth with both domestic and international opportunities.
Additionally, the strides made in education reform, particularly the establishment of prestigious institutions like IITs, IIITs, IIMs, AIIMS, and universities, will contribute to nurturing a pool of well-rounded and highly capable individuals. We look forward to leveraging this talent pool and contributing to the nation’s progress through innovative recruitment solutions. Overall, the budget’s focus on skilling, education, and talent mobility aligns with our mission at HirePro, and we are excited about the prospects it brings for the future of the Indian workforce.”
Mr. Rajat Goel, Co-Founder of Eye-Q, Super Speciality Eye Hospital “In line with the government’s commitment to health, the announcement of extending Ayushman Bharat coverage to Anganwadi and Asha workers, and consolidating maternal and child healthcare schemes, marks a commendable step towards a more inclusive healthcare system. Notably, the allocation of a 1-lakh crore corpus with 50-year interest-free financing for R&D will encourage the tech-savvy youth, signalling a golden era of entrepreneurship. However, we note a missed opportunity in addressing the critical needs of the eye care industry. Taking into account the demands of eye care stakeholders would have contributed to approaching the World Health Organization’s goal of reducing blindness to 0.3% of the population, especially considering India’s current figure of 0.36%.”
Harshit Aggarwal, CEO & Co-Founder of NovaMax Air Coolers ” We are elated to express my positive sentiments regarding the 2024 post-budget measures. The government’s keen focus on supporting MSMEs with enhanced credit access and infrastructure development is a commendable step. These favourable measures will undoubtedly stimulate growth and enhance competitiveness within the sector, opening new avenues for innovation and expansion. The budget’s emphasis on infrastructure development aligns perfectly with our vision at NovaMax Air Coolers. Improved infrastructure means better logistics, connectivity, and overall operational efficiency. This, coupled with the supportive measures for MSMEs, sets the stage for a more robust and resilient business landscape. Additionally, the strides made in simplifying the tax structure, especially with the implementation of GST, have significantly alleviated the compliance burden on both trade and industry. The 2024 Interim budget reflects a commitment to fostering a business-friendly environment, and we are excited about the prospects it holds for both our company and the industry at large.”
Shammi Agarwal, Director of Pansari Group – “Since this was an interim budget, there was not much regarding the FMCG sector yet we highly welcome the visionary strides that have been taken in the Interim Budget 2024. The emphasis on achieving Atmanirbharta for oilseeds, including sesame, sunflower, and mustard shows how the government is committed to pushing the agriculture sector. This is not only going to ensure food security but will also open avenues for sustainable farming practices which will benefit both farmers and consumers. Additionally, the launch of a pioneering scheme for biomanufacturing is a groundbreaking move. This initiative not only encourages innovation but also positions India as a leader in the bio-manufacturing sector. This bio-manufacturing scheme aims to promote green growth and we believe that it will be a laudable step towards building a more environmentally conscious and sustainable economy. By incentivizing bio-based industries, the government is not only supporting the development of eco-friendly technologies but is also encouraging businesses to reduce their carbon footprint. The 2024 Interim budget is nothing but a reflection towards a forward-thinking approach that acknowledges the importance of self-reliance, innovation, and sustainability. It is a blueprint for a resilient and thriving economy that will undoubtedly propel India into a brighter and more prosperous future.”
Bhavesh Goswami, Founder & CEO, CloudThat “The budget’s vision extends globally, positioning India as a leader in innovation and entrepreneurship. Through groundbreaking solutions, the nation is not just keeping pace with the world but setting the rhythm. The trinity of demography, democracy, and diversity, bolstered by ‘Sabka Prayas,’ propels India to the forefront of global progress. The next five years promise unprecedented development, offering golden moments to realize the dream of a developed India by 2047. This commitment to innovation and entrepreneurship is not just a national agenda; it’s a global calling card, signaling India’s intent to shape the future.”
Mr. Ambrish Sinha, CEO, UNext Learning “The Finance Minister highlighted how new-age technologies and data are transforming lives and businesses globally, fostering efficiency and innovation. India’s innovation and entrepreneurship are gaining global recognition, providing solutions to contemporary challenges.
The adoption of relevant technologies becomes more crucial for MSMEs in this case, ensuring competitiveness and growth. According to a 2023 Bharatiya Yuva Shakti Trust survey conducted across 12 states, just 39% of micro-entrepreneurs utilize social media for marketing, while only 22% use e-commerce platforms. The key causes for this disparity are said to be a lack of understanding regarding online business (44%), as well as a lack of skilled employees (17%). The challenge lies in bridging the digital divide, ensuring equal access to opportunities, and addressing skill gaps.
Increasing the representation of women in the workforce and fostering an entrepreneurial spirit in them to make India an inclusive and independent hub of innovation are all significant challenges. The Skill India Mission has truly revolutionized youth training, enhancing employability and contributing to economic growth. However, the country is yet to see its potential. We anticipate that today’s budget announcement will give everyone a fair shot at opportunities.”
Mr. Robin Bhowmik, Chief Business Officer, Manipal Academy of BFSI “There is an urgent need to consider the digital transformation of the financial landscape given the exponential growth of the FinTech sector. The Finance Minister correctly emphasized the critical importance of the financial sector’s ability to meet changing investment demands. While the need to align regarding size, capacity, skills, and regulatory framework is recognized, the primary challenge now is ensuring these measures are implemented effectively.
It is worth noting that while India has around 7993 FinTech firms, only 436 of them are led by women, according to the most recent Tracxn data. This stark gender disparity highlights the urgent need for a concerted effort to attract more women, particularly from Tier II and Tier III cities, to pursue careers in banking. The disparity in leadership positions in this sector reflects a larger issue that requires focused attention. We appreciate the government’s support for women’s empowerment. As we look ahead five years, we can be confident that unprecedented progress will occur.
We support strategic initiatives to align the financial sector and commend comprehensive economic policies that include skill development, education, and empowerment. This approach is critical for not only keeping up but also having a positive impact on the national economy.”
Srinath Ramakkrushnan, Co-founder & COO, Zetwerk “Zetwerk applauds the 2024-25 interim budget’s focus on development, infrastructure, and clean energy. Increased infrastructure spending, including corridors and port improvements, will boost economic activity and logistics efficiency. The net-zero target and free rooftop solar project are commendable steps towards green integration. The decision to cut import duties on essential components for making mobile phones will be leveraged by the sector.
Upgrading railway bogies to Vande Bharat standards will enhance safety, convenience, and passenger experience, further bolstering our infrastructure and manufacturing activities.
The research and development corpus of Rs1 trillion and focus on developing deep-tech in the defence sector will prompt private companies to innovate and contribute to ‘Atmanirbharta’.”
These measures will generate employment and empower our youth. We believe that successful implementation of these plans will add further momentum to the tailwinds propelling the Indian manufacturing industry and economy in general. Overall, this budget positions the Indian economy for continued success in the near and mid-term.”
Mr Anshuman Das, CEO and Co-Founder, Careernet concerning Jobs and Hiring. “As we witness the unprecedented pace of infrastructure development in all facets—be it digital, social, or physical—it is evident that the government’s commitment to progress is unwavering. The financial provisions outlined by the Finance Minister signal a paradigm shift, especially in the empowerment of women. With 300 million Mudra Yojana loans, the nation is fostering entrepreneurial spirit, while the remarkable 28% surge in female enrolment in higher education speaks volumes about the strides in education equality. Notably, our optimism is further fuelled by the impressive 43% representation of girls and women in STEM courses, showcasing a commitment to diversity and inclusivity. At Careernet, we embrace this forward momentum, recognising the correlation between education, empowerment, and the rising participation of women in the workforce. This budget sets the stage for a more inclusive and vibrant employment landscape.”
Dr. Azad Moopen, Founder, Chairman, and MD – Aster DM Healthcare “It is heartening to see that the Interim Union Budget focuses on the upliftment of the masses through a specific focus on the poor, farmers, youth, and women. The allocation of Rs. 1-lakh crore with 50-year interest-free loans will encourage the start-up culture that India is now thriving upon, encouraging the youth of today to become entrepreneurs and focus on their growth as well growth of the nation.
In healthcare we were hoping to see an increase in the GDP allocation of a minimum 5% for the sector, hopefully, this will be addressed in the complete Budget to be announced in July this year, under the new government. We are glad that the government is considering to add more hospitals in all districts in the country, which is essential to meet the rising demand. We would recommend focusing on public-private partnerships (PPP) to address this. With all maternal and child healthcare to be brought under one- scheme, this will be essential.
It is promising to hear that the government plans to open more medical colleges alongside existing hospital infrastructure. There is now an urgent need for comprehensive reform of medical education, to ensure that the medical professionals of tomorrow are trained in the latest medicine and techniques, like their Western counterparts.
The strong impetus on immunization of children under Mission Indradhanush and young girls for cervical cancer will go a long way in strengthening preventive care measures in the country and reduce the burden from communicable and non-communicable diseases.”
Subramaniam Thiruppathi, Director of Sales for India and Sub-Continent, Zebra Technologies “Finance Minister Nirmala Sitharaman’s unveiling of the strategic railway corridors in the interim budget 2024, will help fortify India’s economy and bolster passenger safety. The dedicated industry corridors, coupled with Gati Shakti multi-modal cargo terminals, are set to transform the logistics and transport sector, optimizing goods movement, reducing logistics costs, and improving efficiency.
In line with these efforts, incorporating cutting-edge technologies such as AI, ML, and RFID-based digital track and trace solutions will boost operational efficiency in the warehousing, and transport and logistics sectors.
Using the right technologies will help modernize and transform India’s transportation system into an advanced logistics network.
This will in turn foster greater economic growth for India in the coming years.”
Rishi Agrawal, CEO and Co-Founder, Teamlease RegTech, “A good interim budget which presents a disciplined approach in government spending without compromising capital investment in core sectors. The Finance Minister has done well by not giving in to a pre-electoral splurge. Government’s revenue has exceeded expectations. Indirect tax reform clearly is paying off. It has helped widen the tax net and bring significant efficiencies in the economy. The budget has done well to focus on energy security, mass transportation and rural housing. It was heartening to hear frequent use of words such as technology and innovation. Digital Public Infrastructure (DPI) has been a game changer in adding wings to India’s dreams. It was good to hear the finance minister talk about DPI as a new factor of production instrumental in formalising the economy. From an ease of doing business perspective, the industry expected some fund allocation on leveraging DPI to enable cashless, presence-less and paper-less compliance. The country needs to double down in building and implementing more use cases with DPI. There was also an expectation of greater focus on policy reform towards a more rationalised, digitised and decriminalised employer compliance in the post pandemic new world order. It will enable India to become Viksit by 2047.”
Mr. Santhosh Reddy, CTO and Co-Founder, ShakeDeal, “ The supply chain industry stands to gain from the technologically proficient youth in India, constituting a formidable force in the upcoming years. This affirmative move is expected to facilitate the influx of new talents and ideas, offering advantages to various sectors. Moreover, we believe that the allocation of ₹1 lakh crore for long-term, interest-free loans to foster innovation will fortify the nation’s technological environment. We are eager to witness the evolution of supply chain processes through imminent technological innovations spurred by government backing.”
Darshil Shah, Founder and Director, TreadBinary, “The progressive approach in the Interim Budget truly underscored the significance of ‘Make in India’. The corpus of Rs 1L Crore to provide long-term financing with low/nil interest rates, will encourage and make a significant impact on the Research and Innovation in Private Sectors, which will surely lead to Development of the nation. The FDI- First Develop India spirit will further strengthen the process, the schemes for green growth will be a commendable way forward keeping the environment as top priority along with the nation. Overall, it was a well-balanced budget catered not only to research, innovation but also green growth, solidifying India’s position as a global tech hub.”
AR Ramesh, CEO, TeamLease Degree Apprenticeship, “It is heartening to see that new economic opportunities are being created in the technological sector at the global level. The number of GCCs are at a staggering 1580 currently and expected to grow at a scorching pace. Around 4.5 million people are expected to be employed in GCC by 2027 with many cities vying to become regional hubs. It is extremely important that with this growth and demand for workforce, there is availability of right talent with skills specific to the new entrants. Hence upskilling/reskilling becomes a key play.
Companies also need to look at creating sustainable entry level talent who learn skills specific to the roles required. Given that AI is changing the landscape of jobs this becomes even more pronounced. Embracing learning linked apprenticeship programs to skill and bill will be a key strategy to develop these skills and get future ready talent. It is important companies start investing here on a war footing in line with the government schemes.”
Sudeep Kulkarni, Founder, Game Theory, “In my view, Budget 2024 is all about supporting our young innovators. Setting up a Rs. 1 lakh crore fund with a 50-year interest-free loan is a positive step. It means long-term support for tech-savvy ideas. With this help for startups, our future looks brighter than ever. Embracing the ‘First develop India’ ethos, the government aims to forge bilateral treaties with foreign partners, prioritizing India’s growth. With a development policy centered on social and geographical inclusion, we’re charting a path towards a more equitable and prosperous future for all.”
Rishabh Goel, Co-Founder & CEO, Credgenics- “The Union Budget 2024 demonstrates a strong focus on generating employment opportunities and driving economic growth to the next level. The key initiatives outlined will promote healthy growth across industry sectors and encourage businesses to innovate. The move to empower startups and tech-savvy youth with a corpus of Rs 1 lakh crore with 50-year interest-free loans is welcome. Furthermore, in a bid to sustain the growth momentum of existing startups, the government has extended tax benefits by an additional year. The announcement of the sanctioning of 43 crore loans under the PM Mudra Yojana, totaling Rs. 22.5 lakh crore, is a noteworthy step. This substantial financial support is expected to fuel the entrepreneurial aspirations of the Indian youth, fostering a culture of innovation and self-reliance. The entrepreneurial community is delighted by the progressive approach and sustained support from the government. As stakeholders, we eagerly anticipate contributing to the ‘Make In India’ initiative, aligning with the vision of creating a ‘Viksit Bharat’ by 2047.”
Mr. Winny Patro, CEO and Co-Founder- Recordent India “Culturally, we have got habituated to tremendous, transformative announcements during budget sessions. But I strongly believe the budgets are not always about transformation, it should always be in the frame of looking at how financially we have done, take notes and plan measures from it. Budget means plan financially better, see where we stand in terms of deficit and look at bridging gaps. From the interim budget that our honourable Finance Minister has announced today, it is quite a balanced and hopeful one. Specially, about the highlights for businesses particularly MSMEs, I’ll like to take note of schemes extended for garment manufacturers which I have been anticipating and “Loan for 50 years” initiative. These would provide quite an impetus for the sector and also a lot of relief for entrepreneurs in the garment manufacturing industry. The struggle of cash-flows for small and medium businesses has been perennial and has troubled entrepreneurs across the country post Co-VID, Loan for 50 years scheme is a welcoming one”.
Mr. Ashish Modi, President, Honeywell India “I compliment the government for its budget focused on growth, progress, and sustainable future. The FM has unfolded a detailed framework for a progressive and developed Bharat with a strong allocation in infrastructure like railway corridors, metro expansion, Vande Bharat trains, new airports, as well as modernization of government infra boosting youth employment that will enhance GDP growth. The Green Growth vision by the government enabling rooftop solarization, additional investments in offshore wind and strengthening the EV ecosystem are all transformative steps to achieve the Net Zero target. These are well aligned to our company’s megatrends that we target to strengthen our support to India.”
Siba Panda, Founder and Managing Partner, ValuAble “It was a promising interim budget! Honourable Finance Minister has provided a balanced outlook towards growth and promoting sustainability.
The invaluable focus on “Garib, Mahilayen, Yuva and Annadata” is a testimony to the government’s focus on protecting, uplifting, and promoting at the grassroots. Prima facie the tax rates have remained constant but the initiative to support tech-led youth and startup economy is remarkable. The PM Mudra Yojana that has sanctioned as many as 43 crore loans amounting to a whopping Rs. 22.5 lakh crore will build consensus with the ideology that is at the core of Viksit Bharat @2047. Although this budget has only earmarked major fund allocations, it is sure to boost confidence in the market and the market’s trust in the economy.
Gaurav Kedia, Chairman, Indian Biogas Association “Finance Minister Nirmala Sitharaman today presented financial assistance for machinery for the procurement of biomass schemes during Union Budget 2024, which will support the use of biomass to convert into CBG as part of the government’s commitment to a greener future. The government also emphasized mandating the blending of CBG and CNG, including that for household utilization, to support the transition towards energy security. The government’s commitment to Viksit Bharat will also take gear with the Jai Anusandhan tagline. The focus on promoting innovative research toward a greener future will help create a cleaner, greener, and more prosperous future to ensure Viksit Bharat by 2047.”
Aftab Chaz, Associate Director and Business Head at Elephant.in, “The government should promote the use of new-age technologies in various sectors across the country, and offer tax deductions to propel technology in the Fintech sector. Insurance is one sector that can offer huge opportunities to people for livelihood, investments, and creating a financial shield for themselves. Therefore, the government should focus on pushing more and more digital solutions in the insurance sector so that companies can provide insurance to the masses in the coming years. The government should also support research and innovation in the insurance sector, which will help in improving product market research and encourage insurance companies to bring in more innovative insurance solutions in the country.
Koushik Sur, Co-Founder of Myplan8, New-age India’s Green-Tech Initiator “Following the recent budget, it’s clear that the country is making significant efforts for a more environmentally friendly future. The Blue Economy 2.0 initiative, emphasizing climate-resilient activities and coastal aquaculture, represents a significant stride in sustainable development. The introduction of the bio-manufacturing and bio-foundry scheme reflects a dedication to eco-friendly alternatives and regenerative manufacturing principles. The nationwide expansion of EV infrastructure, solar energy adoption, and enhanced waste management demonstrates a holistic commitment to environmental stewardship. Particularly noteworthy is the focus on G20-related local tourism, such as in Lakshadweep, showcasing a comprehensive approach to environmental sustainability. These measures signal a decisive move towards a more environmentally conscious and resilient India.
Amit Jaju, Senior Managing Director, Ankura Consulting Group (India) “In today’s budget speech, Finance Minister Nirmala Sitharaman underscored the pivotal role of technology and innovation in India’s journey towards self-reliance. The allocation of 1 lakh crore corpus, coupled with interest-free loans for 50 years, marks a golden era for our tech-savvy youth. This initiative fosters entrepreneurship and fuels research and development in cutting-edge technologies, positioning India as a global leader in innovation. As an avid tech enthusiast, I think this is a significant step towards strengthening our defense capabilities through deep-tech advancements, expediting our path to creating an Aatma Nirbhar Bharat. Moreover, India’s vision of ‘Viksit Bharat’ by 2047, aligning with the principles of ‘Sabka Saath, Sabka Vikas,’ reflects a comprehensive approach to national development. This budget’s emphasis on long-term finance with low or nil interest rates for the private sector further catalyzes investment in R&D, driving economic growth and creating high-quality job opportunities. This budget sets a clear trajectory for India’s ascent in the digital age, laying the foundations for the Amrit Kaal. Under the visionary leadership of PM Narendra Modi, we can actively shape a future-ready India in this ‘Kartavya Kaal’ to achieve our dream of a prosperous and inclusive future”
Deepak NG, Managing Director, Dassault Systemes India “We, at Dassault Systemes strongly resonate with the Hon’ble PM Shri Narendra Modi’s clarion call of Jai Jawan, Jai Kisan, Jai Vigyan and Jai Anusandhan. Innovation, indeed is the foundation of development. The corpus of Rupees one lakh crore for the tech-savvy youth, will have far-reaching impact and provide a much-needed impetus to research and development of new age technologies, and help India emerge as a global leader in the field. The government’s commitment to fostering innovation and entrepreneurship is very encouraging and will go a long way in creating a thriving ecosystem for technology startups in the country. We at Dassault Systemes India look forward to supporting this initiative of the Government and contribute to the innovation endeavors of the youth of this country.”
Teja Chekuri, Managing Partner at Ironhill India & Global Restaurateur “While I applaud Finance Minister Nirmala Sitharaman’s diplomatic approach in presenting the Budget 2024, I believe there wasn’t much in terms of support for the hospitality sector as a whole.
With the geo-political scenario, tourism did get a mention, however the larger F&B segment still remains underserved in terms of budgetary support.
Considering that the hospitality industry employs a considerable amount of people and contributes to the GDP of the country in tangible ways, it is disheartening, that there were no concrete steps taken for the benefit of the segment.”
Mr. Devendra Shah, Chairman, Parag Milk Foods “Parag Milk Foods applauds the government’s commitment to the dairy sector, recognizing its significance as the largest agricommodity that sustains the livelihoods of 80 million dairy farmers. With the focus on the agriculture sector, the announcement of a comprehensive program for dairy farmers, coupled with efforts to control foot and mouth disease, is a positive step. The commitment to promote indigenous breeds and fostering research and development in the dairy sector through government schemes lays the foundation for increased productivity and sustainable growth. At Parag, we’re ready to actively contribute to this vision, ensuring a prosperous future for our dairy farmers and reinforcing India’s global leadership in milk production.”
Mr. Laxmikant Thipse, Founder & CEO, GameCloud Technologies –“We are pleased with the Union Budget 2024, which has taken several steps to support the gaming industry and promote innovation and creativity in the sector. The government has announced a ₹5.54 lakh crore stimulus package, which will create more opportunities for growth and employment in the gaming sector. The government has also proposed to introduce a duty credit script of 10% for export-oriented gaming companies, which will help them access global markets and compete with international players. The government has also allocated ₹500 crore for the development of a National Gaming Centre, which will provide state-of-the-art facilities and infrastructure for game developers and esports organisers. The government has also extended the tax holiday and capital gains exemption for startups by one more year, which will encourage more entrepreneurship and innovation in the gaming space. We at Gamecloud are committed to providing our clients with the best video game testing and quality assurance services, and we are confident that the budget will create a conducive environment for us to achieve our vision of contributing to the success of game studios globally.”
Anand Sri Ganesh, CEO, NSRCEL IIM Bangalore. “As we navigate the post-budget landscape, we are thrilled to witness the remarkable strides in the empowerment of women through entrepreneurship. The encouraging surge of 28% in female enrollment in higher education over the past decade serves as a demonstration of the growing role of women in shaping India’s entrepreneurial landscape. At NSRCEL, we recognize the pivotal role women play in fostering innovation and driving economic growth as one of the top incubators in the country which has incubated a record number of women entrepreneurs in various business segments. We are excited about government support for green growth for the ventures in EV infrastructure and climate tech entrepreneurs too.
We are enthusiastic about the transformative impact our initiatives will have on empowering women entrepreneurs and fostering the growth of MSMEs. We believe that by providing appropriate training and support, we can catalyze a new wave of success stories that will not only shape the business landscape but also contribute significantly to the economic empowerment of women across the nation. As we embark on this journey, we would like to collaborate and partner with like-minded entities who share our vision for a more inclusive and dynamic entrepreneurial ecosystem. We believe in harnessing the momentum of empowerment and innovation to propel India’s startup ecosystem to new heights.”
Agam Chaudhary, Founder & CEO, Two99 Org “For the 2024 budget, it’s imperative that the Indian government places significant emphasis on investing in cyber defense, artificial intelligence (AI), and defense technology research and development. Given the increasing number of cyber attacks targeting both business and government infrastructures, allocating funds to these areas is not just a necessity but a strategic imperative. Additionally, enhancing cyber insurance limits is crucial to create a robust safety net against the financial impacts of cyber threats. Equally important is the creation of a dynamic talent ecosystem with advanced skills to effectively combat cybercrime.
This budget should exhibit a clear vision in fortifying our digital infrastructure and nurturing a skilled workforce, thereby enhancing India’s resilience against the evolving landscape of cyber threats. Moreover, recognizing the importance of AI and technology investment is a positive step. However, as we embrace these advancements, maintaining a human-centric approach is crucial. The commitment to Startup India and the Startup Credit Guarantee Scheme empowers our youth, transforming them into contributors to the workforce.”
Akhil Yerawar, Co-founder, CHIPMUNK – “Following the unveiling of the interim Budget by the Union Finance Minister, the retail and beauty industry eagerly awaited insights into the government’s vision for economic growth and development. As the dust settles and analyses begin, it’s evident that this Budget carries implications that resonate deeply within our sector, presenting both opportunities and challenges.
One of the notable highlights of this Budget is the emphasis placed on boosting consumer spending and enhancing purchasing power. The reduction in personal income tax rates and the proposed measures to stimulate disposable income are poised to inject a renewed sense of confidence and vitality into the retail landscape. This, coupled with the government’s commitment to infrastructure development and rural upliftment, bodes well for the expansion of our consumer base and market reach.
Moreover, the Budget’s focus on promoting entrepreneurship and fostering a conducive business environment is a welcome development for the beauty industry. The proposed measures aimed at simplifying compliance procedures and reducing regulatory burdens offer a ray of hope for small and medium-sized enterprises (SMEs) within our sector. It opens up avenues for innovation, growth, and market penetration, paving the way for a more vibrant and competitive marketplace.
At Chipmunk we view these Budget announcements with a sense of optimism and enthusiasm. We recognize the opportunities they present for us to innovate, adapt, and thrive in an ever-evolving retail and beauty landscape. As we navigate the road ahead, we remain committed to serving our customers with excellence, offering them products and experiences that enhance their lives and well-being.
In conclusion, the Budget’s overarching theme of inclusive growth and prosperity aligns seamlessly with our own ethos and values. We look forward to leveraging the opportunities presented by this Budget to drive positive change, foster growth, and contribute towards building a stronger, more resilient retail and beauty ecosystem.”
Saurabh Jain, Co-Founder, Stable Money “Effective policies have been instrumental in positioning India as the third-largest global ecosystem. Initiatives like the PM Mudra Yojana are set to accelerate this growth, offering a unique opportunity to overcome challenges faced by fintech startups and foster innovation with greater inclusivity.
Building on the success of schemes such as the Fund of Funds, Start Up India, and Start Up Credit Guarantee, extending similar support to the fintech sector could amplify the nation’s economic resilience and technological capabilities. This would not only nurture the startup ecosystem but also encourage more individuals to venture into the entrepreneurial landscape.
By consistently nurturing such a conducive environment, the government has not only driven India’s ascent in the global ecosystem ranking but has also actively contributed to enhancing the country’s position on the world map, demonstrating a commitment to growth and innovation.”
Mr. Kumar Ranjan, CEO & Co-Founder, eFeed – “The Indian Budget 2024’s focus on integrating advanced technologies like AI, ML, and IoT into agriculture marks a transformative era for the sector. These technologies will enable precision agriculture and livestock management, significantly enhancing farmer productivity and ROI. The proposed tax incentives for adopting these technologies will catalyze innovation, driving a more efficient, sustainable future in farming. Additionally, the use of AI, ML, and IoT will improve the quality of produce, aligning with the global standards of agricultural excellence”- Mr. Kumar Ranjan, CEO & Co-Founder.
Angad Bedi, Managing Director, BCD Group “A lot of positives emerged from the interim budget 2024 announcement and the key takeaways for the sector point towards a brighter future. From the point of view of a larger picture, things like ‘no change in taxation’, a larger outlay for infrastructural development, and the provision for housing for the middle class will lay the foundation for a bigger growth story. While looking at the cumulative result of what has been presented, I am optimistic that the actual budget will uncover fresh perspectives for the real estate sector, and in the process, the affordable sector will get immense opportunities to recover from the setback that it experienced in the last one or two years. At the end of the day, it is the consumer who will benefit, and we are eagerly waiting for more policy incentives and proactive steps for the sector.”
Sankey Prasad, Chairman & MD, India and CMD Middle East Project Leaders, Colliers “Looking at the announcements made by the Hon’ble Finance Minister today, we can clearly see the three pillars that real estate players should note: a) addressing social needs, b) closing market specific gaps, and c) connecting the dots to fuel overall growth. The ‘build or buy’ support for urban middle-class is a near-to-medium term opportunity with immediate impact on the people while the announcement on creating and enhancing tourism hubs and a ranking framework based on supporting infrastructure is likely to make hospitality a sought-after subsector. It will bring hospitality-related development in sharp focus by creating the need for holiday homes, second homes, commercial and social infrastructure in the emerging tourist hubs. By promoting rooftop solar systems at household level and creating charging infrastructure for electric vehicles is a big boost towards greening efforts we have been making and will help us widen the ambit of our impact. Besides, the increased capital outlay of INR 11 lakh crore for infrastructure development, expansion of Metro Rail and NaMo Bharat to catalyze urban transformation and transit-oriented development, as well as enabling multi-modal connectivity under the PM Gati Shakti to improve logistics efficiency and reduce cost will work towards boosting demand for real estate.”
Navin Dhanuka, MD & CEO, ArisUnitern RE Solutions “Owning a home in India may not be difficult anymore with the investment environment turning more and more accommodating. The interim budget presented by the Finance Minister today furthers that commitment to aspiring home buyers as the investment environment remains conducive. The announcement on a housing scheme for the middle class and the construction of 20 million homes in rural areas is positive news for the real estate and allied sectors, furthering the Housing for All agenda for the country, leading to an inclusive economic growth. The high number of female ownership in the Pradhan Mantri Awas Yojana signals a much needed social change. Given that India aims to tread on the path of being a developed nation with women in the front, their economic empowerment remains crucial. The budget today paves the way for more investments – both domestic and FDI, through the extension of tax benefits till 2025 to startups and investments by sovereign and pension funds. Since the real estate sector remains a key growth promoter and is anticipated to grow with a CAGR of 9% by 2028, we are hopeful that the announcement will continue to spur private investments in the sector.”
Bhavesh Kothari, Founder & CEO , Property First “The interim budget 2024 has touched upon key indicators that will carve a new path for the real estate sector. While a lot has been spoken about the policy incentives and financial empowerment, the provision for a new scheme introduction to enable the middle class to buy and build homes will make way for a lot of possibilities. In my view, this will uncover new opportunities for the affordable sector which slowed down over the last 1-2 years. Once the final budget is announced, the benefits will be realized by the end consumers who want to be part of the ongoing real estate growth story. Besides, the announcement of the tax proposal and the no change in taxation will also impact the homeowners and the sector positively.”
Mr. Ashish Singhal, CFO & Company Secretary of CORE Diagnostics Pvt Ltd, Gurgaon said “I am optimistic about the Union Budget 2024-25. The emphasis on infrastructure financing, incentivizing R&D, and regulatory policies for health startups aligns with our vision at Core Diagnostics. We believe that these measures will foster innovation, enhance accessibility, and ultimately improve patient outcomes in the healthcare sector. We look forward to seeing the positive impact of these policies on the diagnostics industry and the healthcare sector as a whole. This Interim Budget was neutral for the Diagnostics industry, we hope for the favourable budget in the Final budget.”
Mr. Laxmikanth Thipse, Founder & CEO, GameCloud Technology – “We are pleased with the Union Budget 2024, which has taken several steps to support the gaming industry and promote innovation and creativity in the sector. The government has announced a ₹5.54 lakh crore stimulus package, which will create more opportunities for growth and employment in the gaming sector. The government has also proposed to introduce a duty credit script of 10% for export-oriented gaming companies, which will help them access global markets and compete with international players. The government has also allocated ₹500 crore for the development of a National Gaming Centre, which will provide state-of-the-art facilities and infrastructure for game developers and esports organisers. The government has also extended the tax holiday and capital gains exemption for startups by one more year, which will encourage more entrepreneurship and innovation in the gaming space. We at Gamecloud are committed to providing our clients with the best video game testing and quality assurance services, and we are confident that the budget will create a conducive environment for us to achieve our vision of contributing to the success of game studios globally.”- Mr. Laxmikanth Thipse, Founder & CEO, GameCloud Technology –
Deepak Gupta, Sr. Vice President at Advait Infratech says “The Budget’s focus on enhancing offshore wind energy capabilities and developing renewable energy sources aligns perfectly with the country’s commitment to achieving a Net Zero target by 2070. The incentivization of green hydrogen, biofuels, and electric vehicles, as outlined in the Budget, not only underscores the importance of sustainable energy but also opens up new avenues for economic and technological growth. This forward-thinking strategy paves the way for a more sustainable and environmentally conscious future.”
Mr. Kumar Ranjan, CEO & Co-Founder, eFeed – “The Indian Budget 2024’s focus on integrating advanced technologies like AI, ML, and IoT into agriculture marks a transformative era for the sector. These technologies will enable precision agriculture and livestock management, significantly enhancing farmer productivity and ROI. The proposed tax incentives for adopting these technologies will catalyze innovation, driving a more efficient, sustainable future in farming. Additionally, the use of AI, ML, and IoT will improve the quality of produce, aligning with the global standards of agricultural excellence”- Mr. Kumar Ranjan, CEO & Co-Founder.
Dr. Ananthakrishnan Gopal, Co-Founder & CTO at DaveAI “With investment funding drying up, the requirement for impetus from the government on R&D is very important. “Announcing a 1 lakh-crore funding with close to zero interest and long-term financing is a fantastic impetus for start-ups working on cutting-edge technology. The hope is that this investment is done in a methodical and outcome-driven manner to fund real start-ups instead of shell-companies, and tie future funding to tangible outcomes.”- Dr. Ananthakrishnan Gopal, Co-Founder & CTO at DaveAI
Sriram PH, Co-Founder & CEO at DaveAI “Stable governance and policies are indications of a strong economy and I believe this year’s budget reflects that. The positives for the startup ecosystem is the extension of tax benefits by another year. While the expectation was more firm outcome-driven measures, this is a good step. The emphasis on leveraging deep technology and interest-free funds for research & innovation will certainly help deep technology startups in the country.”- Sriram PH, Co-Founder & CEO at DaveAI
Balu Ramachandran Founder at OC Academy “The government’s proactive establishment of new AIIMS Medical Colleges reflects a significant leap toward advancing healthcare accessibility. This visionary step not only extends the reach of medical education but also underscores a dedicated effort to strengthen our healthcare infrastructure.
In acknowledging this commendable initiative, there is a hopeful anticipation that the government’s vision transcends mere expansion. We look forward to the implementation of robust setups aimed at facilitating the upskilling of medical professionals, fostering an environment conducive to continuous learning, and ultimately improving patient outcomes.”
Anthony Fernandes Founder at Shaalaa.com “The Education Ministry received its highest-ever allocation, with the combined outlay of its two departments totaling Rs 1,12,898.97 crore.
However, the persisting issue of unemployable youth necessitates urgent attention. We must refocus on aligning education with market demands to ensure our youth not only receive an education but are equipped with practical skills, contributing meaningfully to our nation’s progress.”
Mr. Ashish Singhal, Co-Founder and Group CEO, Peepal Co “Crypto is experiencing a resurgence this year. The markets are showing positive growth, retail activity is increasing, and there is clear regulatory progress happening worldwide. However, due to it being an election year in India, the Interim Budget had limitations that prevented the necessary tax adjustments for the sector.
On a positive note, the Government of India now has the chance to introduce comprehensive crypto regulations and improved tax policies in the upcoming full Budget, with the full support of the electorate. We continue to urge:
i) Allow offsetting and carrying forward losses
ii) Reducing the TDS on VDAs, from 1% to 0.01%
iiI) and treating income from VDAs on par with other capital assets
At a broader level, the Budget is a statement of intent. From Skill India Mission to Startup India to Digital India, the growth engines of the country have been cranked up with special schemes and financial outlay. The corpus of Rs 1 lakh crore long-term loans to encourage innovation in sunrise sectors and the renewed commitment to develop deep technologies will be the GDP multipliers for the coming decade.
And I congratulate the Honorable FM for presenting the Budget for the 6th straight year!”
Mr. Aditya Gupta, CEO, Credilio: “At Credilio, we wholeheartedly endorse the government’s visionary strides delineated in the Interim Budget 2024, a crucial approach of providing consistency in direction which is instrumental for fortifying India’s economic sector. We believe that the Budget aligns seamlessly with PM Modi’s resolve to propel India to the status of the world’s third-largest economy.
Central to this initiative is the emphasis on introducing 50-year interest-free loans tailored for the tech-savvy youth which not only resonates with our commitment to fostering financial literacy but also aligns perfectly with our goal of supporting the next generation in their ambitious endeavours.
Equally commendable is the government’s resolute commitment to women’s empowerment through the Mudra Yojana loans. In this significant stride, Credilio stands in solidarity with women entrepreneurs, dedicated to providing financial solutions and seamless access to credit.
Additionally, government’s efforts to make the MSME sector globally ready through training perfectly aligns with our steadfast commitment to empowering the youth of this nation, reinforcing their financial resilience and strength.
However, we believe there’s ample room for acknowledging the crucial role of fintech in empowering MSMEs and SMEs, coupled with targeted incentives for Tier 2, 3, and 4 cities. This strategic push will not only complement current initiatives but will also pave the way for a broader scope of lasting financial inclusion in the country.
Mr Ram Kewalramani, Co- founder & MD at CredAble “The interim Union Budget for FY 2024-25 echoes the potential of advancing the economy forward in unison.
Given how this is a vote on account budget, it has set the tenor for what we can expect in the detailed budget in July, assuming all other factors remain unchanged.
Considering India’s unprecedented development in the last few years, it is heartening to see all stratas of the country becoming active participants in economic growth. The government is taking up a renewed focus on strengthening Digital Public Infrastructure, which will be instrumental in the formalisation of the economy.
We also applaud the prioritisation of economic growth, next-generation reforms, and the push towards a greener future. Moreover, the focus on sustainable development and renewable sectors, alongside supportive measures for MSMEs, signals a commitment to inclusive growth and trade sustainability.
Reinforcing the country’s commitment to net zero by 2070 and strengthening the e-vehicle ecosystem by supporting manufacturing and charging units—the budget sets an encouraging tone for the country to achieve its ambitious vision of green economic growth
The establishment of a corpus of 1 lakh crore with 50-year interest-free loans is expected to aid the private sector in accelerating research and innovation significantly in sunrise domains.
The FY25 capex target of Rs 11.1 lakh crore, up 11.1%, indicates a proactive approach to fiscal management. The revised estimate of fiscal deficit at 5.8% of GDP and plans for deepening and widening the tax base via GST further highlight the government’s commitment to economic stability and growth.
The India-Middle East-Europe Economic Corridor will mark a transformative shift in the country’s trade landscape. For MSMEs in the country, this spells enhanced market access, trade expansion, and global competitiveness. The opening up of this trade corridor will strengthen supply chain resilience and reduce dependency on single markets.
It’s evident that the government’s initiatives are forward-looking and cover various facets crucial to economic health, from enhancing financial sector proficiency to streamlining global trade facilitation. In the detailed budget in July, we eagerly anticipate supportive measures for startups and the FinTech industry, hoping for policies that align with digital infrastructure strengthening, ensure a continued emphasis on supporting MSMEs in India, and foster FinTech innovation.”
Tejinder Pal Singh, Senior Partner – Pharma, Healthcare & Life Sciences “We welcome the Budget 2024-25 as a balanced, consistent & pro-development budget with focus on capex, Infrastructure development, public health & making India a knowledge economy. This year’s budget has paved the way for India to achieve universal health coverage. We appreciate the various initiatives announced by the Honourable Finance Minister to address longstanding gaps in the Indian healthcare ecosystem. Focus on public health programs & health insurance coverage is commendable. Furthermore, the stability and continuity of healthcare policies will further encourage the momentum of a strategic shift, positioning India as a high-value player in the global pharmaceutical market.
We believe that the budget, along with continuity in conducive policies and regulatory reforms, will facilitate research and development, fostering a culture of innovation, and promoting advanced manufacturing in the pharmaceutical and MedTech sectors. This will strengthen our global reach and influence to address unmet health needs and reduce the high disease burden.
The incentives for investment and value creation bode well for our country’s aspiration to emerge as a globally competitive centre of scientific excellence and knowledge, with a keen focus on delivering quality healthcare. With increased investment, the budget is poised to enhance employment opportunities and spur a rising demand, especially for skilled leadership in the scientific sector.”
Roland Landers, CEO, All India Gaming Federation “Further to the interim budget speech by Hon’ble Finance Minister today, Mr. Roland Landers, CEO, All India Gaming Federation expresses his opinion stating that, “Today’s interim budget announcement may not have directly addressed the needs of the gaming industry, however the clear focus on technology and the youth is one that we deeply appreciate. We believe that the annoucement proposing long term financing for the sunrise sectors to scale up on research and innovation will be beneficial for the technology and startup sector as a whole including the gaming and game-development sub-sectors. We are hopeful for more concrete and decisive measures addressing the online gaming industry in the upcoming Union Budget.
We urge progressive budgeting to empower responsible online gaming, aligning with AVGC policies and fostering self-regulation, as recommended by the I&B Ministry’s AVGC Task Force. This will unlock industry potential and benefit the economy, players, and creators.
As the apex industry body, we are committed to working with policymakers to create an enabling environment for the gaming sector’s growth and innovation. Our industry has immense potential, and we look forward to constructive policies that will drive its development in the union budget.”
Mr. Ashher Zafar, Co-Founder & CEO of PlanckDOT, says “The Union Budget 2024 is very welcoming, and we’ve always admired the changes and progressive thought process brought in by the government. It focuses on wealth creation and value generation for the country. The announced rate cuts for corporates suggest that they can now participate more progressively and profitably in the nation’s economic development.
Overall, it’s a great thumbs up for the corporate sector in this budget. The stability, new support, and policy benefits announced are expected to usher in a new age of transformations. The digital infrastructure, already part of the game plan, is set to play a crucial role. This year seems poised for the development of new-age infrastructure, and we are eagerly anticipating and closely focusing on the details of this budget, which has met our expectations.
With the new support, policies, and benefits, a door to new-age transformations is opening up. The focus on creating value and generating wealth within the country gives a positive outlook. Looking at the trajectory, it seems India is on the verge of a new age transformation, and achieving the 5 trillion dollar economy is not far-fetched.”
Sarbvir Singh, Joint Group CEO, PB Fintech, “the transformative initiatives outlined in the Interim Budget 2024 are a monumental leap towards a progressive India. The vision of developed India or Viksit Bharat by 2047 aims to improve people’s capabilities and empower them to build a self-reliant nation. The launch of Amrit Kaal heralded a new era of sustainable and inclusive development and steered India towards economic prosperity. By focusing on the welfare and upliftment of key population segments like women, underprivileged, farmers and the youth, we have set a clear roadmap for the country’s development. Embracing the ‘Digital India’ initiative propels us into a global digital forefront. Our commitment sparks a revolution in connectivity, accessibility, and innovation, paving the way for a tech-powered future. As a country, we continue on the path of fiscal consolidation to ensure that the economy is financially prudent which reflects a positive sentiment for the nation’s economic outlook. Together, these strategic steps fortify our resolve to build India into an innovative and empowered country.”
Naivedya Agarwal, CEO & Co-founder, Runaya “The budget’s focus on supporting young people through technology is intriguing. The plan to enhance high-tech capabilities is excellent for providing India’s talented youth with a more independent and promising future. Adding a plan for solar panels on rooftops emphasises our ongoing commitment to sustainability alongside technological advancements. It demonstrates a good balance between progress and environmental responsibility. Moreover, the government’s goal of achieving ‘net-zero’ by 2070 is a wise and forward-thinking initiative, outlining a clear path for long-term sustainability and environmental responsibility. In summary, the budget presents a detailed and promising plan for the country’s progress at the intersection of technology and sustainable development.”
Venkatraman GS, Chief Financial Officer, Maveric Systems “The Interim Budget 2024 has provided a clear outline to drive economic growth and drive greater innovation within the country. We welcome the announcement of Rs.1 trillion corpus to help finance research in technology which is a clear indication that it will significantly amplify and help drive innovation and will also encourage private sectors to invest and scale up research and development. New and sunrise industries stand to significantly benefit from this. I am confident that the announcement of this corpus will emerge as a key growth driver for the economy in years to come. While we have made significant progress towards Digital Public Infrastructure, Indian tech companies providing services in the Digital Public Infrastructure space have huge opportunities to expand their offerings as the Indian Economy continues to grow among the fastest across the World. Lastly, we remain hopeful that this year’s full budget in July 2024, will focus on further enabling the technology sector that employs millions of Indians.”
Aditya Modak, Co-founder, Gargi by P N Gadgil & Sons “Overall, the comments made by FM are very optimistic about new businesses and MSMEs. This will help Indian businesses to have a core strength while competing with old Indian and international brands. More investments in ecosystem creation for new-gen businesses will facilitate and aid quicker growth.
The fiscal deficit has been revised to 5.8%, which indicates that our economy is performing exceptionally well. Moreover, the new target is set lower than the current achievement, which is a positive sign that the economy is on a growth trajectory. Additionally, our finance minister has projected an extraordinary growth rate for the next five years, offering a lot of hope and promise to MSMEs and entrepreneurs.
Controlling inflation proactively can be very beneficial for startups. It ensures that expenses are not constantly increasing, which leads to more savings and helps businesses achieve profitability.”
Palash Agrawal, the founder/director of Vedas Exports- “The budget has some interesting developments. The EV industry is gaining more importance, and tourism is being taken more seriously, particularly in places like Lakshadweep, which could increase global recognition for India.
The focus on training from an MSME perspective is a positive development. This will enable us to compete globally and directly challenge China. International training programs would be particularly beneficial, providing us with a significant boost to compete more effectively on the global stage. In addition, the move towards faceless tax audits is a welcome change, especially for MSMEs, as it will simplify the tax process and reduce compliance burden.”
Manoj Kumar Sharma, the founder & director of Ashnam Retail “The interim budget seems overall good, and it is good to see we are on a good growth trajectory.
As an MSME, I feel the government is looking at the sector proactively, making provisions, and coming up with policies that would benefit them. The training for the MSME sector is a good move, and this will definitely help us compete at a global level and help us make Bharat Atma Nirbhar.”
Mr. Mahesh Krishnamoorthy, Managing Director, Core Integra “The presented budget is indeed an interim one, prompting anticipation for the formal budget scheduled to be unveiled by the new Government in July 2024. It is heartening to observe the strides India has taken over the past decade. The Government’s continued commitment, as outlined in the budget, towards fostering ease of doing business, skill development, employment generation, and strengthening the entrepreneurship and startup ecosystem is commendable.
In a positive development, the budget overview remains rational and aligned with the ongoing initiatives, even in the backdrop of it being an election year. The forthcoming annual budget later this year will unveil whether the new Government opts to maintain the current interim budget structure or introduces new measures, particularly concerning the implementation of the New Wage Code.”
Manish Mehan, CEO & MD, TK Elevator “Government’s announcement to build two crore new rural homes under PM Awas Yojana Grameen Scheme, setting up of an Urban Infrastructure Development Fund (UIDF) under the National Housing Bank for the creation of urban infrastructure, signals a robust push for real estate growth, extending its impact beyond metros and creating exciting opportunities in tier-II and tier- III cities. The transportation infrastructure development near metro stations will further foster urban mobility and unlock investment potential.”
Gaurav Srivastava, Co-Founder & COO, HaystackAnalytics. “The growth that India has witnessed, as highlighted by the honourable FM, is certainly evident. The interim budget has indicated a direction towards India’s steadfast dedication to infrastructure development, combined with a firm commitment to fiscal responsibility as well as fostering research and innovation. This sets the stage for continuous growth, guiding the nation to attain the status of a developed economy by 2047.
With a revised fiscal deficit estimated at 5.8% of GDP, the government’s strategic resources allocation, particularly in the establishment of additional medical colleges using existing infrastructure, will hopefully enhance the future of healthcare professionals. While these are positive announcements, we are optimistic that the final budget in July 2024 will explore avenues to address much-needed emphasis on local innovations with reduction in imports and increased focus on R&D for the advanced diagnostic industry.”
Dr Harishchandra Mishra, Chairman, Aditya Group of Institutions (Mumbai). “The interim budget is a progressive budget towards Vikasit Bharat. It strengthens commitment towards the welfare of the poor, youth, women and farmers. Our vision for a developed India is reflected in this year’s budget focus on education and skill development given the country’s goal of becoming the third largest economy by 2030 and its vision for Amrit Kaal 2047.”
Mr Sameer Dhanrajani, CEO, 3AI. “We look forward to welcoming the points from the Interim Union Budget 2024-2025 made by FM Shreemati Nirmala Sitharaman on the AI sector. We appreciate the acknowledgement made by the government that AI adoption in various sectors of the government will usher in a golden era for citizen welfare . We have seen various sectors like education, agriculture, manufacturing and healthcare embrace AI to progress further. The Interim Union Budget 2024-2025 encourages this to make significant moves forward to a developed India. The Government’s commitment to inclusive development and profound positive transformation in the last 10 years, despite challenges from pandemic, is making strides towards an Atmanirbhar Bharat. We look forward to the future roadmap that will be outlined in the full budget later this year.”
Mr. Harshit Jain, Co-Founder and CEO, OnePlay “By focusing on initiatives like Skill India, the budget reflects the government’s dedication to make our youth skilled and inculcate a sense of entrepreneurship, closely resonating with the values we share at OnePlay. With this, the budget presents not just an opportunity to contribute to technological progress but also a means to attract a fresh wave of talented individuals while also ensuring skills development. As we move forward, let’s focus on empowering the youth in entrepreneurship, scaling up research in the sunrise sectors, and building the necessary physical, economic and digital infrastructure for a developed India by 2047.”
Aditi Bhosale Walunj, Founder and CVO, Repos Energy “The Indian Economy is expected to have steady growth, as predicted by multiple agencies. But we have to keep on emphasising on structural reforms, and one of the key factors in that is Energy security. So it is great to see that the Govt. of India is taking active steps in this direction with the Nation Green Hydrogen Mission. This is a progressive step towards sustained future growth as it would ensure an uninterrupted supply of clean energy to all the stakeholders. The technological applications may also benefit us in the efficient and optimal use of currently available fuels. 24/7 easy access to energy shall drive domestic production. This emphasis on sustainable energy policies coupled with fundamental infrastructural developments will for sure drive the economic growth of the nation.”
Ratheesh D, Director, CABT Logistics- First Mile, Mid Mile & Last Mile services “Logistics gets a shot in the arm with Budget 2024! The visionary conversion of 40,000 rail bogies to Vande Bharat standards and doubling of airports to 149 signal a major infrastructure push. This, coupled with the procurement of 1,000 new aircraft by Indian carriers, creates a powerful ecosystem for seamless freight movement.
FM Nirmala Sitharaman’s announcement of three major railway corridors and dedicated economic rail corridors for specific commodities showcases a proactive approach to tackling logistics bottlenecks. These initiatives are poised to significantly reduce logistics costs (currently at 12% of GDP), a major pain point for the industry. The focused strategy on freight movement aligns seamlessly with the National Rail Plan and promises to catapult India’s manufacturing competitiveness by ensuring efficient and cost-effective delivery of goods.”
Mr Vishal Jain, Co founder, Roadcast– End to end supply chain management solution provider “Interim budget 2024 heralds a seismic shift in the logistics landscape, steering towards unprecedented growth.
With airports doubling, and 1,000 aircraft orders, India propels into a new era of efficiency. The unveiled railway corridors, particularly the port connectivity and energy corridors, promise de-congestion, slashing logistics costs and boosting competitiveness. This logistics sector is estimated to grow to 563 billion dollars in 2030, at a compound annual growth rate 9.4 percent. These new developments will halo achieve this number and bring reduce the Indian logistics costs as well which are currently higher than other countries. India has a higher logistics cost as a percentage of GDP at 14 percent, compared to the BRICS average of 11 percent. These new announcements will help propel growth.
Nirmala Sitharaman’s visionary corpus of Rs 1 lakh crore, featuring a 50-year interest-free loan, is a beacon for tech-savvy innovation. This strategic blend of infrastructure overhaul and technological investment will bring forth a dynamic future, elevating India’s logistics sector to unparalleled heights of efficiency and global competitiveness.”
Yamini Bhat, Co-Founder and CEO, Vymo “The budget has taken steady steps towards fostering an environment where women excel both professionally and academically. The allocation of 30 crore Mudra Yojana loans for women entrepreneurs will strengthen women-led micro businesses and their contribution to the economy. A 28% surge in female enrollment in higher education and stronger representation in STEM courses reflects progress in gender inclusivity. The focus on ease of living and dignity for women entrepreneurs validates the challenges they face, signaling a positive shift towards a more inclusive entrepreneurial ecosystem. Vymo applauds the various initiatives launched for the start-up community including the PM Mudra Yojana and transformative schemes like Fund of Funds and Start Up India. The one lakh crore corpus for research aligns with Vymo’s commitment to innovation, and is a boost to the private sector as they scale up research and innovation in sunrise domains.”
Mr. Viswanath PS, MD & CEO, Randstad India. “The interim budget 2024 is a tough balancing act carried out by the Government, reinforcing its steadfast strategy of inclusive growth, embodying the core principles of ‘Sabka Saath, Sabka Vikas’, its commitment towards the poor, farmers, youth, and women, while maintaining its vision of making India a Viksit Bharat by 2047.
The emphasis on inclusion in education, income generation, and employment opportunities are great moves in the positive direction towards building a skilled talent pool that attracts global stakeholders to India. Moreover, the focus on building ‘Nari Shakti’ by the government is commendable and will truly reflect in India’s boardrooms in the forthcoming years.
While no direct announcements have been made in the context of job creation, the increased outlays in railways, focus on developing port infrastructure, and planned investments in the aviation sector are likely to boost employment. Moreover, the budget focuses on developing the country’s private sector R&D capabilities, and all these measures will bring sustainable economic growth and open the doors of employment generation in the country in the long term.
Additionally, the need for skilled professionals has grown significantly. Hence, the focus on further developing India’s educational infrastructure will make us future-ready in the context of talent supply, and hence more employment opportunities. Moreover, the announcements made to foster entrepreneurship and self-reliance, especially directed toward women will serve as a solid foundation for the youth to innovate and incubate indigenous businesses, ensuring that they are not merely perceived as job seekers but also as job creators.
While the budget announcements reflected a well-rounded approach toward strengthening the root of the country’s economy, we anticipate more clarity around extremely relevant avenues like the ever-expanding gig economy and specifics around employment generation challenges in the forthcoming budget.
All in all, the government’s initiatives and approach, as reflected in the interim budget set a strong foundation for the country to transition into a ‘developed economy’ over the next few decades and emerge as a premier talent and employment hub at a global level.”
Ajit Banerjee, Chief Investment Officer, Shriram Life Insurance “The interim budget may categorised as a financially prudent budget targeted to achieve the fiscal consolidation in the long term. It clearly stays away from presenting a populist budget in lieu of the upcoming general elections and this exhibits the confidence levels of the present central government.
The Government focus on developing the power sector through a host of renewable energy initiatives, upgrading railway infrastructure to support the Gati Shakti program, and boosting the affordable housing sector would certainly act as a catalyst in achieving the dream of Prime Minister for leading the country into Vikshit Bharat by 2047. The Government also lays emphasis on developing woman empowerment further and making them more financially empowered.
The Government gross borrowing number at Rs 14.13 lacs crore though bond issuance are kept lower after some heavy lifting it has done in fast few years also highlights that it expects the Private Sector now to take the lead in initiating the capex programme as a stable macro environment in the country.
To conclude it’s prudent budget aimed at bringing fiscal stability in the country.”
Vasu Naren, Chairman & Managing Director, Sona Machinery Ltd., said: “In the pursuit of enhancing the economic prosperity of our agrarian community, the Union Interim Budget 2024-25 pledges intensified efforts towards value addition in the agricultural sector. Through strategic initiatives like the Pradhan Mantri Kisan Sampada Yojana, which has already empowered 38 lakh farmers and catalyzed the creation of 10 lakh jobs, the aim will be to unlock the true potential of our agricultural produce.
Furthermore, the Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana stands as a beacon of support, extending assistance to 2.4 lakh Self-Help Groups and sixty thousand individuals through crucial credit linkages. These initiatives not only bolster farmers’ income but also foster entrepreneurship and inclusivity in the sector.
Moreover, the commitment to reducing post-harvest losses and augmenting productivity remains unwavering, with a suite of complementary schemes poised to drive tangible outcomes. By synergizing these efforts, we envisage a future where our farmers thrive, our agricultural landscape flourishes, and our nation reaps the dividends of sustainable growth.
Building on the initiative announced in 2022, the Atmanirbhar Oil Seeds Abhiyan will be a cornerstone of our agricultural strategy. A comprehensive approach will be formulated to achieve ‘Atmanirbharta’ for oil seeds such as mustard, groundnut, sesame, soybean, and sunflower. This holistic strategy will encompass research for high-yielding varieties, widespread adoption of modern farming techniques, robust market linkages, efficient procurement mechanisms, value addition initiatives, and comprehensive crop insurance coverage.”
Shabnum Khan, Mandrake Mydia and 750AD Healthcare Pvt. Ltd. said: “In the vibrant realm of India’s burgeoning startup ecosystem, the Union Interim Budget 2024-25 resonates with our unwavering commitment to nurturing entrepreneurship, fostering innovation, and driving inclusive growth. The PM Mudra Yojana exemplifies empowerment, having dispersed thirty crore loans to women entrepreneurs, catalyzing their journey towards economic independence.
Furthermore, the budget’s spotlight on the remarkable surge in female enrolment in higher education, coupled with their significant representation in STEM courses, underscores our dedication to fostering gender equality and nurturing talent, essential pillars for sustainable growth.
While celebrating these achievements, it’s imperative to acknowledge the need for some relaxation in the tax regime for startups and small businesses. Such measures would not only incentivize risk-taking but also bolster the entrepreneurial spirit, driving further innovation and growth in our dynamic startup landscape.”
Saloni Jain, Founding Partner, Sunicon Ventures “The 1 lakh crore for innovation aligns the government with entrepreneurial priorities, reshaping the tech startup landscape and addressing a historical funding gap for deep research. This marks a pivotal change, as limited funds earlier restrained the focus on deep tech. Over the next few years, an emphasis on deep tech and research will complement the allocated corpus, driving significant advancements in the future.”
Deepak Gupta, General Partner, WEH Ventures “According to me the corpus of 1 lakhs crore for R&D is a welcome step to complement the PLI scheme which works when companies are selling commercial products. But as more fundamental innovation is needed this is a significant corpus representing a boost of around 0.5 per cent of GDP relative to the current R&D exp of around 0.65 per cent of GDP. Long term investments are needed to boost our technological capability and relative competitiveness new age technologies.”
Dr Dinesh Singh, Co-Founder and Director, FAAD Network “The establishment of a 1 lakh crore corpus with 50-year interest-free loans for sunrise domains is a visionary move by the Government of India. This initiative reflects a strategic focus on new-age technology and research, showcasing a commitment to fostering innovation. I believe this substantial investment, especially directed towards startups in sunrise sectors, will play a pivotal role in propelling the country forward and fostering technological advancements.”
Mr Rajat Mehta, Chairman, JITO Incubation and Innovation Foundation (JIIF) “The budget prioritizes Green Energy for ‘net-zero’ by 2070, including funding for offshore wind energy, coal gasification, and compressed biogas blending. A significant 1 lakh crore corpus with 50-year interest-free loans for sunrise domains emphasizes the government’s commitment to innovation, especially for startups. The Electric Vehicle Ecosystem will be strengthened, supporting manufacturing, and charging infrastructure. Additionally, the focus on GIFT aims to attract numerous FIIs and NRIs, fostering investments in the Indian market, both listed and unlisted (Startups), backing up their growing excitement and confidence in the India landscape”
Mahesh Fogla, Executive Director, Patel Integrated Logistics Limited “The Intermin Budget allocates robust funding for Infrastructure Development, emphasizing upgraded roads, doubled airports (149 total), and advanced railroads. A strategic focus on new airport expansion aligns with Indian carriers anticipating 1,000 new aircraft. This plan includes the introduction of 517 new routes under the UDAN scheme, fostering connectivity for tier II & tier III cities. The budget adheres to fiscal prudence, keeping the fiscal deficit in check to reduce borrowing costs. Furthermore, the combination of infrastructure development, potential business support measures, and a focus on supply chain efficiency reaffirms a steadfast commitment to nationwide progress and economic vitality.”
Mr. Srivardhan Khemka, Director, Sanjivani Paranteral Limited “The Finance Minister’s commendation of India’s resilience against Covid-19 and the foundation for a self-reliant nation is uplifting for our industry. The rapid nationwide infrastructure development signals a transformative era of economic participation. The government’s resolve to digital public infrastructure and inclusive development aligns with our journey towards Aatma Nirbhar Bharat and a robust foundation for Amrit Kaal.
To catalyze innovation in sunrise domains, a landmark initiative unfolds with the establishment of a one-lakh crore corpus, offering a fifty-year interest-free loan. This move facilitates long-term financing with extended tenors and minimal interest rates. This intent empowers the private sector in scaling up research and innovation significantly and brings together the powerful forces of our youth and technology, resulting in developments that will significantly boost the pharmaceutical and biotech industries to prosper in a dynamic landscape of innovation and discovery.”
Mr. Rohan Gupta, Managing Director of Gargee Designer’s “We find great optimism in the Interim Budget 2024 presented by Mrs. Nirmala Sitaraman. The emphasis on inclusive growth and sustainable development aligns seamlessly with our design philosophy. We believe in creating not just fashion but also narratives that resonate with the evolving global consciousness. The Cabinet’s approval for the continuation of the RoSCTL scheme for apparel and garments export until March 31st, 2026 is a positive move. This will surely support the expansion of the apparel and textile industries, fostering both local and global trade. The revised estimates of 5.8% of GDP for India’s GDP demonstrate the country’s status as a global economy, which is encouraging for companies seeking to grow internationally. However, this was an interim budget, and we eagerly await the detailed budget for more comprehensive insights into the initiatives and support for the clothing industry. We believe that the intricate details will unveil opportunities and avenues for innovative businesses like ours to actively participate in the story of India’s economy. I believe the future full budget will envision creating India as a powerhouse of Manufacturing and Retail.”
Ms. Dishi Somani, Founder of DishiS Designer Jewellery: “We appreciate Finance Minister Mrs. Nirmala Sitaraman’s Interim Budget 2024, which reflects India’s aspirational growth objective. This progressive budget reflects a bright future for our country by emphasizing sustainable development and equitable growth. We are particularly encouraged by the extension of 34 crore Mudra Yojana loans to women entrepreneurs, a significant stride towards financial inclusion and empowerment. As a woman entrepreneur in the startup space, I believe these measures will catalyze positive transformations in our sector, providing us with the support we need to thrive. Fostering the next generation of women entrepreneurs is a pivotal step, and I urge the government to create frameworks that expedite their adoption. With updated estimates of 5.8% of GDP, the budget appropriately recognizes India’s place in the global economy and highlights our nation’s strength there. Although the jewelry business was not given much attention in the interim budget, we are hoping that the detailed budget coming in July will provide more information and support for this industry. We look forward to continued collaboration between the government and women entrepreneurs to propel India towards greater heights of success and prosperity.”
Sabyasachi Goswami, CEO, Perfios “We are delighted to witness the government’s focus and commitment to fostering the startup ecosystem in the Interim Budget 2024. This pivotal attention comes at a crucial time when the industry grapples with a funding winter, compounded by challenges such as the geopolitical crises and global slowdown. The announcement of a substantial corpus of Rs 1 lakh crore, featuring 50-year interest-free loans for Startups & MSMEs, is a commendable move that will undoubtedly provide the private sector with long-term financing opportunities at low or nil interest rates. This initiative aligns seamlessly with our vision to foster innovation and scale up research in sunrise sectors.
The extension of tax benefits for startups until March 31, 2025, further reinforces the government’s commitment to nurturing the entrepreneurial spirit. This gesture not only provides financial relief but also instills confidence in the startup ecosystem.
We also express our appreciation for the government’s proactive approach in incentivizing digital transactions in the previous year. Anticipating a continuation of such initiatives for the broader financial ecosystem this year, we look forward to a collaborative effort that will drive digital transformation for Banks and NBFCs, which will also result in financial inclusion. These measures collectively pave the way for a robust and resilient startup landscape, and we at Perfios are optimistic about the positive impact they will have on the industry as a whole.”
Mr. Anil Agarwal, CEO, and Co-Founder of InCruiter “while we appreciate the focus of the Skill India Mission on training and upskilling millions of youths, the emphasis should be on bridging the gap between skilling initiatives and industry needs. Hiring skilled talent for the right opportunities remains a challenge for HR professionals, and a more targeted approach could be the adoption of AI tech-driven HR software to make the process faster and more efficient. Fostering a culture of continuous learning to align skill development with emerging sectors and specific job profiles is crucial. The new institutions of higher learning are commendable, but ensuring quality education and industry exposure is key. We also need to see stronger industry-academia partnerships to equip graduates with the practical skills that businesses demand.
Furthermore, for the startup ecosystem, access to skilled talent can make or break their ventures, and schemes like PM Mudra Yojana and Start-Up India are positive steps for budding entrepreneurs. We stand ready to collaborate with the government and skill development bodies to bridge this gap, ensuring that India’s startup ecosystem can hire skilled talent for the evolving economy.”
Bharath Aitha, vice president of marketing for eInfochips. “We are immensely gratified to see the Government’s latest Union Budget aligning closely with our aspirations for a technologically advanced and innovative India. Amidst the challenges of a rapidly evolving global tech landscape, the introduction of the ₹1 lakh crore corpus for long-term financing in technology is a landmark move. It not only bolsters public-private partnerships in research and development but also signals a broader commitment to harnessing the collective strengths of both sectors, fostering an ecosystem ripe for groundbreaking innovations.
While the emphasis on AI education and charging infrastructure for electric vehicles highlights key areas of technological advancement, we are also keen to see how this budget catalyzes growth across other emerging tech domains. The focus on education and skill development, particularly in cutting-edge technologies, is a strategic move to bridge the skill gap, ensuring that India’s workforce is well-equipped to meet the challenges and seize the opportunities of the future.In summary, the Union Budget of 2024-25 lays down a robust foundation for sustainable and inclusive growth in the technology and engineering sectors. It presents a forward-looking blueprint that promises to propel India towards becoming a global tech powerhouse, driven by innovation, skill, and collaborative spirit. We invite partners across the tech ecosystem to join us on this exciting journey, contributing to the nation’s technological ascendancy and reaping the benefits of these visionary initiatives.”
Dr. Ravinder Goyal, Co-Founder, Erekrut HR Automation Solutions Pvt Ltd “The Union Budget 2024 reflects the government’s vision to foster innovation and entrepreneurship in the country. It is quite encouraging to see the government support the growth of new age technologies and data-driven businesses, which are the key drivers of the digital economy. The creation of a corpus of Rs. 1 lakh crore with 50-year interest free loan will enable long-term financing for research and innovation in sunrise domains, in turn helping the country attract and retain the best talent in the industry, and offer cutting-edge recruitment solutions to our clients. We appreciate the government’s continued efforts to empower the youth with various schemes such as PM Mudra Yojana, Fund of Funds, Start Up India, and Start Up Credit Guarantee. We believe that these measures will create a conducive environment for the start-up ecosystem to flourish and contribute to the nation’s ‘atmanirbharta’.”
Suresh Rajagopalan, CEO, Wibmo-A PayU company “We appreciate the focus on digital tech and SME support in the Interim Budget 2024. The INR 1 lakh crore for research and tax benefits for startups are promising steps. Overall, we’re optimistic about a more inclusive future through technology and entrepreneurship.”
Mr. Kiran Vernekar – Global CEO – Raintree Foundation “The interim budget sets the stage for an inclusive Bharat, with a strong emphasis on fostering prosperity for all. Guided by the mantra ‘Sabka Sath Sabka Vikas,’ India is charting its course towards sustainable growth, economic resilience, and global competitiveness. By prioritizing the empowerment of our farmers, promoting gender inclusivity, uplifting our youth, and advancing towards a net-zero economy, we are embracing a proactive approach that nurtures a sustainable and regenerative future for our nation. Recognizing that progress in harmony with nature requires the involvement of communities at the grassroots level, the budget showcases nation’s committment to engaging and empowering all sectors of society in this journey towards a Viksit Bharat. Raintree is happy to be a partner on this journey.”
Mr. Akarsh Hebbar, Global Managing Director of Vedanta’s Semiconductor and Display Businesses “The interim budget reflects a forward-looking vision for our nation’s growth, with a strong focus on developing domestic technology capabilities. Central to this journey is the development of India’s hi-tech electronics manufacturing industry, for which the government has bolstered allocation by 130%, providing a strong impetus to business ventures in semiconductor and display manufacturing. We applaud the government’s steadfast determination in further strengthening India’s position on the global map, by investing in an ecosystem for emerging technologies.
Coupled with a strategic focus on modern infrastructure, deep-tech capacities, upskilling and reskilling our workforce, as well as innovation and entrepreneurship, the budget charts a confident path to India’s $5 trillion economy ambition as we stride towards Viksit Bharat”
Mr. Raju Kapoor, Director, Industry & Public Affairs, FMC India. “The interim budget balances the fiscal prudence with growth. It has outlined various proactive measures for the agri industry at large. The allocation of a Rupees 1 lakh crore corpus for a 50-year interest-free loan to private sector is poised to fuel R&D and innovation in India fostering a conducive environment for advancements. The continuity of the ‘PM Kisan Sampada Yojana’ will make available requisite investment at the hands of farmers to promote use of newer technologies in the form of advanced agri-inputs. The emphasis on empowering women self-help groups with significant credit linkages will benefit in rural development and we resonate very well with it. The focus on minimizing post-harvest losses is crucial, and similarly we appreciate the decision to expand nano DAP usage across all agro-climatic conditions, which will undoubtedly catalyze the growth of drone applications in agriculture and improve fertilizer use efficiency. Investments to minimize the post-harvest infrastructure is a welcome step.
The announcement to prioritize Atmanirbhar Oilseeds Abhiyaan using newer technologies is a much-needed initiative to reduce dependence on food oil imports. The government’s focused effort to enhance dairy and fisheries productivity is welcome. The expansion of ‘Lakhpati Didi’ scheme’s target to cover 3 crore women will empower women at the grassroots level, contributing to the overall development of rural India.
The industry was also hoping for the introduction of a Production Linked Incentive (PLI) for ‘new-age’ agro chemicals, positioning India as a global exporter and addressing domestic opportunity. The government could have also rationalized GST on agro chemicals to 12 percent. Additionally, we anticipated tax incentives on R&D investments and extension activities by the industry would further encourage innovation in the sector. We remain optimistic about the positive impacts of the interim budget and look forward to collaborative efforts to addressing more concerns in the future.”
Mr. Prabhakar C, Director, Gopalan Group “Finance Minister Nirmala Sitharaman’s interim budget speech today lays a commendable foundation for the final budget and the year ahead. The focus on agriculture, defense, infrastructure, and education demonstrates a clear commitment to India’s growth and well-being. While the specifics will be eagerly awaited in the main budget, the interim measures outlined paint an encouraging picture. The emphasis on strengthening rural infrastructure and enhancing productivity through schemes like PM Kisan Samman Nidhi is a welcome step that bolsters the backbone of our economy. Continued investment in infrastructure development creates employment opportunities and lays the groundwork for sustained economic progress.
Prioritizing the modernization of our armed forces is crucial for national security, and the budgetary allocation towards this objective sends a strong message and the proposed allocation for indigenous defense production aligns with the goal of self-reliance, a crucial aspect of national security. The government’s plan towards investing in education will sow the seeds of empowerment for our youth, further nurturing a future where a skilled generation will build a stronger India. While a holistic analysis awaits the final budget, this interim speech instills optimism for a future focused on development, security, and inclusivity. We eagerly await the final budget for a more comprehensive picture of the government’s vision for India’s future.”
Pranav Dangi, Founder & CEO, The Hosteller “In the wake of Budget 2024, it’s evident that the government recognizes the immense potential of the tourism and hospitality sector. The comprehensive development of tourist centers and the emphasis on branding and marketing at a global scale are promising steps towards showcasing India’s diversity to the world. I believe this presents a significant opportunity for our industry to thrive.
The successful organization of G20 meetings in various locations highlights India’s appeal for business and conference tourism. Additionally, the growing aspirations of the middle class to explore and travel within the country create a vibrant domestic tourism market. We look forward to contributing to these initiatives, ensuring that travelers have access to quality facilities and services.
The provision of long-term interest-free loans to States for tourism development is a positive move that will foster growth and employment. Moreover, the focus on enhancing connectivity and infrastructure on our islands, including Lakshadweep, aligns with our commitment to promoting unique and enriching travel experiences.
We are excited about the opportunities that Budget 2024 brings to the tourism and hospitality sector, and we remain dedicated to providing exceptional experiences to travelers across India.”
TruBoard Partners “With a noteworthy tripling of capital expenditure over the last four fiscal years, the Finance Minister’s allocation of an 11.1% increase in Capex for FY25 signals a continued commitment to bolster economic growth. This augmented spending is poised to generate a positive multiplier effect on various facets of the economy in the medium term. The government’s strategic focus on developing multimodal logistics parks, dedicated economic and freight corridors, and enhancing airport infrastructure is poised to fortify India’s standing in the global value chain. This emphasis is crucial for curbing production and logistics costs, thereby enhancing competitiveness on the international stage. In alignment with India’s pledge to achieve net-zero emissions by 2070, incremental measures in clean and new energy are pivotal. The ambitious goal of harnessing 30GW of offshore wind energy by 2030, supported by Viability Gap Funding for 1GW, addresses the challenge of high capital costs and kickstarts a promising sector. Additionally, the phased mandatory blending of bio-gas in CNG and PNG signifies a strategic move to boost the sector, leveraging bio-waste at landfills and curbing gas imports. The Pradhan Mantri Suryodaya Yojana holds promise for enhancing India’s energy security and fostering domestic solar manufacturing. These initiatives collectively contribute to a resilient and sustainable energy future,” Anuj Agarwal, Chief Economist & Head of Research at TruBoard Partners, a tech enabled credit monitoring and asset management company.
Mr. Nishant Kanodia, Chairman, Matix Fertilisers & Chemicals Ltd “The Interim Budget focusses on Viksit Bharat by 2047, outlining a clear and practical road map for India’s growth. We remain a beacon of growth to the global economy, and measures supporting equitable and sustainable growth will promote progress. This budget promotes harmony with nature, incentivises modernisation of infrastructure, and opportunity for all. It outlines a clear strategy that strongly backs agriculture through farmer-friendly policies such as PM Kisan Samman Yojana and PM Fasal Bima Yojana. One of the key factors of inclusive growth is economic empowerment. It is heartening to learn that the Pradhan Mantri Kisan Sampada Yojana has created 10 lakh employment and assisted 38 lakh farmers so far.
The government’s comprehensive approach strengthens our nation’s food security while heralding a future where progress is synonymous with environmental and socio-economic inclusivity.”
Mr. Deepak Patkar, MD & CEO, SMFG Grihashakti “The announcements in the Interim Budget on the intention to launch a new scheme tailored for the deserving sections of the middle class is a step in the right direction towards ensuring universal homeownership. We are also happy to note the continued focus by the government on infrastructure development which will aid the real estate sector as well as the vision of extending PM Awas Yojana Grameen scheme to build another two crore homes over the next five years. These steps not only support the growth trajectory of the housing sector but it will also help in creating more employment opportunities across its ancillary industries. The government has also stated that they will pay attention to making the eastern region and its people powerful drivers of India’s growth, giving impetus to affordable housing development in the region”
Harshvardhan Lunia, founder & CEO, Lendingkart. “The interim budget for 2024-2025 resonates with a forward-looking vision, strategically leveraging digital acceleration to empower diverse segments of society. The continued emphasis on grassroots, women, and youth empowerment is commendable, fostering inclusivity in the developmental trajectory. The proposed infrastructural and sectoral reforms are poised to fortify the economic landscape, unlocking a myriad of opportunities for entrepreneurs, SMEs, and MSMEs. This budget underscores India’s commitment to fostering innovation and digitization, charting a course for sustained economic growth and resilience.”
Pramod Sharda, CEO of IceWarp India and Middle East “In the interim budget 2024, Finance Minister Nirmala Sitharaman announced an establishment of ₹1 lakh crore (₹1 trillion) ($12 Billion) with 50-year interest free corpus to help finance research in technology. The corpus will provide long-term financing or re-financing with long tenors and low or nil interest rates. This will encourage the private sector to scale up research and innovation significantly in sunrise domains. This will act an incubator for harnessing and combining the power of Indian Youth and Technology which will further boost the startup culture by creating new techpreneurs in the country.”
Yogesh Agrawal, CEO and Co-Founder, CONSISTENT INFOSYSTEMS PRIVATE LIMITED “Government of India’s Production-Linked Incentive (PLI) scheme for large-scale electronics manufacturing received a major boost in Interim Budget 2024 with a nearly 1.5x increase, increasing its outlay to Rs 6,200 crore for 2024-2025. This will enhance confidence in rest of the remaining manufacturers who haven’t availed the benefits of the PLI Scheme. However, despite expectations, the Interim Budget did not announce any further expansion of the PLI scheme that aims to encourage setting up of manufacturing facilities in the country as well as creation of jobs in line with the government’s vision of Make in India and Aatmanirbhar Bharat.”
Manish Tewari, Co-Founder, Spydra Technologies “As the founder of Spydra, an enterprise-grade blockchain company in India, I am thrilled by the promising directions set in Budget 2024. The announcement of a corpus providing long-term financing with low/ nil interest rates is a game-changer for the private sector’s Research and Innovation. This move aligns with our vision to foster technological advancements in the blockchain sector. The budget’s emphasis on financial inclusion, tax incentives for rural fintechs, and investments aligns with our commitment to creating user-friendly CBDC platforms that can revolutionize payments & financial inclusion. The announcement of a corpus of Rs 1 lakh crore with a 50-year interest-free loan for the tech-savvy youth is fascinating. Budget 2024 has set an optimistic tone focusing on innovation, digitalization, and financial inclusion. The collaborative potential between the government, central bank, and companies like Spydra has never been more promising. We look forward to contributing to India’s digitally empowered economy.”
Saif Ahmad Khan, Founder, Luhaif Digitech “As the curtains rise on the Union Budget 2024, Finance Minister Nirmala Sitharaman’s decision to maintain the status quo on tax slabs in both old and new regimes has raised eyebrows in the business realm. In a surprising move, she announced zero changes in direct and indirect taxes, alongside import duties, for the fiscal year 2024-25. This unexpected stability amidst political transitions has left the industry puzzled. As the Director of Luhaif Digitech, Saif Ahmad Khan notes, the decision aligns with the FM’s earlier promise of minimal budgetary interventions due to impending elections. The anticipation now shifts to the complete budget unveiling in July, post-election, as stakeholders await potential fiscal directions in a post-poll landscape. The Modi Government’s introduction of new income tax regulations in Budget 2023, particularly the defaulting to the new tax regime, adds an intriguing layer to the unfolding economic narrative.”
Ankur Maheshwary, Founder, Director, Masti Zone “The interim budget presented today brings a wave of optimism for the Amusement and Tourism Industry. The allocation of funds towards infrastructure development, including roads and highways, bodes well for boosting tourist inflow and enhancing connectivity to amusement destinations. Moreover, the focus on controlling fiscal deficit demonstrates prudent financial management, instilling confidence in investors and stakeholders. The provision of long-term interest-free rates to states is a commendable move, facilitating sustainable development initiatives that can catalyze tourism growth. Additionally, the budget’s emphasis on promoting domestic tourism through tax incentives and promotional campaigns is expected to invigorate the sector, driving both domestic and international footfall. Overall, Finance Minister Nirmala Sitaram’s interim budget sets a positive trajectory for the Amusement and Tourism Industry, fostering growth, sustainability, and competitiveness in the years ahead.”
Shrikant Goenka – Chairman, IAAPI “The interim budget brings a ray of optimism for the Amusement and Tourism Industry. The announcement regarding the development of tourist centers at locations hosting G20 meetings is particularly promising, as it signals future growth opportunities in tier 2 and 3 cities. This initiative is poised to create employment opportunities and foster economic prosperity in these regions. Additionally, the provision of long-term interest-free loans to states for financing will facilitate the development of tourist centers, further boosting the industry.
The budget’s emphasis on enhancing air connectivity, ports, and railways will streamline travel to tourist destinations, addressing the last-mile connectivity issue for both domestic and international tourists. Furthermore, the focus on controlling fiscal deficit underscores the government’s commitment to maintaining a stable economic environment conducive to tourism growth. Despite being an interim budget, it offers significant strides towards bolstering the tourism sector’s growth and development.”
Naveen Tewari, Founder & CEO, InMobi Group. “We commend the government for its forward-looking budget, especially the emphasis on research and innovation, infrastructure development, and the support for sustainable technology. The allocation of a one lakh crore corpus for long-term financing in innovation is a significant step, aligning with our commitment to developing cutting-edge technologies in India through InMobi and Glance, the world’s leading smart lock screen platform. With the introduction of 50-yr interest-free loans, it is indeed the golden era for tech-savvy youth. This has laid down the foundation for more targeted measures for consumer-tech, semicon design and production, quantum computing and emerging technologies like AI, especially its development and research for future budgets. Almost midway through India’s Techade, we are excited to see the continued focus on infrastructure development and increased focus on research and innovation through forward looking schemes like PLI, NEP and skilling initiatives reaching critical mass. This is certainly India’s statement of intent, announcing itself as the new and upcoming leader of manufacturing and innovation in the world. The next step has to be creating software in India, for the world and with Glance, we have already put it in motion. This budget has definitely set us on the path for continual growth and development – the pursuit of ‘Viksit Bharat’ – as we look to become the third largest economy in the world in the next 5 years.”
Dinesh Arjun, Co-founder and CEO, Raptee Energy “Various initiatives announced by the FM today clearly demonstrate the government’s intention to further accelerate EV adoption and also generate significant employment opportunities for the youth. It is encouraging to see the focus on research and innovation to further grow the EV ecosystem. We believe that as the govt rolls out details of the scheme in the coming days for growing the EV public charging infrastructure, the availability of public chargers across the country will significantly grow and EV companies like ours will find higher market acceptance from its consumers and also attract investor interest. This will also break the ‘range anxiety’ , the biggest barrier for EV adoption in our country. The government’s support in providing financial assistance and support to EV manufacturing will encourage entrepreneurs to do deeper innovation in the battery management segment and other technologies. Growth in EV charging infra will also generate employment opportunities for the youth as companies will be on a look out for people with technical know-how of running and maintaining charging infra. EV companies will also enjoy a deeper vendor ecosystem providing battery and other components for building make in India EV vehicles”.
Abhishek Modi, Lead, Digital Platforms Practice of the Sattva Knowledge Institute “The Indian government’s 2024-25 interim budget showcases a strong focus on digital and technological infrastructure within various sectors. This is evidenced by an 11.1% increase in capital expenditure. Key initiatives include the pilot of a foundational farmers registry, geo-referencing, and a unified service interface for farmers. For MSMEs, a Single Business ID has been established. The integration of DigiLocker with NFRA, SEBI, GSTN, and CBT signifies deeper digital integration. The skilling ecosystem has been enhanced through the integration of PAN, UPI, and DigitalLocker, with processes for multi-actor onboarding being developed”
Sudhindra Holla, Director, Axis Communications, India & SAARC “The Union Budget of India 2024 has a visionary approach to sustainable development. Introducing the Blue Economy 2.0 scheme, focusing on environmental restoration through multimodal strategies, is a commendable step towards a greener future. The budget’s emphasis on improving rail and air connectivity is crucial for fostering economic growth. Implementing major railway corridor programs and converting rail bogeys to higher safety standards demonstrate a commitment to enhancing transportation infrastructure. Similarly, expanding air connectivity to tier-2 and tier-3 cities and the growth of airports are positive moves supporting inclusive development.
Overall, the Union Budget’s focus on sustainable initiatives and strategic infrastructure development sets a promising trajectory for India’s growth. It creates opportunities for various industries to contribute to a more environmentally conscious and technologically advanced future.”
Ravi Kunwar, Vice President – India & APAC at HMD Global (The Home of Nokia Phones) “The Interim Budget is forward-looking and represents the remarkable evolution of India’s mobile and telecom landscape in the last decade, standing true to our expectations. The allocation towards the development of electronics manufacturing clusters unlocks the accessibility of high-quality technology for varied consumers, including those at the bottom of the pyramid. Additionally, the proposal to further provide relief in customs duty on the import of battery covers, main lenses, back covers, and mechanical items will boost the Make in India initiation and solidify the mobile manufacturing ecosystem in the country.
This reduction, coupled with the establishment of a one-lakh-crore corpus supported by a fifty-year interest-free loan, will empower the private sector to significantly advance research and innovation in sunrise domains. Despite the industry’s growth, there is substantial room for expansion in India, and we are optimistic that supportive government policies, infrastructure investments, and a vibrant innovation ecosystem will unleash the next wave of digital transformation.”
Sankar Subramanyam, Co-Founder, InCoBAN “The Interim Budget guarantees the continuation of ongoing projects, short-term planning, and contracts. It also signifies limited fiscal room for new expenditures, leading to uncertainty in the market. The positive aspects include favorable developments for the industry with plans for the expansion of metro rail and Namo Bharat projects. The focus on Lakshadweep is expected to create new opportunities. Nevertheless, the rapid implementation of these programs while ensuring environmental sustainability poses a significant challenge. The government’s sustained backing for affordable housing reflects its dedication to realizing the goal of providing shelter for everyone.”
