Excited, Impressed, Pleased, Happy, Elated..India Inc Runs Out Of Adjectives for Budget

Beyond funding, the focus must be on program quality and measurable outcomes, one or two voices say.

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.

Pankaj Kalra, CEO, EOGEPL: The Union Budget’s emphasis on energy transition and sustainability is commendable. It highlights the importance of balancing economic growth with environmental sustainability through appropriate energy transition pathways. We remain confident about India’s energy future and eager to collaborate with the government on policies that ensure energy security, affordability, and accessibility, thereby supporting our Nation’s growth aspirations.

Vaidyanathan Srinivasan, Operating Partner – Essar Capital: The new budget’s emphasis on ownership, leasing, and flagging reforms is an important step for the Indian shipping industry. By simplifying registration processes and incentivising flagging of ships, we anticipate a significant revival in our national fleet’s competitiveness. This move will not only increase India’s share in the global shipping market but also create substantial employment opportunities, marking a robust comeback from the drastic reduction in our global shipping share from 60% in 1969 to a mere 6% in 2020.”

 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.

Pramod Sharda, CEO of IceWarp India and the Middle East: The Union Budget 2024 reflects a visionary approach towards strengthening India’s position as a global leader in the IT industry. The government’s continued investment in digital infrastructure, particularly through initiatives aimed at enhancing cybersecurity and fostering innovation, is commendable. These measures will undoubtedly propel the Indian IT sector to new heights, encouraging technological advancements and creating a conducive environment for startups and established enterprises alike.

Moreover, the focus on skill development and research in emerging technologies such as AI, machine learning, and Blockchain will equip our workforce with the necessary tools to compete on a global scale. The allocation of funds for expanding internet connectivity in rural and remote areas is a significant step towards bridging the digital divide, ensuring inclusive growth and opportunities for all.

At IceWarp, we are excited about the prospects this budget brings. The emphasis on creating a robust digital ecosystem aligns perfectly with our mission to deliver comprehensive, secure, and innovative communication solutions. We look forward to leveraging these opportunities to contribute to India’s digital transformation journey and drive sustained growth in the IT sector.”

Dhanpat Nahata, Managing Partner – Essar Capital “The budget’s makes a strategic advancement towards India’s energy security allocation for the development of small nuclear reactors and the research into new nuclear technologies. This initiative will not only enhance our energy mix but also accelerate the transition to sustainable energy sources. Essar is poised to benefit from these developments, driving innovation and sustainability within our operations and contributing to the nation’s ambitious energy transition goals.

Akshay Sarma, Chief Financial Officer, axio: The budget announcements mark a continuous effort to help India achieve its economic dream of reaching a USD 5 trillion economy by 2024-25. Addressing key challenges in the startup ecosystem, the abolition of the Angel Tax for all investors will boost startups and attract diverse investments. Simplifying FDI and promoting the Indian Rupee for international investments enhance India’s global economic standing. These steps create a better environment for businesses, foster innovation, and advance India’s global financial position. Continued focus on sector-specific challenges in the NBFC space and digital economy remains essential for comprehensive economic development and financial inclusion.

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.

Rishi Jain, Managing Director, Jain Group: The Budget 2024 has been crafted in alignment with long-term goals of the Central Government as is the style in the previous 6 budgets too.
It is obvious the Government is aware of the massive profits that Stock Market investors have made in the past 4-6 quarters and now it wants its share of profit when these investors cash out their gains.  The introduction of specific fiscal measures to capture a portion of these profits is a prudent move, ensuring that the benefits of economic growth are equitably shared and reinvested into the nation’s development. The extra STT and investment gain income will obviously be offset to provide sops and relief to the salaried class through lower tax rates and higher standard deductions. A clear populist measure, but after the 2024 elections debacle, this was not unexpected.
I feel the populist measures will be far outweighed by the long terms benefits. The slight pinch to investors will be outweighed by the burgeoning India prosperity.  The general populace will be somewhat satisfied while fostering economic inclusivity and stability.
The government demonstrates its commitment to a balanced and forward-thinking economic strategy.
I am personally very happy with the thrust on affordable housing, developing the transport infrastructure as well as the Human Capital which has been proposed. Achieving even 50% of these lofty goals would greatly boost the India Story in the world markets.

Piyush Gupta, director at PP Jewellers by Pawan Gupta: This reduction is a significant move that will not only make these precious metals more affordable for consumers but also provide a great boost to the jewellery industry. Lower customs duties mean reduced costs for raw materials, enabling jewellers to offer more competitive prices and innovative designs to our customers. We expect this reduction to help in stimulating demand, promoting higher sales, and ultimately supporting the growth of the entire jewellery sector.

It can also help in reducing smuggling activities and this reduction will improve the atmosphere for jewellers and consumers alike.

Himanish Chaudhuri, Partner and Financial Services Industry Leader, Deloitte India: The Union Budget seeks to strengthen the credit taking ability of the banks through the development of in house credit capabilities and leverage the knowledge, network and data available with the banks especially in the public sector. The MSME sector will benefit from it as it will from the other initiatives linked to the marketplace outlined in the budget. The plan to expand the country’s infrastructure investment will be enabled by the market based financing framework which will lead to expansion of credit and consequent growth in this key sector. The Integrated Technology Platform to be set up for further enhancing IBC outcomes will release efficiency in the banking system. Overall these initiatives are geared to build a sustainable banking sector which will be the key support to the country’s overall growth strategy.  The development of Financial Sector vision and strategy for the next five years will be eagerly awaited as the ecosystem participants will be able to have a clearer road map for overall growth as well for emerging areas like climate finance in line with the focus on sustainability. Implementation and continuous governance of these initiatives will be key to unlocking the budget impact.

Mukul Goyal, Co-founder of Stratefix Consulting: The Union Budget 2024 presents an ambitious framework aimed at revitalizing India’s economic landscape, particularly for MSMEs, startups, artificial intelligence, and job creation. With a proposed allocation of ₹22,000 crore for the MSME sector, this budget has the potential to catalyze significant growth and innovation.
However, while the expansion of the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) is commendable, it could have been further enhanced by introducing specific incentives for eco-friendly technologies, which are crucial for aligning economic growth with sustainability.
The budget’s focus on ease of doing business is promising, with measures to streamline regulatory processes and extend tax holidays for startups. Yet, the absence of substantial changes in GST rates is a missed opportunity. Simplifying compliance and reducing the GST burden on essential goods for MSMEs would have provided immediate relief and improved cash flow management.
Moreover, while the introduction of employment-linked incentives and a ₹2 lakh crore allocation for job creation is noteworthy, the framework for skill development remains insufficient. A more robust approach to job-ready education and targeted training programs is essential to bridge the growing employability gap, particularly in high-demand sectors like AI and renewable energy.
Additionally, the budget lacks a comprehensive strategy to address the potential job displacement caused by AI advancements. A proactive approach, including retraining programs and direct benefit transfers for affected workers, could have been beneficial.
In conclusion, while the Union Budget 2024 lays a strong foundation for growth, it is imperative that the government prioritizes effective implementation and creates synergies across sectors. By addressing these gaps, we can ensure that the coming fiscal year transforms not just the economy, but also the lives of millions of Indians.

Harshvardhan Lunia, founder & CEO, Lendingkart Group: The Union Budget 2024 is a testament to the Government’s vision of ‘Viksit Bharat 2047’. It reflects the dedicated focus towards overall infrastructure development and more importantly the betterment of the MSME sector. We particularly welcome the introduction of the credit guarantee scheme for MSMEs in manufacturing. The Finance Minister’s announcement to facilitate term loans for MSMEs for the purchase of machinery and equipment without collateral and guarantee is a significant move. This initiative appears to be a monumental stride for MSMEs, which are widely recognized as the backbone of our economy.

The adoption of a revised approach to assess credit worthiness represents a progressive step in the right direction. We eagerly anticipate collaborating with our partner banks to streamline this process, thereby ensuring a consistent flow of credit to MSMEs. Overall, it is indeed encouraging to witness every stratum of our nation becoming an active participant in its economic growth. We look forward to seeing the positive impact of these measures on the fintech and MSME sector and by extension, the broader economy.

Chaitanya Chopra, Director, BENZ Packaging: As a leading manufacturer, BENZ Packaging welcomes Finance Minister Nirmala Sitharaman’s announcement of a new credit guarantee scheme enabling collateral-free term loans for machinery and equipment purchases. This initiative demonstrates the government’s commitment to empowering the MSME sector, which is crucial for India’s economic growth. The provision guarantees up to ₹100 crore without collateral will significantly ease our access to capital for technological upgrades and expansion. We appreciate the government’s focus on facilitating easier financing for MSMEs, which has been a long-standing challenge for our sector. We are optimistic about the positive impact it will have on our operations and the broader manufacturing ecosystem in India. This initiative aligns perfectly with our vision for growth and innovation in the packaging industry.

Karthik Rajaram, Area Vice President and GM, India, Elastic.: With the Interim Union Budget 2024, the government has reinforced its commitment to fostering technological innovation, with a significant emphasis on AI. The substantial allocation of ₹1 lakh crore to finance technology research is helping bolster the deep tech ecosystem and drive innovation, strengthening India’s position as a global technology leader. Additionally, the government’s investment of ₹10,000 crores in the IndiaAI Mission demonstrates a strategic focus on long-term economic growth and technological advancement in India.

Building on that progress, we welcome the budget for FY 2024-25 and the recent allocation of ₹1.48 lac crore towards education, employment, and skilling. At Elastic, we are committed to empowering Indian businesses with Search AI, helping them find the answers they need in real time, using all their data, at scale. We look forward to partnering with the government to shape a secure and digital future for India.

Sumit Singhania, Partner, Deloitte India: Budget scores highly on the tax measures, both on direct taxes and Customs duty reforms. Particularly, proposals for rationalization of capital tax rates across a set of financial assets, abolishing Angel tax and partial withdrawal of Equalisation levy, reducing the headline tax rate for foreign companies by 5 percentage points, rationalizing tax assessment /reassessment provisions to limit expansive powers of the tax administrations and decriminalization of TDS defaults are all very welcome changes and relieve taxpayers in several ways. There will certainly be more to dwell on as one unbundles the fine print but the budget has laid a progressive tax policy roadmap for years to come, even as an increase in long-term capital gains by 2.5% will hurt investors.

Bhavesh Thakkar CEO, RASPN Shipping Services Pvt. Ltd.: The budget’s focus is on enhancing transparency and traceability in the logistics sector. Implementing open data platforms and real-time cargo tracking systems, especially in sensitive regions like t:he Red Sea, will significantly improve transparency and build stakeholder trust. Accurate and timely information is crucial for the logistics industry, and these technologies are a vital step forward. Furthermore, the introduction of mandatory risk assessments and reporting protocols for high-risk routes, including those in the Red Sea, will ensure safer and more reliable logistics operations. These measures, coupled with ownership, leasing, and flagging reforms, will not only improve the share of the Indian shipping industry but also generate more employment opportunities. We at RASPN are excited about these progressive steps and are committed to supporting the government in implementing these initiatives to create a more transparent, efficient, and secure logistics sector.

Vinod K Singh, Co-Founder and CTO of Concirrus: I’m truly excited about the government’s support for MSMEs in the Union Budget 2024. These initiatives are set to be a game-changer for our economy. With enhanced credit guarantees, financial packages for technology and machinery, and expanded services through SIDBI, MSMEs will finally get the boost they need. This support will strengthen the backbone of our economy, driving innovation, job creation, and sustainable growth nationwide.

By making it easier to access credit and modernize our businesses, the government is empowering small and medium enterprises to reach their full potential. This will lead to increased productivity and competitiveness. The focus on technological advancement and infrastructure development will create a more dynamic business environment, contributing to a vibrant and diversified economy. The government’s measures will pave the way for a more prosperous and inclusive future for everyone.

Prady, CEO and Managing Partner, NP Digital India: The Union Budget 2024-25 marks a significant step forward in shaping India’s economic future. By prioritizing education, employment, and skilling, the budget lays a strong foundation for nurturing talent and fostering innovation across sectors, including digital marketing. The new mechanism to ensure continued bank credit to MSMEs during periods of stress is a vital support system that will help sustain and grow small businesses. The reduction in corporate tax rates from 40% to 35% will undoubtedly boost business confidence. Moreover, the relief provided by the revised tax slabs and increased standard deduction in the new tax regime will benefit individual taxpayers and enhance their purchasing power. This budget reflects a balanced approach to driving economic progress and addressing key areas of concern.

Gaurav Bhagat, Managing Director, Consortium Gifts: According to the 2024 budget, the import duties on gold and silver will decrease by 9%. This means that companies will likely pass these savings on to consumers. We can expect lower prices for gold, silver, and platinum jewelry, as well as watches and mobile phones. However, the overall impact on the lifestyle sector appears to be limited for now.

Abhishek Sharma, Assistant Vice President – Research, Sambodhi: Introducing 109 high-yielding and climate-resilient varieties of 32 field and horticulture crops is a step toward increasing food availability and self-sufficiency and checking shocks due to climate change. This is a boon, especially for smallholder farmers who were most vulnerable to climate shocks.
The initiative to introduce 1 crore farmers to natural farming over 2 years is truly pathbreaking! The success stories of these farmers will encourage others to adopt these sustainable practices and help minimize the health problems due to the indiscriminate use of synthetic chemical inputs, rejuvenate soil health, and restore the ecosystem.

Innovation is not only the creation of an atmosphere conducive to the formulation of right solutions in a better manner but also to enable application in a smooth,economical and happy manner. Budget is a political tool to translate aspirations of countless capable youth and experienced citizens of the country. We all,industry,profession as well as political workers must work shoulder to shoulder in this arena of economic development.

Akhil Chandna, Partner, Grant Thornton Bharat: From a GST perspective, the budget provided much-needed clarity on the GST implications for extra neutral alcohol, which is expected to alleviate the tax burden on the liquor industry and potentially reduce consumer prices. In alignment with the GST Council’s 53rd meeting announcements, the Finance Minister emphasized easing compliance burdens for businesses by extending timelines for Input Tax Credit claims and offering conditional waivers on interest and penalties. These measures are set to reduce litigation and simplify tax administration for businesses. The Finance Minister also announced further simplification and rationalization of the GST regime, hinting at its future extension to other sectors, possibly including petroleum products, though no specific blueprint was provided in the budget.

In the realm of Customs, the budget introduced sweeping reforms, including exemptions and reductions of Customs duties on various products such as specific cancer medications, mobile phones and components, aqua farming and marine products, and critical minerals. These proposals are expected to encourage domestic manufacturing, enhance local value addition, and boost exports, thereby intensifying the government’s vision for ‘Make in India. 

Dr. Pamarty Venkataramana, Bussines strategist Author International Corporate Jurist: Reforms is an endless task enjoined by the constitution of India upon those who are elected to govern. This Government more than ever before it’s predecessors did and the first one after the Narasimha Rao Government unveiled progressive reforms in the country,has embarked upon such measures. Red-tapism and corruption still raise their hydra head leading to a general sense of ennui among all classes of citizens,be it industrialists,Non resident investors or even a common citizen who wants to obtain a copy of a death certificate, land title document or even a simple bill of demand from any department. Structural reforms cannot be effective unless administrative reforms are made. Good governance requires  visionary statements like this Budget document but it also needs able,wise men and women of integrity as well as knowledge with a passion for national welfare to be roped in with adequate powers of dictating errant officials and enforcing the right policies. Police reforms are essential too and false complaints often destroy the lives of families. All of this can however be rectified only if judicial reforms are brought in. It is an open secret that the criminal justice system of the land has collapsed leading to an urgent ushering in of a new set of criminal law. A lot requires to be done on this front too but it is heartening to notice the quest for reforms in today’s Union Budget. All in all, a wise statement of purpose has been presented by Ms. Nirmala Seetharaman.

Preeti Bajaj, MD & CEO, Luminous Power Technologies: The budget announcement has provided the much-needed boost to the energy sector underscoring the commitment to energy security and sustainability. While the interim budget announced a strategy to sustain high and more resource-efficient economic growth, and security in terms of availability, accessibility, and affordability, the renewable energy players will be awaiting the policy document on appropriate energy transition pathways.

The PM Surya Ghar Muft Bijli Yojana is a revolutionary initiative that has garnered an overwhelming response, with over 1.28 crore registrations and 14 lakh applications. This sets a strong precedent for sustainable energy adoption in India. The Government’s proposal to expand the list of exempted capital goods used in the manufacturing of solar panels is a significant step towards promoting solar energy and driving the energy transition.

Aligning with India’s commitment to achieving net zero, we will continue evolving and innovating our efforts towards the adoption of rooftop solar since solar energy holds the potential for contributing to a better planet and a sustainable future.

Vipul Shah, Chairman, Gen & Jewellery Export Promotion Council: The Union Budget 2024 is a game-changer for the gems and jewellery sector. The reduction in import duties on gold and silver to 6% and platinum to 6.4% is a major boost for our industry, enhancing affordability for consumers and competitiveness for the manufacturing sector by releasing working capital. The abolition of the 2% Equalization Levy and introduction of the Safe Harbour Rule on sale of rough diamonds at SNZs will firmly establish India as a global rough diamond trading hub. These combined measures will propel the sector’s growth, generate lakhs of employment opportunities by benefitting the small-scale jewellery manufacturers & exporters and diamond cutters and polishers, thus contribute significantly to India’s vision of becoming a Viksit Bharat by 2047.

Rajendra Gandhi, Managing Director, Stovekraft: We appreciate the government’s budget initiatives for the focus on the manufacturing sector, women’s empowerment, and new job creation. The establishment of working women’s hostels aimed at boosting women’s participation in the workforce are progressive step that will greatly benefit our industry. Additionally, the incentives for new employment in manufacturing, tied to EPFO contributions for the first four years, promise to significantly boost job creation. Furthermore, the customs duty exemptions on critical minerals will reduce production costs and enhance competitiveness. These measures collectively reflect a strategic and innovative approach to fostering growth and development within the manufacturing sector.

Karthik Kondepudi, Partner at 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 fulfill 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.

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

Manish Raj Singhania’s Quote on Budget: The recent budget announcement by the Government of India brings a blend of optimism and challenges for the auto retail sector. The focus on ‘Garib’, ‘Mahilayen’, ‘Yuva’, and ‘Annadata’ highlights a comprehensive approach towards inclusive growth, which is commendable. The enhanced Minimum Support Prices for major crops and the launch of Phase IV of PMGSY are positive steps that will boost rural incomes and improve rural connectivity, thereby potentially increasing rural auto sales.

The budget’s emphasis on employment, skilling, MSMEs, and the middle class is particularly relevant for our industry. The Employment Linked Incentive scheme and the enhancement of Mudra loans are encouraging developments that will support job creation and entrepreneurship, leading to increased consumer spending power.

Significant infrastructure investments, with an allocation of Rs. 11,11,111 crore for capital expenditure, will have a multiplier effect on the economy. Improved infrastructure is a boon for the auto sector, facilitating better logistics and enhancing the overall consumer experience.

The adjustments in personal income tax, including increased standard deductions and relief for salaried employees and pensioners, are welcome measures that will enhance disposable incomes, fostering a more favorable environment for auto sales.

However, the industry must also navigate certain challenges. While the budget provides a robust framework for growth, the effective implementation of these policies will be crucial. We hope for continued support from the government in addressing specific issues faced by the auto retail sector, such as the transition to green mobility and the need for policies that support sustainable practices.

Overall, the budget lays a strong foundation for future growth, and we are optimistic about the positive impact it will have on the auto retail industry.

Amit Pratihari, MD, De Beers Forevermark: The Gems and Jewellery sector has made significant contributions to India’s GDP, and we appreciate the announcements made in the Union Budget for this sector. The proposed reduction in customs duties to 6% on gold and silver, and 6.5% on platinum, will enhance sales by making these precious metals more affordable. The implementation of safe harbor rates for the diamond-cutting industry, for foreign mining companies selling rough diamonds in India, will stimulate growth, boost consumer spending, and increase global competitiveness. Furthermore, the reduction of TDS from 1% to 0.1% for e-commerce operators will substantially support the industry’s expansion. These new measures will not only strengthen the valued investment of Indian households in diamonds but also add to their emotional significance.

Srini Chinamilli, Co-founder and CEO Tessolve: This year’s budget is forward-looking and aimed at making India self-reliant while equipping our youth with the skills necessary for employment. The government has announced various plans to tailor courses in collaboration with industry, fostering strong industry-academia partnerships to enhance skill development. Its plan for freshers and internships will also help the new and potential employees. Tessolve is proud to have contributed to upskilling individuals over the past few years. With the government support, this effort will further boost emerging sectors like semiconductors, addressing the skill gap effectively.
Additionally, investments in research, including funding for the Anusandhan National Research Foundation, will significantly boost advancements in cutting-edge technologies. Through these steady and strategic investments, we are paving the way for India to emerge as a global superpower.

Amar Nagaram, Founder and CEO of Virgio: The Finance Minister’s budget theme, with its emphasis on Employment, Skilling, and MSMEs, showcases a forward-thinking approach that is well-suited to the evolving needs of the Manufacturing and D2C industries. This budget, aligned with the Viksit Bharat vision during the Amrit Kaal, introduces several key incentives aimed at boosting job creation and enhancing workforce skills. The special focus on MSMEs will provide critical support for innovation and expansion, facilitating growth across various sectors. Importantly, the abolishment of the Angel Tax will play a pivotal role in supporting startups, easing fundraising, and encouraging more investment in innovative businesses. Overall, this growth-oriented budget represents a significant step toward creating a more inclusive and dynamic economy, fostering opportunities for businesses and entrepreneurs alike.

Murty LVLN, MD & CEO, Dvara KGFS: The Union Budget 2024 has acknowledged the need to support MSMEs and improve skill training, especially among the rural population. Significant focus is given to the agricultural sector to increase digital public infrastructure which will push more farmers to be a part of the registry making the agriculture sector more transparent. This move will pave the way for fintechs and agricultural fintechs to support farmers with better financial offerings. We welcome the government’s initiative to introduce a new mechanism for MSMEs to continue seeking bank credit during stress period to ensure smooth functioning. The continuous focus of the budget on the MSME sector, to compete globally, will result in a positive incentive for the rural parts of the country, thereby, increasing the rural GDP.

Nirvaan Birla, Managing Director of Birla Open Minds: We commend the Honourable Finance Minister for presenting a comprehensive and visionary Union Budget 2024. The focus on employment, skilling, and MSME development is a commendable step towards creating a more skilled and entrepreneurial workforce.

The initiative to skill 20 lakh youth and provide a one-time wage for first-time employees will empower our youth and drive economic growth. Enhancing the Mudra Yojana Loan limit to INR 20 lakhs will support MSMEs, fostering innovation and entrepreneurial expansion.

Overall, this budget sets a strong foundation for sustainable development and inclusive growth. We are excited about the potential of these initiatives and are committed to leveraging these opportunities to enhance the educational sector and contribute to the nation’s progress.

Leshna Shah, founder of Irasva Fine Jewellery: We believe that this reduction of customs duty on gold to 6% is a welcome move for the jewelry industry. It will help in making gold more affordable, which will likely stimulate consumer demand and drive growth in the sector. Lower customs duties will also encourage transparency in the gold trade, and promote legitimate business practices. Additionally, this reduction can positively impact our artisans and craftsmen by increasing production volumes and providing more employment opportunities.

Overall, this policy adjustment supports the entire value chain of the jewelry industry, from suppliers to retailers, and ultimately benefits the end consumer with better value and quality.

N Chandran, the chairman of Eastman Exports: The Budget priorities such as employment and skilling, social justice and manufacturing are a step in the right direction to in pursuit of Viksit Bharat 2047 and the government has rightly renewed its focus on the focus on 4 major pillars: Poor, Women, Youth and Farmer.

I genuinely think the Budget holds great promise in terms of addressing the labour and skill shortage, which is the need of the hour for labour intensive sector like textiles. Further, the announcement of a 3 lakh crore corpus for women-centric schemes will increase their participation in the workforce. The plans to set up hostels for them and establishing crèche facilities are key to particularly encourage unskilled and semi-skilled women including women to remain in the workforce, thus fostering a more inclusive and productive economy.

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.

Bipin Preet Singh, Co-founder and CEO at MobiKwik (digital banking platform) :India’s visionary Budget 2024 has resonated positively with the masses, focusing on employment, skilling, and MSMEs, thereby laying a strong foundation for the next five years. By introducing a new credit guarantee scheme to offer term loans to MSMEs and raising MUDRA loan limits, the budget aims to support and strengthen the MSME ecosystem. Additionally, eliminating the angel tax will help build a healthier startup ecosystem with higher access to capital and a lesser burden on investors. The long-term capital gains tax (LTCG) scheme, with its increased exemption limit to Rs 1.25 lakh, will offer investors the opportunity to earn higher tax-free gains, promoting greater investment participation and enhancing overall tax efficiency. With this move, the startup industry will witness more innovation and development across different sectors, showcasing India as a global powerhouse in the startup ecosystem. Furthermore, the government’s emphasis on youth with job creation and skilling programs will boost India’s economic growth. Overall, the union budget underscores a strategic approach towards long-term economic resilience and innovation.

Saif Khan, Chief Operating Officer, BSH Home Appliances India: The Union Budget 2024 is a forward- looking roadmap for robust economic growth and social development.  The overall budget has a strong focus on employment generation, skilling, innovation, inclusive human resource development, sustainability and better infrastructure that will pave the way for a more resilient and progressive economy.  We are keen to be a part of this growth trajectory by leveraging opportunities to enhance our production capacity in India and offer innovative products that cater to the fast-evolving needs of households in India. Additionally, the enhanced allocation for the Pradhan Mantri Awas Yojana is a significant step towards achieving housing for all. This initiative not only addresses the critical need for affordable housing but will also stimulate future demand for home appliances. We are excited to align our strategic goals with Government’s vision of ‘Viksit Bharat’, further strengthening our localization and sustainability efforts. Our commitment to premiumization aligns with this vision, as we strive to provide our consumers with top-of-the-line home appliances that offer unparalleled performance and sustainability.

The policies introduced in favour of inclusive talent development spotlighting women and youth will open new avenues for the workforce especially since we are one of the younger nations in the world. At BSH Home Appliances, we believe in the power of diversity and inclusion as a driver of innovation and growth in the industry.

Pallavi Jha, Chairperson & MD of Dale Carnegie India & Walchand PeopleFirst: The 2024-25 Union Budget must address both immediate job creation and the long-term sustainability of employment growth. While the ₹1.48 lakh crore allocated for education, employment and skilling is necessary, it may fall short given the scale of the job crisis and regional disparities.

To make a real impact, initiatives like EPFO incentives, skilling programs and the MSME credit guarantee scheme must align with the evolving needs of industry sectors. This approach will create targeted job opportunities and equip graduates with the skills needed to build a resilient workforce. Beyond funding, the focus must be on program quality and measurable outcomes to ensure effective implementation across credit support, mentorship, and market opportunities.

 Arun Balasubramanian, VP & MD, India & South Asia, UiPath: Empowering youth with essential skills is crucial for bridging the gap between academia and industry. The new initiative to skill 20 lakh youth in the next 5 years and expanded Model Skill Loan Scheme coverage brings us closer to bridging this gap. Moreover, the three ‘Employment Linked Incentive’ schemes will empower the youth to apply their skills in meaningful careers. Initiatives aimed at improving employment and skilling opportunities for women will further enhance equality and promote women-led development across sectors.

Creating Digital Public Infrastructure (DPI) Applications for large populations will unlock significant productivity gains, business opportunities, and innovation, helping to boost private sector growth. At UiPath, we look forward to integrating our automation solutions to enhance efficiency and drive a tech-focused future for India.

Sudheer Perla, MD – Tabreed Asia & Country Manager – India, Tabreed: Tabreed is encouraged by the Finance Minister’s announcement of a detailed roadmap to pursue nine national priorities, including a strong focus on urban development, infrastructure, and energy security. The emphasis on energy transition pathways, with a focus on employment and sustainability, aligns perfectly with Tabreed’s mission to provide energy-efficient cooling solutions for India’s rapidly growing cities.
As the nation’s energy demand is increasingly being led by our cooling needs, we can help reduce power demand by upto 40% alleviating grid stress through our efficient cost-effective solution. In addition, our transformative systems thinking approach can integrate with renewable energy and reusing resources such as treated wastewater bringing in circularity principles that our country is long familiar with.
We look forward to collaborating with the government and other stakeholders to accelerate the opportunities presented by the new policy framework and contribute to the nation’s progress towards a greener and more prosperous future.

Mukul Goyal, Co-founder of Stratefix Consulting: The Union Budget 2024 presents an ambitious framework aimed at revitalizing India’s economic landscape, particularly for MSMEs, startups, artificial intelligence, and job creation. With a proposed allocation of ₹22,000 crore for the MSME sector, this budget has the potential to catalyze significant growth and innovation.

However, while the expansion of the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) is commendable, it could have been further enhanced by introducing specific incentives for eco-friendly technologies, which are crucial for aligning economic growth with sustainability.

The budget’s focus on ease of doing business is promising, with measures to streamline regulatory processes and extend tax holidays for startups. Yet, the absence of substantial changes in GST rates is a missed opportunity. Simplifying compliance and reducing the GST burden on essential goods for MSMEs would have provided immediate relief and improved cash flow management.

Moreover, while the introduction of employment-linked incentives and a ₹2 lakh crore allocation for job creation is noteworthy, the framework for skill development remains insufficient. A more robust approach to job-ready education and targeted training programs is essential to bridge the growing employability gap, particularly in high-demand sectors like AI and renewable energy.

Additionally, the budget lacks a comprehensive strategy to address the potential job displacement caused by AI advancements. A proactive approach, including retraining programs and direct benefit transfers for affected workers, could have been beneficial.

In conclusion, while the Union Budget 2024 lays a strong foundation for growth, it is imperative that the government prioritizes effective implementation and creates synergies across sectors. By addressing these gaps, we can ensure that the coming fiscal year transforms not just the economy, but also the lives of millions of Indians.

Paritosh Kashyap, Head of Wholesale Banking Group, Kotak Mahindra Bank: The Budget emphasizes high capital expenditure, with Rs 11.11 lakh crore allocated to infrastructure, equating to 3.4% of GDP. The holistic approach, including a roadmap for Viksit Bharat by 2047 and a credit guarantee scheme for MSMEs to reduce credit risks and enhance financing access, will drive inclusive growth. The focus on low, stable inflation and the nine priorities for generating opportunities underscores a clear strategy for economic development.

Zarin Daruwala, CEO, India and South Asia, Standard Chartered Bank: The Finance Minister underscored the Government’s commitment to fiscal prudence by reining in the deficit to 4.9% of GDP as against 5.1% presented in the interim budget. This will result in lower Government borrowing, and coupled with index inclusion flows, will reduce interest rates across the economy. Leveraging technology platforms to strengthen Insolvency and Bankruptcy Code (IBC) and setting up of additional tribunals will lead to transparency and efficiency, benefitting the banking sector. For MSME – the Guarantee Schemes, encouraging of new credit assessment models, and credit support during stress periods are key enablers to one of the largest providers of employment in the country.

The continued focus on Infrastructure, at 3.4% of GDP, will have a high multiplier effect on the economy, and has a second order impact on industries such as steel and cement. By focussing on employment and skilling the Government has stepped up its commitment to harness the ‘demographic dividend.’ The emphasis on resilience of agriculture in view of climate change and energy security, reflects the evolving strategic priorities of the Government in ensuring sustainable growth of the economy.

Vishal Goenka, Co-Founder of IndiaBonds.com: The budget demonstrated financial prudence with expected fiscal deficit target now 4.9% for FY24-25. This is constructive overall for the bond yields. The focus on infrastructure spending shall further increase issuance in infrastructure bonds. Listed bonds continue their favourable treatment for capital gains versus unlisted bonds and debt mutual funds.

Nitin Rao, CEO, InCred Wealth: Quote from Nitin Rao: Budget build up for long term measures is positive . Many key areas have a positive build-up without impacting the fiscal position. Taxation increases seem negative, though was anticipated. Markets will stabilise after the negative shocks in the short term and track the progress of the country in the medium term.

Siddarth Bhamre, Head of Research at Asit C Mehta Investment Interrmediates Ltd (Brokerage Firm): The budget is economy-centric and especially targets grassroots issues like employment and rural economic stress. Multiple direct and indirect schemes and announcements will target the upliftment of the poor, women, youth, and farmers. The finance minister has made this budget to enhance employment, increase skill sets, ease business for MSMEs, and provide tax measures for the middle class. From the capital markets point of view, it would be slightly disappointing as far as taxation is concerned. The economic measures announced are the need of the hour for rural employment and reduce stress in the MSME space. This budget has targeted the pain points in the economy.

This budget focuses on the rural economy, employment, and MSMEs. The biggest beneficiary from a stock market perspective will be consumption space especially FMCG and Auto (2-wheelers).

Ajay Kela, President & CEO, Wadhwani Foundation: We are pleased with the Union Budget 2024-25’s strong focus on employment and education, particularly the allocation of Rs 1.48 crore and the Rs 2 lakh crore package for five schemes aimed at creating jobs and providing skilling to 4.1 crore youth. This significant investment will drive economic growth and progress by enhancing job creation, improving higher education access, and expanding skill development programs. The budget’s initiatives, including employment-linked schemes, ITI upgrades, internships, and women’s hostels, lay a solid foundation for a skilled and future-ready workforce. By addressing critical areas of employability and inclusivity, these measures will promote a more dynamic and capable workforce. At the Wadhwani Foundation, we are committed to collaborating with the government to ensure these initiatives effectively prepare India’s youth for the job market and contribute to national growth.

Sangram Singh, CEO, Indifi Technologies: This budget takes a significant step towards bridging the credit gap for MSMEs through measures such as increasing SIDBI branches and enhancing MUDRA fund loans for creditworthy businesses. Additionally, while the new scheme for collateral-free loans focuses on manufacturing MSMEs, expanding it to include other sectors would be highly advantageous. The up-skilling programmes for women entrepreneurs are also a promising initiative that could provide substantial support and growth opportunities.

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

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

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

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

“The Union Budget for 2024-25, unveiled today, represents a pivotal stride towards achieving Prime Minister Modi’s ambitious vision of a ‘Viksit Bharat’ by 2047. This fiscal blueprint places a profound emphasis on uplifting the Gareeb (poor), empowering Mahilayen (women), nurturing Yuva (youth), and supporting Annadata (farmers). While the budget did not introduce specific announcements related to the Production Linked Incentive (PLI) scheme, it highlighted Employment-Linked incentives designed to bolster job creation in the formal sector. By synchronizing employment with targeted initiatives, the government aims to catalyze growth and significantly impact the workforce. These incentives are poised to drive workforce expansion, fortify the ‘Make in India’ initiative, and complement existing PLI schemes.

Akhil Chandna, Partner, Grant Thornton Bharat: The scope of Tax Collected on Source (TCS) has expanded over the years to include the transactions such as remittances made under Liberalized Remittance Scheme (LRS), purchase of motor car exceeding certain value, etc. The credit for such TCS paid by individual taxpayers is not available for adjustment against the TDS on salary by employer and hence, results in cashflow issue for such individual taxpayers. Through the Finance Bill (No. 2), 2024, the finance minister has proposed to include such TCS paid by employees for consideration of tax credit by employer for tax deduction at source (TDS) on salary. This proposal will address the cashflow issue faced by taxpayer employees  for TCS claim against on TDS on salary. Additional clarification is expected for TCS credit paid before 1 October 2024 and also, on process for submission of declaration/information by employee to employer.

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.

Abhishek Teri – Co-Founder, Underrated Club: Today’s Indian budget announcement has brought a mix of optimism and cautious anticipation for the textile industry. The government’s decision to allocate additional funds for technological advancements and skill development is a welcome move, poised to enhance productivity and global competitiveness. The emphasis on improving infrastructure and logistics will undoubtedly benefit the sector by reducing operational costs and improving supply chain efficiency.
However, the industry had higher expectations for more substantial tax reliefs and incentives, especially in light of rising raw material costs and global market pressures. While the budget does provide a solid foundation for growth, it falls short in addressing some of the immediate financial concerns of textile manufacturers. Continuous engagement with industry stakeholders will be crucial to ensure that the sector can fully leverage these initiatives and navigate the challenges ahead effectively.

Abhishek Sinha – Co-founder, GoodDot: The budget is a progressive one with a focus on agriculture, employment & skilling, manufacturing and services, and infrastructure amongst others. The above focus will help improve the standard of living of the masses and also help in faster and inclusive development and the country.
The allocation of 2.66 lakh crore for rural development and rural infrastructure will positively impact the lives of millions of rural population. This will also help in arresting the growth rate of rural-to-urban migration. 2 lakh crore has been allocated to employ over 4.1 crore youth over the next 5 years. This is a much-needed step for India to gain from its demographic dividend.
The abolishment of the Angel Tax on all classes of investors in startups is a welcome step and will incentivise investors to fund the Indian startup ecosystem, which stands to gain significantly in the days ahead. Of course, a special package for the plant-based industry would have been welcome considering the critical advantages the space offers in the field of health, agricultural exports and sustainability.

Overall the focus of the budget on promoting the economy in all sectors with a focus on Agriculture and manufacturing is a welcome step to democratise prosperity in India.

Rashmi Ghatge – Director, ParamYoga: The Union Budget 2024 presents a progressive and comprehensive approach to fostering economic growth, employment, and social welfare. The increase in the standard deduction and revised tax rate structure in the new tax regime provides significant relief to salaried employees, with potential savings of up to Rs 17,500. The focus on corporate tax reductions, particularly for foreign companies, along with simplified FDI rules, is expected to bolster foreign investments and drive economic expansion.
The government’s emphasis on MSMEs, with enhanced Mudra loans and a special credit guarantee scheme, demonstrates a commitment to nurturing small businesses and boosting manufacturing. The allocation of Rs 2.66 lakh crore for rural development, along with the launch of Phase 4 of the PM Gram Sadak Yojana and the construction of three crore additional houses under the PM Awas Yojana, highlights a strong focus on rural infrastructure and housing.
The introduction of employment-linked skilling schemes and internships in top companies for one crore youth over five years underscores the government’s dedication to addressing unemployment and enhancing skill development. Furthermore, the special financial support for flood-impacted states and comprehensive development plans for key tourist and cultural sites signify a balanced approach to regional development and heritage conservation.
The reduction in customs duties on essential goods and components, along with the exemption of certain cancer treatment medicines from customs duty, reflects the government’s sensitivity to public welfare and healthcare needs. Overall, the Union Budget 2024 aims to create a robust foundation for sustainable growth, inclusive development, and improved quality of life for all citizens.

Karanveer Dureja – Business Director, Banjaaran Studio: As someone closely involved with Banjaaran Studio, a D2C brand with in-house manufacturing, I believe the Union Budget 2024 will have a substantial impact on us and other MSME businesses. Here’s my take from both perspectives: as a footwear manufacturer and as an online D2C brand.
I find the Union Budget 2024 quite favorable for the footwear manufacturing industry. The reduction in the corporate tax rate for foreign companies could attract more investment, and the enhanced credit schemes and technology support will assist small manufacturers in upgrading their operations. Additionally, improved infrastructure and lower customs duties on key materials are beneficial.
For online businesses, the budget is promising. The increased Mudra loan limit and credit guarantees will alleviate financial pressures and support growth. Skilling programs and employment incentives should help address talent shortages. The development of digital infrastructure and reduced customs duties will streamline operations and reduce costs.
Overall, these measures are creating a positive environment for Banjaaran Studio and other MSMEs, aiding in our growth and operational efficiency. The government has laid out some fantastic plans, but it will be interesting to see how many are implemented. I’m hopeful for a brighter future where small businesses like ours, along with our proud nation and the people of India, can truly thrive.

Tushar Parihar – Founder, Kaner Bagh – A Heritage Boutique Hotel: The Union Budget 2024 shows a strong commitment to improving the hospitality and tourism industry. The increased allocation towards infrastructure development, particularly in enhancing connectivity and improving tourist destinations, is a significant step forward. These measures will not only boost domestic and international tourism but will also foster economic growth and create employment opportunities. I am optimistic that these initiatives will accelerate the recovery of the hospitality and tourism industry and support long-term growth.

Aman Moudgil, Director, Gilco Global: The Budget for 2024-25 is being considered the action plan for the Modi 3.0 government to outline a roadmap towards India’s development in the next five years. It comes at a time when there is increased pressure from a stronger opposition who shall be scrutinizing the same through a lens. In my opinion, I find the budget to be encouraging employment, skilling, MSMEs and the middle class; all of whom contribute to the masses of the country and also highly important for the economic growth and future of India. Measures to boost the MSME sector, including increasing Mudra loan limits and introducing a credit guarantee scheme for MSMEs in manufacturing is a welcoming step which should promote growth of the MSME sector (which contributes close to a third of the country’s GDP annually). Abolishment of the angel tax is another welcoming step supporting the startup world. Focus on promoting renewable energy through the PM Surya Ghar Muft Bijli scheme, which shall benefit over 1 crore households, to support with the carbon-neutral vision of the Modi Government. Above all, providing education loan and internship opportunities to 1 crore youths in top 500 companies every year is a very encouraging step towards India’s vision of a Viksit Bharat @ 2047. The tax relief for the middle working class by increasing the standard tax deduction and the changes in tax slab under the new tax regime can help them save up ₹ 17,500 annually in taxes. These initiatives aim to strike a balance between addressing the needs of the masses and fostering growth in the MSME and business sectors. I congratulate our finance minister on her 7th consecutive budget which puts her in history and I wish that this 7th budget also turns out to be historical for the country by setting new benchmarks for the future.

Vikas Bajaj, President of Association of Indian Forging Industry (AIFI): We welcome the budget presented today, which lays out a comprehensive roadmap for ‘Viksit Bharat’ across key sectors including manufacturing and services. The emphasis on promoting MSMEs through enhanced credit support and infrastructure development is particularly commendable. These measures will not only bolster job creation but also enhance competitiveness, paving the way for a robust industrial growth trajectory. For the manufacturing sector, the proposed incentives for additional employment will significantly boost job creation and strengthen the manufacturing ecosystem. The special attention given to MSMEs, particularly labour-intensive manufacturing, through financing, regulatory changes, and technology support, is a crucial step toward enhancing global competitiveness.

The introduction of a credit guarantee scheme for MSMEs, providing up to ₹100 crore without collateral, along with the new credit assessment model and enhanced Mudra loan limits, will ensure broader financial inclusion and stability. The commitment to developing ‘plug and play’ industrial parks and reducing customs duty on key raw materials like ferro nickel and blister copper will lower production costs and enhance competitiveness. Additionally, the financial support for shifting micro and small industries to cleaner forms of energy and the facilitation of investment-grade energy audits in 60 clusters, with expansion to 100 clusters, will greatly benefit MSME units in the forging sector. Overall, this budget is a significant step towards ‘Viksit Bharat,’ and we at AIFI are optimistic about its positive impact on the forging industry and the broader manufacturing sector.

Jay Shah, CEO & MD, M/s Jay Wood Industry: The Union Budget 2024-25 brings a wave of optimism and opportunities for the manufacturing sector. The new scheme aimed at job creation, particularly the initiative to link employment to first-time workers, is a visionary step. The substantial incentives for EPFO contributions, covering both employees and employers for the first four years, will significantly reduce financial strain on businesses, making it easier to hire and retain new talent.
By reimbursing employers up to ₹3,000 per month for each additional employee’s EPFO contributions for two years, the government is directly boosting employment rates. This initiative, expected to benefit 3 million young people and stimulate employment across all sectors, is crucial for robust job creation, fostering a dynamic workforce, and stimulating economic growth. The scheme, which aims to incentivize the employment of 5 million additional people, has the potential to be a game-changer for the manufacturing industry. It will address unemployment and ensure that our sector thrives with a fresh influx of skilled workers, driving innovation and productivity.
Moreover, the credit guarantee scheme for MSMEs in the manufacturing sector is a significant boost. Facilitating access to term loans for purchasing machinery and equipment without the need for collateral or third-party guarantees will empower businesses to invest in advanced technologies and equipment. This will enhance production capabilities, improve efficiency, and maintain competitiveness, driving overall growth and innovation within the manufacturing sector.
Overall, these measures demonstrate a strong commitment to supporting the manufacturing industry, which will undoubtedly lead to sustainable growth and long-term success for companies like M/s Jay Wood Industry.

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.

Sunil Agarwal, Director, Vinod Cookware: The Union Budget 2024 is commendable for its strategic focus on strengthening Micro, Small, and Medium Enterprises (MSMEs), which form the backbone of our economy. The allocation of INR 100 crore to the Credit Guarantee Scheme and the enhancement of the Mudra Loan limit to INR 20 lakh are decisive steps toward empowering small businesses. As for the manufacturing industry, the provision allowing MSMEs to acquire machinery without collateral is particularly noteworthy, as it paves the way for enhanced productivity and growth.

Moreover, the reduction in Goods and Services Tax (GST) rates and the simplification of compliance procedures underscore the government’s commitment to fostering a cohesive business environment. The planned expansion of the Small Industries Development Bank of India (SIDBI) with 24 new branches by 2025 is guaranteed to further support MSME clusters across the country. These measures collectively enhance the ease of doing business and provide a strong foundation for economic development.

From the consumer’s standpoint, the new tax regime is expected to result in a reduction in income tax for salaried employees, offering significant relief to the middle class. This reduction in the tax burden is anticipated to increase savings and lead to a rise in consumer retail demand.

We see these initiatives as a positive catalyst for growth and innovation. The expansion of Vinod Cookware is poised to benefit from these developments, further elevating our commitment to quality and customer satisfaction.

Sunil Agarwal, Director, Vinod Cookware: The Union Budget 2024 is commendable for its strategic focus on strengthening Micro, Small, and Medium Enterprises (MSMEs), which form the backbone of our economy. The allocation of INR 100 crore to the Credit Guarantee Scheme and the enhancement of the Mudra Loan limit to INR 20 lakh are decisive steps toward empowering small businesses. As for the manufacturing industry, the provision allowing MSMEs to acquire machinery without collateral is particularly noteworthy, as it paves the way for enhanced productivity and growth.

Moreover, the reduction in Goods and Services Tax (GST) rates and the simplification of compliance procedures underscore the government’s commitment to fostering a cohesive business environment. The planned expansion of the Small Industries Development Bank of India (SIDBI) with 24 new branches by 2025 is guaranteed to further support MSME clusters across the country. These measures collectively enhance the ease of doing business and provide a strong foundation for economic development.

From the consumer’s standpoint, the new tax regime is expected to result in a reduction in income tax for salaried employees, offering significant relief to the middle class. This reduction in the tax burden is anticipated to increase savings and lead to a rise in consumer retail demand.

We see these initiatives as a positive catalyst for growth and innovation. The expansion of Vinod Cookware is poised to benefit from these developments, further elevating our commitment to quality and customer satisfaction.

Sudarshan Venu, MD, TVS Motor Company: The focus is on growth in this budget and the government is clearly looking at a long-term strategy. The schemes to get more people into the formal sector will go a long way in tapping into the potential of India’s young workforce, and the government’s continued commitment to infrastructure development is a big boost for economic growth and opportunities. This helps build on the momentum created in the previous two terms.

Shashidhar SK · Chief Financial Officer AXISCADES Technologies Ltd: The 2024 Union budget lays a strategic framework for ‘Viksit Bharat,’ focusing on productivity, employment, robust growth in manufacturing and services, next-gen reforms, innovation, R&D and infrastructural development, which shall prove highly beneficial for advancing the manufacturing technology sector. The special attention to MSME reforms in terms of credit support/credit guarantee schemes, export hubs for international reach and technology support packages shall provide a great boost to the MSME sector. The proposed employment & skilling schemes, incentivizing the hiring of first-time employees and providing financial support for additional employment, are poised to benefit private players as they expand their workforce to meet increasing demand. Additionally, the introduction of new tariff lines for defence products and semiconductor-related items shall enhance our capabilities in high-tech electronics and semiconductor manufacturing, promoting innovation and growth within defence. The government’s commitment to energy security and substantial infrastructure investments coupled with the development of ‘plug and play’ industrial parks will create an enabling ecosystem for companies like AXISCADES to scale our operations efficiently. The budget’s substantial capital expenditure allocation, representing 3.4% of the GDP shall play a key role in this. Additionally, the ongoing initiatives to boost digital infrastructure and private sector-led research and innovation will support the advancement of technology-driven solutions and manufacturing in India. This budget not only provides a conducive environment for growth but also underscores the government’s renewed dedication to fostering innovation, research, and development, which are pivotal for the continued success of major businesses and the holistic development of India’s GDP.

Meenu Singhal, Regional Managing Director, Socomec Innovative Power Solutions, Greater India: The budget announcement marks a pivotal moment for India with funding focus on 9 priorities including Productivity and resilience in Agriculture, Employment & Skilling, Human Resource Development and Social Justice, Manufacturing & Services, Urban Development, Energy Security, Infrastructure, Innovation, Research & Development and Next Generation Reforms generating ample opportunities for all.

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

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

Sneha Singh, Acting Managing Director, GFI India: We commend the government’s continued dedication to advancing agriculture and food processing, as reflected in the latest budget. The focus on raising productivity and developing climate-resilient crop varieties, including the introduction of 109 new crop varieties, is a significant stride towards sustainable agricultural practices. We applaud the special focus on achieving self-sufficiency in pulses and oilseeds to reduce the dependence on imports and create more pathways for value-added products such as plant proteins. These initiatives will not only enhance food security but also bolster agricultural sidestreams and help localise and accelerate the alternative protein sector.
The allocation of substantial funds for skilling and employment, especially in the agri-tech and food-tech sectors, along with the skilling initiative in collaboration with State governments and Industry through ITIs is particularly relevant to plug in talent gaps for the smart protein sector’s emerging needs. Continued support for entrepreneurship, particularly through schemes benefiting MSMEs and start-ups, is a promising move that will drive growth and innovation in smart proteins, especially cultivated and fermentation-derived proteins.

Vishal Puri, Co-Founder, Spalba, (venue management technology): We applaud the government’s initiatives to boost tourism through improved connectivity and a simpler tax regime for foreign shipping companies. These steps will significantly enhance the attractiveness of India as a top tourist destination and drive economic growth.

However, while these measures are a positive step forward, it is equally crucial to address the needs of our tech and SaaS industries. The growth and sustainability of these sectors depend heavily on robust IP protection and innovation incentives. By strengthening IP frameworks, streamlining patent processes, and providing R&D incentives, the government can foster a secure environment that nurtures technological advancements. This will prevent the outflow of valuable intellectual capital and ensure holistic growth across all sectors.

Sampad Swain, Co-founder and CEO, Instamojo: The Ministry of Finance has unveiled a forward-looking and optimistic Union Budget 2024 designed to advance the digital economy and support the MSME sector. With ‘inclusive development’ as one of its nine pillars, this budget lays a strong foundation for accelerated financial inclusion and the expansion of the credit ecosystem. The focus on providing funding through banks to MSMEs is a commendable initiative, ensuring ongoing support for a sector that contributes over 30% to India’s GDP and serves as a vital engine for economic growth, job creation, and livelihood support. Additionally, the establishment of e-commerce export hubs for MSMEs and small artisans to sell their products internationally will significantly enhance productivity and empower the country as a whole.

Sohail Mirchandani, Chief Operating Officer & Co-Founder of Ekostay, a homestay venture: The 2024 Union Budget brings transformative changes that hold great promise for the hospitality and homestay sector. As a co-founder of EKOSTAY, I am particularly excited about the implications of these developments for our business.
The government’s substantial allocation of Rs 50,000 crore towards infrastructure development, including a major boost to urban infrastructure through the PM AWAS Yojana Urban 2.0, will significantly enhance connectivity and accessibility. This is especially beneficial for the homestay industry, as improved infrastructure will make our unique, personalized accommodation options more accessible to travelers.
Furthermore, the emphasis on the ‘Make in India’ initiative and the Production Linked Incentive (PLI) scheme will likely foster economic growth and improve consumer spending power, which could lead to increased demand for experiential stays like ours.
Overall, these budgetary measures are set to support and elevate the homestay sector, providing EKOSTAY with exciting opportunities to expand and offer even more exceptional experiences to our guests.

Sunil Agarwal, Co-founder and Chairman of Joy Personal Care (RSH Global): We welcome the government’s budget, which prioritizes women-led development with an allocation of over Rs 3 lakh crore for schemes benefiting women and girls. This will further empower women, promote inclusivity, and enhance their role in driving economic growth.

Rationalizing tax slabs will also augment consumer purchasing power, stimulating economic expansion and consumer spending. Furthermore, the infrastructure development plan for urban and rural markets will have a dual benefit. It will not only create new income opportunities for rural consumers but also enable FMCG players like us to expand and strengthen our distribution networks in rural, semi-urban, and urban areas, unlocking new markets and opportunities for growth.

We are optimistic that the budget will have favourable economic impact, driving consumer demand and accelerating India’s growth trajectory. We are committed to collaborating with the government to leverage this momentum and collectively contribute to the nation’s progress.

Vinod Kumar Gupta
Managing Director, Dollar Industries Limited: We welcome the measures announced in the Union Budget 2024-25 aimed at enhancing the competitiveness of our textile exports. The expansion of the exempted goods list for textile exports is a forward-thinking move that will further boost our export potential. These initiatives reflect the government’s commitment to supporting the textile sector and will undoubtedly contribute to its growth and sustainability.

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

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

Apurv Modi, Managing Director & Co-Founder of ATechnos Group: The Union Budget 2024 focuses on nine key priorities and demonstrates a comprehensive approach to India’s growth and development. I am excited about the emphasis on Innovation, R&D, and Next Generation reforms. These priorities align perfectly with the digital revolution that’s reshaping our economy.
The focus on Manufacturing and Services, coupled with Urban Development and Infrastructure, creates fertile ground for technological advancements. We see immense potential for digital solutions to drive efficiency and innovation across these sectors.
Also, the budget introduces a new mechanism to facilitate the continuation of bank credit to MSMEs during their stress period. This is a crucial step in ensuring that MSMEs, which form the backbone of our economy, receive the necessary financial support to navigate challenging times. The introduction of a new MSME guarantee plan to enable loans up to ₹100 crore further underscores the government’s commitment to supporting small businesses. The increase in the limit of Mudra loans from ₹10 lakh to ₹20 lakh is another significant measure that will empower small businesses and entrepreneurs, enabling them to expand their operations and contribute to economic growth.
In the taxation domain, the removal of the Angel Tax on all classes of assets is a welcome move, promoting a more favorable investment climate. The standard deduction limit has been increased to ₹75,000 from ₹50,000, providing much-needed relief to taxpayers. Additionally, the lowest slab in the new tax regime has been increased to ₹3 lakh from ₹2.5 lakh.
Moreover, the government’s decision to allocate ₹2 lakh crore for job creation over the next five years is a significant step towards addressing unemployment and fostering economic stability.
The synergy between these priorities and the digital realm will be key. Whether leveraging AI for better urban planning, using IoT for energy management, or developing innovative solutions for employment generation, the digital sector stands ready to contribute significantly to realizing this vision.

Venu Kondur CEO Lobb Logistics Bengaluru: The budget seems to have created opportunities for the youth & young talent by means to giving boost to employment & skilling . This is a positive development & with growing dependence on technology we are happy that this talent will come with new ideas in the tech space which is growing at a breakneck speed. The boost to infrastructure in certain pockets will also give a fillip to logistics space. Proposed large investment in the northeastern freight corridor is a much-needed boost to the logistics space & will bring added traffic in the region.

Sudhindra Holla, Director, Axis Communications, India & SAARC: The ‘Viksit Bharat’ Budget 2024 charts an ambitious course for India’s future. The government’s strong focus on the 9 pillars of growth, especially, Manufacturing, Urban Development, Energy Security and Infrastructure will accelerate the creation of new opportunities for the nation’s growth.

The substantial investment planned for the tourism sector could significantly boost our international tourism and, in turn, our economy. Also, the budget allocation for transport infrastructure showcases the groundwork for accelerated economic development and better connectivity across India. For the safety and surveillance industry this indicates an increased responsibility of making the tourism and transportation industry robust and safe.

Kaushik Das, Founder and CEO of AAO NXT, East India’s premier OTT platform: The 2024 Union Budget presents a forward-thinking approach, especially in the realms of technology, regional development, and digital innovation. The reduction of Basic Customs Duty on mobile phones and related components to 15% is a significant step that will lower costs and enhance accessibility to digital devices, which is crucial for platforms like AAO NXT. Additionally, the government’s commitment to supporting the development of regional storytelling and the tourism sector, including backing the development of Nalanda in Bihar and extending support to Odisha’s tourism, aligns perfectly with our vision to showcase Odisha’s rich cultural heritage through digital content.
Moreover, the initiative to set up a ₹1,000 crore venture capital fund for space economy highlights the government’s dedication to fostering innovation and technological advancement. This, coupled with the enhanced focus on employment-linked skilling programs and the emphasis on energy security, will undoubtedly create a conducive environment for startups and established companies alike. These measures will not only boost the regional OTT landscape but also propel us towards our goal of making AAO NXT a global platform for localized content.
Overall, the budget’s focus on promoting digital infrastructure, regional development, and innovation reflects a robust framework for sustainable growth and positions India as a leader in the digital entertainment space.

Natasha Tuli, Co Founder & CEO, Soulflower: This is a landmark budget for the e-commerce industry. The push by the Government on e-commerce will not only boost the industry but also boost India’s overall economy. The reduction in Tax Deducted at Source (TDS) for e-commerce operators, from 1% to 0.1%, will alleviate fiscal pressures on e-commerce enterprises. This significant decrease will lessen the load on working capital and is expected to create a more favorable environment for growth.

These initiatives are expected not only to sustain but bring ecommerce to scale, which in turn will drive India’s economic growth We congratulate the Government for Budget 2024 and wholeheartedly welcome it.

Mohan Subrahmanya, Country Leader, Insight Enterprises: I applaud the Indian government’s focus on innovation, R&D, and next-generation reforms outlined in the Union Budget 2024. These initiatives, identified among the nine key priority areas, signal a strong commitment to propelling India’s technological advancements.

A notable reform is the focus on energy security which is crucial for the IT sector’s sustainable operations and especially energy-intensive technologies. It will encourage more energy efficient data-centers, adopting systems that can handle more workloads and enable cloud providers as well as data computing systems to scale up operations without expanding their energy footprint. The announcement of technology support packages for MSMEs is also a welcome move as this will also empower these businesses to leverage digital tools and solutions. Removing the Angel tax will further boost the start-up ecosystem in India, which is performing well, especially in the IT space by alleviating financial constraints and encouraging investment.

The allocation of a substantial budget towards skilling and internship in India’s top companies through schemes for youth is a clear indication to the government’s commitment towards building a robust workforce. This initiative will bridge the talent gap and create a future-ready workforce equipped with the skills needed to thrive in the digital age. Overall, the budget is a promising development for the economy, creating opportunities that will bolster India’s position as a technology hub and secure its stature as a global technology leader.

Navin Rao, founder of The Kaftan Company: As a readymade fashion brand, we look forward to related PLI schemes from this year’s budget that allow us to improve efficiencies and continue growth. Providing incentives will allow us to improve internally by implementing better technologies and digitization within our day-to-day operations. The Production Linked Incentive (PLI) schemes mentioned in the budget are seen as a beacon of hope for many manufacturers looking to enhance their operational efficiency and embrace technological advancements.

Challenges include the stability of raw materials like cotton. It impacts the supply chain and, as a result, affects business overall. Another challenge we face is a better understanding of the export-related schemes or incentives that can help take our brand (and other Indian brands) global more effectively.

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.

1. Gururaj, Managing Director, Optiemus Electronics Ltd: We welcome the initiatives announced in the Union Budget. The significant emphasis on manufacturing is heartwarming and much needed for the growth of the economy. With the substantial expansion of the electronics manufacturing industry, the demand for a skilled workforce has become paramount. The announcement of various skilling initiatives and the scheme to incentivize additional employment in the manufacturing sector, particularly for first-time employees, will provide essential support to industries reliant on skilled workforce, especially in electronics. Furthermore, the proposal to reduce the Basic Customs Duty on mobile phones, mobile PCBA, and mobile chargers to 15% is a positive step. The measures laid out to support the MSME industries in particularly welcome to create a much-needed supplier base for electronics within India. These measures collectively send out a strong message on the manufacturing sector and related eco system in India.

Agendra Kumar, Managing Director, Esri India:  It was encouraging to see the focus given in the budget on Infrastructure, Energy sector and urban development. GIS plays a very important role in these sectors. The Finance Minister spoke about improving productivity in the agriculture sector and digital crop survey in 400 districts. GIS can be an important tool in these as well. The focus on rural land records, GIS mapping for urban land records, and the use of GIS for property tax collection also offer opportunities for the GIS industry. These will improve the income of cities which can be used to improve the quality of infrastructure in cities and to provide better living conditions to the citizens. The investment of more than Rs 11 lakh crores in infrastructure development is also a positive news for the GIS industry.

Archana Jahagirdar, Founder & Managing Partner, Rukam Capital: We applaud the Hon’ble Finance Minister for abolishing the Angel Tax in the Union Budget presented today. The removal of this tax, which had raised major concerns among foreign investors regarding startup investments in the country, has been a long-standing demand of the startup ecosystem. This announcement provides much-needed relief and paves the way for further growth in this burgeoning sector. Additionally, the introduction of the credit guarantee scheme for MSMEs, the self-financing guarantee fund with a guarantee cover up to ₹100 crore, and the increase in the limit of Mudra loans to ₹20 lakh from the current ₹10 lakh are crucial supportive measures. These initiatives will significantly help entrepreneurs by easing access to finance, fostering innovation, and driving economic growth. We are optimistic that these steps will create a more conducive environment for startups and MSMEs to thrive.

Lt. Gen. AK Bhatt (Retd.), Director General, Indian Space Association (ISpA): The Union budget’s vision to grow India’s space economy by fivefold in the next decade demonstrates the government’s strong commitment to this sector. We previously advocated for increased financial incentives to support the burgeoning space startups in the country. The announcement of a ₹1000 crore VC fund is a step forward, addressing the funding challenges faced by these nascent ventures in this capital-intensive domain. Additionally, the proposal for establishment of 12 industrial parks across India we hope will include the space sector as this will provide a substantial boost to the space and satellite manufacturing industry, which has long called for the creation of space parks. These measures are pivotal for the growth and development of India’s space ecosystem.

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.

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

Sarvjit Singh Samra, MD & CEO, Capital Small Finance Bank: The Budget 2024 announcements mark a significant step towards strengthening India’s economic backbone, focusing on MSMEs, agriculture, and middle-income segments while maintaining fiscal prudence. Measures like credit guarantee schemes, regulatory changes, and financing/technology adoption will boost MSMEs. The allocation of ₹1.52 lakh crore for agriculture and initiatives like new high-yielding seeds, natural farming, and digital public infrastructure will enhance agricultural productivity and rural demand.

The employment-linked incentives for employees and employers, along with measures to facilitate higher participation of women in the workforce, will support job creation and skill development. The government’s commitment to fiscal discipline, aiming to lower the fiscal deficit to below 4.5% of GDP by 2025-26, will ensure sustainable economic growth.

Looking ahead, we expect the Budget 2024 measures to have a positive impact on India’s economic growth trajectory, with MSMEs, agriculture, and employment opportunities driving growth. We foresee India’s economic growth rate stabilizing at around 7-8%, driven by domestic consumption and investment. We look forward to supporting the growth aspirations of MSMEs, farmers, and individuals through our tailored financial solutions and expert guidance in Middle Income Segment.

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.

Pravin Patel Chairman, HOF Group: The government has come up with a finely balanced budget that focuses on all segments of society. There is a special focus on skill development and job creation. The finance minister has outlined a clear roadmap to facilitate higher participation of women in the workforce. This budget also prioritises MSMEs and manufacturing, particularly labour-intensive sectors, with initiatives such as credit guarantee scheme for MSMEs in manufacturing and new assessment model for MSME credit. The allocation of Rs. 11.11 lakh crore for infrastructure development is poised to make a significant impact and showcase the government’s commitment to build world-class infrastructure. The focus on developing cities as growth hubs will further boost growth in urban areas. The budget has rationalised the income tax structure, providing some relief to salaried taxpayers.

Dr. J.K. Taylia, Chairman of ECHON, capturing budget reaction: The Indian Budget 2024 outlines a comprehensive approach that holds great promise for Echon and larger PVC manufacturing industry. The allocation of ₹10 lakh crore for urban housing under the Pradhan Mantri Awas Yojana, including a central assistance of ₹2.2 lakh crore and interest subsidy schemes, will encourage real estate industry to invest in affordable yet advanced building materials. As a manufacturer of PVC building products, we are optimistic about the opportunities to build solutions that are aligned towards the sustainable growth of the real estate and infrastructure industry. The increase of custom duties on import of PVC will fuel the domestic industry, helping usage of alternate materials that are affordable and durable for long term usage.

The budget’s emphasis on the increased capital expenditure of ₹11.11 lakh crore will enhance infrastructure, benefiting manufacturing sectors like ours by improving logistics and reducing overall operational costs. The government’s focus on renewable energy, especially solar power, is aligned with our commitment to sustainability thereby encouraging customers and builders swiftly adopt environment friendly alternatives. This focus on green energy presents opportunities for us to integrate more eco-friendly practices into our PVC manufacturing processes, meeting the growing global demand for sustainable products. Moreover, the allocation for youth skilling, hostel facilities for industrial workers especially women, will help build a skilled workforce, supporting our operational needs and promote inclusivity in the workforce.

Overall, the budget’s focus on boosting domestic manufacturing, modernized infrastructure, affordable housing, simplified GST norms, and environmental sustainability creates a favorable business environment for Echon. We are excited about the opportunities ahead and remain committed to contributing to India’s growth story while driving positive change in the industry and the communities we serve. We anticipate government’s intervention for introducing R&D grants and tax incentives to drive innovation in green manufacturing, simplification of export procedures to enhance global competitiveness, and an accelerated infrastructure push using domestically produced materials to support local industries.

Ankit Gupta, Director, Ledure Lightings: 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.

Murty LVLN, MD & CEO, Dvara KGFS: The Union Budget 2024 has acknowledged the need to support MSMEs and improve skill training, especially among the rural population. Significant focus is given to the agricultural sector to increase digital public infrastructure which will push more farmers to be a part of the registry making the agriculture sector more transparent. This move will pave the way for fintechs and agricultural fintechs to support farmers with better financial offerings. We welcome the government’s initiative to introduce a new mechanism for MSMEs to continue seeking bank credit during stress period to ensure smooth functioning. The continuous focus of the budget on the MSME sector, to compete globally, will result in a positive incentive for the rural parts of the country, thereby, increasing the rural GDP.

Manoj Kumar Singh, Chief Secretary cum Infrastructure & Industrial Development Commissioner of Government of Uttar Pradesh: We commend the Finance Minister’s announcement on promoting pumped storage projects.  Uttar Pradesh already has a robust policy in place for pumped storage, and this new initiative will empower our ongoing projects. This policy will significantly enhance electricity production capabilities and ensure a reliable power supply, aligning perfectly with our commitment to sustainable energy solutions.

This initiative will bring substantial benefits to the people of Uttar Pradesh, notably our farmers, by facilitating improved irrigation and more stable energy access. By supporting the seamless integration of renewable energy into the grid, we can ensure a brighter and more sustainable future for all.

Vijay Kaushik, Founder, Chairman & Managing Director, Vibhor Steel Tubes Ltd: The Union Budget has focused on Prime Minister’s vision of Vikasit Bharat – expanding outlays across core infrastructure segments like roads, rural construction, housing for all, water and sanitation management across cities, building industrial corridors to fast track economic growth – all of which bodes well for the steel tubes and pipes demand going forward across the country. As one of the key players in the segment, we are excited about the promise of increased demand emanating from the eastern region of India including Andhra Pradesh – which also celebrates our manufacturing presence.

Vineet Arora, who manages the Singapore-based NAV Capital Emerging Star Fund: The budget is a well-balanced one, with a significant emphasis on growth and MSME. This focus is crucial for India’s economic development and the generation of employment opportunities. Another noteworthy aspect is the government’s attention to infrastructure development, with a substantial allocation for capital expenditure, which accounts for around 3.4% of GDP. The government has successfully combined high capex and met the expectations of its political allies. It has also catered to the needs of the middle class. However, the increase in STCG and LTCG may have a negative impact in the short term, but it is expected to help in stabilizing the market and attracting investors with a long-term perspective on the Indian economy.

M C Garg Chairman and Managing Director of Goodluck India Ltd: Our government is set to transform the energy landscape of Viksit Bharat by partnering with the private sector. Climate change is the issue the government has taken up with full vigour. To mitigate its effects, the push on green renewable energy is commendable. The Government is also targeting all-round development on land, water, air, and space. A significant chunk of investment in roads, bridges, airports, medical colleges, and sports infrastructure in Bihar and Andhra Pradesh will open new avenues for infrastructure companies. Space exploration is another area the government is supporting. To summarise, the added impetus on energy and Gati Shakti will enhance scope for engineering steel products manufacturers. Our management at Goodluck India lauds the budget for its progressive and industry-friendly nature.

Umesh Sahay, Founder and CEO, EFC India: The Union Budget 2024 brings transformative changes to the investment landscape. The significant shift for REITs and InVITs, now treated as long-term after just 12 months instead of 36, opens new horizons for investors. This progressive move not only boosts market confidence but also aligns with our vision of fostering robust economic growth and investment opportunities.