Budget, if implemented well, can drive our nation towards higher and more inclusive growth.
Businessmen have unanimously hailed Union Finance Minister Nirmala Sitharaman for what they described as a growth-oriented budget that focuses on employment, skill development and social justice. BNC presents a broad spectrum of reactions:
Ramesh Alluri Reddy, CEO at TeamLease Degree Apprenticeship: This budget’s emphasis on skill development is a game-changer for India’s employment landscape, especially with the central theme being centered around employment, skilling, and MSMEs. With over 4 crore jobs for youth set to be created over five years under five schemes with an outlay of ₹2 lakh crore, the government’s initiative is poised to transform the workforce. A provision of Rs 1.48 lakh crore has been made for education, employment, and skilling, highlighting a robust commitment to addressing the skills gap and improving employability. The introduction of a new central scheme to skill 20 lakh youth over a five-year period is particularly noteworthy. By focusing on enrolment in the EPFO and recognizing first-time employees, this scheme aims to provide essential support to newcomers in the job market. First-timers will receive one month’s wage upon entering the workforce in all formal sectors, with a direct benefit transfer (DBT) of one month’s salary, up to Rs 15,000, provided in three instalments. This initiative, with an eligibility limit of a Rs 1 lakh per month salary, is expected to benefit 2.1 lakh youths. By aligning educational outcomes with industry needs, the budget ensures that the youth are equipped with the relevant skills demanded by the market, thus enhancing their employability and career prospects. This not only empowers the youth but also provides industries with a steady stream of well-trained, competent employees, driving productivity and growth.
The impact of these measures on skilling, employment, and job creation will be profound. By incentivizing job creation in the manufacturing sector through a scheme linked to the employment of first-time employees, the budget addresses a critical need for fresh talent in a vital industry. The comprehensive approach ensures that the youth are not only equipped with the necessary skills but also provided with financial support as they transition into formal employment. This dual focus on skilling and financial assistance will help bridge the gap between education and employability, making the workforce more competitive and resilient. Furthermore, the substantial financial outlay underscores the government’s commitment to long-term economic growth and stability. By fostering a well-skilled, employable, and financially supported workforce, these initiatives will drive productivity, innovation, and overall economic development, positioning India as a global leader in the manufacturing and services sectors.
Ankit Aggarwal, Founder & CEO, Unstop: I am glad to see Budget 2024’s focus on youth employment and skilling. The Rs 2 lakh crore allocation for employment schemes is the beginning to a brighter future.
The incentives for job creation and the plan to skill 20 lakh youth over five years is what we needed. The support for higher education loans and the push for women in the workforce is also a big plus. It feels good to see the government recognising the need to focus on key areas that can make our journey towards a skill-based economy smoother.
Roma Priya, Founder, Burgeon Law – a boutique law firm focused on the startup and VC community: The entire nation awaits for Hon’ble Finance Minister Ms Nirmala Sitharaman’s 7th consecutive budget, expecting the announcement of several key measures that can accelerate India’s growth momentum towards becoming a $5 trillion economy. The start-up ecosystem anticipates a transformative phase that could set new benchmarks for innovation and growth. We hope the Government will heed the DPIIT’s recommendation and remove the angel tax on start-ups to send a positive message across startup ecosystem.
As startups operate with limited resources, announcing relief on corporate and industry-specific tax will boost both the manufacturing and tech-driven service industry. Increasing the allocation for Startup India Seed Fund Scheme and similar programs and their effective implementation will also attract foreign startups based in India with a huge potential of domestic capital. Recently, we witnessed the return of startups like Zepto, Meesho and Pine Labs.
We encourage the Government to seize this opportunity by offering incentives to attract more startups to reverse flip their structures back to India, thereby enhancing job creation and opportunities within the country. To support startups, ESOPs should be taxed only at the final sale of shares. With the rise of startups in EV, deep tech, AI, defense, and space sectors, we hope for increased government allocation to these domains, reinforcing India’s position as a global tech powerhouse. We look forward to the measures that will drive the entrepreneurial ecosystem.”
L Srinath Reddy, Managing Director, Raminfo Limited: “Budget 2024 reflects a forward-thinking approach, particularly in supporting MSMEs and youth skill development. The introduction of a credit guarantee scheme and enhanced Mudra loan limits will significantly bolster the MSME sector, providing much-needed financial support and stability. As an MSME, we too are eyeing global expansion with young talent and innovation at the heart of our plans. This budget aligns with our vision too. The comprehensive internship scheme, aiming to offer internships in top companies to one crore youth over five years, is a game-changer. It will provide invaluable real-world experience and skill enhancement opportunities for our young workforce. Employment-linked skilling initiatives and the three employment-linked incentive schemes, focusing on job creation and support to employers, demonstrate a strong commitment to reducing unemployment and encouraging industry growth. Abolishing the angel tax for all investor classes is a significant move to boost investment and entrepreneurial activity in the country.”
Karun Tadepalli, CEO and Co-Founder, byteXL: Cognizant of the transformative power of education and skills in shaping our nation’s future, the policymakers are aiming to empowering youth. By offering financial support for higher education loans up to Rs 10 lakh with a 3% interest subvention and e-vouchers for one lakh students annually, access to learning opportunities is being democratized. Concurrently, the upgrade of 1,000 ITIs using the hub and spoke model, aligned with industry needs, underscores our dedication to equipping our workforce with relevant skills.
With an allocation of Rs 1.48 lakh crore towards education, employment, and skilling initiatives, 20 lakh youth over the next 5 years will be skilled. Internships for 1 crore youth in top companies, supported by CSR initiatives, will bridge the gap between academia and industry, fostering practical knowledge and career readiness. The abolition of angel tax for investors further catalyzes entrepreneurial spirit, facilitating innovation and job creation. Together, these measures reflect a holistic approach to nurturing talent, enhancing employability, and fostering a thriving economy built by a skilled workforce.”
Prem Kumar Vislawath – CEO and Founder, Marut Drones: The allocation of ₹1.52 lakh crore for agriculture and allied sectors by the finance minister underscores a pivotal commitment to bolstering India’s agricultural resilience. The emphasis on developing climate-resistant varieties and introducing 109 new high-yielding varieties is a forward-looking stride towards sustainable agriculture. Additionally, the promotion of farmer producer organizations, cooperatives, and startups heralds a new era of inclusive growth and innovation in the agricultural sector.
Exempting lithium imports from customs is a bold step demonstrating India’s commitment to strengthening the drone manufacturing sector. Lithium, crucial for drone battery production, will now bolster domestic drone manufacturing, underlining the government’s support for this industry.
The abolition of the Angel Tax for investor classes is a significant boost for startups, affirming the government’s unwavering support for entrepreneurship and fostering a conducive investment environment.
However, we look forward to enhanced subsidies on agricultural machinery, including drones, as a critical step towards modernizing our farming practices.
Aman Choudhary, Executive Director Marketing at Anmol Industries Limited: “The Union Budget 2024-25 has laid a solid foundation for the FMCG sector with its focus on boosting rural demand and increasing disposable income. The allocation towards improving infrastructure and logistics will greatly enhance supply chain efficiency, enabling faster and more efficient distribution of goods. We appreciate the government’s commitment to fostering a business-friendly environment and believe these measures will spur growth, innovation, and competitiveness in the FMCG industry, ultimately benefiting consumers and businesses alike.”
Md. Sajid Khan, Director-India, ACCA (Association of Chartered Certified Accountants): The Union Budget for FY25 marks a significant milestone in the government’s ongoing efforts to drive India towards a ‘Viksit Bharat’ by 2047. Building on the momentum from the interim budget, the FY25 Union Budget demonstrates the Indian government’s sustained commitment to skilling, education, and employment with a substantial allocation of Rs 1.48 lakh crore towards these critical areas. As India continues on this growth trajectory, the role of skilled accountants will be crucial in driving business innovation, ensuring financial sustainability, and navigating emerging technologies in fintech, AI and sustainable accounting practices. Additionally, the introduction of a new assessment model for MSME credit, leveraging digital footprints, has the potential to unlock financing opportunities for this vital sector.
We are encouraged by the government’s efforts to create a future-ready workforce in accounting and finance, equipped with the skills needed to navigate emerging technologies and drive business innovation. Overall, this budget strikes a balance between short-term growth imperatives and long-term strategic vision, and we believe it will have a positive impact on India’s economy.
This budget represents a pivotal move towards a Vikasit Bharat, emphasizing progress through targeted support for Garib (poor), Mahilayen (women), Yuva (the youth) and Annadata (farmers). Key focus areas include employment, skill development, MSME growth—vital for GDP and exports—and middle-class upliftment.
The full exemption of basic customs duties on three cancer treatment medicines is a notable advance, promising substantial benefits for both the pharmaceutical sector and cancer patients. With a ₹2,143 crore allocation under the Production Linked Incentive (PLI) scheme, India is set to lead globally in pharmaceuticals, with the domestic market projected to reach USD 130 billion by 2030. These steps are vital for achieving our $5 trillion GDP goal in three years and $7 trillion by 2030.
Moreover, the Prime Minister’s package, Significant funds—₹2 lakh crore for employment and skill development, and ₹1.48 lakh crore for education—are allocated to drive job creation. Enhanced focus on women’s workforce participation through dedicated hostels and targeted skilling programs is also commendable. These initiatives are expected to deliver a skilled workforce crucial for innovation and precision industries.
The budget also prioritizes innovation, R&D, and education, fostering advancements across public and private sectors. The government’s commitment to these areas aims to boost research, enhance education quality, and develop a competent workforce. This emphasis will propel India’s technology and manufacturing sectors, positioning the country as a major global manufacturing hub.
Vijender Reddy Muthyala Co-founder & CEO, DrinkPrime: The Union Budget 2024-25 promotes water sustainability and provides significant benefits for startups which was much needed. The removal of the angel tax is particularly beneficial, enabling startups to secure more funding and attract investments. The ease of FDI approval in clean technology will boost international funding and innovation. Also, the budget’s efforts to improve water security through infrastructure upgrades, pipeline repairs, and enhanced wastewater treatment are appreciated. Increased support for startups and NGOs, along with public-private collaborations, is a positive step toward making clean drinking water more accessible and affordable.”
Pradeep Bakshi, MD & CEO, Voltas Limited: The Union Budget 2024 reflects a forward-thinking approach that will significantly benefit the consumer durables industry and bolster our efforts towards sustainable development. The full exemption of customs duties on 25 critical minerals, including lithium, copper, cobalt, and rare earth elements, is a substantial boost for sectors reliant on these materials, such as high-tech electronics and renewable energy. This policy will not only enhance the availability of these essential resources but also stimulate domestic processing and refining capacities, driving innovation and reducing costs.
Furthermore, the emphasis on energy transition, including the expansion of exempted capital goods for solar panel manufacturing, aligns well with Voltas’ commitment to sustainability. While the non-extension of exemptions for certain solar components reflects a move towards encouraging domestic manufacturing, it also underscores the need for continued investment in domestic production capabilities.
The budget’s focus on substantial investment in manufacturing, presents a promising outlook for the industry. Voltas is optimistic about the positive impact of these policies on the electronics sector and looks forward to contributing to these ambitious goals.
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.”
Rishi Agrawal, CEO and Co-Founder of Teamlease Regtech: I am thrilled to see that the finance minister has put the spotlight on the expedited closure of LLPs. This measure will aid in reducing the duration of closure for non-viable limited liability companies. She has also addressed the issue of reforming and enhancing the Insolvency Business Center (IBC) in order to expedite the resolution of insolvencies. These steps will help ease the ease of doing business by helping improve the efficiency of corporate exits, which has been an issue in the country. In the past, we have seen greater emphasis on single window clearance for faster setup. The ease of corporate exits has not received sufficient attention. This represents a significant advancement in the right direction. It will assist investors in exiting an unviable venture in a timely manner. FM has announced the launch of Jan Vishwas 2.0. Deeply entrenched hostility in India’s employer compliance must be placed in the museum where it belongs. Population scale DPI, particularly in corporate governance, is a step in the right direction towards improving ease of compliance via digitization.
Chetna Gogia- CHRO at Gokwik: The new government schemes are aimed at boosting overall employment. The government’s move to reimburse employers Rs 3,000 per month towards EPFO contributions for two years for each additional employee is particularly noteworthy. This takes a significant load off employers’ shoulders and encourages them to grow their teams without the added financial stress.
The three new schemes for employment generation are also very promising. Providing one month’s wage for first-time job seekers is a fantastic initiative. It directly supports young people entering the workforce and can make a real difference in their lives. With this scheme benefiting 2.1 crore youths, we’re looking at a major positive impact on the overall employment scenario.
As HR professionals, these schemes will also enable us to continue investing in our talent confidently, knowing that we have the support to grow our workforce and contribute to the broader economy. Moreover, with the rise of remote and hybrid working models, these incentives will offer a unique opportunity. We can continue to expand our talent pool beyond traditional geographical limitations much more deeply, providing flexible working conditions that cater to the evolving preferences of today’s workforce. It’s a great time for both businesses and employees, and I look forward to seeing the positive changes these initiatives will bring.”
Anshul Prakash, Partner, Khaitan & Co: With significant push to skilling of youth, setting up of more working women hostels, recognition to first time employees through one month’s salary being credited to employees’ provident fund and 12 months’ internship scheme for youth, Central Government’s budget is clearly focused on addressing the issue of widescale unemployment that continues to pose a major economic challenge. Proposed schemed, once implemented effectively, should provide impetus to the country’s younger work populace as well as boost to the industry sentiments.
Sanjay Dighe, CEO of Krystal Integrated Limited Services: The Union Budget 2024 presented by Finance Minister Nirmala Sitharaman outlines a comprehensive vision for India’s growth, with a strong emphasis on job creation, skill development, and social justice. The government’s focus on employment generation and upskilling initiatives is particularly encouraging for the facility management and staffing sector.
The introduction of three key schemes under the Prime Minister’s package is a significant step towards boosting the job market. The government’s commitment to support 210 lakh first-time employees, incentivize job creation in the manufacturing sector, and reimburse employers for additional hires will undoubtedly stimulate employment opportunities. The plans to upgrade 1,000 Industrial Training Institutes and the new centrally sponsored scheme to skill 20 lakh youth over five years are welcome moves. These initiatives, coupled with the focus on women’s participation in the workforce through working women hostels and specific skilling programs, will foster a more inclusive and skilled labour force. These progressive measures lay a strong foundation for building a more prosperous and skilled India.”
To improve outcomes under the Insolvency and Bankruptcy Code (IBC), the Finance Minister’s announcement to establish an integrated tech platform is a welcome step. It will be critical for expediting the resolution of pending cases under the IBC, aligning with its key objective of providing a framework for the time-bound resolution of assets for value maximisation.
Dr. Siddharth Srivastava, Partner, Khaitan & Co: The current IBC tech ecosystem is relatively disintegrated on account of different IT platforms for NCLT, IBBI, IUs etc. The integrated tech platform will be extremely beneficial to all the stakeholders, as it will result in minimising delays and increasing the efficiency of the overall IBC framework. A comprehensive end-to-end tech platform will also ensure a smooth flow of information, address issues regarding information asymmetry, and maximise value for all stakeholders. This will also help NCLT benches make swift decisions, as an integrated tech platform will give them immediate visibility of the relevant facts and data, including compliances with the RP, enabling quicker decision-making. It is a much needed and welcome step to improve the efficiency of the IBC ecosystem.
Sudipta Bhattacharjee, Partner, Khaitan & Co: A large-scale rate rationalisation exercise in GST may trigger a new wave of anti-profiteering complaints, assuming the reduced GST rates take effect before the sunset date of 01.04.2025 as recommended by the GST Council in its last meeting. Companies, especially in the B-to-C space, need to be cautious and mitigate their exposure by learning from past anti-profiteering litigations
Shivanshu Thaplyal, Partner, Khaitan & Co on the below mentioned:
Nuclear energy: The Bharat Small Reactor (BSR) and Bharat Small Modular Reactor (BSMR) represent groundbreaking opportunities in India’s nuclear energy landscape. These innovative projects have immense potential to significantly enhance the nation’s energy supply. With the right government incentives and support, these initiatives could usher in a new era of sustainable and reliable power. This is a promising step towards meeting India’s growing energy demands.
Infrastructure: The government’s commitment to significant investments in the infrastructure sector remains steadfast. Allocating funds equivalent to 3.4% of India’s GDP for infrastructure development is a substantial boost for private sector growth. Additionally, the introduction of a new market-based financing product is a commendable initiative, further enhancing the potential for robust infrastructure expansion. These measures are poised to drive economic progress and development across the nation.
Critical minerals: Establishing a critical mineral mission for domestic exploration marks a highly positive step forward. While capacity building and technological advancements are crucial areas of focus, the potential outcomes of partnerships with countries like Australia and the Mineral Security Partnership (MSP) regime add an exciting dimension. This initiative promises to bolster India’s strategic mineral reserves and drive innovation in the sector.
Sirajuddin Ali , founder and CEO, Malitra India: Promising commitment and infusion of 26000 crore of fund for road connectivity shall certainly bring EV to rural part of India. It will also lead a sharp push toward the vision of make in zinda and EV instead of fossil based mode of communication.There will be a certain push to Electrical vehicle charger industry as well due road connectivity increase.
Amit Bansal, CEO of Solv,: The budget’s emphasis on local kirana shops and MSMEs shows the government’s commitment to revitalizing this sector. Introducing a credit guarantee scheme and raising the Mudra loan limit to 20 Lakhs for previous borrowers will facilitate finance access. By prompting banks to consider digital footprints for eligibility and implementing the MSME guarantee plan and internal assessment models, credit access for kirana shops is simplified. The collateral-free credit guarantee scheme and support for MSMEs in financial distress are crucial. Establishing export hubs and providing technological support will enhance global competitiveness and innovation for local kirana shops.
Saurabh Kumar, Vice President- India, Global Energy Alliance for People and Planet (GEAPP): The policy-driven emphasis on the energy sector in the Union Budget 2024-25 exemplifies the Government’s commitment to integrating the principles of energy security and energy transition as a cornerstone of Viksit Bharat. We anticipate that the development of energy transition pathways will bolster state-level initiatives aimed at accelerating renewable energy adoption. Furthermore, the proposed financial support for MSMEs to transition to cleaner energy forms will be pivotal in fostering positive change at the grassroots level.”
Manish Aggarwal, CEO & Founder, FINQY: The introduction of the MSME credit guarantee scheme for collateral-free loans and the doubling of the MUDRA loan scheme to Rs 20 lakh marks a significant positive development. These measures will facilitate easier access to capital for the MSME sector, fostering favourable conditions ahead.
The allocation of Rs 10 lakh crore for the Prime Minister’s urban housing plan is commendable. Encouraging states to reduce stamp duties is a positive development for aspiring homeowners, as lower stamp duties will make homeownership more affordable and stimulate the housing market. In my view, these initiatives will also significantly boost the home loan industry as a beneficial side effect.
We also welcome the abolition of the 30% Angel Tax for all investor classes. This move will encourage more angel investors to support startups, fostering innovation and growth in the startup ecosystem.
Upasna Bhardwaj, Chief Economist, Kotak Mahindra Bank:“The current Budget has extended the broad themes from the interim Budget focusing on infrastructure, fiscal consolidation, jobs, MSME, rural and agricultural support. While some near-term disappointment on lack of dated borrowing cuts have weighed in bond market sentiments currently, we expect the bond markets to maintain their euphoria in the months ahead as demand supply dynamics remains very comfortable.”
Anubhav Agarwal, MD and CEO, BN Group This budget was in line with our projections, with a primary emphasis on increasing productivity and creating yield varieties that are resilient to climate change. The plan to attain Atma Nirbharta for oil seeds, including soybean, sunflower, sesame, groundnut, and mustard, will not only reduce import dependencies but also open up new opportunities for growth and expansion in domestic markets. Additionally, this means greater availability of domestically produced oils, potentially leading to more stable prices and higher quality products. Customers can anticipate a more consistent supply of cooking oils, which are vital and indispensable in Indian homes and support both economic stability and overall food security.
Manish Kothari, Co-Founder and CEO, ZFunds: For the last few years, the NDA government’s economic policy was strengthening the investment side of the economy and was mainly CAPEX and infrastructure growth led. However, this year’s budget marks a shift towards restoring consumption, with a focus on enhancing the purchasing power of the middle class and below and fostering employment opportunities for them. The tools that the government has used in this budget will have a double impact of boosting job creation and increasing the disposable income of lower and middle-income earners.
The Union Budget 2024 announcements such as the direct benefit transfer of up to Rs. 15,000 through the Employees’ Provident Fund Organization (EPFO) for new entrants to the workforce, the provision of internships with top 500 companies, and the introduction of a monthly internship allowance of Rs. 5,000, along with a one-time assistance of Rs. 6,000, are expected to integrate more individuals into the formal economy. These measures are anticipated to create formal employment for skilled individuals. The adjustments to the new tax regime, including the raise in standard deduction from Rs. 50,000 to Rs. 75,000 and the introduction of new tax slabs, are also positive developments. By increasing disposable income of the middle and below class, we will also see an uptick in demand for discretionary goods and services/ Fintechs and healthcare. This vision will lead to more individuals participating micro savings like in monthly or daily SIPs, becoming more credit worthy for lending institutions. This will push the mutual funds industry towards 20 crore investors much faster than initially anticipated.
Over the last couple of years, a significant portion of retail investors’ money has been invested into economy-facing themes like PSUs, Infrastructure & Capital Goods, Manufacturing, and so on. These segments have performed exceptionally well, delivering returns of over 25-30%. Investors should now consider building a part of their portfolios around themes like Consumption and Pharma, which have been underperforming for the past three years but now present attractive growth opportunities.
Rohit Kumar, Founder and CEO, XPay Life: The Union Budget 2024 aligns perfectly with XPay Life’s mission to enhance digital transactions and financial inclusion in rural India. The substantial allocation for rural development, including infrastructure and housing, will bolster our efforts. Enhancing Mudra loans to ₹20 lakh and focusing on MSMEs will empower small businesses. Rationalizing the GST structure and setting up an integrated technology system for the IBC will simplify compliance. Abolishing the Angel tax will attract more funds for rural development. The PM Surya Ghar Muft Bijli Yojana and the Jobs Budget emphasize sustainability and employment, driving digital literacy and economic empowerment in rural India.”
Saroj Kumar Mahapatra, Executive Director, PRADAN This budget marks a significant step forward in agricultural development. By prioritizing agricultural research focused on climate-resilient crop varieties, it aims to bolster future food security and mitigate inflation risks. The substantial outlay of ₹1.52 lakh crore for the agricultural economy is a positive move for rural demand. Investment in agriculture and employability/skilling is poised to yield future productivity gains. 1 crore farmers will be initiated into natural farming, supported by branding and certification in the coming two years. 10,000 bio-input resource centers will also be established. These agricultural reforms are designed to enhance rural incomes and are expected to have a positive impact on credit demand and asset quality for lenders.
Announcement of ‘Annadata,’ highlighting higher Minimum Support Prices (MSP) for all major crops fulfils the promise to support farmers. Additionally, the PM Garib Kalyan Anna Yojana has been extended for five more years, benefiting over 80 crore.
Sagar Sinha, India’s Leading Finance Influencer, motivational speaker, well-known Corporate Trainer, and Business Coach: The Budget for Fiscal Year 2024 has presented some historical changes that will benefit retail investors and startups with the abolishment of the angel tax. This will contribute significantly to achieving the Viksit Bharat goal of the government by fostering a culture of startups. The market is all set to become dynamic with the likely increase of IPOs and market activities as a result of increased startup activity. Another significant move is the increase in security transaction tax on futures and options, which is going to have a multi-dimensional impact on the market. The higher transaction costs may result in less efficient markets due to the higher cost of arbitrage. That may lessen the effectiveness of price discovery in futures and options markets. Hence, institutional investors may extend hedging and trading activities to other markets or instruments to bypass the effect of a higher STT in the domestic market.
Vineet Mittal, Chairman of Avaada Group: Today’s Union Budget demonstrates the government’s intent in building a resilient economy through a multipronged approach. Among key priorities include energy security, decarbonization, manufacturing and developing youth demographic.
The Energy transition policy pathway aims to balance employment, growth, and environmental sustainability. A focus on pumped storage projects will address the variable and intermittent nature of growing renewable energy share in India’s energy mix, ensuring a stable and reliable energy supply. Transitioning ‘hard to abate’ industries is expected to stimulate investments and innovations in the clean energy sector.
The Economic Survey 2023-24 projects the renewable energy sector will attract investments worth Rs 30.5 lakh crore between 2024 and 2030. This investment will create opportunities in the green economy, driving innovation, research and development, and infrastructure development.
With nearly 7 to 8 million youth entering the market annually, developing this demographic dividend through higher education and upskilling is crucial. Increasing women participation will also ensure higher economic productivity.
Budget 2024’s comprehensive approach will unlock significant investment opportunities, drive economic growth, and pave the way for a sustainable future.
K V Srinivasan, Executive Director and CEO, Profectus Capital Pvt Ltd: This budget is a bonanza for MSMEs. Measures like vastly enhanced Credit Guarantees up to Rs 100 cr. and an increase in MUDRA limits should facilitate capital expenditure for the expansion and modernisation of MSMEs in the manufacturing sector. Wider coverage of TReDS and credit for MSMEs in the early stage of stress should help them manage working capital and cut cash flow cycles. Abolishing Angel tax is another welcome measure that would help bring more FDI into the start-up sector. The availability of well-trained manpower and providing formal employment to them has been a serious challenge faced by MSMEs. EPF subsidy and measures for skill enhancement should make this task easier. All in all, it is a very MSME-friendly budget.
Amarendran Vummidi, Managing Partner, Vummidi Bangaru Jewellers: The government’s move to reduce the custom duties from 15% to 6% on gold and silver and from 15.4% to 6.4% on platinum in order to enhance domestic value addition in gold and precious metal jewellery in the country, is commendable. This is going to benefit the sellers and the consumers equally. To promote the development of the diamond cutting and polishing industry, the finance minister has proposed safe harbour rates for foreign mining companies selling raw diamonds in the country and that again is a great move. The budget particularly focused on employment and skilling, which is the need of the hour. I appreciate the government’s initiative of employment-linked skilling through 5 schemes and initiatives as part of the PM’s package. Truly, the budget has many announcements for the youth and the women population. Creating more jobs is vital in unlocking the demographic dividend.
Prasanna Kumar, Rural CEO, Vilcart: We welcome the union government’s allocation of ₹2.66 lakh crore in today’s budget for rural development. This investment reflects a profound commitment to uplifting rural communities and accelerating their growth. At VilCart, we are dedicated to enhancing the rural supply chain and providing better opportunities for rural entrepreneurs. This allocation will significantly bolster our efforts to bring about sustainable development and bridge the urban-rural gap.
Shakir Haq, CEO of NKP Empire Ventures Pvt Ltd. “The government’s focus on sustainable agriculture and technological integration is a game-changer for the F&B industry. The push towards natural farming and establishing bio-input resource centres align perfectly with the growing consumer demand for organic, sustainably-produced food. This shift will not only enhance the quality of our raw materials but also open up new market segments for health-conscious consumers. The emphasis on agri-research, particularly in developing climate-resilient crop varieties, is crucial for ensuring a stable supply chain in the face of environmental challenges. As a food company, we’re excited about the potential of the 109 new high-yielding varieties across 32 crops, which could diversify our product range and improve food security.
The Digital Public Infrastructure for farmers is a revolutionary step. It will streamline our sourcing processes, enabling us to work more closely with farmers and reduce intermediaries. This, coupled with the support for FPOs and start-ups in the vegetable supply chain, will lead to more efficient operations and potentially lower costs.
The focus on shrimp production and export facilitation through NABARD is particularly promising for the seafood industry, potentially boosting India’s international market presence. As an expanding firm, we intend to take advantage of the employment and upskilling incentives proposed. Largely, this is a good and balanced budget that will boost the industry overall.
Dhawal Dalal, President & CIO-Fixed Income, Edelweiss MF: The final Union Budget for FY25 continued on the ongoing theme of continuity while increasing focus on the employment, ease of doing business, tourism and rural infrastructure. While total capital expenditure for FY25 was kept unchanged at Rs. 11.1 trillion, the fiscal deficit for FY25 was reduced to 4.9% from earlier estimate of 5.1%. From the bond market’s perspective, gross borrowing & net borrowing through dated IGB in FY25 is marginally reduced by ~Rs. 12,000 crore to Rs. 14.01T and Rs. 11.63T respectively. This is marginally lower than market expectations. Further, taxation on fixed deposits, debt mutual funds, bonds and Market-linked bonds was kept unchanged. This was a bit damper for fixed income investors. That said, we don’t expect significant change in investor sentiment. Overall, it is a pragmatic Union Budget from the financial market’s perspective.
Trideep Bhattacharya, President & CIO-Equities, Edelweiss MF: A balanced budget with a consumer-centric flair: Capex plans echo the interim budget, boosting allocations for rural consumers and housing, maintaining fiscal balance, and introducing progressive capital market taxation changes for equitable growth.
Raaja Kanwar, Chairman & Managing Director, Apollo International Group: The 2024 Budget reflects a clear grasp of India’s economic needs. It targets key areas, balancing immediate requirements with long-term goals. At its core are the allocations for infrastructure and rural development. The Rs 11.11 trillion for infrastructure will boost productivity and create jobs across sectors. The Rs 2.6 lakh crore for rural development recognizes our villages as growth engines. This will ease migration pressures, increase rural spending, and build a more balanced economy. The focus on green initiatives and energy transition puts India at the forefront of the global shift to a low-carbon economy. This is vital for our future economic strength. Empowering MSMEs through easier credit and fewer compliance burdens is a smart move. These businesses drive our economy and supporting them will spark entrepreneurship and job growth. This budget sets the stage for a stronger, more equitable, and environmentally conscious India.
Tarun Saini, Co-founder and CEO of Vidyakul: The government announced job creation in the manufacturing industry as one of its key priorities, therefore kick-starting the pivot of the country from a service-based economy to a manufacturing powerhouse. We need a skilled and trained workforce to join these new jobs. Pleased to see skilling and employment have been allocated INR 1.48 lakh crore, which will benefit 4.1 crore youth. The proposal to abolish Angel Tax will make investing easy, and bring more mentorship on the captable in the startup ecosystem.Though there has been no change in the GST imposed on online education, we welcome the center’s scheme for collaboration between state governments and industries to skill the labour force. It will create a powerful synergy to solve targeted problems and enable a level-playing field for the underprivileged youth of Bharat, especially women.
Agam Chaudhary, Founder & CEO Two99: This budget aims for overall growth by supporting rural areas, improving skills, and encouraging new businesses. The small increase in tax slabs will leave more money with salaried employees. While the higher capital gain taxes seem surprising, it might help strengthen banks, which are currently over-leveraged.
Additionally, the increased focus on AI, Cybersecurity, and technology development is commendable. Investing in these areas will not only enhance our digital infrastructure but also position India as a leader in the global tech landscape. The emphasis on AI and Tech innovation will drive advancements in various sectors, from healthcare to agriculture, improving efficiency and productivity.
Cybersecurity investments are crucial in today’s digital age, ensuring the protection of data and digital assets. These steps will help build a robust and secure digital economy.
Overall, it is a balanced budget that, if implemented well, can drive our nation towards higher and more inclusive growth in the coming years.
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.
Tushar Parihar – Founder, Kaner Bagh : 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.
Vinu Warrier, Managing Partner & Founder, eduVelocity.: The honourable Finance Minister’s initiative in the new Budget to enhance skills development opportunities for Indian students is a terrific initiative that should serve our students well. We often forget when we talk about MIT or Georgia Tech etc., that these are, in effect, polytechnics where the focus is very much on skills development as much as on theoretical learning.
Another one from our wishlist, moving forward, is that the Budget emphasises non-STEM fields for both boys and girls as much as it does STEM education (especially for girls). In a world where the only constant is change, innovation, and technological disruption, it is not only computer scientists and engineers who can help India thrive and flourish in the future. We would also need as much value from psychologists, educators, artists, writers, musicians, and filmmakers. After all, how else can we maximize the impact of our often talked about demographic dividend?
We also wish the allocation to UGC increased exponentially instead of decreasing in the next budget because one of the ways Indian students can have more choices is precisely through UGC and its work in ensuring our universities offer everything from world-class pedagogies and faculty to cutting-edge education infrastructure and invaluable life skills, counselling, and mental health support services and assistance.
Anurag Mathur, CEO, Savills India: This budget has a sharp focus on urban and infrastructure development, with manufacturing and housing as strong beneficiaries. ‘Cities as Growth Hubs’ has the look of a mission statement. Among a host of points contained therein, the Transit-Oriented Development in 14 large cities is key. So is the framework for the creative brownfield redevelopment of existing cities. This is much needed for the rejuvenation of several cities under immense strain. The INR 15,000 crore allocation for Andhra Pradesh’s capital city is another budget highlight. The other big focus area of the budget—manufacturing—is poised to get strengthened with the extension of the Credit Guarantee Scheme for MSMEs, the setting up of industrial parks and corridors, and e-commerce export hubs. This will eventually lead to a stronger economic performance for the country. The attendant real estate segment of warehousing will certainly gain from this.
The budget has also given ample attention to urban and rural development, with rental housing for industrial workers through the PPP model, interest subsidies for rental housing, and Transit-Oriented Developments. The additional 3 crore housing units in rural and urban areas under PMAY is a welcome step for closing the gap in the sector. The decision to increase the standard deduction along with lowering the tax slabs in the new tax regime for personal income tax should lead to an increase in disposable incomes for the middle-income group. This will bode well for demand in affordable and mid-income housing. The changes in capital gains tax remain an area of concern, though.
Shachindra Nath, Founder and Managing Director, UGRO Capital: Today’s Union Budget is a remarkable step forward for MSME credit. At UGRO Capital, we believe MSMEs play a vital role in our economy, particularly in addressing employment challenges in a country of our size. The budget’s focus on MSMEs addresses these issues head-on. Increasing the limit of MUDRA loans, the credit guarantee scheme for capital expenditure and machinery purchases, and the emphasis on public sector banks’ credit assessment and solving the problem of MSME which comes under distress are all groundbreaking measures. These announcements collectively signify a significant focus on MSMEs, empowering lending institutions in priority sector to provide more credit and continue building our nation. We are hopeful that the fine print will favour lending institutions dedicated to MSMEs, allowing us to continue our mission of national development.
Dr. Suman Katragadda, CEO of Heaps.ai.: The Union Government in the Budget 2024-25 has overlooked the critical importance of healthcare in the budget announcement. According to the Economic Survey 2023-24, India has one of the world’s highest out-of-pocket expenditures resulting in poor households being pushed below the poverty line. It is concerning that there were no specific measures for the healthcare sector. While infrastructure growth is vital for any country, it is equally important to address the challenges within the health insurance sector. Statistics show that Nearly 400 million individuals in India have zero access to health insurance. These figures are alarming, and the government of India should work towards reforms that will benefit the Healthcare Industry as a whole.
Furthermore, there is a need to address the growing importance of care management services in India. The burden of hospitalisations and repeat hospitalisation takes a toll on the physical and psychological health of a person, the government should work towards improving care coordination and care management services in the country.
Prateek N Kumar – Founder and CEO of NeoNiche Solutions Pvt Ltd – The recent Budget is a comprehensive approach aimed at fostering growth across various sectors of our society. By focusing on employment, skilling, MSMEs, the middle class, the poor, women, youth, and farmers, it is indeed a wholesome and inclusive budget. The outlined nine priorities for the coming years—Productivity and resilience in Agriculture, Employment and skilling , Manufacturing and services, Urban development, Energy security, Infrastructure, Innovation and R&D, and Next-generation reforms—highlight a commitment to holistic development. This focus on job creation and boosting consumption is poised to significantly benefit the consumer goods, real estate, and auto sectors. It’s an encouraging roadmap for our nation’s future.”
Manish Mimani, Founder and CEO of Protectt.ai: Establishing ‘Anusandhan National Research Fund’ to Powering Innovation, Research & Development (R&D) is a highly welcome move by Government of India. The allocation of a substantial financing pool for private sector-driven research and innovation is a testament to India’s commitment to becoming a global technology leader. This investment will empower enterprises to scale commercial innovations, driving economic growth and creating new job opportunities. Reduction of duty on mobile phones and accessories will significantly accelerate mobile adoption across the country. This move not only makes technology more accessible to millions but also fosters an environment ripe for deeptech innovations and digitization.
Madhav Krishna, CEO and Founder of Vahan.ai :The Government earmarking a provision of ₹1.48 lakh crores for education, employment and skilling is commendable. Budgetary support and focus on skilling initiatives are essential to ensure that the youth of the country are employable. Such skilling programs should also keep in mind the nature of future jobs, which will arise in the future due to the advancement of technology and AI, and ensure that the youth are equipped and upskilled for the same as well. Additionally, the reforms in the factors of production as promised could greatly incentivise entrepreneurship and lead to greater economic development.
Hopefully, post the budget, the Government will also prioritise investment in research and development in key areas like AI and Machine Learning. I look forward to the Government making specific guidelines on increasing investments in AI-focused startups, whether through public-private partnerships, dedicated research institutions, or other means. By taking these steps, the government can sow the initial seeds for a thriving domestic AI ecosystem, fostering innovation and ensuring responsible development of this transformative technology.
Madhav Krishna, CEO and Founder of Vahan.ai :The Government earmarking a provision of ₹1.48 lakh crores for education, employment and skilling is commendable. Budgetary support and focus on skilling initiatives are essential to ensure that the youth of the country are employable. Such skilling programs should also keep in mind the nature of future jobs, which will arise in the future due to the advancement of technology and AI, and ensure that the youth are equipped and upskilled for the same as well. Additionally, the reforms in the factors of production as promised could greatly incentivise entrepreneurship and lead to greater economic development.
Hopefully, post the budget, the Government will also prioritise investment in research and development in key areas like AI and Machine Learning. I look forward to the Government making specific guidelines on increasing investments in AI-focused startups, whether through public-private partnerships, dedicated research institutions, or other means. By taking these steps, the government can sow the initial seeds for a thriving domestic AI ecosystem, fostering innovation and ensuring responsible development of this transformative technology.
Dr. Sujata Seshadrinathan, Director of IT and Process at Basiz Fund Services: The 2024 Budget is a transformative blueprint for India’s future, making commendable strides in strengthening technology-empowered growth in all major sectors. The government’s emphasis on these areas showcases a clear vision for positioning India as a global leader in innovation and digital transformation. Equally inspiring is the dedicated support for women entrepreneurship, empowering women and fueling diverse, inclusive economic growth. This budget is particularly significant for our youth, providing them with opportunities and resources to excel in the fast-evolving technological landscape.
Key initiatives and increased funding highlight the strong emphasis on advancing technology and AI. Substantial investments aim to incorporate AI in public services such as taxation, agriculture, education, and healthcare. This includes initiatives like ‘AI for All’ by NITI Aayog and the YuvAI program to skill Indian youth in AI technologies. Increased allocations for digital infrastructure projects and the promotion of public-private partnerships (PPP) are designed to enhance cybersecurity and data protection measures.
The budget continues to support women entrepreneurship through Mudra Yojana Loans aimed specifically at women entrepreneurs and various programs launched to encourage and support women in starting and scaling their businesses, driving economic growth and gender equality. For youth upliftment, new and existing skill development programs will equip the younger generation with the necessary skills for the evolving job market, including initiatives like YuvAI targeting skills in AI and emerging technologies. Increased funding for educational infrastructure and in particular the Internship program proposed will ensure the youth are well-prepared for future challenges.
Healthcare expenditure has increased from ₹79,221 crore in 2023-24 to ₹90,171 crore in 2024-25, ensuring quality medical services are accessible to all. Additionally, the removal of the angel tax is a groundbreaking measure to boost the startup ecosystem by attracting more investments and fostering innovation, creating a more vibrant environment for startups to thrive. These comprehensive measures reflect the government’s holistic approach to development, ensuring that all key sectors are equipped to contribute to the nation’s progress. As a director of IT and Process at Basiz Fund Services, these initiatives are indeed promising for fostering a robust environment where technology and innovation can flourish.
Udit Garg, CEO & Director, Kundan Green Energy: In my view the union budget bodes well for the green energy and renewables sector in India. The initial broad-strokes of policy will foster demand while encouraging the industry to increase capacities. This is complemented by steps to augment energy security. The Government ‘s rooftop solar policy is of latitudinal importance and will not only be a boon for power to every home, it will have exponential impact on the country’s renewable agenda helping us leapfrog to goals. Similarly, pumped storage will be a ground resilience for hydropower.
Rishi Das, Co-founder, IndiQube: Transit Oriented Development plans for 14 large cities with a population above 30 lakh is bound to enhance ease of connectivity and reduce commute time. This will further enhance the catchment area for flexible workspace providers, thereby further enabling “Walk to Work”.
Abolition of angel tax is also a welcome move providing much needed impetus to the startup ecosystem at large especially when geo political and macro-economic uncertainties are at their peak. This is bound to drive investments and growth in the startup space which eventually would drive demand for supporting industries including flexible workspaces.
Saroj Kumar Mahapatra, Executive Director, PRADAN: This budget marks a significant step forward in agricultural development. By prioritizing agricultural research focused on climate-resilient crop varieties, it aims to bolster future food security and mitigate inflation risks. The substantial outlay of ₹1.52 lakh crore for the agricultural economy is a positive move for rural demand. Investment in agriculture and employability/skilling is poised to yield future productivity gains. 1 crore farmers will be initiated into natural farming, supported by branding and certification in the coming two years. 10,000 bio-input resource centers will also be established. These agricultural reforms are designed to enhance rural incomes and are expected to have a positive impact on credit demand and asset quality for lenders.
Announcement of ‘Annadata,’ highlighting higher Minimum Support Prices (MSP) for all major crops fulfils the promise to support farmers. Additionally, the PM Garib Kalyan Anna Yojana has been extended for five more years, benefiting over 80 crore.
Utkarsh Singh, Co-Founder & CEO of BatX Energies: BatX Energies applauds the recent budget announcement by the Indian government, which marks a significant stride towards a greener future. The reduction of Basic Customs Duty (BCD) and exemption of 25 essential minerals from custom charges is set to lower production costs for battery manufacturing and recycling, enhancing the affordability and accessibility of electric vehicles (EVs) in India. The strategic move will significantly impact India’s EV market by lowering production costs, enhancing competitiveness, supporting domestic manufacturing, encouraging innovation, improving supply chain resilience, and promoting environmental sustainability. The budget aims to support the ambitious goal of achieving 30% electrification of the vehicle fleet by 2030, bolstered by initiatives like the Production Linked Incentive (PLI) scheme for urban mining in future, expected to expand recycling capacity to process 295,000 metric tons of dead batteries annually, generating significant employment and forex savings estimated at INR 31,835 crore by 2030.
These measures collectively position India not only as a leader in the global transition to sustainable and green mobility but also as a visionary pioneer shaping the future of clean energy and environmental stewardship. With this forward-thinking approach, India is poised to redefine the global landscape of sustainable development and green innovation. ”
Deepak Visweswaraiah, vice president, platform engineering and site managing director, Pegasystems: With an emphasis on welfare for the youth, women, and farmers reflecting a holistic approach to societal progress, this budget isn’t just about numbers, it’s about people and their potential that sets the stage for a very positive development.
Designed to drive productivity and build resilience in inclusive human resource development, social justice, and advancements in innovation, next-generation reforms, and R&D among other key economic pillars, the budget does lay a robust foundation for India’s sustainable growth and development. Coupled with heavy investments in public digital infrastructure with private players, it has aimed to ensure a brighter future for all segments of society.
The new ₹3 lakh crore scheme and ₹10 lakh loans for higher education, along with plans to skill 20 lakh young Indians and provide internships to one crore youth, highlight India’s dedication to talent development and diversity. This budgetary initiative is set to put India on the global map as a leader in youth skill development and workforce excellence, creating an excellent pathway to vision 2047.
Tanmay Kumar, Chief Financial Officer, Shiprocket: We commend our government’s strategic initiatives aimed at fortifying India’s manufacturing & services sector with a special focus on MSMEs contributing to 30% of the nation’s GDP. The emphasis on optimising financing opportunities will give the much needed boost to the MSME sector enhancing their potential to contribute to the growing economy even further.
The budget outlines the facilitation of term loans to MSMEs through the introduction of the credit guarantee scheme and the self-financing guarantee fund to provide to each MSME a cover of up to ₹100 crore. This proves the government’s commitment towards enabling MSMEs with global competitiveness and Aatmanirbharta.
The recognition of the impact of technology on the sector through the dedicated package announced to finance tech support to MSMEs, resonates profoundly with Shiprocket’s mission of empowering MSMEs with technology. Furthermore, the setting up of eCommerce hubs in PPP mode will bolster the trade and export potential of Indian enterprises especially D2C brands. This will inch us closer to our aim of becoming a global manufacturing hub by 2030.
We are delighted to witness the growing focus of the government on sustainability through the facilitation of energy audits of MSME in 60 clusters and the dedicated financial support to help the clusters to shift to cleaner energy sources.
With over 11 lakh crore capital expenditure allocated on infrastructure, and a special ₹2.66 lakh crore allocated for rural development, including rural infrastructure will prove to be a positive development for the logistics sector. The development of Industrial Corridors will boost connectivity even further, strengthening reach in every nook and corner of Bharat.
Our Hon’ble FMs steadfast focus on GST for reducing compliance burden and logistics costs for trade and industry and enhancing revenues is a clear testament to the government’s unwavering support to the growth of the trade & commerce sector.
At Shiprocket, we are deeply enthusiastic to contribute to the government’s vision of 2047 and wholeheartedly support MSMEs in realising their full potential on the global eCommerce landscape.
Abhishek Sinha, Co-Founder, HealSpan: A highly forward-looking Union Budget 2024 emphasizes employment generation, urban and rural sanitation, and infrastructure development. The manufacturing sector, particularly through SMB players, has received a significant boost from this budget. The revised mining policy on rare earth metals will have a dual impact on the renewable energy sector and electronics manufacturing in the country. We extend our gratitude to the Finance Minister for further simplifying income tax and abolishing the Angel Tax.
Arun Kumar Poddar, CEO, Choice International Limited: The Union Budget 2024-25 presents a balanced approach to stimulating economic growth while maintaining fiscal prudence. The government’s commitment to reducing the fiscal deficit to 4.9% of GDP in 2024-25, down from 5.8% in the current year, signals a strong focus on macroeconomic stability. This fiscal consolidation path, coupled with the projected 8.2% GDP growth rate, creates a favourable environment for investments and economic expansion.
The budget’s tax proposals are designed to boost disposable income and encourage savings. The increase in the standard deduction for salaried employees to ₹75,000 and the rationalization of capital gains tax, with a 12.5% rate on long-term gains for all assets, provide clarity and benefits for individual investors. For businesses, the abolition of angel tax for all classes of investors and the reduction of corporate tax for foreign companies to 35% are significant steps to attract investment. These measures, combined with the ₹11,11,111 crore allocation for infrastructure development, create a robust framework for economic growth and investment opportunities across sectors.
Piyush Sohani, India Country Director, Sistema.bio: The Union Budget 2024 shows a strong commitment to renewable energy and sustainable development. By investing in renewable energy projects and boosting climate financing, the government is accelerating India’s shift to a low-carbon economy. A notable highlight is the introduction of a Climate Finance Taxonomy, which will classify and standardize climate finance investments to enhance transparency and consistency. Additionally, the creation of a Carbon Trading Platform aims to facilitate the trading of carbon credits and incentivize emission reductions. This platform will benefit corporates by providing a structured market to meet their carbon neutrality goals, offering new revenue streams and competitive advantages. Biogas can be a valuable resource in this framework, by generating carbon credits through sustainable waste management and energy production.
Milind Padole, Managing Director, Affordable Robotics & Automation LTD.: The Union Budget 2024 presents several promising opportunities. The focus on MSMEs, including credit guarantee schemes and financial support for machinery, will greatly benefit our growth and technological advancements.
Additionally, initiatives for infrastructure development, energy security, and employment-linked skilling programs align well with our goals. Overall, the budget supports a conducive environment for innovation, expansion, and growth in the robotics and automation sector.
Sagar Aggarwal, Managing Partner at Areness: The nine priority sectors as identified would provide the required growth momentum to fulfil India’s vision of becoming the third largest economy, and with further focus on collaboration with the private sector, the necessary impetus for the target growth would be ensured. Further, budgetary reforms for MSMEs, women led development, research, IT, FDIs, taxes, etc. fundamentally stress upon intention of the government for the creation of the Indian economy as an attractive destination for investment, and at the same time, relief and concessions to domestic entrepreneurs have been efficiently allocated in the budget.
Bipin Gupta, Product Manager, EZVIZ: The 2024 Union Budget brings hopeful developments for the smart home security sector. As a global leader in smart home solutions at EZVIZ, we are encouraged by the government’s focus on enhancing infrastructure and consumer spending.
The increase in the standard deduction to Rs 75,000 and the revised tax slabs—where individuals earning up to Rs 3 lakh will pay no tax, and those earning between Rs 3 lakh to Rs 7 lakh will benefit from a 5% tax rate—are likely to increase disposable income. This, in turn, could drive greater adoption of smart home technologies as consumers will have more flexibility to invest in such solutions.
The allocation of Rs 50,000 crore towards infrastructure development will also improve urban and residential environments, creating new opportunities for integrating advanced security systems in both new and existing properties. We at EZVIZ look forward to leveraging these positive changes to continue offering cutting-edge products that enhance safety and convenience for families worldwide.
Avneet Singh Marwah, CEO of SPPL, Exclusive brand licensee of Blaupunkt TVs in India: The Union Budget 2024 demonstrates a strong commitment to job creation in the manufacturing sector. By providing targeted incentives for EPFO contributions, the government aims to generate significant employment opportunities for both employers and the 30 lakh young people entering the workforce. This initiative reflects a strategic approach to meeting employment needs in our rapidly evolving economy.
With a substantial allocation of INR 2 lakh crore towards skilling programs, the budget emphasizes equipping our workforce with the skills necessary to succeed in a competitive global market. The focus on Micro, Small, and Medium Enterprises (MSMEs) is further supported by the introduction of a credit guarantee scheme, designed to enhance the financial stability and growth potential of the vital enterprises.
Additionally, the budget’s focus on the middle class is evident through tax relief measures, such as an increase in the standard deduction for salaried individuals and additional benefits under the new tax regime. These measures aim to boost disposable income and stimulate consumer spending, thereby fostering economic growth.
In summary, the Union Budget 2024’s initiatives in the manufacturing sector represent a forward-thinking strategy to create sustainable jobs, enhance skills, and support MSMEs. These measures are poised to play a crucial role in empowering our youth, strengthening the middle class, and guiding the nation towards a prosperous future.
S Anand, Chief Executive Officer and Founder of PaySprint, a fintech venture: As we eye on the budget 2024 today, we shift our gaze to the improvements in the manufacturing and services sector, where FM Nirmala Sitharaman announced the credit support for MSMEs, increasing the loan limit from ₹10 lakh to ₹20 lakhs, especially for those, who have availed and repaid loans under Tarun Category. I believe enhancing the mudra loan limit is a strategic move that supports the backbone of the Indian economy. It fosters a conducive environment for growth, innovation, and competitiveness, ensuring that these enterprises can contribute robustly to the nation’s economic development.
Additionally, this declaration will witness an increase in capital access that will enable these businesses to expand operations, invest in innovation, and create more jobs, thereby solidifying economic growth. In light of this, it rewards responsible borrowing behaviour, enhancing MSME owner’s confidence and encouraging growth. While simultaneously, helping MSMEs adopt new technologies, improve productivity and compete globally. Overall, this policy strengthens the resilience and competitiveness of MSMEs, reinforcing their crucial role in India’s economic development. With this newfound development, SprintNXT wishes to strengthen the MSME sector with its innovative solutions and pave the way for a simplified path towards the business banking switch it endorses.
In continuation to this, the 2024 Union Budget introduces a range of significant measures that are set to revolutionize the fintech sector. At PaySprint, we are particularly excited about the implications of these changes. The government’s Rs 50,000 crore investment in infrastructure development will greatly enhance the digital and financial frameworks essential for fintech growth.
The abolition of the angel tax is a noteworthy development, fostering a more favourable environment for investment in fintech innovations. Furthermore, the simplification of tax regimes, including the merger of charity exemptions and the revision of long-term capital gains tax to a rate of 12.5%, will streamline financial operations and create a more predictable landscape for our industry.
Anjali K Gupta, Director at Next-Gen Media and Communications: As a woman entrepreneur, I’m encouraged by the 2024-25 budget’s focus on empowering women and youth. The emphasis on working women’s hostels and the proposal to lower stamp duty for women are significant steps towards improving our economic participation. The new internship scheme for 1 crore youth, with its financial support, is exciting. Combined with the 1.48 crore allocation for education and employment, this should create a skilled workforce. These measures align with my business goals and foster an inclusive economy. They’ll provide access to fresh talent and potentially lower costs for business expansion. I’m optimistic about leveraging these opportunities for my enterprise’s growth and contributing to overall economic development. These initiatives are positive steps towards a more equitable business environment.
Gautam Mohanka, CEO, Gautam Solar: The PM Surya Ghar Muft Bijli Yojana has been launched to install rooftop solar plants, providing free electricity up to 300 units per month to 1 crore households. Achieving 1.28 crore registrations and 14 lakh applications through the scheme is a remarkable feat indeed. We at Gautam Solar are aligned with the Prime Minister’s vision of “Vocal for local,” which opens new growth avenues for indigenous players and are committed to supporting the country’s renewable energy goals by employing our capacities for optimal returns.
Yashraj Vakil, CEO of CaptainBiz: Access to credit continues to be a significant hurdle for MSMEs in India. The Union Budget 2024-25 places a strong emphasis on the upliftment of MSMEs and announces several financing -related programs to bridge the credit gap in the sector.
The introduction of the new collateral-free credit guarantee scheme, providing term loans up to Rs 100 crore, is a welcome announcement. This initiative will help manufacturing SMEs invest in equipment, technology upgrades, and capex planning. In turn, this will allow them to improve their output significantly and contribute more to India’s exports, thereby enhancing their participation in the global value chain and strengthening India’s position in international markets.
Additionally, the government’s directive for public sector banks to build their in-house capability to assess MSMEs for credit is a positive step. These assessment models, based on the scoring of digital footprints and covering MSMEs without a formal accounting system, will help thousands of potential MSMEs without strong financial records gain access to finance. Furthermore, this move is expected to create room for innovation and collaboration between fintech companies and PSUs, enabling them to underwrite MSMEs more effectively.
These initiatives, along with the several other initiatives in the Union Budget 2024-25 are pivotal in empowering MSMEs, fostering innovation, and enhancing their global competitiveness. CaptainBiz is committed to supporting these efforts and driving growth in the MSME sector.
Dr. Sat Kumar Tomer ( Founder & CEO, Satyukt Analytics ): The Union Budget’s allocation of Rs 1.52 lakh crore for agriculture and associated sectors is a monumental step towards revitalizing our agricultural landscape. The initiative to develop a digital public infrastructure in collaboration with states will modernize the sector, enhancing efficiency and connectivity. The comprehensive review and transformation of agricultural research to focus on productivity and climate-resilient crop varieties are crucial in the face of climate change. With challenge-mode funding and private sector involvement, this initiative promises innovative solutions and sustainable growth. The implementation of Digital Public Infrastructure (DPI) within three years will ensure that farmers and their lands are comprehensively covered, leading to better resource management. Additionally, the operationalization of the Anusandhan National Research Fund for basic research and prototype development, along with mechanisms for private sector-driven innovation, marks a significant advancement in agricultural research and development. This budget lays a strong foundation for a resilient and forward-thinking agricultural sector.
Alekh Yadav, Head of Investment Products, Sanctum Wealth: Union Budget of 2024 addresses key concerns evident in this year’s general elections. It focuses on employment, skilling, MSMEs, and the middle class. The government introduces measures to incentivize job creation and enhance skilling programs. Additionally, it implements incremental personal income tax rationalization and urban development initiatives aimed at benefiting the middle class.
Fiscal prudence is maintained with lower fiscal deficit and gross borrowing compared to the interim budget, which is viewed positively in fixed income markets.
Capital expenditure (capex) remains unchanged from the interim budget.
As anticipated, the budget includes incentives for coalition partners, with specific measures for Bihar and Andhra Pradesh.
Rationalizing capital gains tax is another key theme, affecting different asset classes differently. If the indexation benefits for real estate investments has been removed it could significantly impact home sellers.
The increase in capital gains tax for equity markets and increase in STT on F&O has been met with negative market reactions.
Dhiren Jatakia, Head of Finance and Accounts, Covestro India: The Union Budget 2024 is a progressive step towards fostering economic growth and sustainability. Revamping the Tax structure & custom duty will bolster business confidence and investment in India.
The focus on skill development, energy transition and the development of small modular nuclear reactors aligns well with our commitment to sustainability. Additionally, the enhanced support to MSMEs and the introduction of employment-linked incentives will significantly benefit our workforce and supply chain.
Mahalingam Koushik,Co- Founder & CTO, Chara Technologies: “We at Chara Technologies are highly encouraged by the recent budget’s focus on Vikasit Bharat and the significant emphasis on skilling and manufacturing within our country. As a deep tech startup, we are excited about the prioritization of innovation, research, and development outlined in the budget. This will not only enable localization of manufacturing but also ensure that there is a stable supply of key components.
The introduction of Scheme B of Employment and Skilling, which highlights job creation and manufacturing while offering incentives to both employees and employers, aligns perfectly with our mission to advance sustainable technology and create high-quality jobs. The promise to train 20 lakh youth over the next five years and the provision of skilling loans are commendable steps that will empower the next generation of innovators and contribute to building a robust manufacturing ecosystem.
Rohit Mali, Director, Firefly Fire Pumps: I am thrilled with the Budget 2024-2025 announcements that demonstrate a visionary commitment to MSMEs and labour-intensive manufacturing, essential pillars for India’s economic growth. The comprehensive package of financial, regulatory, and technological support signals a transformative era for MSMEs, enabling them to scale operations and compete globally.
Moreover, the Credit Guarantee Scheme for MSMEs in manufacturing, leveraging digital footprints for credit assessment, and measures to support MSMEs during stress periods are game changers that will foster innovation, expand access to credit, and sustain entrepreneurial resilience. Enhancements in Mudra Loans, mandatory onboarding on TReDS, and SIDBI branch establishments in MSME clusters will unlock working capital, improve credit access, and extend critical support nationwide.
In essence, this budget lays down a robust roadmap for MSMEs, propelling us towards the vision of ‘Viksit Bharat’. We at Firefly Fire Pumps are excited to align our efforts with these initiatives, fostering an environment where MSMEs can thrive and contribute significantly to India’s economic renaissance.”
Sachin Agrawal, Co-Founder & CEO at Bizongo: It’s a significant move that the government is putting special attention on MSMEs and the manufacturing sector through this budget. The newly announced credit guarantee scheme and term loans will enable MSMEs to purchase machinery and equipment without the need for collateral, which will further help the sector spur the industry’s growth.
This initiative is expected to alleviate financial barriers for MSMEs, fostering increased productivity and technological advancement across the sector, which is essential for the country’s overall economic growth.” –
Raja Debnath, Managing Director, Veefin Solutions Ltd.: We’re pleased that this year’s budget has prioritized MSMEs as anticipated. MSMEs are indispensable to India’s transformational growth, and the expansion of the Mudra loan limit along with the establishment of the credit guarantee scheme signifies a commitment to creating an environment that fosters these enterprises, bridging credit gaps in underserved sectors. The Finance Minister has also instructed Public Sector Banks (PSBs) to develop new credit assessment models, moving beyond the traditional criteria of assets or turnover. These new models should incorporate technology-driven alternative data parameters to enhance financing options for MSMEs.
To stay ahead in technology and financing, the PSB Alliance initiative will aim to develop safer, more transparent, and more efficient financial services, ultimately boosting the inclusivity of the sector. Together, these measures will empower MSMEs to drive sustainable growth and innovation across the country.” –
Sundeep Mohindru, Promoter & Director, M1xchange: With this budget’s special focus on MSMEs and labour-intensive manufacturing, the government has unveiled a comprehensive package addressing financing, regulatory changes, and technology support for MSMEs to foster growth and global competitiveness. A crucial initiative is the introduction of a credit guarantee scheme for MSMEs in the manufacturing sector, which will facilitate term loans for machinery and equipment purchases without the need for collateral or third-party guarantees. This scheme, backed by a self-financing guarantee fund will ensure substantial support.
Additionally, a new assessment model for MSME credit is being developed. This brings the credit analytics engine mechanism to the forefront. Banks will build in-house capabilities to evaluate MSMEs based on digital footprints, moving beyond traditional asset or turnover-based assessments. So MSMEs without formal accounting systems will get a better chance to improve their access to credit.
Furthermore, the scope of mandatory onboarding onto the TReDS platform will be expanded. By reducing the turnover threshold for buyers from 500 crore to 250 crore rupees, an additional 22 CPSEs and 7,000 companies will join the platform, enhancing MSMEs’ ability to convert trade receivables into cash. Lastly, the development of DPI applications at a massive scale will drive productivity gains, business opportunities, and innovation in MSME credit”.
Pushkar Mukewar- CEO and Co-founder, Drip Capital: The new credit guarantee scheme, enabling term loans for MSMEs without collateral, will help them invest in essential machinery and equipment, driving growth and competitiveness. Enhancing the MUDRA loan limit will allow more MSMEs to access crucial funds, fostering innovation and expansion.
The reduction of the turnover threshold for mandatory onboarding on the TREDS platform to Rs 250 crore will ensure timely payments and improved liquidity for MSMEs. Establishing e-commerce export hubs in a PPP model and providing financial support for multi-product food irradiation units will open new avenues for MSMEs and traditional artisans to access international markets, boosting their export potential.
Additionally, reducing BCD on key inputs such as rootstock, worms, shrimp, and fish feed to 5% will lower production costs for seafood exporters and incentivize value addition in these industries. These initiatives will create a more favourable business environment, driving export growth and economic prosperity. We look forward to working with our clients to maximize these policy benefits and contribute to India’s export success.
Mahesh Fogla, Executive Director, Patel Integrated Logistics Limited.: The budget’s initiatives to reduce stamp duty will lower costs for warehouses and other facilities, boosting infrastructure development. Increasing Mudra loan limits from 10 lakhs to 20 lakhs will enhance support for MSMEs, fostering sustainable growth. The setting up of an Integrated Technology Platform to improve the outcome under the Insolvency and Bankruptcy Code (IBC) will facilitate the recovery of outstanding for operational creditors too.
Furthermore, discouraging excessive speculation activity in the stock market will redirect energies towards other economic activities, contributing to a more sustainable growth of the economy.
Vishal Kamat, Executive Director of Kamat Hotels India Limited (KHIL) and Chairman CII Maharashtra State: The 2024 budget is notably employment-oriented, addressing the needs of various workforce segments, from those starting from scratch to those in mid and lower-level positions. The adjustments in income tax will provide additional income, bridging the gap between employers and employees’ capabilities, which will significantly benefit the workforce.
The emphasis on temple tourism in the budget is commendable. We have witnessed the grassroots impact of such initiatives, benefiting everyone from tea vendors to local grocers when we recently opened our first Ira by Orchid Hotels in Ayodhya. Expanding these efforts to other sacred sites like Kashi Vishwanath and Ayodhya can help uplift entire communities, ensuring that every individual in these holy regions reaps the benefits.
The announcements for MSMEs are also expected to positively impact the overall industry. This budget is a significant step towards fostering employment and economic growth, and we are eager to explore its full implications.
Monica Malhotra Kandhari, Managing Director of AASOKA: I am delighted with the Union Budget 2024-25, which allocates ₹1.48 lakh crore towards education, employment, and skilling. This budget’s focus on skilling 20 lakh youth over five years through upgraded training institutes is a commendable step toward developing a capable workforce. The introduction of ₹10 lakh education loans for domestic institutions, with e-vouchers providing 3% interest subvention to one lakh students annually, will make higher education more accessible and affordable. The revised Model Skill Loan Scheme, benefiting 25,000 students yearly, further emphasizes the government’s dedication to skill development. Additionally, the initiative to offer internship opportunities to one crore youth in top companies, with financial support, will significantly enhance their employability.
At Aasoka, we are excited about these positive changes. Our blended learning solutions, which include customized curriculum and adaptive assessments, perfectly align with the budget’s vision. These initiatives will help us continue providing engaging and effective learning experiences for K-12 students, supporting their growth and success in the 21st century.
Praveen Jaipuriar, CEO, of Continental Coffee Limited.: The budget for the manufacturing sector is highly encouraging. The significant allocations for infrastructure development and technology upgrades highlight the government’s commitment to enhancing domestic manufacturing capabilities. Increased funding for the PLI (Production-Linked Incentive) scheme is expected to attract more investments and boost production capacity, enabling us to compete more effectively on a global scale. The reduction in e-commerce TDS will also alleviate the tax burden on businesses, facilitating smoother operations and fostering growth.
For the coffee manufacturing industry, while the budget announcement did not address some specific expectations, we remain optimistic. A future reduction in GST on products such as packaged foods and instant coffee, along with a decrease in import duty on green beans, would greatly support meeting market demand and improving the sustainability and profitability of coffee production. We look forward to continued dialogue and future measures that will further benefit our industry.
Deepak Ramaraju, Senior Fund Manager, Shriram AMC.: The budget has not been a big bang budget in terms of announcements or reforms. The government has tried to strike a balance between social reforms, growth, fiscal prudence and coalition partners. Special packages to Andhra Pradesh and Bihar have been provided in terms of industrial corridors, infrastructure push and financial support for key projects. This ensures the continuity of the coalition. The fiscal prudence is improved and the fiscal deficit is reduced to 4.9% of the GDP from 5.1%. The borrowing is pegged to Rs 14 L Cr which is less than last year. This is positive for the overall economy. Hike in short-term capital gains and long-term capital gains have been sentimentally negative for the equity markets. This has resulted in short-term selling pressure. However, this can be the beginning of reforming the capital markets and curbing retail participation in the F&O segment. We can expect more measures in the F&O space in the days to come. On the growth and social agenda, the government has clearly articulated the focus areas like agriculture, employment, skilling, infrastructure, inclusive social growth, manufacturing, infrastructure, urbanization, innovation and next-gen reforms. The budget spending in the years to come will keep adding to these focus areas.
Raghav Gupta, Co-Founder, 1% Club: The focus on education in the Union Budget 2024-25 is commendable. With a 6.8% increase in the Education Ministry’s budget, the ₹1.48 lakh crore investment in education, employment, & skilling is a big step forward. The government’s plan to offer internships to 1 crore youth is a great move that will help boost employability in the country. Plus, initiatives like support for higher education loans and upgrading 1,000 ITIs will really improve our education system. Employment has been a major issue, and these measures will support educators and students, promote innovation and entrepreneurship, and create more opportunities for growth.
Virendra D. Mhaiskar, CMD, IRB Infrastructure Developers Limited: The Budget 2024 looks to be the Government’s continued and focused commitment and support with robust Central investments for Infrastructure Sector, facilitating States Investments for the Sector and providing Viable Gap Funding for promoting Private Investments in the Sector for overall strengthening of the Nation’s infrastructure. Overall, the Budget is going to be a big booster to facilitate India’s economic growth; roads and highways sector, being the prominent infra sector is expected to get much needed impetus through adequate funds allocations.
Kamal Mehta Promoter Director Parrami Finance Private Limited on Budget: I can confidently call this Union Budget 2024 as MSME oriented Budget. The Economic Survey 2023-24 released on Monday, highlighted the central role of the MSME sector in India’s economy, contributing 30 per cent to GDP, 45 per cent to manufacturing output, and employing 110 million people and emphasized the need for addressing the credit gap:
The Finance Minister announced many growth oriented measures for MSMEs to have access to affordable credit, developing an export strategy: Helping MSMEs expand into international markets and announcement of allocation of Rs 22,137.95 crore for the MSME ministry is around 42% than the previous year shows true commitment for the sector. Emphasizing on – Credit Guarantee Scheme, increasing MUDRA loan from Rs 10 lakh to 20 Lakh for repaid Tarun customers shows the good intention of the government. The announcement of E-commerce export hubs to enable MSMEs and traditional artisans to sell their products in international markets will create new high for the Indian handloom and handicraft sector. Emphasize on Skill Development & Internships with large Companies would add value to MSMEs.
Facilitating 1.5 crores MSMEs will, however, be a real game changer where NBFC will be playing a critical role to the growth of survival of the MSME sector.
Kapil Raizada, Co-founder, IntrCity SmartBus: We are excited about the continued budgetary focus on road & travel infrastructure, which further opens huge potential to serve new regions and improve shared bus transport experience for inter-city travelers
A large allocation of Rs 11.11 lakh crore for capital expenditure is aimed at enhancing road infrastructure and will significantly improve the efficiency and reach of inter-city bus transportation networks.
With a planned investment of Rs 26,000 crore in road projects across Bihar, including the development of new expressways, we see a significant opportunity for expansion. This infrastructure growth is set to enhance connectivity and journey experiences for travellers, providing them with more route options.
Furthermore, the ‘Purvodaya’ initiative targeting eastern states presents a golden opportunity for the bus transportation sector. As these regions become more connected and economically active, we anticipate a surge in demand for reliable inter-city bus services.
These developments align with our commitment to providing reliable and comfortable long-distance bus services. Overall, these infrastructure investments will enable bus services to play a crucial role in India’s economic growth, providing efficient, comfortable, and affordable transportation options for both regular travellers and tourists alike.
Sanjay Dighe, CEO of Krystal Integrated Limited Services: The Union Budget 2024 presented by Finance Minister Nirmala Sitharaman outlines a comprehensive vision for India’s growth, with a strong emphasis on job creation, skill development, and social justice. The government’s focus on employment generation and upskilling initiatives is particularly encouraging for the facility management and staffing sector.
The introduction of three key schemes under the Prime Minister’s package is a significant step towards boosting the job market. The government’s commitment to support 210 lakh first-time employees, incentivize job creation in the manufacturing sector, and reimburse employers for additional hires will undoubtedly stimulate employment opportunities. The plans to upgrade 1,000 Industrial Training Institutes and the new centrally sponsored scheme to skill 20 lakh youth over five years are welcome moves. These initiatives, coupled with the focus on women’s participation in the workforce through working women hostels and specific skilling programs, will foster a more inclusive and skilled labour force. These progressive measures lay a strong foundation for building a more prosperous and skilled India.
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 harbour 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.
