Focus on employment-linked skilling through innovative schemes aligns perfectly with the mission of fostering growth and operational excellence.
Ratish Pandey, Business Coach and Founder, Ethique Advisory: The expansion of the credit guarantee scheme for manufacturing sector MSMEs is a welcome step. It will enable MSME players to invest in plant and machinery, thereby enhancing their capacity for further growth.
The emphasis on employment and skill development will greatly benefit MSMEs by enabling them to hire more ‘employable’ individuals. The support for internships, along with the financial assistance for EPFO costs for new employees, will encourage the inclusion of more workers into formal employment structures.
Devashish Sharma, CEO and founding member of Taggd: This year’s budget, with its significant emphasis on job creation and employability, is a powerful testament to India’s strategic vision for the future. The new internship program, aiming to skill 10 million youth over five years, is a bold step towards bridging the education-employment gap. Additionally, incentives for EPFO contributions and employer reimbursement schemes underscore a strong commitment to job creation in the manufacturing sector. These measures and the Prime Minister’s skilling initiatives are set to equip our workforce with the skills needed for a rapidly evolving job market. The budget’s focus on women’s participation and support for women-led businesses will drive both empowerment and inclusive economic growth. This budget is a robust blueprint for India’s future, prioritizing employment, skill development, and inclusive growth. We eagerly anticipate both contributing to and benefiting from these initiatives.”
Sameer Kanodia, CEO & Managing Director, Lumina Datamatics: The budget announcement marks a transformative initiative for India’s workforce. The Finance Minister’s focus on employment-linked skilling through innovative schemes aligns perfectly with the mission of fostering growth and operational excellence. This initiative is not just a policy change; it’s a game-changer for millions of young Indians entering the formal workforce for the first time.
With provisions for a direct benefit transfer of one month’s salary in three tranches, up to Rs 15,000, this scheme ensures financial stability for newcomers. Additionally, the government’s commitment to supporting employers across all industries promises to create a robust employment landscape. The announcement of financial support for higher education loans up to Rs 10 lakh further underscores the government’s commitment to empowering the youth. This holistic approach to employment and education is crucial for building a resilient and dynamic economy.
We support the government’s initiative to fast-track rural economic growth and create large-scale jobs. This budget is a testament to the vision of a self-reliant India, where every individual has the opportunity to thrive. Together, we can build a future where every Indian is equipped with the skills and opportunities to succeed.
Mehul Sharma, Founder & CEO, Signum Hotels & Resorts: The budget has left the hospitality industry untouched, despite calls for rationalization of taxes and clarity on regulatory matters. Specifically, the industry had hoped for relief on GST rates and property taxes, but these were not addressed. The increase in the allocation for Mudra loans to ₹3.54 lakh crore is a welcome move for MSMEs, including smaller hotels, which can benefit from easier access to credit. Additionally, while the removal of the angel tax provides some relief to startups, the hospitality sector saw no concrete measures directly targeting its recovery. The government’s focus on job creation and internships, expected to generate 10 million jobs, indirectly benefits the industry. Given that the hospitality sector contributed $194 billion to the economy in 2019 and employed 39 million people, more direct support would have accelerated its recovery.
Aparna Acharekar, co-founder, coto: The 2024-2025 Union Budget has kept women empowerment as one of the primary goals for the year and we, at coto, are pleased with the same. By giving a major push towards women-led participation, the budget focuses on encouraging more women into the workforce, thereby also boosting women entrepreneurship, which is aligned with coto’s vision. The introduction of partnerships to formulate women-specific skilling programmes along with setting up of working women hostels and creches only showcases the government’s strong commitment to empower young girls and women across socio-economic groups, further strengthening India’s economy. In addition to this, the allocation of over ₹3 lakh crore for schemes benefiting women and girls highlights this dedication even further.
From an investment perspective, the removal of Angel Tax will allow for a more supportive environment for angel investment, ultimately benefiting the entire startup ecosystem and encouraging more entrepreneurship. We hope that these schemes and initiatives are implemented with a greater sense of dedication and urgency to meet the desired goals set for the future.
Pradeep Palelli, Co-Founder & CEO of Thanos Technologies: At Thanos Technologies, we truly appreciate the government’s focus on enhancing productivity and resilience in agriculture in Budget 2024. As an Indian drone manufacturing company, we are elated to hear about the allocation of ₹1.52 lakh crore to the agriculture and allied sectors. This substantial investment not only boosts rural development but also potentially increases the demand for advanced technologies, including agricultural drones, to ease farmers’ work. The activation of Kisan credit cards in five states further empowers farmers with access to financial resources and advanced farming solutions. These initiatives align perfectly with the Government’s and our ‘Make in India’ vision, and will undoubtedly stimulate domestic drone production for agricultural applications. We are eager to contribute to this vision by developing innovative drone solutions that can revolutionize farming practices and support the growth of rural economies.
Dr Raj Nagarkar, MD & Chief of Surgical Oncology & Robotic Services, HCG Manavata Cancer Centre (HCGMCC): The exemption of customs duty on cancer medicines is a significant step towards making healthcare more accessible and affordable. This will help patients access quality cancer care and will reduce financial burden on patients. However, custom duty on Radiation Therapy equipment and PET/CT scan equipment which are not manufactured in India should also have been exempted. Duty on this equipment eventually make patient care more expensive.
We also were expecting announcements on strengthening of public healthcare initiatives, particularly rural. Every section of the society deserves the best quality healthcare. On one hand we talk about heart transplantation and CAR T Cells therapy while on the other hand, the basic requirements for cancer care and cardiac care are missing. Those opportunities should have been created. As an Oncologist, I feel that the Government needs to look toward high end treatments like Radiation Therapy, and Bone Marrow Transplant and make these within the reach of the common man.
The government’s employment-linked schemes are commendable. This year’s budget has put significant focus on employment generation and skill development which will ensure that the youth remain more focused and work towards the country’s growth.
Rohan Bhargava, Co-Founder of CashKaro:
The Union Budget 2024 brings substantial changes to personal finance that will benefit a large number of taxpayers. The increase in the standard deduction from ₹50,000 to ₹75,000 and the revision of the tax slab limit for the 5% tax rate from ₹5 lakh to ₹7 lakh will significantly enhance disposable income. These changes will provide much-needed financial relief to the middle class and boost overall consumption.
Furthermore, the proposal to increase the deduction of employer expenditure towards NPS from 10% to 14% of the employee’s salary will improve social security benefits for the workforce. The revamp of the capital gains tax regime will impact investment decisions and financial planning, ensuring a more balanced and fair approach to taxation. These measures collectively contribute to a more robust and financially secure environment for individuals and families across India.
Swati Bhargava, Co-Founder of CashKaro:
The Union Budget 2024 is a significant step forward for India’s growth, focusing on empowering women in the workforce, supporting employee welfare, and driving innovation. The allocation of over ₹3 lakh crore for schemes benefiting women and girls, along with new initiatives like skilling programs and salary support for first-time employees, highlights the government’s commitment to gender inclusivity and employment generation.
For startups, the abolition of the angel tax for all investors is a significant boost, fostering a more vibrant and innovative startup ecosystem. The reduction of the TDS rate on e-commerce transactions from 1% to 0.1% is a crucial step for digital businesses, easing the tax burden and encouraging growth. Additionally, the comprehensive review of the customs duty structure over the next six months and the proposal to decriminalize TDS delays up to the filing of the tax date reflect a forward-thinking approach to taxation. Overall, these measures will propel India towards a brighter, more innovative future, driving economic growth and development across various sectors.
Ravi Bhushan, Founder & CEO, BrightCHAMPS: I’m glad to see that the allocation for education has gone up by over 10% compared to last year. While we’re still short of the 6% allocation from the overall budget that most OECD countries adhere to and has been recommended by the New Education Policy, it certainly is a step in the right direction. It is interesting to see that skilling of young students and ensuring that they are future-ready and employable is clearly a major consideration within the new policies and schemes that have been announced. I believe this is very important to secure the futures of our more vulnerable students and youth, and I have hope that in subsequent years, we will see a greater focus on skill-based practical education in schools across state boards. I’m also particularly keen to see how the programme to offer one crore internships within top companies shapes up – it could truly pave the way for strong public-private partnerships and provide policy-makers with vital information on what industry-ready skills need to be focussed on in the coming years.
Bharat Gite- MD & CEO Taural India: The recent budget announcements mark a significant stride for the manufacturing sector, especially for MSMEs. The focus on facilitating term loans for machinery purchases and financing technology support for MSMEs is commendable, as it will enhance productivity and competitiveness, enabling smaller enterprises to scale up their operations and contribute more effectively to the economy.
Employment and skill building are crucial, and the incentives for job creation in manufacturing, linked to EPFO contributions for employers hiring 30 lakh youth, are strategic. The provision of rental housing for industrial workers through PPP mode addresses a vital need for affordable living arrangements.
The emphasis on increasing women’s workforce participation is particularly noteworthy. Establishing hostels and women-specific skilling programs will help bridge the gender gap and provide women with the necessary resources and opportunities to thrive in the industrial sector.
Lastly, the focus on nine priorities, from employment and skilling to next-gen reforms, as well as the Critical Minerals Mission reflect a holistic approach to generating ample opportunities.
Durgesh Pandey, CFO, Web Werks – Iron Mountain Data Centers: We welcome the Union Budget 2024-25, which highlights the continued strong push towards digitization across sectors and infrastructure development. This will further provide a fillip to the data center industry, as digitization is the backbone for the growth of this sector. One of the key components is power for the data center industry, where renewable energy will prove to be a game-changer. The government’s continued focus on energy transition to renewable sources is evident from the expansion of the list of exempted capital goods for the solar sector and initiatives for pumped storage to improve reliability and cost-effectiveness. Additionally, the full exemption of certain rare earth minerals used for making high-end equipment and batteries for data centers from custom duty is a significant move. This budget reflects the government’s vision to drive technological advancements and digital inclusion across the nation.
At Web Werks – Iron Mountain Data Centers, we are excited about the potential for growth and innovation that these initiatives will unlock, and we remain dedicated to supporting India’s journey towards a robust digital future.
Dharamveer Singh Chouhan, Co-Founder & CEO, Zo World: The Union budget for the Financial year 2024-25 marks a significant boost for the tourism industry, underscoring the government’s commitment to transform India into a preferred global destination for tourists. The budget has allocated substantial resources into developing and enhancing tourist infrastructure, including scenic landscapes, historic temples, cultural heritage sites, wildlife sanctuaries, and pristine beaches across the country.
The government has announced its intention to preserve cultural landmarks, improve accessibility, and promote diverse tourist attractions through comprehensive development programs. This is highly encouraging for pioneers behind new-age techno-cultural movements.These initiatives are designed to create jobs, attract investments, and stimulate economic growth in related sectors such as hospitality, retail, and transportation. The overarching goal is to leverage India’s rich cultural and natural heritage to drive sustainable tourism, enhance India’s position as a global superpower. The strategy also puts the spotlight on tourism as “the” industry that will enable both cultural preservation, and long-term economic growth, while simultaneously championing the cause of diverse communities around the country.
These measures are commendable, and will undoubtedly boost confidence in both hospitality and tourism as lucrative startup sectors. At the same time, the Zo World community remains optimistic about enhancements that can propel this vision at least 10x, such as tax reductions for the hospitality industry (to encourage entrepreneurial strides in this direction), subsidies for startups that will contribute directly to the tourism sector, increased support for digital transformation in hospitality services, and additional funding allocation that will help market India’s diverse tourist destinations on the global stage.
Zo is excited to align its plans with such initiatives on a national scale, leveraging the enhanced infrastructure and increased tourism to expand its techno-optimistic hospitality footprint and offer truly unique & future-ready experiences across the map.
Kami Viswanathan, President, FedEx, MEISA: We welcome the reduction in corporate tax rates for foreign companies. The Union Budget 2024’s forward-looking proposals to balance infrastructure development, build a skilled workforce, promote environmental stewardship, and advance digitization are set to drive transformative growth. Allocating 3.4% of GDP towards infrastructure, strengthening the Jan Vishwas Bill 2.0, and incentivizing states to implement Business Reform Action Plans will create seamless trade corridors. Additionally, the abolition of angel tax will positively impact the startup ecosystem, fostering innovation and growth. A strong focus on supporting MSMEs and manufacturing will further strengthen India’s position in the global trade landscape
Balu Ramachandran Founder and CEO of OC Academy: I am encouraged by the 2024 Indian budget’s commitment to advancing healthcare and education. The continuing funding for healthcare, reduction in taxes for cancer drugs and x ray’s coupled with initiatives to promote digital health and skill development are all positive. The measures to enhance skills for the youth and funding to support higher education will ensure availability of more healthcare professionals in the country. We look forward to collaborating with the government and other stakeholders to enhance skill development and availability of talent to build a robust healthcare ecosystem that benefits all.
Anup Patil, Co-founder & CEO Intangles: The Union Budget for 2024-25 demonstrates a robust commitment to strengthening the nation’s workforce through significant investments in education, employment, and skilling. The allocation of Rs 2 lakh crore over five years to benefit 4.1 crore youth is a commendable initiative aimed at bridging the skills gap and fostering a more robust workforce.
Commitment to improving productivity through incentivized reforms and technological enablement will have far-reaching impacts on the manufacturing and services sectors. Prioritizing urban development and infrastructure, the government is laying the groundwork for enhanced connectivity and economic resilience. The Pradhan Mantri Gram Sadak Yojna Phase 4, which aims to provide all-weather connectivity to 25,000 habitations, underscores the focus on inclusive development. The overarching economic policy framework proposed by the government will set the stage for sustained growth and holistic development.
Ashish Agarwal, MD & CEO – Seros: The Union Budget’s focus on energy transition and sustainability is praiseworthy, balancing economic growth with environmental goals. We’re optimistic about India’s energy future and eager to collaborate with the government on policies for energy security, affordability, and accessibility to support national growth.
Additionally, the budget’s ownership, leasing, and flagging reforms are crucial for the Indian shipping industry. Simplifying registration and incentivizing ship flagging will boost our national fleet’s competitiveness, increase India’s share in the global shipping market, and create substantial employment opportunities.
Suman J, Partner, Xynteo: The 2024 Indian Budget demonstrates a strong commitment to sustainability and environmental, social, and governance (ESG) principles, integrating these priorities across various sectors. Significant allocations have been made towards green energy, sustainable agriculture, and waste management, reflecting a holistic approach to environmental stewardship. Additionally, the budget emphasizes social equity, with targeted interventions aimed at improving the livelihoods of marginalized communities through inclusive policies and social welfare programs. The move to introduce taxonomy for climate finance for enhancing the availability of capital for climate adaptation and mitigation is a welcome step. These initiatives align with global ESG standards and position India as a proactive player in the sustainable development arena.
Sumit Mukhija – Executive Director and Chief Executive Officer, STT GDC India: The Union Budget 2024 outlines a forward-looking vision for the digital development of India. The government’s commitment to investing more than ₹11.11 trillion in infrastructure, including digital infrastructure, aligns perfectly with the increasing needs of our data-focused economy. STT GDC India is especially enthusiastic about the emphasis on AI and innovation with initiatives such as the ₹1 lakh crore funding pool for private sector-led research. The focus on training 41 million young people in 5 years with a budget of ₹2 trillion will establish a strong pool of talent for the technology sector. The policy document aligning energy transition pathways with employment and sustainability reflects our dedication to eco-friendly data centres. As a leader in data centre services, STT GDC India is in a position to have a significant impact on aiding India’s digital transformation and sustainable growth agenda.
Ramesh Punugu, Global Head of Buy Side Research, Acuity Knowledge Partners: Managing economic ambition and coalition politics amid fiscal challenges. The first union budget of NDA 3.0 was overall prudent as evident from maintaining the stance on fiscal consolidation. The budget mainly focused on employment generation, skill development (INR1.48trn of allocation; 4.7% of revenue receipts) and MSME push (through credit guarantee scheme, no collateral loans) is positive as well.
- Fiscal consolidation: The fiscal deficit/GDP target of 4.9% for FY25 vs. 5.1% announced in interim budget in February 2024 and provisional 5.6% for FY24. The subsequent lower net market borrowing target (INR11.6tn in FY25 vs. INR11.8tn in FY24) bodes well for bond yields and will likely crowding in private investment and could be seen positively by credit rating agencies. FM maintained the capital spending target at INR11.1tn (3.4% of GDP).
For coalition partners, the government announced special schemes announced for Andra Pradesh and Bihar, targeted towards infrastructure development (roads, bridges, airport, medical college etc.).
- Capital Gain Tax & F&O: The key shock to the market was increase in long-term and short-term capital gain taxes to 12.5% and 20%, respectively. Additionally, the government also announced hike in securities transaction tax in F&O segment, which was widely expected, post warnings by SEBI and RBI and is aimed to limit retail investors participation. Although, negative overall, markets will price-in the increase, as in past. Although, removal of Angel tax is a big positive and will support the start-up ecosystem.
- Lower custom duties: Lower duties on cancer drugs, medical equipment, mobile phone, solar equipment, marine industry, leather and textile and more importantly gold and silver, to spur domestic manufacturing and increase local value add. This coupled with INR2.66tn allocation towards rural sector (also highlighted in the interim budget) is a positive move and will provide boost to the consumer discretionary spending.
Deeksha Ahuja, Founder, Encubay: Increased focus on funding the new schemes along with providing special packages and continued fiscal consolidation, leaves the government with little room to increase spending towards railways and defense, which are maintained at interim budget level.
The budget announced is women friendly as it focuses on women development and supporting women across sectors. The budget has done a remarkable job by providing schemes worth ₹3 lakh crore benefitting women and girls. We are in alignment with the government vision of providing a platform to today’s women. In sync with the government’s vision of women of today to be financially independent and thrive in careers and business
can be achieved only if we create a holistic support system for their development. Through the Shecosystem we are providing women with they have access to the Knowledge, Networks and Capital enablement they require to achieve their goals. We are confident that we will definitely help build women entrepreneurs and increase women participation in the work force.
Avneet Singh Marwah, CEO of SPPL, Exclusive brand licensee of Blaupunkt TVs in India: The Union Budget 2024 demonstrates a strong commitment to job creation in the manufacturing sector. By providing targeted incentives for EPFO contributions, the government aims to generate significant employment opportunities for both employers and the 30 lakh young people entering the workforce. This initiative reflects a strategic approach to meeting employment needs in our rapidly evolving economy.
With a substantial allocation of INR 2 lakh crore towards skilling programs, the budget emphasizes equipping our workforce with the skills necessary to succeed in a competitive global market. The focus on Micro, Small, and Medium Enterprises (MSMEs) is further supported by the introduction of a credit guarantee scheme, designed to enhance the financial stability and growth potential of the vital enterprises.
Additionally, the budget’s focus on the middle class is evident through tax relief measures, such as an increase in the standard deduction for salaried individuals and additional benefits under the new tax regime. These measures aim to boost disposable income and stimulate consumer spending, thereby fostering economic growth.
In summary, the Union Budget 2024’s initiatives in the manufacturing sector represent a forward-thinking strategy to create sustainable jobs, enhance skills, and support MSMEs. These measures are poised to play a crucial role in empowering our youth, strengthening the middle class, and guiding the nation towards a prosperous future.
Prerna Kalra, Co-founder and CEO Daalchini Technologies: The Union Budget 2024 marks a significant and encouraging shift towards inclusive and equitable growth. The budget’s emphasis on job creation through EPFO contribution incentives promises to generate opportunities for 50 lakh youth, including a substantial number of women. This is a pivotal moment, opening doors for greater female participation and advancement in the workforce.
A new centrally sponsored scheme to skill 20 lakh youth over the next five years, coupled with the upgrade of 1,000 ITIs to offer industry-relevant courses, will prepare a workforce ready for emerging sectors. This initiative is particularly valuable for women seeking to acquire new skills and excel in various fields.
Moreover, the facilitation of term loans for machinery purchases is a welcome development for entrepreneurs. This support will help scale up operations, invest in innovative technologies, and boost productivity, driving growth and success for businesses.
The allocation of over 3 lakh crore for schemes benefiting women and girls is especially inspiring. It highlights a robust commitment to supporting women entrepreneurs and addressing their needs across various sectors. This investment in women’s empowerment will foster entrepreneurship and contribute to broader socio-economic development.
Overall, the Union Budget 2024 reflects a progressive vision for India, emphasizing job creation, skill development, and inclusive growth.
Ratan Singh Sehgal, MD, Hybon elevators & escalators Pvt Ltd. : The budget’s focus on developing cities as ‘Growth Hubs’ through economic and transit planning is an important initiative. By partnering with states and implementing town planning schemes, this approach aims to upgrade urban infrastructure and stimulate economic development at the micro level. The expansion of the tourism corridor will benefit the hotels and restaurant industry. Increased construction of hotels, motels, and tourism spots will expand global footprints and stimulate local economies. This will lead to job creation and attract investments from corporates into these states. The government has also planned to invest ₹26,000 crore in Bihar, which will also see improvements in infrastructure such as airports and highways.
Job creation and manufacturing in Tier 3 and 4 cities will attract and retain local talent, fostering economic growth and development. The government’s plan to invest in these regions, including the Amritsar Kolkata Industrial Corridor and the development of an industrial node at Gaya, aims to generate economic opportunities and contribute to the vision of Viksit Bharat. Infrastructure development at the micro level will enhance connectivity and create a conducive environment for businesses to thrive, further driving economic activity and job creation.
Union Budget 2024 represents an approach to addressing India’s urban housing needs and supporting economic growth. The allocation of ₹10 lakh crore for Urban 2.0 is notable, with plans to construct 1 crore (10 million) houses for the urban poor, alongside an additional 3 crore houses under the Pradhan Mantri Awas Yojana (PMAY). This commitment will improve living conditions across both rural and urban areas, reflecting the government’s dedication to enhancing housing accessibility and quality.
In the manufacturing sector, the introduction of the Credit Guarantee Scheme for MSMEs, a new assessment model for MSME credit, and the enhanced limit for Mudra Loans under the ‘Tarun’ category are significant measures. These initiatives will provide support to small and medium enterprises, facilitate job creation, and strengthen the economic foundation. Additionally, Scheme B, which offers incentives for EPFO contributions for first-time employees and employers for the first four years, is expected to benefit 30 lakh youth, further boosting employment.
Overall, the Union Budget 2024 sets a path towards a prosperous and inclusive future for India, with targeted investments and strategic initiatives aimed at enhancing economic opportunities across the country.
Balajee Bobba, Director, Bobba Group: We commend the government for its visionary Union Budget 2024-25, which strategically emphasizes infrastructure, manufacturing, and skill development. The spotlight on the logistics and supply chain sector is crucial for India’s growth trajectory. Introducing e-commerce export hubs and industrial centers under the Vikas Bhi, Virasat Bhi scheme is a praiseworthy approach to bolster MSMEs and foster regional development. The government’s commitment to green energy and EV infrastructure marks a significant step towards sustainable logistics. Additionally, the focus on technology and innovation will enable the industry to leverage AI, enhancing warehousing and optimizing every facet of the supply chain. At Bobba Group, we are enthusiastic about these initiatives and look forward to capitalizing on these opportunities to drive innovation, generate employment, and promote balanced economic growth.
“It is commendable that provision to upskill labour especially in a workforce-intensive industry like textiles, through PLI and ‘plug and play’ parks has been given importance. The setting up of women’s hostels and creche facilities will ameliorate their participation in the economy.
Access to finance remains a major challenge for MSMEs. The move from traditional loan approval to one that tracks the digital footprint of a business will hopefully reduce the bureaucracy and documentation in availing loans. The doubling of the upper limit of Mudra loans is a welcome change. However, not much has been done about mounting raw material costs and environmental regulations. Same for incentives specific to women owned startups.”
Ami Sata, founder of Amouve, (an organic bedding, bath and home furnishings company): It is commendable that provision to upskill labour especially in a workforce-intensive industry like textiles, through PLI and ‘plug and play’ parks has been given importance. The setting up of women’s hostels and creche facilities will ameliorate their participation in the economy.
Access to finance remains a major challenge for MSMEs. The move from traditional loan approval to one that tracks the digital footprint of a business will hopefully reduce the bureaucracy and documentation in availing loans. The doubling of the upper limit of Mudra loans is a welcome change. However, not much has been done about mounting raw material costs and environmental regulations. Same for incentives specific to women owned startups.
Rajit Rathor, Chief Financial Officer, Star Air: We heartily applaud the Union Budget 2024, especially its focus on bolstering the aviation industry. The government’s pledge to improve infrastructure and offer tax breaks is a significant step in supporting the expansion of our sector. Improved infrastructure will lead to better operations, shorter turnaround times, and an enhanced passenger experience.
The Regional Connectivity Scheme (UDAN) allocation, although reduced, highlights the government’s commitment to balancing budget constraints while still aiming to enhance regional connectivity. Moreover, the investment in infrastructure projects, such as new airports in Bihar, demonstrates a clear commitment to expanding access to air travel and supporting regional development. The introduction of better regulatory frameworks is another encouraging step. Simpler and clearer regulations will enable us to work more efficiently, guaranteeing dependability and safety while encouraging innovation in the industry. By adopting a progressive strategy, we will be able to adjust to the ever-changing demands of the global aviation sector, thereby increasing accessibility and convenience of air travel for all.
We are also pleased with the incentives proposed to boost MRO activities. This has been a challenge in the past, and these incentives will provide much-needed support to overcome it.
Sri Hari, Chief Business Officer of GenY Medium: We applaud the progressive steps taken in the Union Budget 2024 to do away with the Angel Tax for startups. These reforms will encourage innovation and growth by improving the investment climate, freeing up startups of cash constraints and focus on growing their businesses.
As a digital marketing agency, we see tremendous potential for innovation that startups bring, and as their funding increases, they will require more effective marketing plans to connect with consumers and build their brands.
We are prepared to collaborate with entrepreneurs in this vibrant ecosystem and help spearhead their innovation with our state-of-the-art digital marketing solutions.
Mohan Subrahmanya, Country Leader, Insight Enterprises: We hope this may be of interest to you and can be included in a relevant post-budget story that you may be working on.
I applaud the Indian government’s focus on innovation, R&D, and next-generation reforms outlined in the Union Budget 2024. These initiatives, identified among the nine key priority areas, signal a strong commitment to propelling India’s technological advancements.
A notable reform is the focus on energy security which is crucial for the IT sector’s sustainable operations and especially energy-intensive technologies. It will encourage more energy efficient data-centres, adopting systems that can handle more workloads and enable cloud providers as well as data computing systems to scale up operations without expanding their energy footprint. The announcement of technology support packages for MSMEs is also a welcome move as this will also empower these businesses to leverage digital tools and solutions. Removing the Angel tax will further boost the start-up ecosystem in India, which is performing well, especially in the IT space by alleviating financial constraints and encouraging investment.
The allocation of a substantial budget towards skilling and internship in India’s top companies through schemes for youth is a clear indication to the government’s commitment towards building a robust workforce. This initiative will bridge the talent gap and create a future-ready workforce equipped with the skills needed to thrive in the digital age. Overall, the budget is a promising development for the economy, creating opportunities that will bolster India’s position as a technology hub and secure its stature as a global technology leader.
Mr. Rayan Malhotra, founder and CEO of NeoFinity: The Union Budget presented by Finance Minister Nirmala Sitharaman demonstrates a forward-thinking approach that will significantly boost India’s digital economy. The focus on simplifying FDI rules and promoting using the Rupee for overseas investments is a strategic move that will attract more international capital, fostering innovation and growth in the fintech sector. This is expected to lead to developing new technologies and services, thereby enhancing the digital economy. The rationalisation of GST will further streamline compliance, benefiting consumers and businesses by reducing tax incidents and simplifying processes.
The new tax rate for long-term capital gains and the exemption limit adjustment provide a balanced investment approach, encouraging more participation in the financial markets. However, the most significant relief comes from abolishing the angel tax, which paves the way for increased entrepreneurial activity and innovation. This measure alone is a beacon of hope for startups, promising a brighter future for entrepreneurship in India. Overall, the budget’s emphasis on land, labour, capital, and entrepreneurship sets a solid foundation for India’s digital future, driving sustainable economic growth and positioning the country as a global leader in the economic space.”
Quote by Mr Piyush Goel, Founder & CEO of Beyond Key: The Government has earmarked Rs. 1.48 lakh crore for the education, jobs, and skill development sectors in Budget 2024. This substantial allocation reflects a strong commitment to fostering growth and development in these crucial areas.
Looking ahead, we hope for increased funding for initiatives that directly benefit students and the broader community. Key priorities include enhancing digital infrastructure to prepare students for the digital era, fostering vocational training and skill development programs, and investing in teacher professional development.
Furthermore, forging robust partnerships with local industries will be crucial. Such collaborations can bridge the gap between education and employment, ensuring that students are well-prepared for the job market. By aligning educational programs with industry needs, we can create a more dynamic and responsive IT or technology sector, allowing employers to generate more job opportunities.
Overall, Budget 2024’s focus on education, jobs, and skill development is a positive step towards building a brighter future for the nation. It underscores the importance of investing in the Tech industry and providing students with the tools and opportunities they need to succeed.
Siva Balakrishnan, founder and CEO of Vserve: The Union Budget presented by Finance Minister Nirmala Sitharaman is a progressive step towards bolstering the digital economy and fostering growth across various sectors. The reduction of TDS for e-commerce operators from 1% to 0.1% is a welcome move that will significantly ease cash flow for businesses, encouraging more participation in the e-commerce space. The proposal to develop DPI applications at a population scale in credit, e-commerce, law and justice, and corporate governance demonstrates a forward-thinking approach to leveraging technology for inclusive growth. While the taxation on unlisted bonds, debentures, debt mutual funds, and market-linked debentures at slab rates may pose some challenges, the overall focus on digital infrastructure and ease of doing business provides a solid foundation for future growth. This budget reflects a balanced approach to fostering innovation and ensuring regulatory compliance.
Nirmit Parikh, CEO & founder, apna.co: The Union Budget FY2024-25 underscores job creation as a critical priority, mirroring our shared focus on skilling and employment. The substantial Rs. 1.48 lakh crore allocation for education, employment, and skill development marks a significant stride forward. Introducing five schemes aimed at skilling over 40 million youth within five years, backed by an outlay of Rs. 2 lakh crore, is a monumental step toward shaping a skilled and future-ready workforce.
Moreover, the initiative to establish working women hostels and crèches in collaboration with the industry is a progressive move that will enhance workforce participation among women and promote gender equity. The partnerships for women-centric skills programs and the provision of market access for female SHG businesses are especially commendable, empowering women to play a more significant role in our economy. The three employment-linked incentive schemes, which support first-time job seekers, job creation in manufacturing, and employee support, are poised to drive significant employment growth.
Additionally, the emphasis on accelerating the growth of the rural economy, supporting MSMEs, and promoting tourism will further amplify employment opportunities across diverse sectors. This comprehensive approach reflects a visionary strategy to build a robust, inclusive, and dynamic economy that benefits all.
Aneel Gambhir, CFO, DTDC Express Ltd: The Union Budget 2024–25 introduces a significant overhaul of tax structures and customs duties, a move set to bolster domestic production and enhance the global competitiveness of Indian products. The move is expected to stimulate growth and open new avenues for Indian exports to the international markets. Similarly, reductions or exemptions in Basic Customs Duty (BCD) for mobile phones, critical minerals, leather, textiles, etc. are set to increase domestic demand and in turn, accelerate logistics movements globally.
Furthermore, the budget’s support for MSMEs and the e-commerce sectors through financing, regulatory changes, and technology assistance will empower them to thrive and compete internationally. These measures will not only strengthen these sectors but will also support the logistics industry in facilitating seamless global trade.
Prateek N Kumar, Founder and CEO, NeoNiche Integrated Solutions: The recent Budget represents a comprehensive strategy aimed at fostering growth across various sectors of society. By focusing on employment, skilling, MSMEs, the middle class, the underprivileged, women, youth, and farmers, it presents a holistic and inclusive approach. The nine priorities outlined for the coming years—productivity and resilience in agriculture, employment and skilling, manufacturing and services, urban development, energy security, infrastructure, innovation, and R&D, and next-generation reforms—underscore a commitment to well-rounded development. This emphasis on job creation and boosting consumption is set to significantly benefit the consumer goods, real estate, and automotive sectors. It’s an encouraging roadmap for our nation’s future.
