Discover a collection of impactful quotes from industry leaders reflecting on India’s 2024 budget. This compilation captures the diverse perspectives on economic policies, reforms, and their anticipated impact on various sectors. Explore the optimism, concerns, and aspirations that shape the discourse around India’s financial future.
Industry Leaders React to the Latest Budget: Insights and Analysis
Industry Leaders Share Insights: Post-Budget Reactions and Future Outlook
Mr Praveen Grover, Vice President and Managing Director, AHEAD.
“We applaud the government’s ₹2 lakh crore package for employment and skilling, demonstrating a strong commitment to youth and workforce development. The focus on wage support and EPFO incentives is a positive step towards job creation. At AHEAD, we are committed to increasing employment opportunities and supporting skilling initiatives. Our plan to hire over 1,000 individuals reflects this commitment.
While the government’s recognition of the importance of technology and digitization aligns with our mission to drive a more digital economy, the effective implementation of these initiatives will be crucial. We look forward to supporting these government measures and contributing to the nation’s employment growth and digital transformation.”
Nandini Tandon, Co-Founder and Chief People Officer, Indusface.
“The budget highlights a significant commitment to enhancing women’s participation in the workforce and promoting women-led development. The establishment of working women hostels and creches, along with tailored skilling programs, will provide essential support for women balancing professional and personal responsibilities. Additionally, initiatives to improve market access for women SHG enterprises and strengthen schemes like PM Vishwakarma and Stand-Up India are crucial steps for promoting women’s entrepreneurship. As a woman and an industry leader, I am encouraged by the substantial allocation of over ₹3 lakh crore for schemes benefiting women and girls. These measures are pivotal for driving economic growth, achieving social justice, and building a more inclusive and equitable workforce.”
Shammi Agarwal, Director, Pansari Group
“Being in the industry for so long, we can firmly say that this year’s Union Budget reflects a commendable commitment towards strengthening India’s agricultural sector, supporting MSMEs and traditional artisans. The provision of Rs 1.52 lakh crore for agricultural and related industries is a monumental step that will undoubtedly drive growth and innovation in this crucial sector. Furthermore, the Union Budget’s initiative to establish e-commerce export hubs through public-private partnerships is a visionary move. These hubs will empower our MSMEs and artisans by providing them with a smooth regulatory and logistical framework, enabling them to tap into international markets with ease. Lastly, the allocation of Rs 1.48 lakh crore for education, employment, and skilling highlights the government’s dedication to building a skilled workforce ready to meet the demands of a rapidly evolving economy. In short, we warmly welcome these developments and look forward to using these opportunities to contribute to the nation’s growth,” says Shammi Agarwal, Director, Pansari Group
Harshit Aggarwal, CEO and Founder Novamax Appliances
We are extremely pleased with the government’s recent union budget announcement, which promises to significantly boost the manufacturing sector and drive economic growth. The job creation scheme in the manufacturing sector is a substantial step forward, incentivizing additional employment and benefiting 210 lakh youth. This will help the MSME segment to gain skilled workers to further improve their services and products.
The new credit guarantee scheme for MSMEs in manufacturing is a game-changer. This initiative will notably strengthen the manufacturing sector by facilitating term loans for the purchase of machinery and equipment without collateral and guarantee. The guarantee fund, providing guarantees of up to Rs 100 crore, will undoubtedly enhance the capabilities of MSMEs. We also commend the government’s continued efforts to reduce and simplify taxes. The abolition of the angel tax is a welcome move that will further encourage investments and innovations within the industry.
Mr. Shrawan Daga, CEO, Krishna’s Herbal & Ayurveda
“The special attention given to the MSME sector in the Union Budget 2024 is an encouraging move from FM Nirmala Sitharaman. We firmly believe that this support from the government through the new credit guarantee scheme for manufacturing businesses will offer a massive funding gap of Rs 20-25 lakh crore which has long been a challenge for the industry. The scheme will help with the financial pressures faced by MSMEs, making it easier for us to access the resources needed to grow and thrive. Additionally, the decision to open 24 new SIDBI branches to serve MSME clusters will greatly enhance accessibility to financial support and services for businesses across various regions. The budget’s focus on job creation through the Manufacturing scheme is also a great initiative, as it incentivizes new jobs and supports our efforts to expand our workforce. Overall, these measures will help MSMEs improve operations, seize new opportunities, and contribute more to the economy.”
Rahul Singh Co-founder EcoSoul Home
Amidst anticipation and scrutiny, the Indian government has finally released its annual budget, outlining a financial strategy for the upcoming financial year. In the budget, the Finance Minister, Nirmala Sitharaman, laid out the nine priorities of the budget, including agriculture, employment and skilling, human resource development and social justice, manufacturing and services, urban development, emergency security, infrastructure, innovation R&D and next-gen reforms. The budget introduced a new, comprehensive review of the agricultural research setup to trigger productivity and develop climate-resilient produce. While the budget talked less about sustainability reforms, it did introduce an inclination toward offering higher and more stable credit lines and loans to MSMEs. Moreover, there were several new schemes for first-time employees, which was rather remarkable. Under the new EPFO scheme, employers would also be receiving a reimbursement of up to Rs. 3,000 every month towards EPFO contributions for each additional employee. Lastly, with the budget announcing Angel Tax abolition, several emerging startups can benefit from new opportunities and score well-deserving investments to kickstart their ventures.
Nidhi Sabbarwal, Founder Kalyanamm Holywaste Recycling Pvt. Ltd
“Being a women entrepreneur, we highly support this year’s budget with great enthusiasm. The government’s commitment to increasing the participation of women in the workforce is commendable. The initiatives to set up hostels and create partnerships for women-specific skilling programs will undoubtedly empower more women to join and thrive in various industries. Additionally, the Union Budget’s announcement to abolish the ‘Angel Tax’ has left the entire Indian startup ecosystem buzzing with innovation and ambition. By removing this barrier, the government has paved the way for increased investments and growth within the startup community. Lastly, we appreciate the expansion of SIDBI branches to serve MSME clusters, as it will enhance financial access and support for small and medium enterprises. The rationalization of GST is another positive move by the government. This will simplify tax compliance and make it easier for businesses to operate efficiently. Overall, this budget reflects a progressive approach toward encouraging entrepreneurship and economic growth, especially for women entrepreneurs like myself.”
Siddharth Chaturvedi, Executive VP, AISECT Group, Chancellor– SGSU
“With the Union Budget 2024 focusing on MSMEs, employment, and youth job schemes, it is a positive step towards empowering India’s future workforce. The allocation of ₹1.48 lakh crore for skill education and job creation, along with women-specific skilling programs, underscores the government’s commitment to building a skilled workforce.
The new job schemes targeting India’s 4.1 crore youth population and the ₹2 lakh crore central outlay signal a strong initiative to address unemployment in the country. The increased loan scheme of up to ₹19 lakh for higher education and the one-month salary support for first-time employees are strategic moves to enhance educational access and job creation.
We are pleased that the central government is making significant strides towards equipping the youth with future skills through increased apprenticeship programs that can bridge the gap between education and employability. The focus on marginalized communities through government-funded schemes emphasizes an inclusive growth strategy. However, we were hoping for a reduction in GST on EdTech products and services to make educational services more affordable and accessible. Overall, the Union Budget 2024 sets a positive tone for skill development, job creation, and economic growth.”
Mr. Ankit Gupta, Director, Ledure Lightings
Speaking on Union Budget 2024-25 for the Lightings industry, Mr. Ankit Gupta, Director, Ledure Lightings, said, “As our FM Nirmala Sitharaman outlaid the Modi 3.0’s first budget, and the 13th Budget of the Modi government, the outlaid a bold and forward-thinking approach to economic revitalization and job creation. By prioritizing the manufacturing sector and introducing a scheme that supports first-time employees through EPFO contributions, the government is not only addressing immediate employment needs but also laying a strong foundation for long-term growth. This initiative is a testament to the government’s commitment to fostering development in labour-intensive manufacturing and supporting MSMEs. It reflects a strategic vision to energize the economy and create meaningful opportunities for the 30 lakh youth entering the workforce. The introduction of a credit guarantee scheme for MSMEs, facilitating term loans for machinery and equipment without collateral, is a significant move. It empowers small and medium enterprises to scale up and compete globally.
The allocation of ₹1.48 lakh crore for education, employment, and skilling further emphasizes the government’s dedication to these critical areas. The emphasis on higher participation of women in the workforce ensures that more women can contribute to and benefit from the economic growth. Additionally, the new centrally sponsored skilling scheme, which aims to skill 20 lakh youth over the next five years, is a much-needed intervention. Upgrading 1,000 Industrial Training Institutes in collaboration with state governments and industry will ensure that the course content and design meet the evolving needs of the industry. We welcome the new scheme to skill 20 lakh youth through enhanced training institutes and industry-aligned curricula. The substantial ₹3 lakh crore allocation for women-centric initiatives demonstrates the government’s commitment to boosting women’s economic participation and supporting women-led enterprises, paving the way for inclusive growth. Ledure Lightings is really excited about these initiatives, as they align perfectly with our mission to contribute to India’s manufacturing growth and provide quality employment opportunities. We look forward to leveraging these measures to enhance our operations and support the nation’s economic development while promoting a more inclusive workforce.”
Bharath Rao, Founder & CEO of Emobi
“‘The Finance Minister’s decision to waive import duties on 25 minerals, including lithium, is a significant step forward for the manufacturing sector. This will reduce costs for manufacturing batteries, leading to more affordable electric vehicles for consumers. Moreover, the new scheme to boost job creation by incentivizing the employment of first-time workers is a welcome initiative. By offering EPFO contribution incentives to both employees and employers for the first four years, this will enable access to better talent in the ecosystem. The government’s reimbursement of up to ₹3,000 per month for two years per additional employee will encourage and boost hiring, strengthening the manufacturing workforce and driving economic growth.”
Ramnath Iyer, CEO & Co-Founder of ESGDS.
“‘This budget is a crucial step forward for adoption of green energy. Finance Minister Nirmala Sitharaman highlights the budget’s strong emphasis on climate resilience. Expanding the list of exempted capital goods to solar energy projects is crucial for accelerating transition to green energy. As the world’s third largest GHG emitter, emissions reduction in India is a global priority. The development of a taxonomy for climate finance will provide the required standardisation and transparency to rapidly globalize our green bond and green finance market.
This year, the budget also strengthens the regulatory framework to support green housing. This could include implementing stricter energy efficiency standards for new green building projects, encourage use of sustainable materials and promote environmental conservation.’
Moving “hard to abate industries” from energy efficiency to “emission targets” will globally align India’s emission reduction approach and make our carbon market vibrant. If India then can include carbon trading in some form in its FTA with European countries, it will not only ensure CBAM is not overly detrimental to our export competitiveness but also boost investments in clean tech.
Overall this budget will substantially accelerate our transition to a low carbon economy.”
Mr. Virendra D. Mhaiskar, CMD, IRB Infrastructure Developers Limited
“The Budget 2024 looks to be the Government’s continued and focused commitment and support with robust Central investments for Infrastructure Sector, facilitating States Investments for the Sector and providing Viable Gap Funding for promoting Private Investments in the Sector for overall strengthening of the Nation’s infrastructure. Overall, the Budget is going to be a big booster to facilitate India’s economic growth; roads and highways sector, being the prominent infra sector is expected to get much needed impetus through adequate funds allocations.”
Ms. Kavita Shirvaikar, Acting Managing Director, Patel Engineering Limited.
Overall Infrastructure announcement.
The Union Budget’s emphasis on infrastructure development marks a significant leap toward our nation’s future. The substantial allocation for capital expenditure and long-term interest-free loans to states reflects a forward-thinking strategy aimed at stimulating economic growth and innovation. Encouraging private sector participation through viability gap funding and market-based financing frameworks will foster a dynamic environment for infrastructure advancements. These initiatives are poised to significantly improve connectivity, boost productivity, and create numerous job opportunities across various sectors. By prioritizing sustainable development and leveraging both public and private investments, this budget positions India on a robust path to becoming a global leader in infrastructure excellence.
On the Pumped Storage Policy Addressing the Intermittency in Renewables
The Union Budget’s emphasis on promoting pumped storage projects is a pivotal step towards a sustainable and resilient energy future. The introduction of a new policy to support electricity storage will significantly enhance the integration of renewable energy sources, ensuring a stable and reliable power supply. This forward-thinking approach not only addresses the challenges of renewable energy intermittency but also positions India as a leader in innovative energy solutions. By fostering investment in pumped storage and other renewable energy technologies, the government is paving the way for a greener and more sustainable future. We are confident that these initiatives will accelerate the transition to clean energy, reduce our carbon footprint, and create substantial opportunities for growth and employment in the energy sector.
On the Promotion of Private Sector Investment for Infrastructure Growth
Finance Minister Nirmala Sitharaman’s focus on public-private partnerships represents a pivotal shift for the infrastructure sector. The government’s efforts to simplify FDI norms aim to attract and retain private investment in India. By emphasizing and encouraging Foreign Direct Investment, the government is creating a favourable environment for investors. Collaborating between the government and private entities allows us to harness the strengths of both sectors to improve project execution, drive innovation, and enhance efficiency. This strategy not only accelerates development but also ensures that infrastructure growth remains sustainable and inclusive. The substantial budget allocation for infrastructure highlights the government’s dedication to laying a strong foundation for India’s future, and Patel Engineering Ltd. is eager to play a role in this national initiative.
Chirag Mehta, Founder Arbour Investments
According to Chirag Mehta, Founder of Arbour Investments, “The Union Budget 2024, unveiled by Finance Minister Nirmala Sitharaman, is a tapestry of ambitious reforms and strategic allocations aimed at propelling India’s economic landscape into a new era of growth and inclusivity. Central to this budget is the revision of the tax regime, which now features a more generous standard deduction of Rs 75,000, alongside a restructured tax rate system that promises significant savings for salaried individuals. The corporate tax rate for foreign entities has been notably reduced to 25%, fostering a more inviting environment for foreign direct investment. Additionally, the abolishment of the angel tax and the introduction of a unified tax exemption regime for charities reflect a progressive approach to taxation that seeks to stimulate philanthropic contributions and entrepreneurial ventures alike.
In a bid to enhance infrastructure and rural development, the government has earmarked a staggering ₹2.66 lakh crore for rural initiatives, including the construction of three crore additional houses under the PM Awas Yojana. The budget also emphasizes energy security and sustainability, launching the PM Surya Ghar Muft Bijli Yojana to provide free electricity to a million households through rooftop solar installations. Furthermore, a comprehensive scheme to support one crore youth with internships in top companies underscores the government’s commitment to job creation and skill development. As the budget unfolds, it is poised to not only invigorate the economy but also to weave a narrative of empowerment, particularly for women and marginalized communities, thereby laying a robust foundation for a more equitable future.”
Ashish Singhal, Co-founder, Lemonn and CoinSwitch
“We welcome the Union Budget 2024-25 as a pro-development budget bringing great news for startups. As a founder and angel investor, I’m thrilled that the Angel Tax has been abolished. This will significantly bolster the entrepreneurial ecosystem in India.
The emphasis on digital public infrastructure and the digitalization of the economy will greatly benefit tech startups like ours, which are focused on developing population-scale apps for Indians.
However, the securities markets face challenges with the increase in short-term capital gains tax from 15% to 20%, the rise in long-term capital gains tax from 10% to 12.5%, and the hike in STT on F&O. The immediate market reaction has been less than positive.
Regarding crypto, we had hoped the government would reduce taxation to align it with other asset classes. Unfortunately, this has not been addressed, representing a missed opportunity to support startups and investors in the crypto space.
We are still examining the finer details of the budget to fully understand its broader implications.”
Roland Landers, CEO, All India Gaming Federation
The All India Gaming Federation (AIGF) welcomes the focus on skilling in the 2024 Budget. There remains a significant skill gap in India’s gaming industry, and the increased emphasis on skilling initiatives is a promising step towards bridging this gap. Centrally sponsored schemes for skilling youth, women-focused programs, the establishment of industrial training institutions, and the provision of internships are all set to create a more skilled workforce. These initiatives will play a crucial role in helping India achieve its Vision India@2047.
Mr. Tarun Singh, Managing Director of Highbrow Securities
The Union Budget has impacted the buoyant stock market, but its effect feels more symbolic than substantial. The fundamental impact on investors will be negligible, as any changes in capital gains taxation will soon be factored into future plans. The market sentiment will remain conducive for investors. However, the budget’s opportunistic flavour cannot be ignored.
On a brighter note, the budget’s incremental yet pivotal steps towards fostering an inclusive manufacturing and MSME landscape are commendable. The proposed initiative lays a sustainable and secure foundation for investors to explore emerging opportunities within this vital economic segment.
One of the key standout aspects of this budget is its respect for the existing consumption patterns. In the market realm, consumption is king, and any disturbance to this trend could ripple negatively across the economic spectrum. By preserving the status quo here, the budget has safeguarded the ongoing consumption story that fuels market growth. The Stock Markets, thus, can absorb minor setbacks and continue on a bullish path, backed by stable and robust consumer demand.
In my opinion, this budget is neither extravagant nor groundbreaking, but sometimes, not rocking the boat is an act of wisdom. This Union Budget may not sparkle with dramatic flair, but its understated elegance might very well be the unsung hero of our economic narrative this year.
I am anticipating a favourable year ahead, with markets expected to benefit from sustained consumption and emerging opportunities in the revitalised MSME and Manufacturing sectors
Mr. Rayan Malhotra, founder and CEO of NeoFinity.
“”The Union Budget presented by Finance Minister Nirmala Sitharaman demonstrates a forward-thinking approach that will significantly boost India’s digital economy. The focus on simplifying FDI rules and promoting using the Rupee for overseas investments is a strategic move that will attract more international capital, fostering innovation and growth in the fintech sector. This is expected to lead to developing new technologies and services, thereby enhancing the digital economy. The rationalisation of GST will further streamline compliance, benefiting consumers and businesses by reducing tax incidents and simplifying processes.
The new tax rate for long-term capital gains and the exemption limit adjustment provide a balanced investment approach, encouraging more participation in the financial markets. However, the most significant relief comes from abolishing the angel tax, which paves the way for increased entrepreneurial activity and innovation. This measure alone is a beacon of hope for startups, promising a brighter future for entrepreneurship in India. Overall, the budget’s emphasis on land, labour, capital, and entrepreneurship sets a solid foundation for India’s digital future, driving sustainable economic growth and positioning the country as a global leader in the economic space.”
Mr Piyush Goel, Founder & CEO of Beyond Key
“The Government has earmarked Rs. 1.48 lakh crore for the education, jobs, and skill development sectors in Budget 2024. This substantial allocation reflects a strong commitment to fostering growth and development in these crucial areas.
Looking ahead, we hope for increased funding for initiatives that directly benefit students and the broader community. Key priorities include enhancing digital infrastructure to prepare students for the digital era, fostering vocational training and skill development programs, and investing in teacher professional development.
Furthermore, forging robust partnerships with local industries will be crucial. Such collaborations can bridge the gap between education and employment, ensuring that students are well-prepared for the job market. By aligning educational programs with industry needs, we can create a more dynamic and responsive IT or technology sector, allowing employers to generate more job opportunities.
Overall, Budget 2024’s focus on education, jobs, and skill development is a positive step towards building a brighter future for the nation. It underscores the importance of investing in the Tech industry and providing students with the tools and opportunities they need to succeed.”
Siva Balakrishnan, founder and CEO of Vserve
“The Union Budget presented by Finance Minister Nirmala Sitharaman is a progressive step towards bolstering the digital economy and fostering growth across various sectors. The reduction of TDS for e-commerce operators from 1% to 0.1% is a welcome move that will significantly ease cash flow for businesses, encouraging more participation in the e-commerce space. The proposal to develop DPI applications at a population scale in credit, e-commerce, law and justice, and corporate governance demonstrates a forward-thinking approach to leveraging technology for inclusive growth. While the taxation on unlisted bonds, debentures, debt mutual funds, and market-linked debentures at slab rates may pose some challenges, the overall focus on digital infrastructure and ease of doing business provides a solid foundation for future growth. This budget reflects a balanced approach to fostering innovation and ensuring regulatory compliance.”
Mr. Vidur Varma, CEO of Agri Wings
“We commend the Union Budget presented by Finance Minister Nirmala Sitharaman for its comprehensive focus on empowering farmers and enhancing the agricultural sector. The emphasis on increasing MSP for all major crops and prioritizing productivity and resilience in agriculture is a significant step towards securing farmers’ livelihoods. The introduction of 109 climate-resilient crop varieties and the mission for self-sufficiency in pulses and oilseeds will greatly benefit farmers.
The initiative to engage one crore farmers in natural farming over the next two years, supported by branding and certification, is a visionary move that aligns with sustainable farming practices. Additionally, the development of large vegetable production clusters and the promotion of farmer producer centers, cooperatives, and startups will strengthen the supply chain and boost rural economies.
With a substantial allocation of ₹1.52 lakh crore for agriculture and allied sectors, this budget sets a strong foundation for achieving ‘Viksit Bharat’ by 2047. We look forward to contributing to this mission by integrating advanced drone technologies and efficient farming practices, ensuring a prosperous future for our farmers.”
Dr. Neerja Aggarwal, Psychologist and Co- Founder of Emoneeds
For startups the budget has covered multiple facets and not just the angel tax abolition. The Hon’ble FM has also extended the definition of “eligible startup” to include the ones incorporated between April 1, 2016, and March 31, 2025 which means more startups will be able to benefit from the tax holiday under the Startup India scheme. Apart from this proposal for simplification of tax structure under GST would help with the compliance. Certainly, we expected a little more stress on the health sector which was a miss in the Budget announcement, and the reason for this is beyond comprehension.
Balajee Bobba, Director, Bobba Group
“We commend the government for its visionary Union Budget 2024-25, which strategically emphasizes infrastructure, manufacturing, and skill development. The spotlight on the logistics and supply chain sector is crucial for India’s growth trajectory. Introducing e-commerce export hubs and industrial centers under the Vikas Bhi, Virasat Bhi scheme is a praiseworthy approach to bolster MSMEs and foster regional development. The government’s commitment to green energy and EV infrastructure marks a significant step towards sustainable logistics. Additionally, the focus on technology and innovation will enable the industry to leverage AI, enhancing warehousing and optimizing every facet of the supply chain. At Bobba Group, we are enthusiastic about these initiatives and look forward to capitalizing on these opportunities to drive innovation, generate employment, and promote balanced economic growth.”
Mr Sumit Shukla, Chairman of the i-merit Steering Committee and Founder & CEO at Connexrm Pte Ltd(Singapore)
“The Union Budget’s substantial allocation of Rs 1.48 lakh crore for education, employment, and skilling is a significant step forward in addressing India’s youth unemployment crisis. The government’s commitment to training 20 lakh young people over the next five years is commendable. To truly maximize the impact of these initiatives, it is crucial to focus on industry-aligned skill development, ensuring that the training programs equip young people with the specific competencies demanded by the job market. By fostering strong public-private partnerships, we can create a skilled workforce that drives economic growth and innovation.”
Mr. Chakravarthi C. – Managing Director – Quantum Energy
The biggest challenge in the country in regard to the EV sector is the network of manufacturers and suppliers. Now to pick up on developing something new one needs capital and skill. The Budget has covered these two points for us graciously. With the credit guarantee schemes for MSMEs in manufacturing and an additional investment in industrial training centres we can expect to address the concerns.
Avinya Ventures, Early Stage VC Fund
“We are thrilled to see the Union Budget 2024-25 address critical areas for startup growth, particularly through the proposed abolition of angel tax. This pivotal change will remarkably enhance the attractiveness of investing in DPIIT-registered startups, aligning perfectly with our mission at Avinya Ventures to support visionary entrepreneurs with a deep understanding of their markets and a commitment to innovation. By removing this tax barrier, we anticipate a surge in investment activity, which will empower more startups to scale and thrive. In addition to the angel tax abolition, the Finance Minister has extended the definition of ‘eligible startup’ under the Startup India scheme to include entities incorporated between April 1, 2016, and March 31, 2025. This extension allows more startups to benefit from the tax holiday offered under the scheme, further broadening the support available to emerging ventures. Moreover, the allocation of ₹1000 crore to fund space startups is a visionary move that reflects a growing recognition of the potential within high-tech and frontier sectors. As a SEBI-approved early-stage venture capital fund, we are excited about the opportunities this creates for supporting startups with strong founder market fit in emerging fields.” said by Gaurav VK Singhvi ,CEO & Managing Partner, Avinya Ventures
Dr. Dharmesh Shah, Founder and Director of Holistica World
The allocation of Rs 90,658.63 crore to the Union Health Ministry in the Budget for 2024-2025, marking a significant 12.59% increase from the previous year, reflects a commendable commitment to advancing the nation’s healthcare system.
This year’s Budget introduces several impactful measures. The expansion of digital infrastructure is a crucial step forward, enhancing the efficiency and accessibility of healthcare services across the country. The establishment of new medical colleges, is set to increase the number of trained medical professionals, addressing critical shortages and improving healthcare delivery in underserved areas. Furthermore, the relief measures for cancer patients, including the exemption of certain medicines from customs duties, are expected to alleviate financial burdens and improve patient outcomes.
In addition to these initiatives, the Budget’s focus on modernizing medical device production and supporting primary health care through various schemes demonstrates a comprehensive approach to strengthening the healthcare system.
These achievements reflect a positive direction in addressing the country’s healthcare needs and improving overall public health infrastructure. The ongoing support and implementation of these measures will be crucial in realizing the full potential of this enhanced budget allocation
However, while these steps are promising, there are areas where additional focus could further benefit the sector. For instance, increasing healthcare expenditure to 2.5% of GDP would provide more substantial support for comprehensive healthcare development. Additionally, greater emphasis on research and development, alongside optimized tax incentives and GST rates, could drive further innovation and efficiency in the sector.
Mr. Surjeet Thakur, Founder & CEO of TrioTree Technologies
The Union Budget 2024-25 demonstrates a strong commitment to technological advancement and healthcare innovation. The substantial increase in fiscal allocation for health tech and the strategic focus on skilling 20 lakh youth over the next five years will significantly impact our industry. As a health tech company, TrioTree Technologies welcomes the simplification of capital gains taxation and the abolition of the Angel Tax, which will foster a more conducive environment for startups and innovation. The increased investment in digital health infrastructure and the proposed measures to support research and development in healthcare are promising steps towards building a robust digital health ecosystem.
While the current initiatives are commendable, there are further opportunities to amplify their impact. For instance, increasing investment in health IT infrastructure by an additional 10% could enhance the integration and efficiency of digital health systems. Expanding funding for telemedicine and remote monitoring technologies could significantly improve access to care, especially in rural areas, potentially reaching millions more patients. Additionally, investing in cybersecurity measures to protect patient data and streamlining health IT regulations could further drive innovation and ensure safer, more effective healthcare delivery
Mr. Nishant Sinsinwar, Founder of Homiie Studio & Projects Makers
Union Budget will indeed be a promise as far as the real estate sector is concerned—infrastructure, affordable housing, and urban development. These initiatives are going to pave the way for innovation and growth in interior design and its execution. We are upbeat with digitization on the anvil and sustainability in consonance with our sustained commitments to green and efficient solutions. This budget supports SMEs, empowering local suppliers and subcontractors, and builds on our mission to connect clients with reliable local partners. As a whole, this budget sets the stage for changing the landscape of real estate. We are ideally placed to take advantage of these opportunities by driving growth and excellence in the industry.
Sanjeev Bhandari Founder & CEO of AirBrick Infra
“The announcement of significant allocations for infrastructure development in the Union Budget 2024-25 is a welcome move for the real estate and construction sector. The focus on rural and urban land reforms, digitization of land records, and the establishment of land registries will streamline processes and enhance transparency. The fiscal support for advanced ultra-super critical thermal power plants and the emphasis on renewable energy solutions align with our commitment to sustainable development. These initiatives will undoubtedly contribute to a more robust and efficient infrastructure landscape, driving growth and innovation in the sector.”
Dr. Sunil Shekhawat, CEO of SanchiConnect
The Union Budget brings hope for DeepTech start-ups through increased funding for R&D and innovation, which is crucial for those with disruptive ideas and longer fundraising cycles. With entrepreneurial experience since 2012, I recognise the challenges DeepTech start-ups encounter. The budget’s strategy of combining financing, regulation, and skilling into one comprehensive approach is a masterstroke.
Central to this approach is the ₹1,000 crore Venture Capital fund for the space economy, which will significantly boost India’s spacetech sector. Additionally, the abolition of the angel tax for all investors is set to attract more funding, thereby easing financial burdens on investors. Furthermore, the emphasis on skilling under CSR, particularly through internships, is a brilliant move that benefits both students and corporates. The 2024 budget exemplifies India’s forward-thinking approach, creating a supportive environment for start-ups, driving innovation, and equipping the workforce with essential skills.
Mr. Raj Singhal, Co-founder & CEO of Footprints Childcare
I am pleased with the Union Budget 2024’s revisions to tax slabs and the increased standard deduction. These give parents more disposable income to invest in their children’s early education, a critical developmental stage. This financial relief will support access to quality preschools, enhancing overall development and future success.
Furthermore, the reengineered skill loan scheme with loans up to INR 7.5 lakh, supported by a government-promoted fund guarantee, ensures 25,000 students annually access a dynamic workforce. Additionally, the comprehensive education loan scheme of up to INR 10 lakh for higher studies, with an annual interest subvention of 3% through e-vouchers, benefits one lakh students. Together, these measures create a robust foundation for educational growth from early childhood through higher education.
Mr. Vaibhav Kaushik, Co – founder & CEO, Nawgati.
I am elated by the government’s decision to abolish the angel tax for all classes of investors. It is what we, and the whole startup community, were looking forward to. This move will now give the Indian startup ecosystem the needed boost, allowing us to attract international funding and expand our reach beyond national borders. The establishment of a ₹1 lakh crore financing pool for private sector-driven research and innovation is a commendable step, aligning with every startup’s vision for commercial-scale advancements. Additionally, the comprehensive plan to strengthen India’s energy security with new policies and initiatives is a promising development for our industry. These steps along with other targeted incentives specifically for startups can play a crucial role in bolstering and sustaining our momentum and driving further innovation in the Indian startup ecosystem.
Mr. Soumya Sarkar, C0-Founder, Wealth Redefine (AMFI registered MFD).
We appreciate the government’s commitment to fiscal consolidation with a fiscal deficit target of 4.9% of GDP. The increased allocation for infrastructure and rural development, coupled with employment and skilling initiatives, will drive economic growth and create new opportunities. The abolition of the Angel Tax for startups is a significant boost for the entrepreneurial ecosystem. At Wealth Redefine, we believe these measures will positively impact the investment climate.
However, the proposed tax hike on short-term and long-term capital gains may adversely affect the market. While the simplification of capital gains taxation is a positive step, the higher tax rates could dampen investor sentiment.
Vijay Navaluri, Co-founder & Chief Customer Officer, Supervity
The 2024-25 Union Budget places a strong emphasis on technology and innovation, which is crucial for the growth of the AI and tech sectors. The abolition of the Angel Tax for investors is a significant move that will bolster the startup ecosystem, encouraging more investments and fostering innovation. It will significantly improve startup funding sentiment while boosting morale of deep tech and AI startups to take bigger bets. The focus on skilling and employment are steps in the right direction, creating a conducive environment for tech companies to thrive. The allocation of funds for research and development, particularly in the space economy and renewable energy, indicates the government’s commitment to supporting cutting-edge technologies. Supervity AI is excited about these developments and looks forward to contributing to India’s journey towards becoming a global tech leader.
Shashank Saurabh, Co-founder & CEO, QUE
We welcome the Union Budget 2024-25, which underscores the government’s commitment to economic growth and social development. The Budget reflects a forward-thinking approach to economic development, particularly with its support for digital and infrastructure growth. QUE is particularly enthusiastic about the focus on digital public infrastructure and the abolishment of the Angel Tax, which will encourage innovation and expansion in the startups space. These measures align with our mission to deliver premium eyewear solutions while embracing digital advancements to enhance customer experiences. We are optimistic about the positive impact this budget will have on the broader economy. Additionally, the focus on women’s development with substantial allocations for schemes benefiting women and girls aligns with QUE Universe’s ethos of empowering women.
Whiter AI
“At Whilter AI, we are pleased with the Union Budget 2024’s focus on fostering technological innovation and supporting the startup ecosystem. The introduction of the new internship scheme for one crore youth, providing tax incentives for startups is highly encouraging and a crucial step in bridging the skills gap and preparing a tech-savvy workforce for the future. The new credit guarantee scheme for MSMEs in the manufacturing sector will help early-stage ventures overcome initial hurdles, further supporting startups and MSMEs by offering easier access to funding, which is vital for scaling operations and developing cutting-edge technologies allowing them to focus on innovation and growth.This budget’s emphasis on maintaining a stable and predictable tax regime will also provide startups and tech companies with the financial clarity needed for long-term planning and sustainable growth.
We urge the government to continue prioritizing AI research and development, along with establishing clear ethical guidelines for generative AI. This will ensure that technological advancements are made responsibly, fostering trust and ensuring that innovation benefits society as a whole. Whilter AI looks forward to contributing to India’s journey towards becoming a global leader in technology and innovation.”
Dr. Miniya Chatterji, Founding Director, Anant School for Climate Action, and CEO, Sustain Labs Paris
“The government has laid its focus on energy security as one of the pillars in the Union Budget 2024. The new policy document on India’s energy future is much awaited, and I expect it to include the plans to achieve rooftop solarisation, enhancing electric vehicle infrastructure, and promoting biodegradable polymers & bioplastics – as was announced in the interim budget in February. I also look forward to the government’s focus on developing indigenous energy technologies and building local capabilities amongst micro and small industries in energy production and management. On that note, the provision of financial support to micro and small industries for shifting to cleaner forms of energy is also a commendable move by the government. Another good move is the exemption of custom duty on capital goods for manufacturing of solar cells and panels. A taxonomy for climate finance, as planned by the government, will help improve the availability of funds for adapting to climate change and reduce greenhouse gas emissions.
Under urban development, the budget also talks about promoting water supply, sewage treatment and solid waste management projects and services for 100 large cities in India. This will set a benchmark for water and waste management practices which can then expand to tier-2 and tier-3 cities eventually.”
Mr. Vivek Lohia, Managing Director, Jupiter Wagons Limited.
On the Overall Infrastructure Sector
“The Union Budget’s comprehensive focus on infrastructure development is a transformative step for our nation’s future. The substantial capital expenditure allocation, along with provisions for long-term interest-free loans to states, showcases a visionary approach that will drive economic growth and innovation. Encouraging private sector participation through viability gap funding and market-based financing frameworks will foster a dynamic environment for infrastructure advancements. These initiatives are poised to significantly improve connectivity, boost productivity, and create numerous job opportunities across various sectors. By prioritizing sustainable development and leveraging both public and private investments, this budget positions India on a robust path to becoming a global leader in infrastructure excellence.”
On the MSME Sector
“The Union Budget’s focus on strengthening the MSME sector is a crucial move towards fostering inclusive economic growth. The introduction of the new credit guarantee scheme and the enhanced credit support mechanisms reflect a deep understanding of the needs of small and medium enterprises. By increasing the Mudra loan limits and promoting digital credit assessments, the government is ensuring that MSMEs have the necessary financial support to innovate and expand. These comprehensive measures will not only boost the resilience and productivity of the MSME sector but also generate employment and drive economic development across the nation. We commend the government for its commitment to creating a supportive ecosystem for MSMEs, which are the backbone of our economy.”
On Public Private Partnership
“Finance Minister Nirmala Sitharaman’s emphasis on public-private partnerships is a transformative step for the infrastructure sector. The simplification of FDI norms to facilitate inflows is a genuine effort by the government to attract and sustain private investment in India. By prioritizing and promoting Foreign Direct Investment, the government is creating a conducive environment for investors. By fostering collaboration between the government and private players, we can leverage the strengths of both sectors to enhance project execution, innovation, and efficiency. This approach not only promises accelerated development but also ensures that the infrastructural growth is sustainable and inclusive. The significant budget allocation towards infrastructure underlines the government’s commitment to building a robust foundation for India’s future, and we at Jupiter Wagons Ltd. are enthusiastic about contributing to this national endeavor.”
Saumyajit Roy, CEO & Co-Founder, Emoha
“The Budget 2024’s focus on boosting women’s workforce participation through hostels, creches, and skilling programs is commendable. The ‘sandwich generation’ of women, balancing childcare and elder care, often sacrifice careers due to these responsibilities. At Emoha, we believe incorporating senior care as an employee benefit is the missing piece of this puzzle. By addressing senior care, we can unlock the full potential of women in the workforce. The encouraging 17.2% rise in net female additions to the workforce in May 2024 could see exponential growth with this approach.
We call on corporations to partner with senior care providers like Emoha. This not only aligns with the government’s gender diversity goals but also creates a truly inclusive work environment. As we look to the future, integrating senior care into employee benefits will be crucial in achieving the workforce participation and economic growth targets set by this budget.
Emoha stands ready to collaborate with businesses to implement these solutions, ensuring that the budget’s vision for women’s empowerment is fully realized. This holistic strategy will be key to building a more balanced, productive, and inclusive economy in the years to come.”
Samarth Kholkar, CEO & Co-Founder, BLive
“The 2024 Union Budget has blown the bugle for India’s EV and last mile logistics sectors. With the waiving off of import duties on 25 minerals—critical inputs like lithium—and the outlay of Rs. 26,000 crore for road connectivity projects, will further support the adoption of EV for last mile revolution . These would also support to set the tone for the ambitious target of 30% EV sales by 2030.
PLI schemes are likely to bring down cell prices, making batteries more affordable. Better road infrastructure will improve the speed of goods movement and last mile efficiency. The potential creation of 30 lakh jobs in manufacturing adds another spark to our economic engine and benefits particularly the two-wheeler segment.
This optimism is further fueled by the abolishing of angel tax on all classes of investors, putting that extra zip in our startup ecosystem. The move is expected to reduce the financial and regulatory burden on startups substantially, encouraging more angel investors to fund innovative ventures in the EV and logistics space.
More intently, though, we believe that much bolder steps are now needed. Bringing down GST on all components of EVs to 5 percent will make electric vehicles more pocket-friendly and increase adoption. Our charging and battery swapping infrastructure must be expanded to eliminate range anxiety and provide seamless service to our users.
While we are charging toward a greener future, such additional measures certainly are something which we all look forward to seeing in effect. With absolute clarity now ahead, it’s on full charge, and India shall see its last mile changed with innovative, eco-friendly solutions. Electric, efficient, and enthusiastically embraced is the future of logistics!”
Mr. Rajiv Sabharwal, Managing Director and CEO of Tata Capital Ltd
• “The Union Budget 2024 represents a pivotal moment for India’s economic growth, emphasizing substantial infrastructure investments and sustainable development.
• The extensive funding for infrastructure will propel economic momentum and modernize essential sectors
• Enhanced Mudra loan limits and a new credit guarantee scheme are set to stimulate growth and innovation among small and medium enterprises (SMEs)
• Targeted investments in energy security and green initiatives are poised to drive long-term stability and environmental progress.
• Overall, the budget lays a solid groundwork for India’s future, driving progress and resilience”
L Srinath Reddy, Managing Director, Raminfo Limited
“Budget 2024 reflects a forward-thinking approach, particularly in supporting MSMEs and youth skill development. The introduction of a credit guarantee scheme and enhanced Mudra loan limits will significantly bolster the MSME sector, providing much-needed financial support and stability. As an MSME, we too are eyeing global expansion with young talent and innovation at the heart of our plans. This budget aligns with our vision too. The comprehensive internship scheme, aiming to offer internships in top companies to one crore youth over five years, is a game-changer. It will provide invaluable real-world experience and skill enhancement opportunities for our young workforce. Employment-linked skilling initiatives and the three employment-linked incentive schemes, focusing on job creation and support to employers, demonstrate a strong commitment to reducing unemployment and encouraging industry growth. Abolishing the angel tax for all investor classes is a significant move to boost investment and entrepreneurial activity in the country.”
Karun Tadepalli, CEO and Co-Founder, byteXL
“Cognizant of the transformative power of education and skills in shaping our nation’s future, the policymakers are aiming to empowering youth. By offering financial support for higher education loans up to Rs 10 lakh with a 3% interest subvention and e-vouchers for one lakh students annually, access to learning opportunities is being democratized. Concurrently, the upgrade of 1,000 ITIs using the hub and spoke model, aligned with industry needs, underscores our dedication to equipping our workforce with relevant skills.
With an allocation of Rs 1.48 lakh crore towards education, employment, and skilling initiatives, 20 lakh youth over the next 5 years will be skilled. Internships for 1 crore youth in top companies, supported by CSR initiatives, will bridge the gap between academia and industry, fostering practical knowledge and career readiness. The abolition of angel tax for investors further catalyzes entrepreneurial spirit, facilitating innovation and job creation. Together, these measures reflect a holistic approach to nurturing talent, enhancing employability, and fostering a thriving economy built by a skilled workforce.”
Mr. Karthik Kondepudi, Partner – Herbochem
“I appreciate the Government of India for supporting the MSME sector. It is a commendable step from the Government that now the MSMEs in the manufacturing sector will benefit to grow without any burden of collaterals, with the Credit Guarantee Scheme for MSMEs which will guarantee a cover up to ₹100 crore. The new way of assessing MSME credit using digital footprints for credit appraisal will be far better than conventional methods and increase credit availability for many businesses. Also, credit support during any stress period will ensure that operations of the MSMEs are kept continuous since this is an important factor influencing the survival and growth of businesses. Increasing the Mudra loans limit up to ₹20 lakh, strengthening the TReDS platform space and covering more clusters with SIDBI will fulfil the needed funds and working capital needs of the sector. The measures for establishing the food irradiation units and quality testing lab will strengthen the base of the food sector both in terms of quality and safety. In summary, this budget provides a solid ground for MSME to grow, compete internationally, and act as a major driver of the Indian economy.”
Satyendra Prasad Narala – Managing Director, Regency Ceramics
“The Finance Minister’s announcement of a ₹10 lakh crore investment in urban housing through PMAY Urban 2.0 is a significant boost for India’s real estate sector and related industries such as Ceramics and Tiles Manufacturing. This substantial infusion, including ₹2.2 lakh crore to rejuvenate the affordable housing segment and is expected to drive demand for construction materials and stimulate growth in sectors like ceramics, fostering innovation in construction technologies for affordable housing.
Moreover, the enhanced focus on middle-class families is likely to encourage diverse housing types and urban design solutions.
In tandem with this, the focus on MSMEs is commendable. The introduction of a credit guarantee scheme for MSMEs in the manufacturing sector, along with support for E-commerce export hubs, will fuel growth and competitiveness. However, while welcoming these measures, we urge additional support for sectors like Ceramics to ensure sustainable growth.”
Prem Kumar Vislawath – CEO and Founder, Marut Drones
The allocation of ₹1.52 lakh crore for agriculture and allied sectors by the finance minister underscores a pivotal commitment to bolstering India’s agricultural resilience. The emphasis on developing climate-resistant varieties and introducing 109 new high-yielding varieties is a forward-looking stride towards sustainable agriculture. Additionally, the promotion of farmer producer organizations, cooperatives, and startups heralds a new era of inclusive growth and innovation in the agricultural sector.
Exempting lithium imports from customs is a bold step demonstrating India’s commitment to strengthening the drone manufacturing sector. Lithium, crucial for drone battery production, will now bolster domestic drone manufacturing, underlining the government’s support for this industry.
The abolition of the Angel Tax for investor classes is a significant boost for startups, affirming the government’s unwavering support for entrepreneurship and fostering a conducive investment environment.
However, we look forward to enhanced subsidies on agricultural machinery, including drones, as a critical step towards modernizing our farming practices.
Mr. Rishabh Kothari – Additional Secretary, Shri Ram Chandra Mission
“The budget session today has proposed supporting the development of temple corridors which will enable development of spiritual tourism within the proposed economic policy framework. According to the Ministry of Tourism, spiritual tourism in India has seen a rise post-Covid era. With the ease of restriction on lockdowns and travel, the numbers of spiritual tourists grew from 677 million in 2021 to 1,439 million in 2022 generating revenues of US$16.2 billion in 2022, up from US$ 7.9 billion as noted by the Ministry of Tourism. This contributed $199 billion to India’s GDP in 2022-23 financial year alone. Spiritual tourism has a rising potential of market size with an expected annual growth of 9-10% and generating livelihoods. It is estimated that by the end of this decade more than one hundred million people would have jobs in the spiritual tourism sector in India. Both Central and State Governments have worked in developing the infrastructure and connectivity through high-speed trains and setting up airports in smaller cities. Foreign tourists have been given easier access and interest-free loans to states to put up malls and shops for unique products have been brought in. It is very encouraging to see this kind of growth not only as an economic booster, but also that more and more people are seeking spiritual wellness from within the country and overseas as well. Provisions for promoting mental health as being an aspect of spiritual and holistic wellness must also be mandated through dedicated retreats and wellness centers.”
Saurabh Marda, Co-founder and Managing Director Freyr Energy
“The recent budget has been highly favorable for the energy sector, with the government setting an ambitious goal of achieving 500 GW of renewable power by 2030. A key component of this plan is encouraging homeowners to adopt solar energy, facilitating a swift transition to solar power. To support this, the government has allocated ₹70,000 crores in subsidies for homes that switch to solar energy. This is a crucial and forward-thinking initiative for the country’s future, and we express our gratitude to the government for taking this significant step”.
Sanjay Goenka, MD & CEO at 3F OIL PALM PVT.LTD
We appreciate the Union Government for announcing a substantial allocation of Rs 1.52 lakh crore for agriculture and allied sectors in the budget and their proposal to introduce natural farming practices to 10 million farmers in the next two years.
With the above initiative, domestic oilseed production, and specifically palm oil production, will increase. As India is one of the world’s largest importers of edible oils, of which palm oil constitutes a whopping 67 percent, this will help reduce India’s dependence on import of Palm Oil from other countries.
We believe the current budget will be a steppingstone towards empowering our farmers to make India self-sufficient in edible oils.
Mr. Kunal Vasudeva, Co – Founder & Managing Director, Indian School of Hospitality
The government’s allocation of ₹1.48 lakh crore for education, employment, and skilling, including training 20 lakh youth and upgrading 1000 institutes, is a significant step forward. For those pursuing vocational routes, this is a major win. It will help people develop practical skills and excel in their fields, bringing more youth into the formal economy. Additionally, with manufacturing bases in or near districts, there’s less need to migrate to cities, reducing mobility. Such initiatives are crucial for hyper-local job creation and boosting the manufacturing sector, driving India towards becoming a $10 trillion economy in the next 7-10 years.
The Union Budget’s provision for ₹10 lakh education loans with interest relief for higher education in India is a big win for those pursuing the academic route. Given our low gross enrollment ratio, these loans will make quality education more accessible, allowing students to choose institutions of merit. This embodies ‘Sabka Saath, Sabka Vikas,’ fostering inclusivity from the ground up. By enhancing local education opportunities and increasing our GER from 26% to at least 40% in the next 5 years, we can cultivate a skilled, competent, and agile-thinking workforce. This workforce is essential for job creation, manufacturing growth, and meeting the workforce needs across various sectors, supporting ‘Made in India for India and Made in India for the world,’ and propelling us towards becoming a $10 trillion economy in the next 7-10 years.
Mr. Shishir Jaipuria, Chairman, Seth Anandram Jaipuria Group of Educational Institutions
The Union Budget 2024-25 presented by Finance Minister Nirmala Sitharaman emphasizes on skill development and employment generation – two very important areas for realizing the country’s demographic dividend. The three schemes for the employment-linked incentives shall facilitate smooth entry of graduates and post-graduates into industry through the one-month wage allowance and EPFO contribution. The decision to upgrade 1000 industrial institutes and aligning the course content with the industry needs will address the skills gap. Many of India’s youth who have the potential but can’t afford quality higher education will benefit immensely from the provisions for availing loans upto Rs. 10 lakh through e-vouchers. This initiative will also improve the gross enrolment ratio in higher education from its present 28.4% to the 50% target for 2035 proposed in the National Education Policy 2020. To provide learners an industry exposure, the initiative to give internship to 1 crore youth in the next five years is indeed commendable. With an outlay of 1.48 lakh crore collectively for education, skilling and employment, the Union Budget is aimed at empowering the youth to play an active role in nation-building for Viksit Bharat.
Dr. Latha Krishnan, Dean- MBA, School of Management, IILM University, Gurugram
In the 2024-25 interim Budget, the Education Ministry’s overall budget allocation this year increased by 6.8 % from Rs. 1,20,627.87 crore as opposed y Rs. 1,12,899.47 crore in 2023-24.
The PM POSHAN scheme saw an increase of over Rs 800 crore in allocation from Rs 11,600 in 2023-24 to Rs 12,467.39 crore in 2024-25.
Finance Minister Nirmala Sitharaman has announced that the Centre will provide Rs 1.48 lakh crore for education and employment and skill. Financial support for loans up to Rs 10 lakh will be given to students aiming for higher education in domestic institutions. New centrally sponsored scheme for skilling in collaboration with state governments and industries. About 20 lakh youth will be skilled over 5-year period.
The FM further announced that the government will provide internships to one crore youth. These interns will get Rs 5000 as stipend and one time assistance of Rs 6000. The companies will bear the cost from their CSR funds. There has been an increase in higher educational institutes and women in STEM courses in the last 10 years, which she said were the effects of the National Education Policy (NEP) 2020.
The funding for UGC was brought down by 60.99 per cent, it was brought down to Rs 2,500 crore from the previous year’s revised estimate of Rs 6,409 crore. However, the grants for central universities increased from Rs 4,000 crore to Rs 15,928 crore for the financial year 2024-25.
Mr. Nipun Goenka, Managing Director, GD Goenka Group
We welcome the ₹1.48 lakh crore allocation for education, employment, and skilling in the 2024-25 budget. The initiative to skill 20 lakh youth, upgrade 1,000 training institutes, and introduce industry-aligned courses will enhance employability and innovation.
The provision of ₹10 lakh education loans with interest subvention and the revised Model Skill Loan Scheme are commendable steps towards making higher education more accessible. Additionally, the internship opportunities for one crore youth in top companies will provide valuable experience and financial support. These measures will create a robust and inclusive educational ecosystem, fostering growth and development.
At GD Goenka Group, we are enthusiastic about these positive changes and look forward to contributing to the nation’s educational and skill development goals.
Mr. Ahsan Shervani, Vice President, Star Hotels Pvt Ltd (Shervani Hotels)
We welcome the allocation of approximately ₹2,450 crores to the sector, marking a 44.7% increase from previous estimates. This funding aims to enhance employment and stimulate tourism growth which is a welcomed move. As an industry we are still eagerly looking for a bit more rationalization in the GST structure for hotels and grant of infrastructure status to the industry.
Mr. Ujjwal Singh – Founding CEO, Infinity Learn by Sri Chaitanya
The Union Budget’s emphasis on education and upskilling is a commendable initiative. The allocation of Rs 1.48 lakh crore for education, employment, and skilling marks a significant step towards India’s economic growth, particularly as we advance towards digital literacy. As Finance Minister Nirmala Sitharaman stated during today’s budget announcement, this focus on education aims to enhance the accessibility and affordability of quality education. Furthermore, the budget’s emphasis on employment generation will fuel the aspirations of countless teachers, who are the backbone of our education sector. This investment will empower educators with greater opportunities to ensure ‘Baccha Seekha Ki Nahi’.
The establishment of new medical colleges in Bihar is especially encouraging for us, as we have been deeply committed to empowering learning outcomes in Bihar through our Patna Test Prep Centres. This is evident from our learners’ exceptional performance in recent competitive exams for engineering and medical fields. This motivates us to redouble our efforts to nurture outstanding doctors and improve the healthcare infrastructure in Bihar.”
Ms. Monica Malhotra Kandhari, Managing Director of AASOKA
I am delighted with the Union Budget 2024-25, which allocates ₹1.48 lakh crore towards education, employment, and skilling. This budget’s focus on skilling 20 lakh youth over five years through upgraded training institutes is a commendable step toward developing a capable workforce. The introduction of ₹10 lakh education loans for domestic institutions, with e-vouchers providing 3% interest subvention to one lakh students annually, will make higher education more accessible and affordable. The revised Model Skill Loan Scheme, benefiting 25,000 students yearly, further emphasizes the government’s dedication to skill development. Additionally, the initiative to offer internship opportunities to one crore youth in top companies, with financial support, will significantly enhance their employability.
At Aasoka, we are excited about these positive changes. Our blended learning solutions, which include customized curriculum and adaptive assessments, perfectly align with the budget’s vision. These initiatives will help us continue providing engaging and effective learning experiences for K-12 students, supporting their growth and success in the 21st century.”
Naveen Tewari, Founder & CEO, InMobi Group
“I wholeheartedly congratulate the government on presenting a visionary and forward-looking budget. The comprehensive focus on MSMEs, technology innovation, and skilling programs reflects a deep understanding of the current and future needs of our nation. The last ten years, we focused on building infrastructure and ensuring last mile connectivity. The next ten have to be about improving access, skilling and supporting small businesses. The public investment in DPI and incentivizing states to digitalize mark significant strides towards becoming a knowledge economy and ushering in India’s techade. Additionally, the improved data governance measures and easing of Safe Harbor and transfer pricing assessments will enhance ease of doing business, fostering a robust ecosystem for innovation and growth.
We particularly commend the focus on women, youth, farmers, and the underprivileged, aligning with our mission to leverage technology for inclusive development and making it a force for good. This budget not only addresses immediate economic challenges but also sets a strong foundation for sustainable development, making India a global leader in technology and digital transformation. We at InMobi, are truly excited about the opportunities this budget presents and are committed to leveraging these initiatives and supporting the government to drive growth, innovation, and inclusive development leaving the planet better than we found it.”
S. Sunil Kumar, Country President of Henkel India
“The Union Budget offers a strategic roadmap to consolidate India’s economic gains and propel it towards new heights. It has identified several key growth catalysts such as Manufacturing & Services, Employment & Skilling, Infrastructure Development, Innovation, and Research. Collectively, these will advance the nation towards a ‘Vikshit Bharat’, reflecting a commitment to sustainable and inclusive growth through targeted investments and strategic development”.
With a significant allocation of Rs 11.11 lakh crore towards capital expenditure for FY 2024-25, the government is paving the way for robust infrastructure development and sustainable economic growth in India. Over the next five years, the focus on large-scale projects has the potential to transform the economic landscape, reduce logistical costs, and improve the efficiency of transportation networks. It is also promising to see the government taking measures to boost job creation in the manufacturing sector, a key contributor to the country’s GDP.
The government has earmarked over Rs 3 lakh crore for schemes benefiting women and girls and boosting their participation in the workforce. It is a welcome development that will unlock productivity, promote social equity, and enhance India Inc’s journey towards a more diverse and inclusive workplace. By leveraging the full potential of all talent, including women, industries can build a more robust and capable workforce.
Overall, the Union Budget 2024 outlines pathways to enhance India’s long-term economic resilience and competitiveness, and to position it as a global economic powerhouse.
Saumyajit Roy, CEO & Co-Founder, Emoha
“The Budget 2024’s focus on boosting women’s workforce participation through hostels, creches, and skilling programs is commendable. The ‘sandwich generation’ of women, balancing childcare and elder care, often sacrifice careers due to these responsibilities. At Emoha, we believe incorporating senior care as an employee benefit is the missing piece of this puzzle. By addressing senior care, we can unlock the full potential of women in the workforce. The encouraging 17.2% rise in net female additions to the workforce in May 2024 could see exponential growth with this approach.
We call on corporations to partner with senior care providers like Emoha. This not only aligns with the government’s gender diversity goals but also creates a truly inclusive work environment. As we look to the future, integrating senior care into employee benefits will be crucial in achieving the workforce participation and economic growth targets set by this budget.
Emoha stands ready to collaborate with businesses to implement these solutions, ensuring that the budget’s vision for women’s empowerment is fully realized. This holistic strategy will be key to building a more balanced, productive, and inclusive economy in the years to come.”
Mr. Jatinder Paul Singh, CEO & Co – Founder of Viacation Tourism
” We warmly welcome the 2024 Union Budget, which underscores a visionary approach to enhancing India’s tourism sector. FM Sitharaman’s commitment to developing Nalanda and the Nalanda-Rajgir corridor as premier tourist destinations is a significant step in reviving and promoting our rich cultural heritage. The proposed comprehensive development of the Vishnupad and Mahabodhi Temple Corridors, modeled on the successful Kashi Vishwanath Temple Corridor, promises to elevate these spiritual sites to world-class pilgrim destinations.
The focus on transforming Rajgir into a comprehensive development hub highlights the government’s dedication to preserving and showcasing our historical and religious landmarks. Additionally, the support for Odisha’s tourism infrastructure reflects a broader strategy to leverage India’s diverse attractions, from its scenic landscapes to its vibrant cultural and historical sites.
These initiatives not only aim to position India as a global tourist destination but also to create significant job opportunities and stimulate investments across various sectors. We applaud this forward-thinking approach, which will undoubtedly enhance India’s global tourism profile and drive economic growth.”
Mr. Pranav Bajaj, Co – Founder, Medulance:
“The Finance Minister has allocated ₹89,287 crores for healthcare this year, surpassing last year’s allocation of ₹88,956 crores. This increase underscores the government’s commitment to enhancing healthcare services across the nation. We also commend the launch of Phase 4 of the PM Gram Sadak Yojana, which will extend all-weather roads to 25,000 rural habitats. This initiative is pivotal in achieving last-mile connectivity, ensuring that even the most remote communities have access to emergency medical services. With improved infrastructure, we can guarantee that no emergency goes unserved, ultimately saving lives and improving overall health outcomes.”
Mr. Vinnaayak Mehta, Founder, The Infinity Group
“In light of the recent market fluctuations, the Union Budget for 2024-25, presented by Finance Minister Nirmala Sitharaman, offers a strategic blueprint to stabilize and invigorate India’s economic landscape. The budget’s focus on setting up additional Debt Recovery Tribunals for faster debt resolution will significantly enhance financial stability and investor confidence. This move is crucial in restoring market equilibrium and ensuring efficient recovery of overdue debts.
The enhancement of Mudra loan limits to ₹20 lakh, up from ₹10 lakh, marks a significant boost for small businesses and entrepreneurs, providing them with greater financial leverage. Similarly, the reduction in customs duties on gold, silver, and platinum will likely stimulate consumer spending and support the jewelry sector. Simplifying the rules for Foreign Direct Investments (FDIs) and promoting the use of the Rupee for overseas investments will attract global investors and strengthen India’s position in the international market. The proposed changes to capital gains taxation and the reduction in Security Transaction Tax on F&O transactions are expected to encourage investment and improve market liquidity. Furthermore, the new regulations on ESOPs and social security investments for Indians working in multinational corporations will bring much-needed transparency to the financial system.
Overall, the 2024 budget’s comprehensive measures are well-positioned to address current market challenges and foster a stable and prosperous economic environment. We welcome these forward-thinking initiatives as a positive step toward economic resilience and growth.”
Avneet Singh Marwah, CEO of SPPL, Exclusive brand licensee of Blaupunkt TVs in India
The Union Budget 2024 demonstrates a strong commitment to job creation in the manufacturing sector. By providing targeted incentives for EPFO contributions, the government aims to generate significant employment opportunities for both employers and the 30 lakh young people entering the workforce. This initiative reflects a strategic approach to meeting employment needs in our rapidly evolving economy.
With a substantial allocation of INR 2 lakh crore towards skilling programs, the budget emphasizes equipping our workforce with the skills necessary to succeed in a competitive global market. The focus on Micro, Small, and Medium Enterprises (MSMEs) is further supported by the introduction of a credit guarantee scheme, designed to enhance the financial stability and growth potential of the vital enterprises.
Additionally, the budget’s focus on the middle class is evident through tax relief measures, such as an increase in the standard deduction for salaried individuals and additional benefits under the new tax regime. These measures aim to boost disposable income and stimulate consumer spending, thereby fostering economic growth.
In summary, the Union Budget 2024’s initiatives in the manufacturing sector represent a forward-thinking strategy to create sustainable jobs, enhance skills, and support MSMEs. These measures are poised to play a crucial role in empowering our youth, strengthening the middle class, and guiding the nation towards a prosperous future.
Prerna Kalra, Co-founder and CEO Daalchini Technologies
The Union Budget 2024 marks a significant and encouraging shift towards inclusive and equitable growth. The budget’s emphasis on job creation through EPFO contribution incentives promises to generate opportunities for 50 lakh youth, including a substantial number of women. This is a pivotal moment, opening doors for greater female participation and advancement in the workforce.
A new centrally sponsored scheme to skill 20 lakh youth over the next five years, coupled with the upgrade of 1,000 ITIs to offer industry-relevant courses, will prepare a workforce ready for emerging sectors. This initiative is particularly valuable for women seeking to acquire new skills and excel in various fields.
Moreover, the facilitation of term loans for machinery purchases is a welcome development for entrepreneurs. This support will help scale up operations, invest in innovative technologies, and boost productivity, driving growth and success for businesses.
The allocation of over 3 lakh crore for schemes benefiting women and girls is especially inspiring. It highlights a robust commitment to supporting women entrepreneurs and addressing their needs across various sectors. This investment in women’s empowerment will foster entrepreneurship and contribute to broader socio-economic development.
Overall, the Union Budget 2024 reflects a progressive vision for India, emphasizing job creation, skill development, and inclusive growth.
Ratan Singh Sehgal, MD, Hybon elevators & escalators Pvt Ltd.
The budget’s focus on developing cities as ‘Growth Hubs’ through economic and transit planning is an important initiative. By partnering with states and implementing town planning schemes, this approach aims to upgrade urban infrastructure and stimulate economic development at the micro level. The expansion of the tourism corridor will benefit the hotels and restaurant industry. Increased construction of hotels, motels, and tourism spots will expand global footprints and stimulate local economies. This will lead to job creation and attract investments from corporates into these states. The government has also planned to invest ₹26,000 crore in Bihar, which will also see improvements in infrastructure such as airports and highways.
Job creation and manufacturing in Tier 3 and 4 cities will attract and retain local talent, fostering economic growth and development. The government’s plan to invest in these regions, including the Amritsar Kolkata Industrial Corridor and the development of an industrial node at Gaya, aims to generate economic opportunities and contribute to the vision of Viksit Bharat. Infrastructure development at the micro level will enhance connectivity and create a conducive environment for businesses to thrive, further driving economic activity and job creation.
Union Budget 2024 represents an approach to addressing India’s urban housing needs and supporting economic growth. The allocation of ₹10 lakh crore for Urban 2.0 is notable, with plans to construct 1 crore (10 million) houses for the urban poor, alongside an additional 3 crore houses under the Pradhan Mantri Awas Yojana (PMAY). This commitment will improve living conditions across both rural and urban areas, reflecting the government’s dedication to enhancing housing accessibility and quality.
In the manufacturing sector, the introduction of the Credit Guarantee Scheme for MSMEs, a new assessment model for MSME credit, and the enhanced limit for Mudra Loans under the ‘Tarun’ category are significant measures. These initiatives will provide support to small and medium enterprises, facilitate job creation, and strengthen the economic foundation. Additionally, Scheme B, which offers incentives for EPFO contributions for first-time employees and employers for the first four years, is expected to benefit 30 lakh youth, further boosting employment.
Overall, the Union Budget 2024 sets a path towards a prosperous and inclusive future for India, with targeted investments and strategic initiatives aimed at enhancing economic opportunities across the country.
Mr. Nirmal K Minda, Chairman & Managing Director, Uno Minda.
“We welcome the Union Budget 2024-25 with its forward-looking initiatives to boost job creation with focus on urban infrastructure and strengthening the manufacturing sector. The scheme linking job creation to the employment of first-time workers is a significant step towards fostering growth and inclusion.
The incentives for EPFO contributions, benefiting both employees and employers for the first four years, will provide a substantial boost to our efforts in nurturing young talent is noteworthy.
At Uno Minda, we are encouraged by the focus on increasing women’s participation in the workforce. The initiatives to set up hostels and organize women-specific skilling programs are crucial steps towards creating a more inclusive and diverse manufacturing sector. We look forward to the opportunity to engage with the government on this initiative, as empowering the youth and increasing women’s participation in the workforce have always been our key priorities.
Additionally, the credit guarantee scheme for MSMEs in the manufacturing sector will play a crucial role in ensuring sustained growth and stability for small and medium enterprises, which are the backbone of our industry.
The Government’s announcement to exempt customs duty on 25 critical minerals including Lithium and Cobalt will potentially benefit battery manufacturers and thereby the EV ecosystem. The Government has maintained infrastructure capital expenditure of more than Rs 11 lakh crores, provided for setting up industrial parks in 100 cities, and allocated 1.52 lakh crores for the agriculture and allied sectors. These spendings will boost consumption significantly, which will support the lower-middle-income class. This is expected to boost demand for the two-wheeler segment and entry-level cars.
The government’s commitment to fiscal prudence, with a deficit target of 4.9% of GDP, provides a stable macroeconomic environment for businesses to thrive. We are confident that these measures will drive sustainable and inclusive growth, positioning India as a global manufacturing hub.”
Kamal Bali, President & MD – Volvo Group in India
It is one of the most thoughtful, pragmatic and inclusive budgets, that addresses most sections of our society and economy. A growth oriented budget which continues to be large on infrastructure capex, and on schemes for skilling & employment generation, yet fiscally responsible with a good glide path, for controlled inflation & macroeconomic stability.
Mr. Satish Shukla, Co-founder of Addverb.
”As the Union Budget 2024 sets the stage for transformative advancements in the manufacturing sector, we at Addverb applaud its strategic focus on job creation, technological innovation, sustainability, and MSME support. This forward-thinking approach promises to drive efficiency, enhance productivity, and build a more resilient and innovative economy. The introduction of the credit guarantee scheme for MSMEs and the facilitation of term loans for purchasing machinery are critical steps that will enhance operational efficiency and drive technological advancement in manufacturing. By prioritizing employment and skilling, especially for women, the budget aligns with our commitment to creating inclusive and future-ready workplaces. These strategic initiatives are set to enhance productivity and resilience across sectors, propelling India towards a more sustainable and innovation-driven economy.”
Rahul Bhagat, CEO at DSP Pension Fund Managers
The introduction of the NPS Vatsalaya scheme by the finance minister marks a significant step towards fostering a culture of long-term financial planning for minors in our country. This initiative allows parents and guardians to proactively invest in the future financial security of their children from an early age.
Under this scheme, parents can open and manage investment accounts on behalf of their minors, ensuring a structured approach to savings and investments. This not only instills a sense of financial discipline from a young age but also sets the stage for robust financial planning as children grow into adulthood.
One of the most compelling aspects of the NPS Vatsalaya scheme is its flexibility. As minors reach adulthood, these accounts can seamlessly transition into regular National Pension System (NPS) accounts, continuing to build upon the initial investments made during their formative years.
In essence, the NPS Vatsalaya scheme represents a forward-thinking approach by the government to empower families with the means to plan for their children’s futures responsibly. It encourages savings and investment habits that will undoubtedly benefit our society as a whole in the long run.
Sanket Shah, CEO and Co-Founder, Invideo
The removal of the Angel Tax is a big win for Indian startups. This bold move, along with the Anusandhan National Research Fund will supercharge our startup and tech-led research ecosystem. We’re creating an environment where startups can now dream big, innovate fearlessly, and build global giants from India, especially in the field of AI/Tech, amongst others. This budget clearly signals India’s intent to become a global innovation powerhouse.
Prasanna Rao, Co-founder and CEO of Arya.ag
“The 2024-25 Budget presents a promising roadmap for our agricultural sector with an increased allocation to the sector. The continued emphasis on infrastructure development, particularly at the farm gate, is a vital step towards modernising our farming practices. The announcement on dedicated missions for pulses and oilseeds will go a long way in the development of these value chains. The budget’s emphasis on technological integration with the introduction of Bhu-Aadhar and digital crop surveys is a significant step towards empowering our farmers with greater access to finance and services. These initiatives, combined with the support for Farmer Producer Organisations create a robust ecosystem for agricultural growth. The increased allocation to R&D to build climate resilience is an important step. This coupled with the focus on natural farming, demonstrates a forward-thinking approach to sustainable agriculture.
However, we must stress that a comprehensive carbon framework for agriculture is overdue, and further clarity on this front would be immensely beneficial.
While there’s always scope for more, this budget strikes a good balance between being farmer-friendly and market-oriented, setting a solid foundation for a more resilient and competitive agricultural sector in India.”
Kunal Arya, Co-Founder & Managing Director, ZELIO
“We appreciate the Finance Minister’s focus on job creation in the manufacturing sector through the new employment-linked scheme and the substantial allocation of Rs 2 lakh crore for education, employment, and skilling initiatives. The incentive for employing first-time workers and the credit guarantee scheme for MSMEs will undoubtedly provide much needed support to our manufacturing partners and foster a more skilled workforce. In particular, the emphasis on increasing women’s workforce participation and the substantial rise in funds for women’s empowerment are commendable steps toward building a more inclusive and diverse workforce. However, we were expecting more targeted measures for the EV sector’s specific needs. While the budget sets a positive foundation for growth, it falls short on increasing funding for EV charging infrastructure, which is crucial for building consumer confidence and accelerating EV adoption. Additionally, reducing GST on EV components and batteries would have been beneficial in lowering costs and making electric vehicles more accessible. Simplified financing options and enhanced support for R&D in EV technology would also have bolstered innovation and strengthened global competitiveness.”
Ramesh Ranganathan, CEO, K Raheja Corp Homes
“The budget announcement gives a boost to India’s real estate industry with the government’s decision to invest ₹10 lakh crore under the PM Awas Yojana-Urban, aimed at addressing the housing needs of 1 crore urban families. This strategic investment is a game-changer for the housing market and bolsters the construction industry by creating millions of jobs and improving living standards for people. Furthermore, the government’s decision to facilitate rental housing with dormitory-style accommodations for industrial workers will ensure dignified living conditions close to their workplaces, thereby enhancing productivity and overall well-being.
In alignment with the budget’s focus on women, encouraging states to lower stamp duties—especially for women—will significantly enhance the real estate market. By reducing transaction costs, this initiative will make property transactions more attractive and accessible, further driving market growth.” | Ramesh Ranganathan, CEO, K Raheja Corp Homes
Jeet Chandan, Co-Founder of BizDateUp
“The abolition of the Angel Tax marks a transformative milestone for the Indian startup ecosystem. By eliminating this long-standing barrier, the government has unlocked immense potential for early-stage startups and angel investors alike. This progressive move will not only ease the financial burden on startups but also attract a broader range of investors, fostering a more vibrant and supportive investment climate. At BizDateUp, we believe this policy change will catalyze innovation and entrepreneurship across the country, paving the way for India to emerge as a global leader in the startup arena. We are excited to see how this development will drive growth, create jobs, and accelerate the journey of countless startups towards success.”
Mr. Rohan Rai, CEO and Co-Founder, Edupull
“India is poised to achieve remarkable growth in the rapidly evolving digital era, outpacing the economies of its neighboring nations. With this in mind, we are thrilled about the new measures announced in the 2024–25 interim budget to support education, employment, and skill development.
The government has allocated Rs 1.48 lakh crore for these important areas, showing a strong commitment to improving opportunities for our youth. One highlight is the plan to provide internships for one crore young people in 500 top companies . Each intern will receive a stipend of Rs 5,000 and a one-time assistance of Rs 6,000. This is a fantastic opportunity for young people to gain valuable work experience. Companies will fund these internships through their CSR funds, creating a great partnership between the public and private sectors.
A new centrally funded scheme will also be launched in partnership with state governments and companies to train around 20 lakh youth over a five-year period. As part of this initiative, 1,000 ITIs will be updated, with training content and design linked to industry skill requirements.
The Education Ministry’s budget has increased by 6.8%, now totaling Rs 1,20,627.87 crore, up from Rs 1,12,899.47 crore last year. This extra funding will help improve schools, colleges, and educational programs across the country. Another important announcement is the support for loans up to Rs 10 lakh for higher education in domestic institutions. This will make it easier for students to afford college and university, opening doors to better careers.
At Edupull, we know how crucial these measures are. For example, many young people struggle to find internships through campus placements that provide real-world experience. This new internship program will help bridge that gap. Additionally, the increased budget for education means more resources and better learning environments for students. The loan support will help students from all backgrounds access higher education, giving them the chance to succeed. We believe these initiatives will make a big difference in the lives of young people across the country, helping them take informed decisions about their career path.”
Mr. Navneet Munot, MD & CEO, HDFC AMC
Union Budget aimed to strike a fine balance between fiscal prudence and growth impetus. Budget has focused on continuing SIP i.e. Sustainable development, Inclusive growth and Prudence (fiscal consolidation). Spotlight on skilling and job creation could help India reap rewards of its demographic edge. While digesting the taxation changes, equity markets will shift focus back on earnings trajectory and other macro-economic developments. Continuing commitment to fiscal consolidation could bode well for the bond market.
Budget has focused on continuing SIP i.e. Sustainable development, Inclusive growth and Prudence (fiscal consolidation). Spotlight on job creation will help India reap rewards of its demographic edge.
Dr Aruna Sharma, Policy Advisor, Practitioner Development Economist and Former Secretary to GoI
The Economic Survey released on 22nd July highlights the urgent need for right skilling, revealing that 50% of the youth are not employable due to inadequate skills. As an outcome, like this year, skilling has been a focus area for the government in the past many years.
However, despite a decade of investment in skilling, the allocated budgets have not delivered the desired results. Attaching a couple of apprentices to MSMEs might prove to be essential. Furthermore, online gaming could be an effective tool for skill development through engaging methods. We need trained individuals who are focused, dedicated, and hardworking.
Prof Sanket Goel, Dean, Research and Innovation (Institute-wide) and Professor, BITS Pilani Hyderabad Campus
“The budget is beaming with opportunities for both academia and industry which will further cultivate talent. The government has iterated its focus on developing India’s semiconductor manufacturing muscle by a substantial budget increase to ₹ 6,903 crore, which is more than twice than that from the preceding FY. There is immense potential for scientific progress in space technology in India which the government has rightly recognised by allocating ₹ 1,000 crore for space research. Also, the removal of angel tax for start-ups will encourage sustainable development and new business opportunities. A 15% tariff cut on electronics will boost manufacturing and make technology more accessible, while investment in skills development, including internships for 1 million students and the establishment of 12 industrial parks, will provide vital training and job opportunities and prepare youth for future challenges. Additionally, an investment of ₹ 3 lakh in women-led sectors will empower women entrepreneurs and promote inclusive growth. Together, these measures represent a strong commitment to fostering innovation, economic growth, and youth empowerment.”
Professor Manish Gangwar, Indian School of Business, Executive Director-ISB Institute of Data Science.
“The Union Budget 2024, presented by Finance Minister Nirmala Sitharaman, stands out for its strong emphasis on job creation. Through a series of innovative schemes and forward-thinking policies, this budget aims to generate substantial employment opportunities and address the existing skill gap in the workforce. A key highlight is the introduction of three “Employment Linked Incentive Schemes” designed to provide direct financial support to both employees and employers. These schemes include support for first-time employees, incentives for manufacturing sector jobs, and financial reimbursement for employers hiring additional staff.Recognizing the critical role of skill development and practical training in enhancing employability and productivity, the budget emphasizes the upgradation of ITIs and internships in top companies. Over the next five years, 1,000 Industrial Training Institutes (ITIs) will be upgraded, focusing on improving outcomes and quality. Additionally, 1 crore youth will gain valuable on-the-job experience through internships in top companies. The budget also plans to develop investment-ready “plug and play” industrial parks in or near 100 cities to stimulate job creation and a conducive environment for businesses to set up operations and generate jobs. The Union Budget 2024 is a forward-looking plan. By introducing targeted employment schemes, enhancing skill development programs, and developing industrial parks, the government aims to not only provide immediate employment opportunities but also focus on a skilled and resilient workforce for the future to drive India’s long-term economic growth.”
Amit Goyal, Regional Managing Director, South Asia, Project Management Institute.
“The government has presented a very meaningful budget touching all segments of citizens and sectors to create a roadmap to Viksit Bharat vision in 2047. The government acknowledges the need for skill development to fully leverage our demographic dividend and increase employability of Indian youth. The introduction of Central Skilling Scheme targeting 20 lakh youth over a period of 5 years, with the establishment of 1000 industrial institutes to be upgraded in hub and spoke model will democratize skill development across all strata and geographies in the country. The introduction of multiple skilling programs with ease of financial support, especially targeting manufacturing and women-led self-help groups are future forward steps in the right direction. Furthermore, the skilling programs will be devised in line with the industry needs, and new courses will be introduced as required. As the government expands its focus on sectors like space and semiconductor manufacturing, specialized skill development initiatives will pave the way for the evolving needs of industries. Focusing on professional upskilling that is critical to every industry, sector and business – such as project management and accounting – will help the government realize their goals because these burgeoning professions remain in demand now and in the future. Furthermore, this will help in creating a more job ready and employable workforce equipped to succeed in a rapidly changing business environment. These initiatives will not only help develop skilled manpower but also enhance inclusion of women in the workforce, to be well prepared for the peak of our working age population in 2044.”
Mr. Sanjiv Kanwar, Managing Director – Yara South Asia
“We welcome the Union Budget’s strong emphasis on agriculture, particularly its aim to bolster productivity and resilience. The commitment to releasing climate-resilient crop varieties, alongside the establishment of bio-research centres, demonstrates a commendable commitment to the long-term health, sustainability, and resilience of Indian agriculture. The budget provisions for agriculture and allied sectors provide a solid foundation for these initiatives. The attention given to pulses and oilseeds, along with the development of large-scale clusters near FPO centers and consumption centers, directly addresses the need for a robust and efficient supply chain. These large-scale clusters around consumption centers will also help in efficiently reducing the carbon footprint of the agricultural supply chain. We are also pleased to see the government’s commitment to digital public infrastructure, including the digital crop survey, which will contribute to greater transparency and data-driven decision-making in agriculture. Furthermore, we applaud the budget’s commitment to facilitating higher participation of women in the workforce. We believe this focus will have a particularly positive impact on agriculture, where empowering women is crucial for a thriving agriculture sector. Increased opportunities for women in areas such as agricultural entrepreneurship, technology adoption, and leadership roles will benefit the entire industry. We are particularly encouraged by the budget’s emphasis on enhancing the ease of doing business in India under Jan Vishwas bill 2.0. Streamlining regulations and creating a more conducive environment for businesses will be crucial for attracting investment and driving growth in the agricultural sector. This union budget lays a strong foundation for a future where Indian agriculture is both prosperous and sustainable.”
Mr. Raju Kapoor, Director, Industry & Public Affairs, FMC India
“The government has presented a forward-looking and growth-oriented budget that rightly prioritizes the transformation of Indian agriculture. The comprehensive review of agricultural research focusing on productivity and climate resilience is a much-needed step. We are also encouraged by the government’s commitment to involve the private sector and domain experts to further enhance this endeavor, fostering a collaborative approach towards agricultural innovation and building a larger innovation ecosystem. The introduction of 109 new high-yielding and climate-resilient varieties of 32 field and horticultural crops further showcases the government’s dedication to providing farmers with the support they need to thrive in the changing environment. Similar efforts are needed to make the expedited availability of modern agricultural inputs to enhance productivity. The digital public infrastructure for agriculture in partnership with States, integrating 6 crore farmers and their land into a digital registry will increase transparency and also democratize access to digital services. This will lay a strong foundation for precision agriculture. The government’s vision of developing vegetable production closer to consumption centers and promoting FPOs, cooperatives, and startups for efficient supply chains is likely to benefit both farmers and consumers. It is encouraging to see the government’s increased focus on ease of doing business with Jan Vishwas bill 2.0 which will strengthen FDI in agriculture and also help in modernizing the agriculture sector with technology and R&D. Further decriminalization of minor offenses may be ensured even in the Insecticides Act 1968. The initiative to open 1000 ITIs is a timely initiative. Relevant centres of ITIs must start drone pilot training and maintenance as an option to feed the skill etc needed to grow the drone-led agricultural economy. Overall, this budget has laid a strong foundation for a more resilient, productive, and sustainable agricultural sector in the country. We remain committed to partnering with the government in its endeavour to transform Indian agriculture and improve farmer livelihoods and the country’s food security.”
Rohit Saboo, President and CEO, National Engineering Industries
“The Budget presented by the Finance Minister is highly growth-oriented, focusing on enhancing the skills and job readiness of the youth. Incentivizing job creation in the manufacturing sector through a scheme linked to employing first-time employees is a positive step. Additionally, exempting customs duty on essential minerals like lithium, cobalt, and nickel will significantly boost India’s electric vehicle sector, reinforcing the country’s commitment to sustainability and a greener future. Overall, this budget reflects a forward-thinking approach, emphasizing sustainable growth and equipping the youth for the evolving global landscape.”
Gregory Goba Ble, Managing Director, UPS in India
“The Union Budget unveiled recently is a monumental stride towards positioning India as a global logistics powerhouse. It aligns seamlessly with the ‘Make in India’ initiative and lays a solid foundation for India’s future growth. This budget has hit all the right notes – focusing on infrastructure development, leveraging technology & supporting MSMEs including traditional artisans through innovative measures such as e-commerce export hubs. We commend the government’s commitment to infrastructure development, particularly the announcement of new economic corridors. These initiatives, along with strategic investments in roadways and airports, are poised to streamline logistics operations, reduce costs and enhance connectivity across key regions.
The budget’s focus on MSMEs is particularly encouraging. The provision of no-collateral term loans for manufacturing MSMEs, coupled with expanded MUDRA loan limits and the new credit guarantee scheme will provide much-needed access to working capital to MSMEs. This will empower them to embrace technology and compete globally. We also applaud the government’s vision in leveraging technology through initiatives like an integrated tech platform for IBC and developing Digital Public Infrastructure. These measures are set to enhance transparency, efficiency & ease of doing business in the logistics sector.
It’s also noteworthy that TDS rates have been reduced from 1% to 0.1% for e-commerce operators – this move simplifies operations while promoting growth within this rapidly expanding segment!
Lastly but importantly – lower customs duties on crucial healthcare equipment & medicines demonstrate strong commitment towards improving healthcare infrastructure via efficient logistics.
This budget, with its emphasis on infrastructure, technology, and support for MSMEs, charts a clear path towards a more robust, efficient, and globally competitive logistics landscape in India.”
Mr. Nihar Sripad Madkaiker, Co-Founder & Head of Products at iXR Labs
The increased allocation of ₹1.48 lakh crore for education, employment, and skill development is a positive step. This would help improve the quality and reach of education. The special focus on skilling is a welcome step through the upgradation of training institutes and the introduction of new courses. Additionally, the increased budget should provide institutions with the opportunity to adopt new technologies to deliver better educational outcomes. However, it is important to note that the budget still falls short of the 6% of GDP target expected for education, showing there is still potential for improvement in educational outcomes.
Rohit Gupta, COO & Co-founder, College Vidya
“Budget 2024’s allocation of ₹1.48 lakh crores for education, employment, and skilling demonstrates a robust commitment to India’s educational future. At College Vidya, we’re particularly excited about the government’s decision to provide financial support for education loans up to ₹10 lakhs for higher education in domestic institutions. This aligns perfectly with our mission to increase access to quality education. The Prime Minister’s package of five schemes, with a ₹2 lakh crore outlay over five years, is a game-changer for youth empowerment. The goal to skill 20 lakh youth through employment-linked initiatives addresses a critical gap between academic learning and industry requirements. We see tremendous potential in integrating these initiatives with digital learning solutions. This budget sets a positive tone for collaboration between the government and ed-tech companies to deliver quality education at scale. With these bold steps, India is poised to create an educated, skilled, and employable youth force that will drive our nation’s growth.”
Pratham Barot, CEO & Co-Founder of Zell Education
“We are pleased with the government’s emphasis on providing opportunities for skill development and employability in the budget. The Prime Minister’s package of 5 schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth over 5 years with a central outlay of ₹2 lakh crores is really inspiring . The Govt has made a provision of ₹1.48 lakh crores for education, employment and skilling taking one more step towards development and success. The emphasis on vocational training and apprenticeships is particularly noteworthy, as it will enable practical, hands-on experience that aligns with industry demands. Furthermore, the allocation of resources for digital skill training will ensure that our workforce remains competitive in an increasingly digital global economy. Overall, this budget reflects a forward-thinking approach to building a resilient and skilled workforce, which is essential for the sustained growth and prosperity of our country. We are optimistic that these measures will yield significant benefits and look forward to their successful implementation.”
Prof. (Dr) Preeti Bajaj, Director General, KIET Group of Institutions
“Budget 2024’s focus on holistic development, particularly in education and skill development, is a watershed moment for India’s future. The government’s commitment of ₹2 lakh crores over five years for youth empowerment, coupled with this year’s allocation of ₹1.48 lakh crores for education, employment, and skilling, demonstrates a clear vision for building a knowledge-based economy. The emphasis on employment-linked skilling schemes is a game-changer. With the goal to skill 20 lakh youth, this initiative addresses the critical need to bridge the gap between academic learning and industry requirements – a challenge we’ve long recognized at KIET. As a leading educational institution, we’re excited to leverage our expertise in technical and professional education to support these government initiatives. We see immense potential for collaboration between academia and industry to create curricula that are responsive to market needs and to provide hands-on, practical training to our students. This budget sets a strong foundation for transforming India’s youth into a skilled, employable workforce ready for taking our country to become Viksit Bharat.”
Sourabh Deorah, CEO & Co-founder, AdvantageClub.ai
“Today’s Budget announcement about abolishing the angel tax for all classes of investors will significantly boost growth and create a more supportive environment for angel investments in startups. This should help reduce the stress in the market for early stage startups. With increased R&D investments, there will be creation of newer industries and more job opportunities that will ultimately benefit the entire startup ecosystem and position India as a global innovation hub. Also, the changes in tax slabs along with increased standard deduction brings much-needed relief to salaried individuals, enhancing their disposable income and overall economic well-being. Additionally, it’s encouraging to see a strong focus on youth empowerment with internship opportunities for 1 crore young people across 500 companies and one-month wage support for all first-time formal job entrants. At AdvantageClub.ai, I have always advocated for hiring fresh talent. Modi 3.0’s top nine priorities will generate ample opportunities for Indians and transform India for a brighter future.”
Dhawal Jain, Co Founder of Mave Health
“Enhanced Public-Private Partnerships and Support for Healthtech Innovations”
Mave Health appreciates the government’s forward-thinking Union Budget 2024-25, especially the collaboration with the private sector to develop small and modular nuclear reactors. This innovative approach is a great example for other industries, including healthtech.
The Rs 90,658.63 crore allocation to the Union Health Ministry is promising, but more initiatives are needed to enhance mental health services and infrastructure. The budget’s focus on boosting domestic investments is a positive step for the Indian startup ecosystem. However, addressing corporate tax and redomicile taxation is crucial for creating a startup-friendly environment.
The rise of startups in the BFSI sector, driven by innovations like UPI, highlights the potential of tech-driven solutions. We hope for continued government support for healthtech innovations, similar to the focus on new technologies in the nuclear energy sector.
We look forward to collaborative efforts that not only enhance the healthtech landscape but also ensure that startups like Mave Health can contribute meaningfully to the nation’s growth and well-being.”
Beas Dev Ralhan, CEO, Next Education
The government’s recent budget highlights an impressive central outlay of ₹2 lakh crores to enhance employability and skill development for India’s youth. Additionally, the provision of ₹1.48 lakh crores for education, employment, and skilling marks a significant step toward progress and success. This investment will improve the quality of education and training, providing students with superior professors, facilities, and resources. The initiative aims to create employment and skill opportunities for young individuals over the next five years, underscoring a commitment to empowering the next generation. This budget reflects a forward-thinking approach to building a resilient and skilled workforce, essential for the sustained growth and prosperity of the country.
Mr. Vikas Bhasin, Chairman & MD, Saya Group
The 2024 Union Budget’s allocation of Rs 10 lakh crore for urban housing is a major boost for the real estate sector. This investment will significantly address the housing needs of urban families and spur growth. The PM ‘Surya Ghar Muft Bijli Yojana’ for rooftop solar installations is a commendable step towards sustainable living. The positive trends in housing loans reflect a balanced and encouraging outlook for the market. Saya Group looks forward to contributing to the urban development landscape with innovative and luxurious homes.
Mr Rohit Nagdewani, Founder, Fresh From Farm
The comprehensive review of the agricultural research setup, as announced by Ms. Sitharaman, is a monumental step towards transforming Indian agriculture. I believe that the focus on raising productivity and developing climate-resilient varieties will significantly address the challenges faced by our sector. The inclusion of funding in challenge mode, extended to both the private sector and domain experts, ensures that innovative solutions will be developed and implemented effectively. This initiative will not only enhance crop production but also fortify our efforts in cultivating resilient varieties of fruits, ensuring sustainability and growth for the future.
Amith Agarwal, Co-Founder & CEO, StarAgri
I commend the government and Madam Finance Minister for presenting a progressive and bold budget. As an agri-entrepreneur, I appreciate the emphasis on releasing high-yielding and climate-resilient crop varieties for farmers. This initiative will enable farmers to cultivate crops naturally, reducing the reliance on large amounts of pesticides. Furthermore, the focus on modern agricultural technologies will equip farmers with new methods, thereby enhancing their contribution to the GDP. The emphasis on achieving self-reliance (Atmanirbharta) for oilseeds such as sesame, mustard, and sunflower is crucial. This strategy not only transforms crop patterns but also significantly boosts farmers’ incomes, contributing to India’s self-reliance and strengthening its food security program.
Subburathinam P, Chief Strategy Officer, TeamLease Services Limited
“By introducing a scheme that incentivises job creation in the manufacturing sector through the employment of first-time employees, the sector is poised to significantly boost job opportunities. This initiative, which provides incentives to both employees and employers based on their EPFO contributions for the first four years of employment, will encourage formal hiring and foster a more stable and productive workforce. As more manufacturing plants are being set up around Tier 2 and 3 cities, the youth in these regions are more likely to benefit from such initiatives. This approach will not only enhance job security but also drive growth and innovation within the manufacturing sector, ultimately contributing to a stronger economy.”
Kartik Narayan, CEO- Staffing, TeamLease Services Limited
” The introduction of the new employment-linked incentive scheme in the budget marks a significant advancement in reducing informal employment in the country. By providing financial support and incentives to both employers and employees, the scheme aims to promote formal hiring practices and ensure essential benefits. Initiatives such as support for first-time employees, recognition of EPFO enrollments, and assistance for the MSME sector are specifically designed to transition more workers into formal employment. A dedicated ₹2 trillion allocation for skilling and job creation over the next five years will enhance job security and cultivate a more robust and inclusive workforce.”
Karthik Somasundaram, Partner, Spice Route Legal
“The integrated tech platform for IBC cases proposed is presumably aimed at easier and timely dissemination of information regarding resolution of stressed assets. In addition to progress of the cases in various tribunals and courts, if data available with the information utilities is readily accessible it will help achieve resolution quicker. The devil is ofcourse in the detail and effectiveness of the implementation.”
Subash Vasudevan, CBO and Co-founder, iBUS Networks
“Increased infrastructure investment is a welcome sign. Allocating ₹11,11,111 crore for capex, which is 3.4% of GDP, is a strong start. Every rupee invested in infrastructure can provide opportunities to further digitize it. This creates a ripple effect, attracting more investments and paving the way for a smart economy. It has the potential to generate three times the benefit and will also provide opportunities and benefits to startup ecosystems. Credit guarantee schemes are great for MSMEs. They unlock a massive pool of capital that can fuel business growth and create a wave of new jobs. It will boost the entire economy, with the potential to increase employment opportunities by a good margin.”
Praveen Raju, Partner, Spice Route Legal
“The finance minister has announced the setting up of an additional 100 food quality and safety testing labs with the National Accreditation Board for Testing and Calibration Laboratories. This is a welcome announcement by the government against the backdrop of the recent backlash on the FSSAI for the lack of strong enforcement of food safety standards of Indian food products, particularly with the ban of MDH and Everest spices in foreign countries. As intended from the Union Budget 2024, NABL accreditation for food testing labs will be a critical facilitator for increasing food exports, enhancing food safety standards, and boosting consumer confidence in Indian food products. However, a significant challenge faced by NABL laboratories is the lack of facilities for testing food articles on all parameters necessary for ensuring food safety. These parameters include testing for toxic chemicals, heavy metals contamination, bacterial contamination, pesticide residues, etc. Therefore, it is essential that these laboratories are not only operational but also well-equipped and adequately staffed.”
Karthik Somasundaram, Partner, Spice Route Legal
“Creating more benches of the NCLTs, training of the Court and Registry staff in becoming efficient and using technology and moving to digital filing will go a long way in expediting disposal of IBC cases, which will result naturally in resolving stressed assets. Supreme Court and most High Courts have adopted technology and gone digital in respect of case papers and filings, the effects are visible. Time that the NCLTs and the NCLATs went savvy and efficient.”
Janhavi Joshi, Senior Associate, Spice Route Legal
“The recent budget has generated considerable optimism as Finance Minister, Nirmala Sitharaman highlights the crucial role of energy security in shaping India’s path towards achieving NDC targets. With energy needs projected to rise 2-2.5 times by 2047, overcoming challenges in the renewable energy sector is imperative.
The introduction of a new 2400 megawatt power plant and the PM Suryaghar Muft Bijli Yojana offer free solar power to 1 crore households The government plans to launch a comprehensive Pumped Storage Policy to improve the storage and integration of renewable energy, which according to me is the biggest take away for advancing the infrastructural roadblocks faced by the sector.”
Praveen Raju, Partner, Spice Route Legal
“A most needed change the industry has been incessantly seeking since its inception. Intended to probably curb some illegitimate transactions, but affected all forms of equity funding. Not just that, it was in conflict with the spirit of valuation norms for foreign equity funding. While this may not necessarily have a direct impact on increase in funding, but would surely eliminate the unnecessary need to align valuation reports and price negotiation.”
Dinesh Gulati, COO, IndiaMART Intermesh Ltd
“Access to affordable and timely credit has been a consistent hurdle in the MSME sector and the budget has introduced multiple benefits to address the issue.
The introduction of a new scheme to support purchase of machinery and equipment without collateral and guarantee for MSMEs will not only help provide the much needed financial assistance, but also act as a catalyst to the growth of the manufacturing sector. RBI, recently estimated a credit gap of ₹20 to ₹25 trillion in the MSME sector. Increase of limit for MUDRA and slash of turnover threshold TReDS registration will further provide necessary breathing room to the MSMEs
Additionally, linkage of new credit assessment models by public sector banks on the basis of the digital footprint of MSMEs will further bring the sector closer towards the digital transformation. The formulated package to finance technology support and set up of e-Commerce export hubs in PPP* mode will enable MSMEs to go beyond the geographies of India and ensure global competitiveness of India.
What makes us particularly happy is the support provided for skill development via allocation of ₹1.48 lakh crore for education, employment, and skill development. The MSME sector currently contributes 60% of overall job creation in the economy. This significant investment, in terms of EPFO allocation and support to first timer employees is a huge step in skilling of human capital and underscores the existence of a linkage between education, skills, and employment.
The budget charts the roadmap towards Viksit Bharat, with MSMEs being a crucial part of the growth journey.
Mr. Pankaj Dhingra, Managing Partner, Co-Founder, FinTram Global LLP
“FinTram Global applauds the Union Budget 2024 for prioritizing education and skilling opportunities, alongside paid internships for Indian students. The revision of the Model Skill Loan Scheme to facilitate loans up to ₹7.5 lakh, backed by a government-promoted fund, is expected to help 25,000 students annually. Additionally, the financial support for education loans up to ₹10 lakh, with e-vouchers providing annual interest subvention of 3% for 1 lakh students, is a transformative measure. This initiative will significantly benefit our country’s vast talent pool, ensuring accessibility and affordability of higher education opportunities for all. We are proud to align with these efforts, empowering youth and women through education and skill development.”
Megha Gambhir, Founder and CEO at Stupa Sports Analytics
“The removal of angel tax is a big boost for the Indian startup ecosystem and will make the path for startups like ours easier, so we can focus on building innovative tech solutions without previous financial burdens. Additionally, the significant allocation of Rs 900 crore to Khelo India to promote sports at the grassroots level is an excellent step forward. This allocation is part of the overall Rs 3,442.32 crore budget for the Sports Ministry and represents an increase from last year’s allocation of Rs 880 crore.
This investment will help develop sports infrastructure and facilities across the country, fostering young talent and integrating cutting-edge tech solutions. Additionally, the announcement of investing in sports infrastructure in states like Bihar is positive news to continue developing sports at the grassroots level in our country. By the support of the government through initiatives like Khelo India Youth Games, University Games, Winter Games, and Para Games, we can expect to see more momentum in India’s sports ecosystem. This will lead to a transformative impact on how sports are played, viewed, and organized in India, ultimately unearthing talent from all parts of the country and preparing athletes for global competitions.”
Mr. Ankit Verma, Indian Subcontinent head, Air8
The establishment of e-commerce export hubs in public-private partnership mode aiming at facilitating seamless trade and export operations for SMEs under one roof, is expected to provide SMEs with easier access to the global market, reducing barriers and transaction costs.
The introduction of a credit guarantee scheme for the manufacturing sector can enable MSMEs to alleviate the capital constraints that often hinder these smaller businesses from expanding their operations and participating more actively in the supply chain sustainability. By leveraging digitalization with innovative supply chain finance platforms, these enterprises can further grow with confidence.
Strengthening the SME sector is crucial for bolstering the overall competitiveness and adaptability of India’s supply chain. By supporting the growth and resilience of SMEs and boosting supply chain sustainability, the initiatives can position India as a more attractive destination for global trade and manufacturing.
Anubhav Dubey, Co-founder, Chai Sutta Bar
The Union Budget 2024 reflects a strong commitment towards a “Viksit Bharat” vision, with a significant focus on enhancing infrastructure and stimulating economic growth. Notably, there is a marked increase in budget allocation for rural development, which aims to improve connectivity between urban and rural areas and expand into new markets.
The emphasis on the development of rural regions is promising for overall economic progress. Additionally, the special attention given to MSMEs is particularly encouraging for us as part of the start-up ecosystem. We commend the government’s initiatives to foster entrepreneurship and support the growth of small and medium-sized enterprises. We appreciate these efforts and look forward to the positive impacts on our industry and the broader economy.
A day before yesterday, we had a discussion on one of the news channel about the expectations for the Union Budget, and as I mentioned, we hoped for the removal of the angel tax. The government’s decision to abolish this tax is highly appreciated, and we are truly thankful for this move.
Rajeev Sinha, CEO and Co-Founder, Onlygood
The Union Budget 2024 has set a new precedent for sustainable development in India, marking a significant stride towards a greener future
Key highlights that resonate with our mission include:
1. Renewable Energy Boost: The increased allocation towards renewable energy initiatives underscores India’s determination to reduce carbon footprints and foster clean energy solutions with the PM Surya Ghar Muft Bijli Yojana under which the government aims to equip 1 crore households with rooftop solar installations, offering upto 300 units of electricity per month. Also, it is set to introduce Pumped Storage Policy (PSP) for renewable energy.
2. Support for Electric Mobility: Incentives of ₹500 crores for electric vehicles (EVs) and charging infrastructure development are crucial steps towards decarbonizing the transportation sector.
3. Emphasis on Nuclear Energy: Recognizing nuclear energy as a sustainable energy source aligns with our goal of promoting diverse, low-carbon energy options. The government has unveiled initiatives to partner with the private sector in establishing Bharat Small Reactors, aiming to drive research and development in small modular reactors and emerging nuclear technologies.
Navkaran Singh Bagga, CEO & Co-founder, AKVO
“The announcements in Budget 2024 have shown a commendable focus on sustainability, with increased allocations for green technologies and renewable energy projects. The emphasis on water management and conservation is particularly encouraging. These steps align with our mission at Akvo to provide innovative, sustainable water solutions. However, continued and increased support will be essential to ensure long-term impact and scalability of these initiatives.”
Ankit Kedia, Founder and Lead Investor, Capital A.
The 2024 budget introduces several important measures for the Indian startup ecosystem, particularly the abolition of the angel tax. This decision is a significant step towards creating a more transparent and appealing investment environment, which is expected to spur innovation and growth.
The budget’s focus on simplifying and rationalizing the GST structure is a welcome development, aimed at easing compliance and benefiting industries broadly. Measures to offer collateral-free loans, explore alternative MSME loan eligibility methods, raise the Mudra loan threshold, and expand financial institutions’ reach directly address the critical issue of credit access, essential for MSMEs’ growth and sustainability. Additionally, the simplification of norms for foreign direct investment, FDI, and overseas investment is a significant move towards improving the ease of doing business in India.
While these initiatives boost confidence in the government’s commitment to fostering a supportive environment for startups and MSMEs, their success will depend on effective implementation. The introduction of a taxonomy for climate finance is a forward-looking move that can bolster sustainable investment, and the emphasis on digital infrastructure and technology adoption is crucial for bridging inequality and improving productivity.
However, there are areas where the budget falls short of expectations, particularly for the EV and climate tech sectors. The lack of specific financial incentives and detailed policies for these critical areas is a missed opportunity. Addressing concerns regarding battery standardization, subsidies, taxation, and operational procedures is essential for accelerating the transition to EVs.
Kuldeep Mirani, Co-Founder and CEO, BeyondSeed.
We greatly appreciate the government’s recent Budget announcements supporting the startup ecosystem. Abolishing the Angel Tax for all investors is a promising step that will boost investment confidence and capital inflow into budding enterprises. Simplifying norms for foreign direct investment (FDI) and overseas investment will also improve the ease of doing business in India. The emphasis on using the Indian Rupee for overseas investment is a strategic move that could elevate our currency’s global standing. These reforms send a positive signal to investors and reflect a strong commitment to creating a conducive investment environment. We thank the government for these efforts and look forward to continued collaboration to ensure these initiatives lead to sustained growth and a thriving startup landscape.
Mr Varun Gada, Director of LP Logiscience
“As a fast-growing warehousing and 3PL service provider, I commend the Union Budget for its focus on infrastructure and sustainable energy. The provision of ₹11,11,111 crore for infrastructure, including Phase IV of PMGSY and key industrial corridors, is a significant boost for connectivity and economic activity. The allocation of ₹2.66 lakh crore for rural infrastructure and transit-oriented development in major cities will enhance transportation and urban mobility. Additionally, the skilling programme to upskill 20 lakh youth and support for solar energy transitions are commendable. Simplified tax regimes and climate finance initiatives will further promote growth and investment. Streamlined FDI processes will improve access to foreign investment, driving further development and economic expansion. We look forward to leveraging these advancements to enhance our services and contribute to national development.”
Mr. Jayesh Rajpurohit, Co-founder & CEO Brick & Bolt
“As a construction tech start-up, we commend the Union Budget for its forward-thinking initiatives aimed at comprehensive urban development and infrastructure growth. The provision of ₹11,11,111 crore for infrastructure, amounting to 3.4% of GDP, underscores the government’s commitment to robust infrastructure growth. The focus on urban development, including Transit Oriented Development plans for 14 large cities with populations above 30 lakh, is particularly encouraging and will significantly enhance urban residential property development.
We applaud the government’s initiatives to promote water supply, sewage treatment, and solid waste management projects for 100 large cities through bankable projects. These efforts will improve the quality of life and sustainability in urban areas. The introduction of the Unique Land Parcel Identification Number, or Bhu-Aadhaar, for all lands, along with the digitization of land records and cadastral maps, represents a major step toward greater transparency and efficiency in land management. The digitization of land records will drive transparency in the construction and real estate sector by making property transactions more secure and reducing the potential for disputes. The government’s encouragement for states to lower stamp duties for properties purchased by women is a commendable step towards gender equality and empowering women in the real estate market.
Additionally, the establishment of a land registry and the digitization of cadastral maps will streamline property transactions and enhance land ownership transparency. These measures, combined with the survey of map sub-divisions and linkages to farmers’ registries, will modernize land management and benefit both urban and rural stakeholders. We are excited to leverage these initiatives to drive our growth, enhance our services, and contribute to the nation’s development story.”
Mr. Sandeep Nailwal, Founder of Blockchain for Impact.
“As a philanthropic organization dedicated to healthcare research, we appreciate the Union Budget’s focus on advancing health and innovation. The allocation of ₹89,287 crore for healthcare underscores the government’s commitment to strengthening our health infrastructure. The introduction of the Anusandhan National Research Fund and the ₹1 lakh crore financing pool for private sector-driven research are pivotal for accelerating medical technology advancements. The increase in R&D funding to ₹1,200 crore for 2024-25 and additional support through the PLI scheme for the pharma sector will drive essential medicine development. Simplified FDIs and improved data governance will enhance international collaborations and streamline philanthropic efforts. We look forward to supporting these initiatives and advancing public health.”
Dr. Sanjay Sharma, Co-Founder of FootSecure:
“As a podiatric surgeon and founder of a foot and ankle wellness start-up, I am pleased with the Union Budget’s emphasis on innovation and healthcare. The Anusandhan National Research Fund and the ₹1 lakh crore financing pool for private sector-driven research are crucial for advancing treatments in podiatry. The increase in R&D funding to ₹1,200 crore for 2024-25, up from ₹840 crore, and the PLI scheme’s boost for the pharma sector will drive essential innovations. We also welcome the enhanced Mudra Loan limit to ₹20 lakh, which supports MSMEs, and the skilling programme to upskill 20 lakh youth. These measures will greatly benefit healthcare advancements and public health.”
Vaishnavi Shukla, HR Head, Comviva
“Today’s budget announcement by the government, which focuses on skill development and employment, is a much-needed move towards improving human capital and generating job opportunities for young people. With many graduates entering the workforce annually in India, it is vital for the government, industry, and academia to work together to upskill and reskill these young individuals to meet the needs of the industry amid rapid technological changes. We welcome the government’s plan to train 10 million youths over the next five years, collaborating with 500 leading companies across the country which will really provide them with real-world work experience. At Comviva, we acknowledge the vast potential young people bring to the workforce and have launched initiatives such as a finishing school for college graduates. In this direction we have also signed several MoUs with leading technology universities in Bhubaneshwar to equip students with practical skills that align with current industry requirements. We are confident that this initiative by the government fine-tunes new employees’ existing skills, making them more applicable and valuable for the company.”
Mr Dhruv Taneja, Founder and CEO, MatchLog Solutions.
“We at MatchLog, a pioneer in sustainable logistics and supply chain optimization, commend the government’s Budget 2024-2025 for its forward-looking initiatives, particularly the significant investment in infrastructure, logistics, and technology development. These efforts align with our vision of building a global logistics network that can save 10 billion kilometers of wastage from empty runs.
The government’s emphasis on environmental sustainability, particularly in promoting renewable energy and reducing carbon emissions, is a commendable step.
The abolition of the so-called angel tax is a significant positive move for the startup ecosystem, fostering innovation and entrepreneurship.
However, a more robust emphasis on seamless intermodal transportation and streamlined regulatory frameworks could further boost efficiency. Continued collaboration between the public and private sectors will be essential to fully realize these goals and create a more connected and resilient supply chain ecosystem.”
Jayesh Jain, Group CFO, Balancehero India.
“The Union Budget 2024 is a transformative step toward strengthening India’s economic fabric, emphasizing employment, skilling, and MSMEs. The allocation of ₹2 lakh crore for job and skill development schemes over the next five years will empower the youth and foster a skilled workforce, essential for driving innovation in the fintech sector. The budget’s focus on social justice and inclusive human resource development ensures growth benefits reach every segment of society.
For the fintech industry, simplified tax exemption regimes and TDS adjustments will streamline operations, creating a more favourable business environment. Abolishing the angel tax for all classes of investors is a ground breaking move to bolster the Indian start-up ecosystem, boost entrepreneurial spirit, and support innovation. Initiatives to develop cities as growth hubs and significant investments in urban housing and infrastructure will stimulate economic activities and provide a robust foundation for sustainable growth. Enhanced support for MSMEs, including the new credit guarantee scheme, will bolster the backbone of our economy, driving innovation and job creation. This budget sets a promising trajectory for inclusive growth, positioning India as a resilient and forward-looking economy.”
Mr. Prasanna Kumar C, CEO of VilCart
“We welcome the union government’s allocation of ₹2.66 lakh crore in today’s budget for rural development. This investment reflects a profound commitment to uplifting rural communities and accelerating their growth. At VilCart, we are dedicated to enhancing the rural supply chain and providing better opportunities for rural entrepreneurs. This allocation will significantly bolster our efforts to bring about sustainable development and bridge the urban-rural gap.”
Ravi Bhushan, Founder & CEO, BrightCHAMPS
“I’m glad to see that the allocation for education has gone up by over 10% compared to last year. While we’re still short of the 6% allocation from the overall budget that most OECD countries adhere to and has been recommended by the New Education Policy, it certainly is a step in the right direction. It is interesting to see that skilling of young students and ensuring that they are future-ready and employable is clearly a major consideration within the new policies and schemes that have been announced. I believe this is very important to secure the futures of our more vulnerable students and youth, and I have hope that in subsequent years, we will see a greater focus on skill-based practical education in schools across state boards. I’m also particularly keen to see how the programme to offer one crore internships within top companies shapes up – it could truly pave the way for strong public-private partnerships and provide policy-makers with vital information on what industry-ready skills need to be focussed on in the coming years.”
Sajju Jain, an Entrepreneur, Startup Coach & Harvard Alumnus.
Abolishing the angel tax is a good move. Allocating Rs. 2 lakh crores to support employment creation and skill development, especially the emphasis on internships in the top 500 companies is a good beginning. However, as often happens with government budgets, these beginnings are not followed through. Startups have found very little direct support in this budget. Building capacity and capabilities take decades. Let’s hope these beginnings continue to receive the required support in the coming years.
Mr Arun Alagappan, Executive Chairman, Coromandel International Limited
“With agriculture remaining the backbone of the Indian economy, we welcome the Union Budget’s emphasis on ensuring food security, strengthening rural economy, as well as building resilience and productivity in agriculture. The proposed comprehensive review of the agricultural research setup to focus on improving productivity and developing climate resilient crops will lend an impetus to ensuring that Indian agriculture can withstand climate impact. The initiative to bring together experts from both the government and the private sector will lend a much-needed fillip to the R&D in the agri sector.
The government’s commitment to get 1 crore farmers into organic farming and promote large-scale horticulture production in the next two years will significantly increase agricultural productivity and sustainability. The establishment of the proposed 10,000 need-based bio-input resource centres will help in making natural farming more accessible to Indian farmers. Furthermore, the emphasis on strengthening the production, storage, and marketing of pulses, along with financing for shrimp farming, showcases a holistic approach to supporting diverse agricultural activities. The allocation of ₹1.52 lakh crore for agriculture and allied sectors is a clear indication of the government’s dedication to transforming this critical sector.
Technology has been transforming agriculture, and the government’s plan to implement digital crop survey for kharif crop in 400 districts as well as the release of 109 weather resistant seeds, will drive innovation and efficiency in farming practices. Coromandel International Limited remains keen to implement these policies which have furthered our commitment to increase agricultural productivity and support farming community.”
Saahil Goel, MD & CEO, Shiprocket
“India’s cross-border eCommerce trade, currently valued at USD 2 billion, is projected to reach USD 200-300 billion by 2030, with MSMEs playing a pivotal role in this booming market. The potential of India’s innovation and traditional handicrafts extends far beyond their current global market presence and can be fully realised through the democratisation of eCommerce. The government’s announcement of setting up hubs to promote exports through eCommerce in a public-private partnership (PPP) mode is a significant step towards this vision.
MSME exporters have consistently faced challenges navigating the complex landscape of cross-border trade. The intricacies of compliance requirements, managing and delivering orders to global markets affordably, have been substantial hurdles. These new hubs, operating under a streamlined regulatory and logistical framework, will offer trade and export-related services under one roof, simplifying the entire process. Many Indian districts are hotspots for MSMEs with major manufacturing units in highly exported product categories, such as textiles, home furnishings, gems and jewellery, sports goods, silk products, and handlooms.
The commerce ministry’s Directorate General of Foreign Trade (DGFT) is also working to promote exports through eCommerce, particularly with their Districts as Export Hubs initiative. At Shiprocket, we signed an MoU with DGFT to implement a capacity-building program across 16 districts as part of this initiative. Our aim is to assist exporters in understanding the export potential of their products, identifying key demand markets, and guiding them in becoming export-ready.”
Ms. Radhika Kalia, Managing Director at RLG Systems India Private Limited
“The allocation of over ₹3 lakh crore towards schemes benefiting women and girls in the Union Budget 2024 shows a strong commitment to women-oriented development programs. Such investment will enhance women’s role in economic activities and empower them to assume leadership roles. The government’s initiatives as reflected in the budget to promote inclusive human resource development and social justice should see the upliftment of women entrepreneurs, self-help groups, artisans, communities, and drive sustainable growth. As a result of these initiatives, we expect to see better participation of the workforce in the waste management sector also.”
Prashanth Doreswamy, President & CEO, Continental India
“The budget has a promise of investments across different sectors and seems to focus on long-term inclusive growth, indirectly also benefitting the automotive industry.
There is a holistic approach towards infrastructure development, road connectivity, re-development projects, and measures to strengthen energy security, which will facilitate the creation of a smoother and more effective urban ecosystem – key for multiple industries and sectors, and for the economy at large.
The continued focus on technology as an enabler is reassuring. The growth of digital public infrastructure and the digitalization of the economy will greatly support future growth.
The move to simplify business processes, legislative processes, Foreign Direct Investment, and focus on ease of doing business are also welcome. Abolishing angel tax is a step in the right direction for the growth of the start-up ecosystem, which plays a huge role in increasing our overall innovation.
Reduction in customs duty on critical minerals like Lithium, copper, cobalt, and nickel will encourage cell manufacturing in India and add to the evolving EV ecosystem. We were hopeful that the budget would include a reduction in customs duties for imports and other schemes like PLI and incentives to boost domestic manufacturing.
Another welcome move was the credit guarantee schemes for MSMEs, which are significant for the Indian manufacturing value chain.
We are also happy to see the emphasis on skill development, job creation, and the move to increase participation of women in the workforce.”
Akshay Adhalrao, Managing Director, Dynalog India.
“The Government’s strategic focus on job creation in the manufacturing sector is a crucial step towards boosting India’s economic landscape. By providing employment incentives for first-time employees and introducing a comprehensive credit guarantee scheme for MSMEs, we are paving the way for Indian businesses to expand operations and thrive without the burden of collateral or third-party guarantees. This support is vital for fostering innovation, enabling MSMEs to become key contributors to the nation’s growth trajectory.
The emphasis on skilling and employment in this Budget further underscores a transformative step towards unlocking India’s immense potential. The comprehensive internship scheme for one crore youth will open invaluable opportunities for young Indians to gain essential skills and experience. This move will be crucial in creating a workforce that is not only educated, but also industry-ready.
Moreover, the government’s dedication to enhancing women’s participation in the workforce through specific skilling programs and infrastructure support is commendable. As someone who values inclusivity, I believe that empowering women to actively contribute to our economy is essential for achieving balanced and sustainable growth.
I believe these initiatives are promising steps in developing a resilient and empowered workforce that will be instrumental in driving the nation’s economic success.”
Aalok Kumar, Corporate Officer & Sr. VP-Head of Global Smart City Business, NEC Corporation, and President & CEO, NEC Corporation India
“The Union Budget presented by the Hon’ble Finance Minister maps out a visionary path and a clear plan of action to achieve holistic development and growth for India. Provisions for strengthening employment, education, skilling, and greater participation of women in the workforce are foundational to this endeavor. The Government of India’s plans to enhance infrastructure and urban development through various allocations supporting private sector and state investments are significant in this regard. Plans for transit-oriented development in 14 cities are key among these, marking an important move towards transforming Indian cities into technology-enabled growth hubs conducive to greater economic growth. Furthermore, the emphasis on Digital Public Infrastructure for enhancing service delivery, logistics, health, and urban governance will also be crucial in ensuring that citizen services become more accessible and convenient, thereby elevating overall citizen experiences.
This holistic approach, encompassing infrastructure, urban development, innovation, research & development, sets a strong foundation for sustained growth and comprehensive progress. The budget’s forward-looking agenda lays the groundwork that will drive India’s development, ensuring every citizen can benefit from these advancements and contribute meaningfully to our nation’s future. Together, these efforts will not only transform our urban landscapes but also empower our people, driving India towards a prosperous and inclusive future.”
Girish Rowjee, Co-founder and CEO, greytHR.
“The budget demonstrates a strategic vision for comprehensive development, prioritizing nine key areas: agriculture, employment, social justice, manufacturing, urban development, energy, infrastructure, research and development, and next-generation reforms. This focus is poised to build a resilient and inclusive economy.
A new credit guarantee scheme for MSMEs, with guarantees up to ₹100 crore, and higher MUDRA loan limits of ₹20 lakh will ease fund access and boost manufacturing growth. Reducing the TReDS onboarding turnover threshold from ₹500 crore to ₹250 crore expands MSMEs’ access to timely financing. This budget reflects a forward-thinking vision for India’s future, promoting productivity, resilience, and inclusive growth across multiple sectors.
The allocation of ₹1.48 lakh crore towards education, employment, and skilling, along with the introduction of three employment-linked schemes—such as direct transfers of up to ₹15,000 to first-time employees and incentives for both employees and employers—will greatly enhance our workforce. The financial support for loans up to ₹10 lakh for higher education, the upgrade of 1,000 ITIs, and internship opportunities for 1 crore students showcase a strategic and inclusive approach to promoting growth. This initiative aims to build a strong foundation for the workforce of the future.
Furthermore, increasing women’s participation in the workforce through dedicated hostels and skilling programs is a crucial step towards achieving gender equality and economic empowerment, paving the way for a more inclusive and diverse workforce.”
Ravi Agarwal, MD and Founder of Cellecor Gadgets Limited
India is on the cusp of becoming a world leader in the mobile phone industry, excelling not just in consumption but also in innovation and production. Reducing Basic Customs Duty (BCD) on mobile phones, mobile PCBA, and chargers to 15% marks a new era for our industry. This balanced approach fosters growth, ensures affordability, and will have a multifaceted impact, promoting India as a global leader in mobile phone production and consumption. This initiative aligns with the vision of a ‘Vikshit Bharat,’ emphasizing self-reliance and robust domestic production. By making manufacturing more cost-effective, we are not only driving economic growth but also empowering our workforce and setting the stage for India to lead globally in the mobile phone industry.
Moreover, the reduction of the TDS rate for e-commerce from 1% to 0.1% will enhance cash flow and streamline operations, supporting the sector’s growth. With India’s e-commerce market expected to hit $120 billion by 2026, and mobile commerce driving 70% of this growth, these changes are timely. The introduction of e-commerce export hubs will strengthen India’s global trade position, offering infrastructure to boost exports.
At Cellecor Gadgets Limited, we are excited to leverage the recent budget initiatives to expand our reach, optimize operations, and enhance our technology. These measures not only reflect the government’s commitment to advancing a dynamic digital economy but also align with our goals of growing our product portfolio and delivering superior value. We look forward to supporting the government’s efforts in elevating the mobile phone industry and witnessing its transformative impact on the economy.
Over the past six years, the Indian mobile phone industry has achieved remarkable milestones, including a three-fold increase in domestic production and a nearly 100-fold jump in exports. This growth underscores the sector’s maturity and crucial role in India’s economy. By reducing the BCD, the government addresses high import duties, paving the way for enhanced competitiveness and innovation. This will lower production costs, enabling manufacturers to offer more affordable, feature-rich devices, which is vital in a market like India, where affordability drives consumer adoption. With over 750 million smartphone users and a projected market volume of $77.27 billion by 2027, the growth potential is immense.
The mobile phone industry has long faced challenges from high taxes and duties, hindering growth. The current reduction in BCD should mitigate these issues, allowing companies to invest more in R&D and bring cutting-edge technology to India. This reduction will also stimulate domestic manufacturing, creating job opportunities and skill development. Additionally, it will attract global companies to establish manufacturing units in India, reinforcing the country’s position as a global manufacturing hub.
Ramesh Punugu, Global Head of Buy Side Research at Acuity
Union Budget 2024: Managing economic ambition and coalition politics amid fiscal challenges
The first union budget of NDA 3.0 was overall prudent as evident from maintaining the stance on fiscal consolidation. The budget mainly focused on employment generation, skill development (INR1.48trn of allocation; 4.7% of revenue receipts) and MSME push (through credit guarantee scheme, no collateral loans) is positive as well.
Fiscal consolidation: The fiscal deficit/GDP target of 4.9% for FY25 vs. 5.1% announced in interim budget in February 2024 and provisional 5.6% for FY24. The subsequent lower net market borrowing target (INR11.6tn in FY25 vs. INR11.8tn in FY24) bodes well for bond yields and will likely crowding in private investment and could be seen positively by credit rating agencies. FM maintained the capital spending target at INR11.1tn (3.4% of GDP).
For coalition partners, the government announced special schemes announced for Andra Pradesh and Bihar, targeted towards infrastructure development (roads, bridges, airport, medical college etc.).
Capital Gain Tax & F&O: The key shock to the market was increase in long-term and short-term capital gain taxes to 12.5% and 20%, respectively. Additionally, the government also announced hike in securities transaction tax in F&O segment, which was widely expected, post warnings by SEBI and RBI and is aimed to limit retail investors participation. Although, negative overall, markets will price-in the increase, as in past. Although, removal of Angel tax is a big positive and will support the start-up ecosystem.
Lower custom duties: Lower duties on cancer drugs, medical equipment, mobile phone, solar equipment, marine industry, leather and textile and more importantly gold and silver, to spur domestic manufacturing and increase local value add. This coupled with INR2.66tn allocation towards rural sector (also highlighted in the interim budget) is a positive move and will provide boost to the consumer discretionary spending.
Increased focus on funding the new schemes along with providing special packages and continued fiscal consolidation, leaves the government with little room to increase spending towards railways and defense, which are maintained at interim budget level.
Mr. Rakesh Reddy, Director, Aparna Constructions
Union Budget 2024-25 focuses on urban development, infrastructure, and widening the availability of affordable housing – all of which positively impact the real estate market.
The PM Awas Yojana Urban 2.0 is designed to address the affordable housing needs of the lower and middle classes, with an allocation of Rs 2.2 lakh crore for urban housing and a Rs 10 lakh crore interest subsidy. This initiative aims to provide 3 million additional housing units across rural and urban areas.
The availability of affordable housing is paramount for growth, as it serves the largest demographic segment in the country. Affordable housing not only attracts interest from prospective buyers but also expands market opportunities. The rising trend of migration to urban areas underscores the importance of affordable housing in the growth of tier 2 and tier 3 cities, subsequently driving the development of local economies.
To underscore the importance of affordability, states imposing high stamp duty charges will be urged to adjust their rates for the benefit of all stakeholders. Moreover, potential reductions in duties for properties purchased by women will be evaluated. These initiatives will also be integrated as key elements of urban development programs.
The budget proposes the establishment of ‘Cities as Growth Hubs.’ This initiative will be realized through strategic economic and transit planning, along with the systematic development of urban regions and their surrounding regions. The budget will also support the establishment of fully equipped “plug and play” industrial parks, complete with comprehensive infrastructure, in and around 100 cities, thereby attracting investments.
The allocation of ₹15,000 crore for the development of Amaravati is set to rejuvenate the real estate market in Andhra Pradesh’s capital city. This investment will be bolstered by financial assistance from multilateral development agencies, addressing the state’s requirements for its capital. The funding will focus on critical infrastructure improvements, including water supply, energy, railways, and roadways, in addition to providing grants for the underdeveloped areas of Rayalaseema, Prakasam, and North Coastal Andhra. This comprehensive approach is designed to benefit the entire state.
Mr. Tashwinder Singh, CEO & MD, Niyogin Fintech Limited
“The government’s focus on MSMEs, particularly through the term loan scheme with credit guarantees, is a welcome move. This will enhance the accessibility of financial resources for sectors essential to job creation. This move further encourages fintech businesses like ours to strengthen digital payment infrastructure and promote innovation that aligns perfectly with our goals of financial accessibility.
However, greater clarity on regulations and tax incentives for Fintech startups would have been a positive step. Nevertheless, we remain optimistic and committed to working with our vision to make financial services more accessible, affordable, and efficient for all”
Mr. Rishabh Sethia, Director & Business Administrator, MARS Cosmetics
“We warmly welcome this year’s Union Budget’s initiatives which are aimed at strengthening the overall MSME sector. The financial support for 50 multi-product irradiation units signifies a strong commitment to enhancing the capabilities and competitiveness of MSMEs. The increased attention to labor-intensive manufacturing and the comprehensive package covering financial and technological support will undoubtedly spur growth and innovation within the sector. Apart from this, the Union budget’s enhancement of the Mudra loan limit to Rs. 20 lakh for successful borrowers under the Tarun category is a significant step forward. This increase will empower more MSMEs to expand their operations, driving economic growth and creating employment opportunities. Additionally, the abolition of the ‘Angel Tax’ is a game-changer for startups and MSMEs, facilitating easier access to funding and encouraging entrepreneurship. We believe these measures will create a conducive environment for business growth and contribute significantly to the overall economic development of the country. In short, we highly support the government’s visionary approach and look forward to using these opportunities to further our mission of delivering high-quality products to our customers.”
Mr. Saurabh Uboweja, Managing Partner and Practice Leader, Positioning Strategy at BOD Consulting
“In the Union Budget 2024, Finance Minister Nirmala Sitharaman’s decision to lower the corporate tax rate for foreign companies from 40% to 35% in FY25 is a positive stride towards making the corporate sector more competitive globally. This reduction will make India more appealing to businesses and give corporates a substantial financial boost. Also, the abolition of the angel tax has long been a concern for startups. By eliminating this tax, the government is fostering a more supportive environment for investment, which is crucial for nurturing innovation and entrepreneurial growth. This measure will enable startups to thrive by focusing on advancing new ideas and technologies without the burden of excessive taxation. These strategic initiatives are set to drive sustained development and progress while creating a more dynamic and favorable business environment for all.”
Mr. Ajay Pareek, Chief Business Officer, SMFG India Credit, (formerly Fullerton India), one of India’s leading NBFC companies.
“The government has presented robust initiatives as part of the FY25 Union Budget to enhance credit access and foster growth in the vital MSME sector. The introduction of a credit guarantee scheme for MSMEs in manufacturing, aimed at facilitating term loans for machinery and equipment purchases, is transformative since it will provide access to credit to a wider target group thereby accelerating economic growth. This, coupled with a new digital footprint-based assessment model for MSMEs, will revolutionize credit accessibility which are lacking formal accounting systems.
The increase in the MUDRA loan limit from Rs 10 lakh to Rs 20 lakh is a significant boost for small businesses. The reduced turnover threshold for mandatory onboarding on the TReDS platform will further unlock working capital and drive MSME growth.
As we move towards a $5 trillion economy, these measures will empower MSMEs to compete globally and contribute substantially to economic development. We at SMFG India Credit remain committed to supporting these enterprises.”
Mr. Virendra D. Mhaiskar, CMD, IRB Infrastructure Developers Limited:
“The Budget 2024 looks to be the Government’s continued and focused commitment and support with robust Central investments for Infrastructure Sector, facilitating States Investments for the Sector and providing Viable Gap Funding for promoting Private Investments in the Sector for overall strengthening of the Nation’s infrastructure. Overall, the Budget is going to be a big booster to facilitate India’s economic growth; roads and highways sector, being the prominent infra sector is expected to get much needed impetus through adequate funds allocations.”
Mr. Virendra D. Mhaiskar, CMD, IRB Infrastructure Developers Limited:
“The Budget 2024 looks to be the Government’s continued and focused commitment and support with robust Central investments for Infrastructure Sector, facilitating States Investments for the Sector and providing Viable Gap Funding for promoting Private Investments in the Sector for overall strengthening of the Nation’s infrastructure. Overall, the Budget is going to be a big booster to facilitate India’s economic growth; roads and highways sector, being the prominent infra sector is expected to get much needed impetus through adequate funds allocations.”
Mr. Kapal Pansari – Managing Director, Rashi Peripherals Limited
“This is a good budget for the Indian economy. The Finance Minister, Nirmala Sitharaman, has proposed several changes in income tax to ease doing business and provide relief to income taxpayers. The basic import duty on mobile phones, PCBA, and chargers is reduced from 20% to 15%. This is expected to increase competition in local manufacturing against imports. In networking products, the basic duty is increased from 10% to 15%, which is expected to support local manufacturing. Overall, this is a good budget for rural, industrial, and agricultural development.”
Roma Priya, Founder, Burgeon Law
“The abolition of the Angel Tax in the 2024 budget for all the classes of investors represents a significant reform that will benefit India’s startup ecosystem as a landmark decision. Startups endured prolonged scrutiny and extensive paperwork to justify their valuations. The elimination of the Angel Tax is poised to alleviate these challenges significantly by reducing compliance burdens and financial strains for startups. The government by addressing enduring worries among startups and investors will be catalyzing a wave of new startups and entrepreneurial ventures. This decision is expected to stimulate investment in the startup ecosystem, attract more investors, and ultimately contribute to job creation and technological advancement in the country.”
Mr. Dinesh Chandra Pandey, Managing Director of Shankar Fenestration Glasses
“We are grateful for the budget’s announcement on the rise of manufacturing employment. The scheme that associates rewards for (EPFO) benefits contributions with the hiring of new employees is advantageous to both employers and employees. As a manufacturing entrepreneur, I agree with the fact that attracting and retaining young talent is critical to the growth of our industry. We will be able to hire more first-time workers by extending their tenure with us thanks to this initiative.
We provide a kind incentive of up to ₹3,000 per month for two years, which can be applied to each employee’s EPFO contributions. It will help us pay for the cost of training and onboarding our new employees. We believe that this initiative will benefit three million young people at the very least and create more jobs across the board.
As an industry, we’ve been struggling with employee costs and retention rates. This plan addresses both of these issues and will make us more competitive. We thank the government’s efforts to establish motives that will lead to more than five million jobs being created. We have high hopes that our plan will lead to increased productivity in manufacturing, reduced labor costs, and more manufacturing jobs. Regarding how this plan will impact our industry as well as the economy as a whole, we are generally positive. We can’t wait to implement this strategy and help in the country’s growth and development.”
Mr. Dhawal Gupta, Co-Founder of Subhot Enterprises
“We appreciate the budget announcement regarding the development of jobs in the manufacturing sector. Employees and companies benefit from the plan that links the hiring of first-time employees with incentives for EPFO contributions. I can say from experience as a manufacturing entrepreneur that acquiring and keeping young talent is essential to the expansion of our sector. This program will help us retain first-time employees for longer periods to encourage us to hire more of them.
We offer a substantial incentive of up to ₹3,000 per month for two years, which can be applied to the EPFO contributions of each employee. It will assist us in covering the price of educating and acclimating new hires. We anticipate that this program will help at least three million youth and generate more jobs in all industries.
We have been having problems as an industry with personnel expenses and retention. Both of these problems are addressed by this plan, which will increase our competitiveness. We value the government’s initiatives to create incentives for the employment of an extra five million people. We are optimistic that our plan will result in more manufacturing jobs, lower labor costs, and higher manufacturing productivity. We are generally upbeat about how this plan will affect both our sector of the economy and the overall economy. We are eager to put this plan into action and support the expansion and development of the nation.”
Puneet Arora, Managing Partner, Biz Staffing Comrade
The significant investment in skill development programmes lays a solid foundation for a future-ready workforce. Job creation and equipping people with desired skills, has been a focal point in the budget, aligning the workforce with emerging market demands. The introduction of financial support for higher education, e-voucher systems, and direct benefit transfers for first-time employees will encourage formal employment and support students in pursuing their desired careers. Also, the huge investment in 1000 industry training institutes, underscores the government’s commitment to developing a skilled workforce capable of meeting the evolving demands of the market. The government has introduced measures to enhance women’s participation in the workforce, thereby creating an inclusive workforce. Overall, by prioritising the entry-level workforce and incentivising job creation, the government is addressing key employment challenges. The success of these initiatives will serve as a testament to a more inclusive and prosperous India.
Ashok Chandak, President, The India Electronics and Semiconductor Association (IESA).
“IESA welcomes the budget’s strong focus on manufacturing, job creation, MSME support, women’s employment and rationalisation of customs duty. The initiatives mentioned are expected to act as catalysts for creating a new workforce in the thriving semiconductor and electronics sector which is facing an acute shortage of relevant skills. Additionally, allocating 1 lakh crore for research, removal of Angel tax, and support for prototypes will bolster local R&D, product innovation, and the startup ecosystem. However, caution is warranted regarding China’s FDI in this strategically vital sector. Any move to relax FDI norms for China in electronics and semiconductors could potentially stifle the emerging electronics components industry and have long-term implications for the telecom, defence, and aerospace sectors which are crucial for India’s security. IESA is working with MeitY on the new National Policy on Electronics and hope some of the measures for product development in the Electronics and Semiconductors verticals , Increased support toward enhancing local value addition and PLI for electronic components would get covered.”
Devashish Sharma, CEO and founding member of Taggd
“This year’s budget, with its significant emphasis on job creation and employability, is a powerful testament to India’s strategic vision for the future. The new internship program, aiming to skill 10 million youth over five years, is a bold step towards bridging the education-employment gap. Additionally, incentives for EPFO contributions and employer reimbursement schemes underscore a strong commitment to job creation in the manufacturing sector. These measures and the Prime Minister’s skilling initiatives are set to equip our workforce with the skills needed for a rapidly evolving job market. The budget’s focus on women’s participation and support for women-led businesses will drive both empowerment and inclusive economic growth. This budget is a robust blueprint for India’s future, prioritizing employment, skill development, and inclusive growth. We eagerly anticipate both contributing to and benefiting from these initiatives.”
Dr. Ajai Chowdhry, Co-Founder HCL, Founder & Chairman, EPIC Foundation and Chairman-Mission Governing Board, National Quantum Mission
“The new budget is a game-changer! Significant impetus has been provided by the government to further strengthen the startup ecosystem. Happy to see support for Space Tech and a generous ₹1 Lakh Crore allocation for R&D in the private sector. The support for small nuclear reactors is commendable; moreover, the abolishing of the Angel Tax will go a long way in bringing greater investments, making it a big win for startups. Similarly, there’s great support for MSMEs and an impressive job-linked incentive scheme. The focus on Ease of Doing Business and the introduction of plug-and-play manufacturing infrastructure under PPP, along with worker dormitories, is a well-rounded approach to foster growth and innovation.”
Mr. Viren Choudary, CEO of Readywire
“We welcome the Union Budget’s special focus on MSMEs and startups. The initiatives to facilitate continued bank credit during stress periods and the increased Mudra loan limits are particularly commendable. The abolition of Angel Tax will undoubtedly bolster the startup ecosystem, encouraging more innovation and investment. These measures reflect the government’s commitment to fostering growth and resilience in India’s entrepreneurial landscape, and we are optimistic about the positive impact this will have on the sector.”
Pankaj Jha, Managing Director of MAXHUB
“The abolition of Angel Tax is a significant relief and a crucial step towards fostering a supportive ecosystem for innovation and entrepreneurship. Additionally, the reduced corporate tax rate for foreign companies will enhance India’s appeal as a destination for international businesses and investors. This strategic move is anticipated to attract substantial global investment.”
Yug Bhatia CEO and founder of controlZ
Tech Sector:
“The Indian government’s decision to reduce the BCD on mobile phones and related accessories to 15% is a strategic and commendable move. This reduction, outlined in the Union Budget 2024 by the Finance Minister, aligns with the growing maturity of the Indian mobile industry. Lowering the duty on essential components such as mobile phones, PCDA, and mobile chargers will significantly impact our cost structure. This change enables us to offer premium renewed smartphones at more competitive prices without compromising on quality, thereby making high-end technology more accessible to a wider audience.”
Startup Ecosystem:
“The proposal to abolish the Angel Tax for all classes of investors is a groundbreaking step toward invigorating the Indian startup ecosystem. By eliminating this tax, the government is fostering an environment ripe for innovation and growth. Startups can now attract investment more easily, allowing them to focus on product development, scaling, and market expansion. For our renewed smartphone brand, this means greater funding opportunities, which can be utilized to enhance our technology, expand our product lines, and elevate the customer experience.”
Ayush Gupta , CEO of Swopstore
The Union Budget is a game-changer for Indian startups! Abolishing Angel Tax and reducing corporate tax for foreign companies from 40% to 35% will boost investment and innovation.
Simplifying taxes for foreign shipping companies will also open up new opportunities in maritime and tourism sectors. As a young entrepreneur, I’m thrilled to see the government’s commitment to making India a startup hub.
These reforms can lead to a 20-25% growth in the startup sector, helping us scale faster, access global markets, and create more jobs. Kudos to the government for taking bold steps to propel India’s startup revolution!
Yogesh Bhatia, CEO and MD of LML
“This Union Budget is a charging boost for the EV sector! Abolishing the Angel Tax will accelerate investments, while the new tax regime and increased standard deduction will electrify consumer demand. Exempting customs duty on critical minerals like lithium and cobalt will reduce production costs and make EVs more affordable. Incentivizing job creation in manufacturing will drive growth, and a simpler tax regime for foreign shipping companies will facilitate the import of EV components. Reducing corporate tax on foreign companies to 35% will attract global players to India’s EV market. This Budget has put India’s EV revolution in the fast lane!”
Srinivasa Bharathy, CEO & MD, Adrenalin eSystems- HR Tech Solution Provider
“In today’s Union Budget, the Finance Minister has set forth a forward-looking agenda with the VIKSIT BHARAT framework, emphasizing job creation and inclusive human resource development. With a central outlay of ₹2 lakh crore dedicated to empowering 4.1 crore youth over the next five years, it addresses a crucial need in India’s evolving job market. As new sectors such as AI, advanced manufacturing, and green technologies rapidly expand, the demand for a skilled workforce has never been greater.
Investing in skilling is essential to equipping our workforce with the competencies required to thrive in these dynamic industries. The government’s focus on inclusive HR development and job creation will not only address current employment gaps but also prepare the next generation for future opportunities. This strategic approach aligns with the broader VIKSIT BHARAT vision, ensuring that as India progresses, our human capital remains agile and adept in the face of technological advancements. The Finance Minister also announced increasing the participation of women in the workforce as a priority, achieved through partnerships to organize women-specific skilling programs.
By prioritizing skill development and inclusive HR initiatives, the budget paves the way for sustained economic growth and innovation, reinforcing India’s position as a global leader in emerging technologies.”
Amit Kapur, Managing Director, Vedatya- A student centric global institute
“The Union Budget’s latest initiatives mark a significant leap forward in strengthening India’s educational infrastructure and empowering our youth. With a dedicated financial support scheme providing up to ₹10 lakh for higher education loans in domestic institutions, the government is reinforcing its commitment to making quality education more accessible. The introduction of loans up to ₹7.5 lakh, backed by a government-promoted fund, alongside direct e-vouchers for 1 lakh students annually, highlights a robust strategy to support 25,000 students each year.
The budget’s focus on skill development is equally commendable, with plans to skill 20 lakh youth over the next five years and upgrade 1,000 Industrial Training Institutes. This initiative promises to align course content with industry needs, ensuring that education translates into tangible skills. The added benefit of a 3% annual interest subvention further enhances the affordability of education loans, making it easier for students to pursue their aspirations without financial strain.
The budget we hope will draw from the past impact experiences of schemes like PMKVY and use the same. Also a comprehensive study of subsidized student loans and grants akin to what is well entrenched in developed world would be the way forward for us as we pursue the goal of VIKSIT BHARAT.
At Vedatya Institute, we are excited by these developments and are eager to contribute to this transformative era in education and skill development, aligning with the government’s vision for a skilled and educated India.”
Shreesh Chaturvedi, Founder, Vareyn Solar- A Solar EPC Company
“It is that time of the year when all the industries wait with bated breath. The budget has been promising so far and I believe it will have a positive impact on all industries including the renewable energy sector in India. The focus on energy security and creating climate-resilient facilities is crucial. As we face increasing environmental challenges, ensuring a stable and sustainable energy supply is more important than ever.
The innovative steps towards transforming agricultural research and the Finance Minister’s emphasis on climate-resilient crop varieties can be a game-changer especially for the renewable energy sector. This step aligns seamlessly with our commitment to integrating sustainable energy solutions into every aspect of life including the agricultural sector, ensuring our farmers are better equipped to handle climate challenges. This is a huge opportunity to achieve India’s goals of net-zero by 2070.
The emphasis on electricity storage and facilitating the smooth integration of renewable energy aligns perfectly with our mission.
Additionally, the financial support for transitioning micro and small industries to cleaner energy sources and the exemption of capital goods for manufacturing solar cells and panels are forward-thinking measures. They will enhance the efficiency and reach of the solar sector, enabling us to deliver more innovative and effective solutions.
In addition to this, the PM Surya Ghar Muft Bijli scheme, which aims to install rooftop solar systems for 1 crore households, is a groundbreaking initiative. This move not only empowers millions of homes with clean energy but also signifies a massive boost for the solar industry. For us at Vareyn, it’s a golden opportunity to expand our reach and impact. We’re excited about the potential to create jobs, support sustainable living, and contribute significantly to India’s renewable energy goals.”
Ganesh Kamath, Founder, Earthraga- A D2C skincare beauty brand
The Union Budget’s emphasis on boosting consumption is a strategic move that promises to invigorate key sectors, including consumer goods. With an allocation of ₹11,11,111 crore for infrastructure, constituting 3.4% of GDP, the budget is set to catalyze growth in logistics. This, in turn, will enhance the e-commerce and q-commerce sectors, creating new opportunities for home-grown Direct-to-Consumer (D2C) brands.
The overall focus of the budget will help drive sustainable economic development and empower businesses committed to eco-friendly solutions. The integration of robust infrastructure investments in warehousing with consumption-driven policies will foster a thriving marketplace, supporting both traditional and innovative enterprises in contributing to India’s economic growth.
Mr. Bhavesh Goswami, Founder and CEO, CloudThat.
“I see the government’s comprehensive initiatives to empower nearly four crore youth as a transformative move for our economy. It’s a leap towards creating a workforce that’s not only employable but also adept at driving innovation and enhancing organizational performance. These schemes are pivotal in equipping the youth to adapt to dynamic market conditions and in fostering a culture of continuous innovation within the industry.
Moreover, the introduction of employment-linked incentives, such as wage support for new employees, and the focus on women-specific skilling programs, are progressive steps towards inclusive growth. The strategic move to upskill twenty lakh youth and provide them with internships in leading companies, complete with a stipend, is a testament to our commitment to bridging the skill gap and ensuring industry readiness. These efforts are crucial in nurturing a talent pool that is prepared for the global market’s demands, laying a robust foundation for India’s sustainable economic advancement.”
Durgesh Pandey, CFO, Web Werks – Iron Mountain Data Centers:
“We welcome the Union Budget 2024-25, which highlights the continued strong push towards digitization across sectors and infrastructure development. This will further provide a fillip to the data center industry, as digitization is the backbone for the growth of this sector. One of the key components is power for the data center industry, where renewable energy will prove to be a game-changer. The government’s continued focus on energy transition to renewable sources is evident from the expansion of the list of exempted capital goods for the solar sector and initiatives for pumped storage to improve reliability and cost-effectiveness. Additionally, the full exemption of certain rare earth minerals used for making high-end equipment and batteries for data centers from custom duty is a significant move. This budget reflects the government’s vision to drive technological advancements and digital inclusion across the nation.
At Web Werks – Iron Mountain Data Centers, we are excited about the potential for growth and innovation that these initiatives will unlock, and we remain dedicated to supporting India’s journey towards a robust digital future.”
A Kulandai Vadivelu, Chief Financial Officer, TVS Electronics (TVS-E)
“We are pleased to welcome this positive budget which outlines a clear roadmap on various aspects, addressing the need for sustainable growth of the manufacturing industry. The emphasis on – employment-linked incentives for creation of jobs, credit guarantee schemes for MSMEs in manufacturing will help propel the sector’s growth trajectory. Furthermore, a significant move towards reduction on customs duty for minerals such as lithium, copper, cobalt and rare earth elements will give a boost to high-tech electronics, defence, telecommunications and other sectors.
There was a growing need for a skilled workforce to address the demands of industry 4.0, and the Government’s focus on employment and skilling programs will help ensure sustainable growth and maintain a competitive edge. Ongoing support through financial incentives and infrastructure development will play a key role.”
Mr. Aneel Gambhir, CFO, DTDC Express Ltd:
“The Union Budget 2024–25 introduces a significant overhaul of tax structures and customs duties, a move set to bolster domestic production and enhance the global competitiveness of Indian products. The move is expected to stimulate growth and open new avenues for Indian exports to the international markets. Similarly, reductions or exemptions in Basic Customs Duty (BCD) for mobile phones, critical minerals, leather, textiles, etc. are set to increase domestic demand and in turn, accelerate logistics movements globally.
Furthermore, the budget’s support for MSMEs and the e-commerce sectors through financing, regulatory changes, and technology assistance will empower them to thrive and compete internationally. These measures will not only strengthen these sectors but will also support the logistics industry in facilitating seamless global trade.”
Prateek N Kumar, Founder and CEO, NeoNiche Integrated Solutions
“The recent Budget represents a comprehensive strategy aimed at fostering growth across various sectors of society. By focusing on employment, skilling, MSMEs, the middle class, the underprivileged, women, youth, and farmers, it presents a holistic and inclusive approach. The nine priorities outlined for the coming years—productivity and resilience in agriculture, employment and skilling, manufacturing and services, urban development, energy security, infrastructure, innovation, and R&D, and next-generation reforms—underscore a commitment to well-rounded development. This emphasis on job creation and boosting consumption is set to significantly benefit the consumer goods, real estate, and automotive sectors. It’s an encouraging roadmap for our nation’s future.”
Mr. Jaikaran Chandock, Director, Balu Forge Industries Ltd
The budget has laid the foundation for achieving the goal of Viksit Bharat and a roadmap for a sustainable and inclusive economic growth. Through renewable energy transition, strengthening energy mix with nuclear energy, capex push in infrastructure development and focus on education, employment and skills, the budget builds the pathway for transformation-led growth for the economy.
The allocation of Rs.6.21 lakh crore for the defence sector for FY25 in continuation with the Interim Budget announcement will further reinforce the country’s indigenous defence manufacturing capabilities, paving the way for Atmanirhbar Bharat. Reduction in expenditure on defence procurement from foreign sources helps prudent fiscal allocation. The budget allocation of 2,52,200 crore to railways will also boost manufacturing in railways.
India is on the cusp of entering a high-growth phase and the budget ensures that transition benefitting industries across sectors and each segment of the society.
Varun Alagh, CEO & Co-founder, Honasa Consumer Limited
The budget’s focus on boosting consumption and enhancing purchasing power parity across the FMCG sector is commendable. The government’s commitment to improving infrastructure, creating disposable incomes, and generating jobs is expected to significantly uplift the rural economy. The announcement of substantial job creation initiatives, particularly in manufacturing and services, will help reduce unemployment and provide stable income sources for many families. This holistic approach ensures that we, as an FMCG company, can continue to innovate and meet the evolving needs of our consumers. We are optimistic that the budget’s emphasis on sustainable and inclusive growth will propel the industry forward and bring long-term benefits to the entire value chain.
Ghazal Alagh, CIO & Co-founder, Honasa Consumer Limited
The government’s latest budget marks a significant leap forward for the startup ecosystem, especially with the abolition of the angel tax. This move will provide much-needed relief and encourage more investments, giving the startup community a substantial boost. The focus on digital transformation and AI integration is particularly exciting for the beauty and personal care industry. Increased support for technological advancements and the push for digital infrastructure will enable startups to leverage cutting-edge technologies to enhance their products and customer experiences. As a woman entrepreneur, I find these measures encouraging and believe they will catalyze a new wave of growth and opportunities within the startup ecosystem.
Mr. Gautam Madhavan, Founder and CEO of Mad Influence
“We welcome the Union Budget 2024-25’s focus on economic growth and supporting innovation. The emphasis on digital public infrastructure and the abolition of the Angel Tax will undoubtedly bolster the startup ecosystem, enabling more creative ventures and tech-driven solutions. Mad Influence sees immense potential in these reforms to empower digital creators and influencers, ensuring a vibrant and sustainable digital economy. We are excited about the future prospects and are committed to leveraging these opportunities to drive impactful digital campaigns and initiatives.”
Mr. Gayomard Driver – Executive Director & Group Chief Financial Officer Jeena and Company
“The logistics industry welcomes the 2024 budget and eagerly looks forward to its implementation. The budget addresses crucial aspects that the industry has been keen to see progress on – skilling of youth, empowering the MSMEs, manufacturing, and a comprehensive review of the rate structure for ease of trade.
The removal of duty inversion and reduction of disputes are significant positive steps. However, the main highlights are the continuation of focus on infrastructure i.e. the Rs 26,000-crore boost to road connectivity projects and the sanctioning of 12 industrial parks. The Government’s commitment to maintaining strong fiscal support for infrastructure is commendable.
The establishment of the Gaya node along the Amritsar-Kolkata route is anticipated to greatly improve the Eastern Dedicated Freight Corridor. This development is expected to bring significant advantages to ports in eastern India over the medium term. Additionally, the enhancement of rural infrastructure and the support for an industrial corridor in the eastern region are vital steps forward. India’s plan to establish dedicated e-commerce export hubs will streamline logistics, export clearances, and warehousing. These hubs, functioning as bonded zones, will reduce re-imports with private sector support.
Furthermore, the launch of Phase 4 of the PM Gram Sadak Yojana aims to provide all-weather roads to 25,000 rural habitats, enhancing connectivity. These numerous infrastructure improvements are anticipated to offer faster routes, more options for trade, increased connectivity to rural areas, and reduced costs of travel, sorting, and storing. They will also help reduce the turnaround time of delivery. Essentially, we can utilize smoother roads and shorter routes for transportation, moving away from the expensive and congested routes currently in use. Overall, we are optimistic about these announcements and their positive impact on the logistics sector.”
Ravi Bhamdipaty, Co-founder, Roastea
The proposed Union Budget 2024 lays strong emphasis on long term and inclusive growth thereby leading us to Viksit Bharat. The budget has provided a big fillip towards the growth and development of the MSME sector leading to enhanced economic activity. The abolishment of angel tax will help in creating an environment conducive for innovation and building the entrepreneurship culture. On a short-term basis, the hike in capital gains tax is a bit of a dampener however growth and higher economic activity will overshow the short-term blip.
Rajeev Tiwari, Co-Founder of STEMROBO
The Union Budget 2024 focuses on the provisions for the education and startup sectors, reflecting an approach to boost economic growth and development. The budget allocation for education stands at ₹1.48 lakh crore, marking an increase aimed at enhancing educational infrastructure, skilling, and employment opportunities.
An important aspect of the budget is the Prime Minister’s package of five schemes and initiatives, to increase employment and skilling for 4.1 crore youth, with a budget of Rs. 2 lakh crore, over the next five years ,highlights a strategy that will meet future job demands and boost our economy. The introduction of schemes linking employment directly with training, benefiting over 2.1 lakh youths, shows the government’s proactive support for our workforce. By focusing on education and skill development, the budget sets the stage for improved learning outcomes and enhanced employability across the country.
Prioritising upskilling and the adoption of technology for digitization is laying a strong foundation for India’s future development to enhance learning outcomes and boost employability by equipping people with the latest technological skills.
Special efforts for women’s skill development and improving infrastructure for their workplace participation is a big step towards inclusivity. Setting up working women hostels and encouraging higher women workforce participation through facilities like creches are some important steps for a more equitable society.
Overall the budget shows a positive step pushing India towards a future where education, employment, and inclusive growth are at the forefront of national development. It sets the stage for elevated education standards to equip our youth with essential skills needed to create a more skilled workforce, drive economic productivity and global success.
Ragupathi Selvaraj, Co Founder , Workfolio
In the Union Budget 2024, We believe that the abolition of the angel tax is a significant relief for investors, startup founders, and the startup ecosystem as a whole. This move will not only enhance funding sentiments but also bolster the ‘Make in India’ initiative, driving innovation and growth across the nation. The removal of the angel investment tax is a commendable step that will undoubtedly foster a more supportive environment for emerging businesses.
Abhishek Negi, Co Founder Eggoz Nutrition
Finance Minister Nirmala Sitharaman announced the abolition of the angel tax for all investor classes. This measure provides significant relief to the Indian startup ecosystem, which has been experiencing a funding downturn over the past year. Additionally, the Finance Minister broadened the definition of an “eligible startup” under the Startup India scheme to encompass entities incorporated between April 1, 2016, and March 31, 2025. This expansion allows more startups to benefit from the tax holiday provided by the scheme. The government also reaffirmed its commitment to the ‘Vocal for Local’ campaign by guaranteeing credit schemes to facilitate term loans for MSMEs for the acquisition of machinery and equipment without the need for collateral or guarantees.
Mr.Deepak Patkar, MD & CEO SMFG Grihashakti.
“The FY25 Union Budget represents a decisive step forward in addressing India’s housing needs with the expansion of the Pradhan Mantri Awas Yojana (PMAY) to include 3 crore additional houses. This ambitious plan, supported by a proposed central assistance of ₹2.2 lakh crore over the next five years, underlines the Government’s commitment to providing quality housing for all. The introduction of an interest subsidy scheme for urban housing will make loans more affordable, enhancing access for many looking to realise their housing dreams. The Budget also emphasizes substantial investment in urban housing under PMAY 2.0, with an allocation of ₹10 lakh crore, showcasing a comprehensive approach to meeting urban housing demands.
As of now, 118.64 lakh houses have been sanctioned under PMAY-U, with 85.04 lakh already completed, reflecting significant progress. In rural areas, the PMAY-G scheme has facilitated the construction of 2.95 crore pucca houses by March 2024, with 2.94 crore houses sanctioned and 2.55 crore completed by February 2024. This highlights the Government’s dedication to improving the overall infrastructure across the country and providing improved living conditions for the Economic Weaker Section (EWS) & Low Income Group (LIG) populous, thereby boosting overall economic development.”
Ms Nehal Mota, Co-Founder Finnovate
The full budget presented by Nirmala Sitharaman on July 23rd had some important implications for financial and investment planning. Broadly, there are 3 ways in which this budget could impact financial planning.
Firstly, the budget raised income tax slabs under new tax regime and made income up to Rs3 lakhs fully tax-free. This tweak is expected to save Rs17,500 in tax for salaried persons. Combined with the raising of standard deduction limit from Rs50,000 to Rs75,000, it will give more investable savings for salaried persons.
Secondly, the increase in STT on derivatives was always coming after warnings from the SEBI chairperson. The STT on sale of options was raised 16-fold from 0.0625% to 0.10%. At the same time, the STT on sale of futures was hiked from 0.0125% to 0.02%. These two moves are likely to curb retail speculation in F&O and push them into serious financial planning.
The most important was the capital gains tweak. LTCG was raised from 10% to 12.5% neutralized by exemption limit hiked from Rs1 lakh to Rs1.25 lakh. In addition, STCG tax was raised from 15% to 20%. This is likely to dilute the TINA (there is no alternative) value of equity investing and push people into more rational asset allocation across equity and debt. That is the big contribution from this budget for financial planning.
One interesting feature was the simplification of capital gains on real estate. While LTCG tax on real estate was cut from 20% to 12.5%. This was neutralized by scrapping of indexation benefits.
Dr. Sanjay Gupta, Vice Chancellor, World University of Design.
“I commend the government’s initiatives in the Union Budget 2024 to empower youth through education and skill development. Providing financial aid up to ₹10 lakh for higher education and e-vouchers for interest relief will greatly improve access to quality education. The Prime Minister’s internship program, designed to train one crore students over five years with a stipend, will foster lifelong learning and employability. Furthermore, the creation of E-Commerce Export Hubs will enable MSMEs and traditional artisans to showcase their work on a global stage. These initiatives align perfectly with our mission to nurture creative talent in design, and we look forward to supporting our students in achieving their goals and contributing to India’s dynamic design sector.
