Industry hopes the full-fledged budget will outline a comprehensive roadmap for brands dedicated to contributing to sustainability.
Finance Minister Nirmala Sitharaman unveiled the Interim Budget and addressed the expectations of various sectors, including education and startups. Notably, the Education Ministry received its highest-ever allocation in the fiscal year 2023-24, amounting to Rs 1,12,898.97 crore. Edtech stakeholders expressed their anticipation for initiatives supporting skill development and youth empowerment. On the startup front, the budget garnered positive responses, particularly for measures promoting sustainability, tax benefits, and financial support. The allocation of INR 1 lakh crore funds for startups, focus on digital infrastructure, and encouragement for innovation signal a forward-thinking approach, setting a foundation for robust growth in the Indian startup ecosystem. The government’s commitment to fostering entrepreneurship, coupled with strategic allocations and support for key sectors, reflects a comprehensive vision
Akshay Munjal, Founder & CEO, Hero Vired: “The interim budget marks a pivotal stride towards fostering inclusive and robust academic growth. The establishment of new institutes underscores our commitment – that is, to elevate both the scale and quality of education. Women constitute 43% of enrolments in STEM courses, their participation increasing by 28% in the last decade reflects a substantial leap towards expanding opportunities in traditionally male-dominated fields. Additionally, through the Skill India Mission, the training of 114 million youth, along with upskilling/reskilling of 5.4 million youth, are strong steps that will benefit the industry at large by addressing the crucial need to bridge the demand-supply gap for skilled workers.
Given that innovation is the cornerstone of Viksit Bharat, the budget lays the foundation for citizens to become empowered, enabled, and equipped. This strategic approach aligns with our vision for a progressive and skilled workforce, thereby contributing to the overall growth and development of the nation.”
Ujjwal Singh, Founding CEO, Infinity Learn by Sri Chaitanya: “We believe the Centre’s focus on GDP (Governance, Development, and Performance), is poised to benefit our economy and nation as a whole. The shift towards empowering citizens to address poverty, rather than focusing on entitlements, is another positive step. Additionally, the increasing representation of girls in STEM courses is a notable achievement. With the establishment of additional IITs, IIITs, IIMs, AIIMS, and 390 universities, our nation is on track to become a genuine talent pool for skilled resources. The transformative performance of PM Schools for Rising India and the implementation of the National Education Policy 2020 further underscore our commitment to delivering quality education, so as to strengthen the foundation in core subjects, and thereby nurturing holistic, well-rounded individuals. Furthermore, initiatives aimed at assisting start-ups and promoting youth entrepreneurship will undoubtedly accelerate our journey towards becoming a developed economy by 2047.”
Dr. Dhruv Galgotia, CEO, Galgotias University: “We commend the government’s unwavering dedication to youth empowerment and education reform, exemplified by the National Education Policy 2020. The strides made through initiatives like the Skill India Mission, which has trained an impressive 1.4 crore youth, and the PM Mudra Yojana, sanctioning 43 crore loans totalling 22.5 lakh crore for entrepreneurial ventures, are pivotal in nurturing a skilled workforce and fostering entrepreneurial spirit among our youth.
The remarkable 28% increase in female enrolment in higher education over the past decade, alongside the impressive participation of women, constituting 43% of enrolment in STEM courses, deeply resonates with our ethos. These statistics not only signify progress but also highlight the importance of creating an inclusive and diverse educational landscape.
We are committed to leveraging these opportunities to further equip and empower the next generation of leaders. As we collectively strive towards making India a ‘Viksit Bharat’ by 2047, we recognize the critical role of enhancing people’s capabilities and empowering them to drive meaningful change and create a brighter, more equitable future for all.”
Gaurav Aggarwal, CEO & Founder of CarLelo, A Capri Loans Venture: “Carlelo commends the government’s commitment to bolstering the EV ecosystem and investing in crucial infrastructure for sustainable mobility. Ms. Sitharaman’s announcement of a new scheme for bio-manufacturing further emphasizes the government’s commitment to sustainability by promoting the use of biodegradable materials in manufacturing processes. We eagerly anticipate the positive impact of these initiatives on the automotive industry and the environment. This shift towards green-oriented consumption aligns with Carlelo’s values and contributes to a more environmentally conscious manufacturing landscape.”
Nirmit Parikh, Founder & CEO, apna.co: “The Interim Budget 2024 deserves a nod of appreciation for its commitment to fostering a vibrant entrepreneurial ecosystem. The extension of tax benefits to startups, along with a seamless continuity in taxation, reflects a tangible dedication to long-term sustainability. Kudos to key initiatives like Start-up India and the Start-up Credit Guarantee schemes, which genuinely showcase a hands-on effort to empower the start-up sector. The support for technology and innovation within start-ups isn’t just policy; it’s a true progress accelerator. These measures are concrete steps that strengthen the ‘rozgardata’ and lay a foundation for inclusive, balanced, and robust growth within the start-up landscape. Overall, the Budget presents a realistic and impactful vision for a dynamic and thriving entrepreneurial future.”
Akshay Munjal, Founder & CEO, Hero Vired: “The interim budget strategically boosts the startup ecosystem with the allocation of INR 1 lakh crore funds at minimal interest rates, specifically for sunrise sectors. These moves are pivotal, as they not only ease financial burdens but also stimulate innovation and scalability. The government’s focus on macroeconomic stability and reinforcing the financial sector further stabilizes the investment climate. Encouraging private and public investments, especially in post-harvest operations, opens new avenues. Additionally, reducing central government borrowings to free up more credit for the private sector marks a significant shift, enabling startups to access vital resources for sustained growth and innovation. These comprehensive measures signal a forward-thinking approach, setting a foundation for robust startup growth in India.”
Gaurav Jalan, Founder & CEO, mPokket: “The emphasis on continued growth of digital public infrastructure is most welcome. The government’s consistent push to capitalize on India’s momentum as an attractive investment destination bodes well for potential FDI inflows. The intention to create a conducive regulatory environment for MSMEs through appropriate financing, technologies and training will also provide a robust fillip to small enterprises and start-ups.
Besides farmers, women and the poor, the focus on youth via the training of 114 million youth and upskilling and reskilling of 5.4 million youngsters, as well as the establishment of 3,000 new ITIs, will help in transforming India into a catchment area for young talent. With 430 million loans worth Rs22.5 lakh crore sanctioned by the PM Mudra Yojana to support the entrepreneurial aspirations of the youth, it will boost both entrepreneurial and employment opportunities. Additional schemes such as the Fund of Funds and Start-up Credit Guarantee will also assist the youth and start-ups throughout India.”
Amitabh Shankar, CEO, Cogoport: We commend Budget 2024 for initiatives on global trade and domestic supply chain efficiency, which will benefit both corporations and MSMEs participating in international trade. The steps taken to substantially reduce import release times across airports, seaports, and ICDs emphasize a dedication to optimizing port operations and cultivating a trade ecosystem that is both efficient and nimble. The vision of building an economic railway corridor under the PM Gati Shakti Program, to improve connectivity and make Indian businesses more competitive, along with the announcement of the Indian-Middle East-Europe economic corridor for enhancing global trade and strengthening the regulatory environment and financing to facilitate the growth of MSMEs, instills confidence in the government’s resolve to elevate India’s position in international trade.”
Amit Relan, Co-founder and CEO, mFilterIt: In the election year, the interim budget was expected to offer some illustrious announcements. However, the government remained focused on maintaining consistency, developing infrastructure, and encouraging entrepreneurs. For budding entrepreneurs, this is a golden period of growth. A corpus of Rs 1 lakh crore with a 50-year interest-free loan will be a major boost for the start-up ecosystem. The long-term financing and re-financing will encourage the private sector to scale up research and innovation to chart new horizons.
The Indian entrepreneurs are also becoming ‘rozgardata’. The Fund of Funds, Start-Up India, and Start-Up Credit Guarantee schemes are assisting our youth. Also, a drop in corporate tax rate from 30 percent to 22 percent for existing domestic companies and to 15 percent for certain new manufacturing companies is also a step in the right direction encouraging existing business and will have a positive long-term impact on the market.
Raman Bhatia, Founder & Managing Director, Servotech Power Systems Ltd: Aatmanirbharta and Viksit Bharat took centre stage in the budget, epitomizing a visionary approach to India’s self-reliance and comprehensive development. The vision for an economically independent and developed India permeated every facet of the budget, showcasing a steadfast commitment to innovation, resilience, and transformative growth, positioning India as a global leader. As a leading EV charger manufacturer, we applaud the strategic focus on the EV sector. The emphasis on creating business opportunities and generating employment marks a significant stride in accelerating sectoral growth. Government support for manufacturing and developing EV charging infrastructure provides a crucial impetus for establishing a robust and widespread charging network. The focus on deploying E-Buses in commercial spaces, facilitated by a secure payment mechanism, reflects a progressive approach that contributes to the overall advancement of the electric mobility ecosystem. While we anticipated announcements on FAME-3 and the PLI scheme, we remain hopeful that the full-fledged budget will delve into these schemes in detail. We eagerly look forward to actively participating, leveraging our expertise to bolster the growth of the EV ecosystem and contribute to building a sustainable and efficient electric mobility infrastructure. Our optimism extends to the belief that the comprehensive budget will usher in opportunities fostering innovation and sustainability in the transportation sector, steering India closer to its vision of becoming an EV-powered nation.
Amit Prasad, Founder and CEO, SatNav: The prediction of unprecedented growth in the next five years is very encouraging and will ensure the vision of becoming one of the top 3 economies of the world becomes a reality. This will help existing companies and new industries tap the humongous opportunities that arise as a result of this growth. The figures on continued uptrend in collection of taxes as well as the subtle reference to formalization of economy should not be read casually, it indicates how the grey economy that still exists in large numbers is slowly and surely being targeted by the Government to make it mainstream. We are very confident that all these positive signals will benefit Businesses and help them scale their Enterprises faster in the coming years.
Roopak Gupta Founder & CEO mTap: Post the Union Budget announcement, mTap stands enthused by the visionary measures outlined by Finance Minister Nirmala Sitharaman. The government’s commitment to nurturing entrepreneurial dreams through initiatives like PM Mudra Yojana, sanctioning an impressive 43 crore loans totaling Rs. 22.5 lakh crore, along with the support from Fund of Funds, Startup India, and Startup Credit Guarantee Schemes, reflects a concerted effort to empower our youth.
The establishment of a corpus, earmarked at Rs 1 lakh crore with a 50-year interest-free loan, heralds a golden era for our tech-savvy youth. It catalyzes private sectors, including mTap, to scale up research and innovation significantly, especially in sunrise domains. As FM Sitharaman hints at presenting a detailed roadmap for Viksit Bharat in the full Budget in July, we eagerly await a strategic vision that aligns with our pursuit of innovation and growth. This budget sets the stage for a progressive and vibrant technology landscape in the country, and we look forward to leveraging these opportunities to contribute to India’s technological prowess.”
ESC Chairman Mr. Sandeep Narula : “What stands out for the ICT sector in the Union Interim Budget is the exemplary record of pushing incrementally digital economy and infrastructure to the forefront, which can result in an unparalleled scale of growth in the sector. I believe that this could be one of the pivotal reasons for India being judged as one of the fastest-growing economies by multilateral funding agencies like the IMF.
Furthermore, Finance minister rightly highlighted the future course of India’s path-breaking journey in the ICT sector by focusing on digital infrastructure, which has become the fourth factor of production, positively impacting all segments of the Indian economy such as agriculture, manufacturing, healthcare and governance. That is the course that we have tread to reach the trailblazing objective of reaching Amrit Kal by 2047 as envisioned by Prime Minister Shri Narendra Modi, as India gears to join the league of developed countries. We also welcome the reference the Finance Minister made about the need for focusing on R&D, innovation, Deep Tech in defense, further e-connecting agricultural markets, application of digitization of the logistics sector, and e-security, which are the future growth pointers that can deepen not only inclusive growth but also build a strong technology base to catalyze a multidimensional economic growth.”
Gurmeet Singh, Executive Director, ESC.: “The Union Budget 2024 brings forth a transformative outlook for the electronic and computer software industry, and as the Electronic and Computer Software Export Promotion Council, We welcome the strategic initiatives outlined by Finance Minister Nirmala Sitharaman. The Focus given to MSMEs, startups, exports and efforts to link the growth dimensions to demographic profiles to consciously create an advanced economy that focuses on more employment are visionary steps to take the economy to the next level of growth. Finance minister rightly highlighted the future course of India’s path-breaking journey in the ICT sector by focusing on digital infrastructure, which has become the fourth factor of production, positively impacting all segments of the Indian economy such as agriculture, manufacturing, healthcare and governance.
We feel this budget not only addresses immediate concerns but also lays the foundation for a robust and globally competitive electronic and computer software industry in India.”
Amit Jain, Founder Paaduks: “Paaduks commends the Finance Minister’s visionary approach, placing a strong emphasis on training for global competitiveness, particularly in the context of MSMEs, startups, and exports. This strategic focus, coupled with efforts to align growth dimensions with demographic profiles, demonstrates a conscious effort to shape an advanced economy that prioritizes increased employment opportunities.
Aligned with Paaduks’ commitment to promoting regional craftspeople, we recognize the significance of this progressive strategy. The foundation of sustained growth, in our perspective, lies in empowering MSMEs with new skills. We are pleased to witness the government’s initiatives and believe that they will contribute to the success of our talented artisans.
As we strive towards creating a more robust and independent India, let us collaboratively work towards developing a competitive and resilient MSME sector. The current budget’s focus on sustainability is commendable, and we anticipate that the upcoming budget will outline a comprehensive roadmap for brands dedicated to contributing to sustainability. Together, we can pave the way for a thriving and environmentally conscious economic landscape.”
Saloni Verma, Co-Founder and chairperson, Sunshine Corporate Creches: This Government’s focus on Women as one of the pillars to drive the country forward, as mentioned today, is already strongly backed by recent laws related to Women’s welfare. Compliance with the Maternity Act which ensures higher Maternity leave and mandatory creche facilities for all employees is being driven well. Earlier this week a meeting of various ministries was held, and they released guidelines to ensure easy compliance with the law. We expect that this focus on women highlighted again now, coupled with such measures will help significantly bridge the gender gap in the coming years, and also reduce the percentage of women dropping out of the workforce after childbirth.
Dr Rashmi Saluja is the Executive Chairperson of Religare Enterprises Limited :The Interim Union Budget reflects the government’s commitment to bringing about positive change and ensuring equal opportunities for all. It highlights the significant milestones achieved towards women’s empowerment and the financial inclusion of marginalized communities.
The Interim Budget, in conjunction with prior legislative and policy endeavours, signifies a united effort toward fostering a society that is both inclusive and empowered. Women’s rising participation in the workforce and the noteworthy 28% surge in female enrolment in STEM courses over the past decade reflects commendable progress.
The allocation of over 70% of houses built under the PM Awas Yojana Grameen to women beneficiaries, either through single ownership or through joint ownership, will prove to be a monumental step in the long term. This initiative will undoubtedly improve the financial independence of women.
Various social reforms until now, including the reservation of one-third of seats for women in the Parliament and state assemblies, will continue to empower women and contribute significantly to more equitable and representative governance. The Budget’s overall focus on uplifting the status of women will contribute significantly to the nation’s progress.
Startup and EV – Sanjay Gupta, Chairman, IESA : Today’s interim budget signals a crucial juncture for India’s growth, spotlighting strides in startups and electric vehicles (EVs). The Finance Minister’s endorsement of PM Mudra Yojana, with 43 crore sanctioned loans totaling Rs. 22.5 lakh crore, empowers youth to forge new business paths. The focus on the E-vehicle ecosystem, backed by robust support for manufacturing and charging infrastructure, aligns with global environmental goals, offering avenues for innovation and economic growth.
Emphasizing Fund of Funds, Startup India, and Startup Credit Guarantee Schemes underscores the government’s commitment to a vibrant startup culture. As stakeholders in electronics and semiconductors, we anticipate a surge in entrepreneurship, job creation, and a flourishing innovation ecosystem. The budget’s support for semiconductor usage in EVs aligns with global trends, positioning India at the forefront of the electric mobility revolution. We eagerly anticipate actively contributing to this transformative journey.
Krishan Gopal, CFO, Aye Finance: MSMEs are the backbone of the Indian economy, and we appreciate the government’s focus on empowering this sector with the budget announcement. The government’s commitment to training MSMEs for global competitiveness is a welcome step. This initiative will unlock opportunities for MSMEs to adopt cutting-edge technologies and solutions, propelling them into the new-age economy.
Aye Finance, with its deep understanding of the micro and small business landscape, is ready to participate in this endeavor by offering innovative financing solutions tailored to the specific needs of these businesses. The government’s emphasis on building consensus with stakeholders further strengthens our optimism. As a responsible lender, we actively engage with industry bodies and policymakers to create an ecosystem that enables MSMEs to flourish. We believe collaborative efforts are key to driving inclusive and sustainable growth.
Ayanabh Debgupta, Jt. Managing Director, Medica Group of Hospitals: The Government’s announcement of U-Win platform for streamlined immunization is a remarkable step and this will boost the immunization drive. The provision to set up more medical colleges is certainly the need of the hour to address the demand supply gap vis-a-vis Doctor’s to patient ratio. However, the most crucial aspect is the cervical cancer vaccination for the girls aged between 9 to 14 years. This will give the cancer screening a huge impetus and will spread the much-needed awareness. Though we know this was an interim budget we were expecting government to bring down the customs duty on general & oncology medical equipment. To provide optimal care at affordable rates, the recent increase in customs duty for general and oncology medical equipment. The customs duty for general equipment has risen from 14.57% to 22%, and for oncology equipment, it has increased from 30.48% to 36.64%. We are hopeful that Government shall address this during the final budget for 2024-25.
Mahendra Shah, Chairman and Managing Director, V-Trans: “The interim budget presents a positive outlook, showcasing significant strides in managing the fiscal deficit. For the fiscal year 2024, the deficit stands commendably at 5.8%, comfortably aligning with the budget, with a targeted reduction to 4.5% by fiscal year 2026.
We welcome the government’s visionary approach towards infrastructure development as outlined in the Interim Budget 2024-25. In terms of the logistics sector, there are two notable highlights. Firstly, the emphasis on infrastructure development directly enhances logistical efficiency. The budget allocates a substantial increase of 11.1% in infrastructure spending compared to the previous year, totaling INR 11.11 Lakh Crore. The commitment to enhancing our country’s logistics and transportation sector is evident through initiatives like the implementation of major railway corridor programs under PM Gati Shakti. This strategic move not only aims at improving logistics efficiency but also promises a significant reduction in costs. The multi-modal connectivity will undoubtedly streamline the movement of goods, benefitting not only the logistics industry but also contributing to the nation’s economic growth.
Moreover, the government’s focus on reducing logistics costs is a game-changer. As a logistics company, we recognize that this emphasis directly translates into improved services and reduced expenses, ultimately benefiting consumers. Lower logistics costs and associated taxes have a domino effect, leading to a decrease in the prices of goods and services. This budgetary commitment aligns seamlessly with our aim to provide efficient, cost-effective, and reliable logistics solutions.
In conclusion, Budget 2024 reflects a forward-looking approach, with its strategic emphasis on infrastructure development, PM Gati Shakti’s initiatives, and reduction in logistics costs. As a logistic player, we are excited about the positive impact this will have on our operations and, more importantly, on our customers, fostering a more vibrant and competitive market for all.”
Roosevelt Dsouza, Head of Customer Success – India, NielsenIQ (NIQ) – “In the Interim Budget 2024-25, the government has demonstrated a robust commitment to sustainable development. The emphasis on improved living standards through initiatives in housing, education, tourism, and loan schemes underscores a dedicated focus on consumer and industrial upliftment. The substantial increase in capital expenditure is poised to enhance existing infrastructure, stimulating production and generating employment opportunities in both urban and rural India.
The FMCG industry, particularly in the food sector, received favorable support with strategies to achieve self-sufficiency in oilseeds. This may impact edible oil prices and consumption patterns. Schemes offering free food for Rural India and employment opportunities have the potential to increase disposable incomes, thereby boosting expenditures on discretionary products. Overall, the budget aligns with the long-term development vision of ‘Viksit Bharat’ by 2047, emphasizing inclusivity and positioning India for sustainable growth.”
Rajit Mehta, MD & CEO, Antara Senior Care, Part of Max Group: “At Antara Senior Care, we are excited to witness a new era of progress in the Indian healthcare sector with the boost that the Union Budget 2024 provides. We applaud the Hon. Finance Minister’s announcement to set up more medical colleges, utilising India’s existing hospital infrastructure under various departments. This will also pave the path for delivering more effective and holistic geriatric care enabling the senior population to live with dignity and respect. This is a strong step in the right direction and by fostering greater collaboration between policymakers, industry stakeholders we can all better address the evolving health and lifecare needs of our seniors.”
Ishaan Khanna, CEO, Antara Assisted Care Services: “Antara Senior Care applauds the government’s healthcare initiatives in the Union Budget 2024, particularly the extension of the Ayushman Bharat scheme for ASHA and Anganwadi workers, and the plan to increase the number of medical colleges in the country in a resource-effective manner. This is a great step to ensure universal access to and improve the quality of healthcare for all. We are excited to continue contributing to the healthcare infrastructure by expanding our senior care services across the country and working in collaboration with policymakers.” – Ishaan Khanna, CEO, Antara Assisted Care Services.
Neera Nundy, Co-founder and Partner at Dasra: “For those of us working towards the upliftment of the most vulnerable and underserved communities in the social sector, the initiatives shared by the Finance Minister aimed at inclusive development and sustainable energy hold promise. It is encouraging to see the recognition of women and youth as key focus groups in the interim budget. This presents an opportunity for Indian philanthropy to step up in collaboration with civil society and actively align its efforts with the government’s initiatives, thereby supporting those at the margins.”
Solar Industry- Raman Bhatia, Founder & Managing Director, Servotech Power Systems Ltd: Aatmanirbharta and Viksit Bharat were foundational to the budget, embodying a visionary approach and setting the stage for a robust and dynamic economic landscape, aligning with the government’s mission to build a prosperous and self-reliant India on the global stage. As a prominent solar manufacturer, we appreciate the Rooftop Solarisation+Muft Bijli and are hopeful that this forward-thinking scheme is a groundbreaking effort to democratize access to solar power, making clean energy an integral part of everyday life. Our ethos centres around making solar energy not only environmentally friendly but also economically viable and we anticipate that this initiative will catalyze the transition towards renewable energy and provide a major breakthrough in the energy sector. While we were anticipating updates on GST for solar products, we look forward to the detailed budget for further insights. The collective effort toward energy independence and a more sustainable future gives the much-needed impetus and instils a newfound motivation towards making India a green nation. We are optimistic that the full-fledged budget will open new doors and provide a plethora of opportunities that will not only impact the communities nationwide, but contribute to a cleaner, greener, and more sustainable energy landscape.
Dilip Oommen, President of Indian Steel Association and CEO of AM/NS India: This interim budget focuses on fiscal prudence and presents a well-balanced approach. This is a good indicator of what will come in the Budget in July. There is an 11.1 % increase in capital expenditure for infrastructure, taking the total outlay to Rs 11.1 lakh crore. However, if we look at the likely spending in FY24, it will be about Rs 9.5 lakh crore. So, essentially, the increase will be about 17% in real terms. This should translate into robust domestic steel demand, spurring private investments and job creation. The emphasis on building all forms of infrastructure – digital, social, and physical – at an unprecedented pace is promising. Fiscal deficit target for FY 24-25 at 5.1% and continuous fiscal prudence are indeed laudable.”
Deepak Jalan, Managing Director of Linc Ltd: “We applaud the Interim Budget 2024’s welcoming focus on manufacturing and retail industry growth and innovation. The continued support for MSMEs, streamlined regulations, and overall infrastructure development aligns seamlessly with our vision to revolutionize retail through technology. The commitment to the National Education Policy 2020 resonates with our mission to provide educational support through writing instrument and stationery. The emphasis on economic corridors and reduced logistics costs is quite promising for manufacturing divisions. The stability in tax rates, fiscal deficit management, and increased infrastructure outlay exhibit a positive and conducive economic environment. We appreciate the government’s proactive approach towards sustained foreign investments and the facilitation of international trade through Customs reforms. This budget instills opportunities of growth, confidence for a vibrant and resilient economic future.”
Bimal Khandelwal, Chief Financial Officer, STT GDC India: “The Union Budget 2024-25 presents encouraging prospects for the technology and digital infrastructure sector. The substantial increase in FDI inflow and the commitment to negotiating bilateral investment treaties signal a favourable environment for sustained foreign investment, aligning with the digital aspirations of the nation.
The noteworthy outlay of Rs 11.11 lakh crores for infrastructure development, with a focus on technology, is a promising move. This budget holds the potential to positively impact the data centre industry, fostering innovation and growth. The emphasis on technology, innovation, and infrastructure aligns seamlessly with the evolving needs of the data centre sector, and we anticipate contributing significantly to India’s digital journey.”
Manoj Nair, Head of India GDC, Fujitsu India: “We welcome India’s Union Budget 2024-25 unveiled today and applaud the Indian Government for putting digitalization, inclusive and sustainable development, and enhanced capabilities and contribution to the generation of resources to power investments at the core. As the demand for tech talent surges, the Government’s Skill India Mission has played a pivotal role in stemming the talent gap in the IT industry. With 1.4 crore youth upskilled and reskilled the announcement of higher learning institutions including IITs and IIMs will help India address the AI skill crunch and bridge the gap effectively. Additionally, the Government’s corpus of Rs 1 lakh crore with a 50-year interest-free loan will encourage the private sector to scale up research and innovation significantly in sunrise domains. This will be a big boost for tech-savvy youth and help the Nation strengthen capabilities in the deep tech sector. The government’s continued focus on EV ecosystem is indeed a pragmatic step forward and will continue to help India succeed in achieving its long-term decarbonization objectives. This is an exciting time for the country’s green industrial and economic transition. At Fujitsu, we are committed to providing sustainable transformation and supporting green growth and we shall continue as strong partners in helping the nation in its journey towards net-zero!”
Alekh Sanghera, (Co-founder and CEO, FarMart): ‘’Budget 2024-2025 is a great step towards a promising and bountiful agritech future. The budget provisions strengthening agriculture value chains through food processing infrastructure, minimized wastage and crop insurance.
We, at FarMart, echo the vision of PMKSY & PM-FME, bridging the farm-to-fork gap. Better market access and post-harvest management empower smallholders with sustainable income. We are aligned with the government’s vision to boost productivity and farmer welfare through incentives around credit access, infrastructure, and public-private collaboration. This budget fuels India’s agritech ecosystem, ensuring local and global food security.”
Ravi Kunwar, Vice President – India & APAC at HMD Global (The Home of Nokia Phones): “The Interim Budget is forward-looking and represents the remarkable evolution of India’s mobile and telecom landscape in the last decade, standing true to our expectations. The allocation towards the development of electronics manufacturing clusters unlocks the accessibility of high-quality technology for varied consumers, including those at the bottom of the pyramid. Additionally, the proposal to further provide relief in customs duty on the import of battery covers, main lenses, back covers, and mechanical items will boost the Make in India initiation and solidify the mobile manufacturing ecosystem in the country.
This reduction, coupled with the establishment of a one-lakh-crore corpus supported by a fifty-year interest-free loan, will empower the private sector to significantly advance research and innovation in sunrise domains. Despite the industry’s growth, there is substantial room for expansion in India, and we are optimistic that supportive government policies, infrastructure investments, and a vibrant innovation ecosystem will unleash the next wave of digital transformation.”
